Benefits of Franchising

Why wouldn’t I just start my own practice without you guys?

What’s the point of owning a franchise?

These are good questions! A study done by Forbes showed that franchise owners had an 85% change of staying open 5 years or more vs less than 50% for other small businesses. We started Coates Hearing Clinic Franchising because we wished that something like this had been around when we opened our practice.

We went through several buying groups, “consulting” firms, insurance/billing companies, contractors etc before we finally found partners that worked for us. This vendor trial-and-error is a normal part of opening a new business, but not for a franchise. This is one small example of how franchisees get to own their own business, but with the benefit of lessons learned from the franchisor’s experiences.

Here are a few benefits of owning a franchise:

Proven Business Model

The biggest advantage of opening a franchise is access to a proven business model and its systems. We have worked out many of the operational kinks and identified what works. By investing in a franchise, you're adopting a system that has been refined through trial and error (and error and error). This drastically reduces the risk of failure compared to starting a business from scratch.

Marketing and Advertising

We have a marketing library full of ads, social media posts, mailers, etc. These resources are available to our franchisees. Our franchisees also benefit from the scale of our advertising. Instead of paying a digital marketing firm full price to design and manage your digital marketing, you'll sign on with us and use our proven marketing strategy, targeted to the area around your territory. And it will save you thousands!

Supply Chain/Cost of Goods

We have established relationships with manufacturers, ensuring quick turnaround and incredible pricing on many hearing aid brands. This eliminates the need for franchisees to negotiate with vendors or establish supply chains from scratch and improves margins. We also have preferred suppliers that provide discounts on supplies, equipment, computers, office supplies and many other goods and services.

Easier Access to Financing

Lenders are often more willing to finance a franchise compared to an independent startup because franchises come with a proven business model from the corporate location's operations. Coates Hearing Clinic Franchising has relationships with several lenders that specialize in new franchise financing.

Reduced Risk of Failure

Forbes Business Analytics says that franchises have an 85% chance of staying open more than 5 years. For other small businesses, that number drops to below 50%. This is largely due to the support system, economies of scale and the proven business model that franchises provide.

Training and Support

We offer extensive training programs to ensure franchisees understand the business model and operations. We are also always available for questions and additional training for you or your team for any aspect of private practice. This support includes:

Initial training for the owner and staff
Online manuals for every position, from audiologist to front desk
Business support for franchisees who have little business background
Ongoing operational guidance
Marketing assistance, resources and a large digital ad library
Access to a support network of other audiologists and franchisees

Our goal is to help prospective practice owners realize their dream of practice ownership. With our systems, vendors, contractors, suppliers and resources, we give our franchisees everything they need to start a profitable practice. Our in-depth training and ongoing support make it possible for audiologists to own their own practice with less risk than trying to start out on their own.

Benefits of Franchising

Benefits of Franchising

Here are a few benefits of owning a franchise:

Proven Business Model

Marketing and Advertising

Supply Chain/Cost of Goods

Easier Access to Financing

Reduced Risk of Failure

Training and Support

Our Links

Franchise

Contact Us