Financial Assistance for Medical Franchises
While the franchising fee is $40,000, there are other costs that will be incurred while starting the franchise. These additional costs will be anywhere from $500,000 to over a million including the license and other operational costs for the Men’s Vitality Center. The franchisee is responsible for all the financial costs to start up the business, including the real estate location and leasing, the build out for a consistent brand appearance, the medical and office equipment, and the money spent for marketing.
Buying a medical franchise can involve investing money into the office and medical equipment to be used on a daily basis. The cost of this can be high during the setup process. Many people need financing to get started. At Men’s Vitality Center, we don’t offer direct financing, guarantee your note, lease or obligation. However, we do offer referrals to third party lenders upon request. Our resources for those buying into the medical franchise opportunities include lenders who are interested in helping startup franchises.
When financing a franchise, it’s important to do your due diligence before signing up for financing. Find out from the lender about all the terms and conditions of the financing. You may even want to shop around to find the best situation possible for you. As the medical franchisee, it is up to you to make business based decisions about entering into any financial decisions. As part of the financing process, your personal finances will be looked at and collateral will need to be applied to the financing as a guarantee.