All You Need to Know for Entrepreneurial Success in a Fast-Growth Industry
Before investing in IV vitamin franchise opportunities, there’s a lot to think about. For example, in the current economic climate, you’ll need to consider if intravenous therapies businesses are the type of franchise to buy in a recession.
This article will help you evaluate the franchise model as an entrepreneur focused on helping people by providing optimal health care, as we answer the question, “What are the advantages and disadvantages of owning an IV vitamin infusion franchise in the 2020s?”
The advantages of owning a vitamin infusion franchise
The franchise model is a tried and tested business model. Having the reputation of a recognized brand name behind you is one reason why franchises are often considered to be good businesses to start in a bad economy – and with higher success rates than other start-up businesses.
When you invest in an IV therapy franchise (such as a franchise focusing on IV vitamins, IV hydration, or IV vitamin infusion), you can take advantage of a niche industry that promises exceptional growth. Advances in cellular technology have helped people obtain products and services and vitamin therapy much more easily, and this is energizing demand.
It’s also possible to offer IV therapy from a clinic, mobile practice, or as on-site services – and with simple IV drips treatments taking up to 60 minutes, you can handle a large number of clients daily.
When you own an IV therapy business under the franchise model, you also benefit from other advantages of being a franchisee, which includes:
It’s easier to start a franchise business than to set one up with no blueprint to follow. This reduces the work you must do and helps you to start your business faster.
Lower start-up and equipment costs
You’ll benefit from the buying power and experience of the franchisor, and this should help to minimize your start-up costs, helping to take regulatory hurdles in your stride and gain access to equipment at advantageous price points.
Successful marketing boosts business success, and you’ll be supported in your marketing efforts by the franchisor’s branding and local and national marketing materials and campaigns.
The training and business support you need
Many first-time franchisees have no direct business experience. One of the attractions of owning a franchise is the training and support you receive. A franchise consultant will help you determine your needs and identify the best franchisor for you.
The disadvantages of owning a vitamin infusion franchise
Of course, just like starting and owning any vitamin therapy business, investing in a vitamin therapy franchise has disadvantages. These include:
Training and certification needed
The IV therapy industry is highly regulated, and those who are intended to diagnose and treat your clients will be subject to state training and certification laws.
You may not receive enough support
The needs of every entrepreneur are different, and while one of the attractions of investing in a franchise business is the training and support you receive, not all franchises are equal. It pays to invest in a franchise that provides the mix of training and support you need.
Business success rates for franchisees are high, and this is thanks to the tried and tested business model, processes, and procedures developed over many years by the franchising business. However, this also means that there is little room for entrepreneurial creativity. It’s crucial that you know yourself as a business owner before becoming a franchisee.
You’ll also need to sign contract agreements, and understand their implications. A franchise consultant can discuss these with you, though we would always recommend that you also consult a lawyer with franchise business experience.
Expensive/ongoing royalties and fees
The franchisor will help you to achieve the success you desire, but in return for all the benefits of trading under their name and business model, you can expect ongoing royalties or fees. These will be detailed in the Franchise Disclosure Document (FDD).
While some first-time franchisees consider these fees to be expensive, it depends upon your perspective, and what training and ongoing support you receive – all of which you would need to pay for if setting up your business independently.
Is ownership of an IV vitamin therapy franchise right for you? Where do you start your journey to ownership of a franchise in this high-growth, niche industry?
Take our franchise aptitude test today. It’s the first step to success as a franchisee.