An intravenous (IV) hydration business can be your path to entrepreneurial success, especially if you enjoy health and wellness, like working with people, and have a medical background. In addition to helping people achieve their health and wellness goals, IV hydration, or IV therapy, offers you a chance to earn good money.
For decades, hospital patients have been connected to an IV drip to deliver health-boosting fluids directly into their bloodstream. But what is IV hydration?
In recent years, however, IV hydration has become increasingly popular outside of hospitals due to its health benefits. During the past decade, the IV hydration industry has grown rapidly as consumers realized that IV hydration provides vitamins, minerals, electrolytes, fluids, and other supplements that boost energy, reduce headaches, and ease hangovers.
You can start making money while improving people’s lives by starting your IV hydration business! Read on to check out all the details and steps required!
1. Check If The Business Is Right For You
Getting into business is a big decision, and not every opportunity is right for you. Entrepreneurship comes with challenges, so deciding whether IV hydration is right for you is best.
Pros and Cons
You can decide if this is the right opportunity for you by analyzing all the pros and cons. There are always good and bad aspects to an opportunity, so consider these and decide if you are interested.
- As part of the health and wellness movement, it is becoming increasingly popular
- It allows for many clients to be served daily due to its quick and simple process
- A mobile or on-site service that is flexible and convenient
- The market is relatively new, with a low level of competition and steady growth
- In most states, on-demand IV therapy is not regulated
- The startup costs are low, and the margins are good
- Trained professionals are required to give IV drips
- Limited awareness of IV therapy, which means strong marketing is a must
- Much costly as compared to vitamins or electrolyte drinks
IV Hydration Industry Trends
The health and wellness segment is increasingly important to Americans (82%), so it makes sense that IV hydration would expand along with it.
Industry Size And Growth
- Market analysts estimate that the IV hydration center industry in the U.S. is worth $2 billion.
- Global IV industry growth is expected to reach 8% by 2028, according to market analyst Grand View Research.
- US IV hydration centers number more than 600.
- It employs more than 9,000 people.
Trends And Challenges
- The following trends shape the IV hydration industry:
- As per Disease Control and Prevention department, more than half of all U.S. workplaces offer health and wellness programs.
- Consumption of alcohol is on the rise
- The IV hydration industry faces the following challenges:
- Problems with supply
- Errors and infections associated with infusion rates
- Compounding drugs improperly and unhygienically
What Barriers To Entry Are There?
IV hydration businesses have a very high earning potential. The entry barrier remains, however.
Below mentioned are some of the main barriers:
- A medical doctor must own an IV lounge in some states, including New York
- IV therapy is heavily regulated in other states, such as Florida
- Having low awareness means spending a lot of money and time promoting and marketing
- There is a high startup cost associated with IV lounges
- If health regulations are not followed, there is a potential liability risk
A Business That Provides IV Hydration Costs How Much To Start?
There are two ways to start an IV hydration business: as an independent company or as a franchise. Franchises provide all the tools and resources new franchisees need to succeed. The franchise fee is also much higher, so almost all IV hydration franchises require an initial investment between $80,000 and $150,000, including the franchise fee.
Usually known as IV lounges or spas, independent IV hydration therapy businesses are either brick-and-mortar stores or mobile units. You can also work from home with the mobile version, reducing expenses. Storefront businesses provide a greater sense of professionalism and achievement, which means higher prices. Depending on your chosen model, you can start a business in many different ways.
For a mobile IV business with only essential costs, such as a home office and using your vehicle to deliver IV therapy to clients, a startup budget of $5,000 is required.
Equipment Required For The Business
Buying or leasing space, supplies, and equipment can cost $75,000 or more for a full-service IV lounge with mobile services.
To start an IV hydration business, you will need the following equipment:
- IV equipment and supply products
- Bags for IV fluids hung from poles and hooks.
- Tubing is made of clear plastic, sterile, with clamps and pumps for controlling flow.
- Dressings, needles, and syringes.
- Swab(s) of alcohol.
- Sharps containers and disposal equipment.
- Equipment for general medical use
- A sterilizer or autoclave.
- Scales and rods for measuring height and weight.
- Pulse oximeters and blood pressure monitors.
- Equipment such as thermometers, stethoscopes, and personal protective equipment.
- Equipment for the IV lounge
- The contents of the IV should be stored in a refrigerator or freezer.
- Track IV drip times with clocks or timers.
- Security equipment such as CCTV.
- Supplies and equipment for janitorial and cleaning work.
- A cash register, a phone system, and T.V.s in the lounge.
- Equipment related to computers and information technology
- A computer, a printer, and a WiFi connection.
- Fixtures and furniture
- Furniture for IV therapy, offices, and waiting rooms.
- Shelves and cabinets for storage.
- Desks and workstations.
- Business of providing mobile services
- The van will be converted into a business space.
- The setup of IV stations requires a vehicle that can move between locations.
An analysis of the earning potential of a new business is essential. It must be worthwhile and earn a satisfactory return on investment.
Your revenue potential varies widely depending on your investment and sales, the size of your business, and the service demand in your area. Approximately $280 is the cost of an IV hydration session in the USA.
IV Hydration Lounge
Even in your first year with a full-service IV hydration lounge, you might see ten clients daily, but your profit margin drops to 15% due to higher costs. With more than $1 million in revenue and $153,000 in profit, you could soon grow your business to 25 daily clients. With revenue of over $2.5 million, you’d make a tidy profit of nearly $385,000.
With your brand’s expansion, your profit potential will also grow. If you have that kind of success, you could reinvest and open more IV bars in your state, city, or franchising.
2. Brainstorm A Business Name
Choosing the right business name encapsulates your business identity in a few words, so it should reflect your objectives, services, and mission. Since much of your business will come from word-of-mouth referrals, you probably need a name that’s short and easy to remember.
If yo face any troubles coming up your way with a name for your business, here are some ideas:
- It is easier to remember short, catchy, and unique names
- There is a tendency for easier-to-say and spell names to perform better
- Your name should reflect the products or services you offer
- Ask friends, family, colleagues, and social media for recommendations
- SEO is boosted by keywords such as “IV therapy” and “IV hydration.”
- Make your name expandable: “Jim’s Bakery” over “Jim’s Cookies.”
- Keep location-based names to a minimum so that future expansion will not be hindered
3. Create A Business Plan
Your startup needs a business plan that will guide you through the launch process and make sure you stay focused on your key goals. A business plan also allows you to communicate your vision to potential investors and partners:
- Draft an executive summary
- Describe your company
- Perform a market analysis
- Outline the management and organization
- List your products and services
- Perform customer segmentation
- Define a marketing plan
- Provide a logistics and operations plan
- Make a financial plan
4. Register Your Business
To launch a business, you need to register your business. It is a prerequisite for paying taxes, raising capital, opening a bank account, and other steps.
As a bonus, registration is exciting because it marks the beginning of your business as official.
Choose Where To Register Your Company
Taxes, legal requirements, and revenue can be affected by the location of your business. Although most people register their businesses in the state where they live, if you plan to expand, you may consider looking elsewhere because some states offer advantages regarding IV therapy.
Moving your business to another state is relatively easy if you’re willing to do so.
5. Apply For Licenses/Permits
Several licenses and permits are required to start an IV hydration business at the local, state, and federal levels.
As part of starting your business, you must comply with federal regulations, licenses, and permits, including doing business as (DBA), Occupational Safety and Health Administration (OSHA) health licenses, trademarks, copyrights, patents, and other intellectual property licenses.
You may also need state-level and local licenses and permits depending on your state, county, and city governments. You should check the websites of your city, area, and state or contact the relevant person for more information.
6. Open a Business Bank Account
Opening a bank account is the first step toward making money.
It is easier to file taxes and track your company’s income if your business finances are kept separate from your account. Contact your preferred bank to find their rates and features if you want to open a new business bank account. Business bank accounts are easy to open.
Considering that banks offer a variety of plans, it’s important to compare your options. Bring along your EIN (or Social Security Number, especially if you prefer opening a sole proprietorship account), articles of incorporation, and other legal documents.
7. Get Business Insurance
Entrepreneurs often overlook the importance of business insurance, which offers protection from unexpected events that can destroy their businesses.
Consider the following types of insurance:
- In general liability insurance, many elements of a business are covered, acting as a catch-all. You should get this insurance if you only get one type. Property damage and bodily injury are also covered.
- Equipment and supplies are covered under the Business Property policy.
- Equipment breakdown insurance covers the costs of replacing or repairing equipment breaking due to mechanical problems.
- Worker’s compensation covers injuries sustained on the job.
- Physical space covers carts, storefronts, and offices.
- Protect your company’s vehicles with commercial auto insurance.
- Professional liability: Protects against claims from a client who claims they suffered a loss due to your error or omission.
- Business owner’s policy (BOP): This all-inclusive insurance policy combines all the above types of insurance.
8. Preparing to Launch
Your business should be reviewed and improved as opening day approaches.
1. Essential Software Products And Tools
Entrepreneurs often wear many hats ranging from marketing to sales to accounting, which sometimes can be overwhelming. Many business tasks can be simplified by using websites and digital tools.
Using software products to infuse your customers might be the best idea.
Hiring a professional is recommended if you’re not familiar with basic accounting. It is vital to file tax documents accurately to avoid harsh consequences.
- The casual passerby or online visitor may bring some business to you, but you still need to market! For new businesses, spreading the word to increase customer awareness and brand recognition is especially important.
- Link your social media accounts to your website once it’s up and running. In addition to creating engaging posts, social media can be an effective tool for advertising your business:
- Paying for advertising on Facebook is a great way to reach specific demographics, such as Cleveland-area men under 50.
- Facebook has the same benefits as Instagram, but its target audience differs.
- SEO helps your website appear higher in relevant search results, which will help you increase sales. On your website, make sure your calls to action are optimized. A call to action such as “Book Now” can be customized in terms of text, color, size, and position. A sharp increase in clientele can result from this.
- Get listed on Google My Business and Yelp for businesses that rely on local clients.
4. Website Development For Businesses
Developing your website is crucial because it is your online presence and should convey the impression that you are professional and knowledgeable. Search engine optimization (SEO) helps pages rank higher in search engine results. Your website is unlikely to be found if you don’t follow these steps.
Use a service like WordPress, Wix, or Squarespace to build your website. It is very affordable, but building a website is time-consuming. If you lack technical expertise, you can hire a developer or web designer to build a customized website for your business.
10. Team Building
You may not need employees if you’re starting small in your home office. Your business will likely need workers to fill various roles as it grows. A business that offers IV hydration could include the following positions:
- Therapists who administer I.V.s
- Prospecting for marketing leads
- General manager
- Advisor in the field of health and wellness
Depending on the needs and size of your business, you may need to fill all of these positions or just a few. A single role may also require multiple workers, or a single worker may need to perform multiple tasks.
It is possible to recruit employees for free using popular websites such as LinkedIn, Facebook, and Jobs.com. Alternatively, if you have the resources, you might consider hiring a recruitment agency, such as Indeed, Glassdoor, or ZipRecruiter, to locate talent.
11. Start Making Money!
Get hydrated and earn money!
There are some good reasons to consider a career in IV hydration, but it is not an acceptable choice for everyone. The potential for earning is excellent. Due to its niche market in the health and wellness sector, it is suitable for physicians and nurse practitioners with credentials, knowledge, and experience.
Entrepreneurs and investors interested in a fast-growing niche market will also be attracted to the business. IV therapy may also be offered in gyms and vitamin shops besides health and wellness businesses.
We have shared lots of information that might help you start an IV Hydration business. You can try these steps individually, and if there is anything you are confused about, you can take online help or ask experts around you.