Buy A Medspa Franchise With Help From Franchise Grade
The health and wellness sector is one of the fastest growing and is predicted to perform strongly long into the future. Two types of businesses within it that are attracting a large share of the market are medspas and IV bars. A medspa or medical spa combines cosmetic procedures in a spa's aesthetic and relaxing environment. An IV bar is sometimes a service at a medspa or a standalone business providing intravenous vitamin-infused hydration. Whether you choose to start a medspa business or start an IV bar business, the growth and demand for either can be a potentially lucrative investment to anyone with the right skill set and passion.
While it's certainly possible to start a business from scratch and succeed, your odds of success are much higher with a franchise. Franchises have several built-in advantages that make attaining business ownership and financial security easier. Franchise Grade is the leading online service that compiles all the information investors need to find the franchise opportunities best suiting their lifestyle and financial goals. Use Franchise Grade to understand your target area's economics better and identify the best medspa franchise available to buy. Access in-depth reports to help you predict the performance of your investment and much more at FranchiseGrade.com.
What Do You Need To Start A Medspa Business?
Now might be the best time to start a medspa business in your area. Medspas focus on providing non-invasive, non-surgical skin rejuvenation and other cosmetic services. Some of the most common services consumers look for in a medspa include:
- Botulinum toxin injections (Typically Botox, Dysport, or Xeomin)
- Injectable dermal fillers
- Non-surgical fat reduction
- Laser hair removal
- Laser skin resurfacing
- Tattoo removal
To start a medspa business, most states require you to be a licensed physician. However, it's possible in some locations to start a medspa and hire a medical doctor to have control of the operations and procedures inside the facility. A physician assistant can sometimes own a minority share of a medspa business. There is also an option available for non-doctors to start a medspa business and have significant control over many day-to-day operations through a management services organization (MSO) if it hinges on the involvement of a licensed physician.
What Do You Need To Start An IV Bar Business?
If you're interested in the health and wellness industry and are passionate about helping people, now is a great time to start an IV bar business. IV bars are sometimes found in medspas but are increasingly becoming standalone businesses with excellent profit potential. An IV bar provides intravenous vitamin-infused hydration, and it's not always necessary to have a dedicated location where customers can receive treatment. Many IV bars come to homes, businesses, hotels, or other spas to administer services.
Intravenous hydration typically administers vitamins, minerals, fluids, electrolytes, or supplements. The “cocktails” are generally targeted to the customer's health issues or goals. IV bars are used to treat a range of conditions, including:
- Fatigue/Low energy/Lethargy
- Symptoms of a cold or flu
- Jet lag
To start an IV business, some states require that the owner is a medical professional. There are also several permits and licenses that must be obtained on the state, federal, and even city levels. Often there are required industry-specific permit requirements to use patented, trademarked, or copyrighted equipment and supplies. As with medspas, an IV bar faces potential liability risks that need to be covered with insurance.
Buy A Medspa Franchise Or IV Bar Franchise Instead Of Starting From Scratch
Businesses started from scratch don't have a great success rate, even those in the health and wellness sector. Most businesses built from the ground up fail within ten years. You can reverse those odds in your favor when you buy a medspa franchise or buy an IV bar franchise instead.
Franchises have inherent advantages that take startups years to acquire. Some of these advantages include the following:
- Instant Brand Identity - Your business will have a recognizable brand name when you buy a medspa franchise. Building a brand identity takes years. With a franchise, you have an instant consumer base that knows and trusts your products and services.
- Help With Marketing - Corporations that franchise are invested in the success of their independent owners. There are typically marketing and advertising fees that franchise owners pay to their head corporations. Their marketing department will help you build websites and funnel more traffic to your business.
- Training - Corporations want their franchises to uphold their standards. You don't have to worry about giving customers the service they expect because there will be adequate training to ensure you're ready. Corporations will typically provide a mix of classroom and on-the-job training on processes and procedures. Corporations also offer a proven business model and expert guidance on growing your independent franchise and achieving profitability.
- Technology Solutions - It can take businesses built from scratch years to acquire the technology solutions to help them maximize efficiency. It's often an expensive process that requires trial and error. Corporations provide proven technology solutions to their franchise owners, including software, hardware, payment processing, and more.
Tips On Choosing The Right Medspa Franchise Available To Buy
If you decide to own a franchise rather than start a medspa business or IV business from scratch, you'll need to acquire a lot of data to give your investment the best possible chance of success. Some things to consider when searching for a medspa or IV bar franchise available to buy in your area include the following:
- Demand in your area
- Initial investment cost
- Franchise fees
- Franchise growth
Choose a medspa or IV bar franchise available to buy that will have significant demand from consumers in your target area. Gather economic data about consumers, including average incomes and other factors predicting their likelihood of seeking your services. Be sure to pay attention to a corporation's franchise growth rate to gauge how well other franchise owners are doing, especially in market areas similar to yours.
Every IV bar or medspa franchise available to buy requires owners to make an initial investment and pay franchise fees. Corporations should have exact numbers based on your location and how much you'll need to invest in property, licensing, equipment, marketing, etc. Corporations also require you to pay royalty fees for using their name.
Get The Data You Need At Franchise Grade
Now is a great time to buy a medspa franchise or IV bar franchise. Demand is growing among consumers for these services in the health and wellness niche and corporations are expanding their franchises to fill the void. Franchise Grade provides updated and in-depth data investors need to buy the right medspa franchise fitting their lifestyle and financial goals. Unlock detailed reports to help you buy confidently at FranchiseGrade.com.
What does it cost to get into the Healthcare sector?
The average investment in the Healthcare sector is $299,139. But, that doesn’t tell the whole story. There's a striking difference between the average and median.
Of all Healthcare franchises, 33 have an investment lower than $210,950. The average initial investment is skewed because the most expensive franchise in this sector is $1,224,750.
When looking at franchise opportunities make sure you examine brands within your investment range. Search below for Healthcare investments that fit your financial criteria. If you're not sure what you can afford, fill out our Franchise Affordability Calculator.
How much can I make in the Healthcare sector?
How much money you can make from a Healthcare franchise depends on several factors, including location and demand for your services.
One way to predict your profit potential is to evaluate the financial performance representations provided by a franchisor in Item 19 of their Franchise Disclosure Document. Franchisors are not required to disclose this information, some are more transparent than others.
In the Healthcare sector, 57% disclose a financial performance representation. Of those, only 37% disclose some type of expense data on its franchisee operations.
Unlock our Healthcare Sector Report to learn which franchises are profitable.