If you like working with people, are interested in health and fitness, and have a medical background, an intravenous (IV) water business could be your ticket to business success. IV treatment, or IV fluids, gives you the chance to make good money while helping people reach their health and fitness goals.
But first, what is an IV hydration? Basically, it’s using intravenous shots to get health-improving fluids straight into the bloodstream. Linking a medical patient to an IV drip has been normal practice for decades.
But in recent years, IV fluids outside of hospitals has become more common because of the health benefits. In the past ten years, the business has grown quickly as people have learned that IV hydration can give them vitamins, minerals, electrolytes, fluids, and other products that make them more hydrated, help with headaches and hangovers, give them more energy, and even make their skin better.
Intrigued? Read on to learn all the details and steps you need to start your own IV hydration business and start making money while making people’s lives better.
Step 1: Find Out if this is the Right Business for You?
Starting a business is a decision that only you can make, and not every chance is right for you. Entrepreneurship isn’t easy, so you should take some time to figure out if IV fluids is the right choice for you.
Positives Vs Negatives
|As part of the health and fitness trend, it’s becoming more and more common.|
Since the process is quick and easy, many people can use it every day.
Services that can come to you or go to you are flexible and easy to use.
Not too old of a market, with low competition and steady growth
Most states have few rules about IV treatment on demand.
Low costs to get started and good profits.
|IV drips must be given by trained people.|
IV treatment is not well known, so it’s important to sell it well.
Since they are much more expensive than vitamins or water drinks, their use may be limited.
- 82% of Americans say that keeping their health and immune system strong is a personal goal, so it seems likely that IV fluids will grow along with the health and fitness market.
- Size of the industry and how it has grown in the past: According to IBISWorld, the US IV hydration units are worth $2 billion.
- Growth prediction: Market researcher Grand View Research predicts that the global IV business will grow by an amazing 8% by 2028.
- Number of businesses: In the United States, there are more than 600 IV refreshment sites.
- Number of people working: More than 9,000 people work in this business.
Cost of Starting IV Hydration Business
You can start an IV treatment business on your own or as a franchise. The second option is easier and faster because all the tools and resources are already there for the new partner. Profitable Venture magazine says that most IV hydration businesses require an initial investment of $80,000 to $150,000, which includes the franchise fee.
An independent IV hydration treatment business can be done in a shop, which is generally called an IV lounge or spa, or by a mobile machine. With the mobile version, you can work from home and save a lot of money. A business with a shop will seem more skilled and successful, which means prices will be higher. Depending on which type you choose, your starting costs will be very different.
The minimum start-up budget for a mobile IV business is $5,000. This is for a business with only the most basic costs, like a home office and using your own car to bring IV treatments to customers.
A full-service IV room that also offers mobile services would need a high-end starting budget of $75,000 or more. This means buying or renting a real place and getting all the tools and equipment you need.
- Bags for IV fluids that have poles and hooks to hang the bags.
- Sterile tube made of clear plastic comes with pumps and clamps to control the flow.
- Needles, needles, a bandage, and some tape.
- Alcohol swabs.
- Sharps bin and removal tools.
- General medical equipment
- Autoclave or sterilizer.
- Scales to measure weight and height.
- Pulse oximeter and blood pressure monitor.
- Thermometer, stethoscope, and safety gear for yourself.
- IV bar equipment
- The IV fluids can be kept in a fridge or freezer.
- Clocks or timers to keep track of the length of time an IV drip is on.
- CCTV and other safety tools.
- Cleaning and janitorial products and tools.
- There is a cash register, a phone system, and TVs for the sitting area.
- Computers and other technology
- Computers, printers, and WiFi.
- Fixtures and furniture
- Furniture for IV treatment, the office, and the waiting area.
- Shelves and cabinets for storage.
- There are work areas and a front desk.
- The mobile service industry
- Van will be turned into a place for work.
- So that IV stations can be set up in different places, a vehicle is needed.
Is IV Hydration Business Profitable?
Before starting a new business, you need to figure out how much you can make from it. It should be worth your time and give you a good return on your investment.
The amount of money you could make depends on how much you spend and how much you sell. how big your business is and how much people want your services in your area. In the US, a dose of IV fluids costs about $280 on average.
Portable IV Therapy
As a one-person business that offers mobile IV treatment, you might see two clients a day, six days a week in the beginning, making around $175,000 a year. If the average profit margin in your industry is 35%, you’d make $61,000.
And that’s just the beginning. In a few years, you could be doing a dozen lessons a day. This could mean that you need to rent an office and hire a worker, which would cut your profit margin to 25%. Still, with more than $1 million in sales every year, a profit of $250,000 is not something to scoff at.
With a full-service IV refreshment room, you might get 10 clients a day in the first year, but your profit margin will only be 15% because your costs will be higher. If you can grow and stay open every day, you’ll make more than $1 million in sales each year and make a return of about $153,000. This could soon have 25 people every day. With yearly sales of more than $2.5 million, you’d make a nice profit of almost $385,000.
With that kind of success, you could put the money back into your business and open more IV bars in your city or state, or you could grow by franchising. As your name grows, so will your chance of making more money.
- Some states, like New York, require that doctors own IV rooms.
- In other places, like Florida, IV treatment is highly regulated.
- Low recognition means you’d spend a lot of time and money pushing and selling.
- High cost of starting up an IV lounge
- Possible risk of legal trouble if health rules aren’t met
Step 2: Create a Strategy
Identify a Gap
Are you doing this because it’s something you really care about? Because there is a high interest in the area? Think about the chance you want to take advantage of.
IBISWorld, an industry expert, says that there are only about 625 listed businesses in the US that offer on-demand IV treatment. It’s also very disorganized, with no clear boss, because almost all of the services are offered by small shops in the area.
This shows that some people still have doubts about how well IV water works and how useful it is. But a lot of famous people and influential people like IV treatment, which could help it become more popular.
Know More About Competition
- Find out who they are: Make a list of all the businesses in your area that offer IV fluids. This can include both long-running businesses and younger ones that are starting to get noticed.
- Analyze how they price their services. Look at how your rivals price their services. Think about their prices for different types of IV hydration treatments, such as hydration therapy, vitamin injection, and other specialized treatments.
- Examine the services they offer: Look at the services your rivals give, such as the kinds of treatments, tools, and buildings they have. Think about what they do best and what makes them special.
- Look at how your rivals sell their services, such as through social media ads, email marketing, or print ads. Think about their image, how they talk about themselves, and how they are different from others in the market.
- Look at their websites and social media pages to see what they are doing online. Think about how they interact with people and how good their work is.
- Look at the customer reviews of your rivals to see what their customers like and what they might not like. You can learn about their skills and flaws from this. Google My Business and Yelp are two common sites that help businesses get online reviews.
- Make a report on your competitors: Make a report with all the information you have gathered. This study should list the good points, bad points, and chances of your rivals. Use this study to figure out how you can set yourself apart from your competition.
- Migraines and hangovers
- Recovery for Athletic Performance
- Immune System Booster
- Symptoms of the cold and flu
- Effects of pregnancy
- Recovery from Food Poisoning
- Jet Lag, Energy Boost
IV medicines cost anywhere from $159 to $399 per visit, but some, like NAD (nicotinamide adenine dinucleotide), can cost as much as $1,000.
Once you know your costs, you can use this Step By Step Profit Margin Calculator to figure out your markup and end price. Remember that the prices you use at start may change if the market says so.
Depending on the services you offer, your target market may change. Most IV treatment clients are between the ages of 18 and 60, but the most common clients are between the ages of 25 and 40.
You can sell your IV fluids services straight to people, or you can go after companies. Companies that have office health programs might be interested in working with you to give their employees regular IV treatment.
Gyms and sports clubs could also be good places to offer IV treatment. After a hard workout, players always need to recover and refill. People who pay $100 a month for a gym or club membership tend to think about their health and comfort and may be interested in IV treatment.
In addition to treatments at the IV lounge/bar, mobile services can be provided on demand at homes, special events, offices and other workplaces, hotels, parks, and even the beach from specially equipped cars.
Of course, you may want an office or a real shop at some time. On Craigslist, Crexi, and business Cafe, you can look for business space for rent in your area. When looking for a business place, you might want to keep these general ideas in mind:
- Central position approachable via public transport
- Well-lit, well-ventilated, and with a lot of space
- The lease is flexible and can be extended as your business grows
- Ready-to-use place that doesn’t need big fixes or improvements
Step 3: Write a Business Plan
A plan is important for any business. This will help you guide your new business through the launch process and keep your eye on your main goals. A business plan also helps possible partners and investors understand your business and its goals better:
- Executive Summary: A brief outline of the whole business plan that should be written after the plan is done.
- Business Overview: A summary of the company’s goals, vision, purpose, assets, and control structure.
- What we make and what we do: Explain in detail what you’re selling.
- Do a SWOT analysis and look at market trends like changes in demand and growth opportunities.
- Competitive Analysis: Look at your key rivals’ strengths and flaws and make a list of what makes your services better.
- Sales and Marketing: Look at the unique selling points (USPs) of your business and come up with sales, marketing, and promotion plans.
- Management Team: An overview of the team’s tasks and professional backgrounds, as well as a business structure.
- Operations Plan: Your company’s operational plan includes how it will get supplies, where it will put its office, what its most important assets and tools are, and other practical details.
- Financial Plan: A three-year plan for money, including start-up costs, a break-even analysis, predictions of profits and losses, cash flow, and a balance sheet.
- Appendix: Add any other papers related to money or business.
Step 3: Create a Marketing Plan
Some of your business will come from passersby or people who find you online, but you should still spend money on marketing! Getting the word out is especially important for new businesses because it will bring in more customers and make people more aware of the brand.
Link your website to your social media accounts once your site is up and running. Social media is a great way to market your business because you can make posts that are interesting and sell your goods.
- Facebook is a great place for paid ads because it lets you target specific groups, such as guys under 50 in the Cleveland area.
- Instagram has the same perks as Facebook, but it’s for a different crowd.
- Website: Search engine optimization (SEO) will help your website show up higher in appropriate search results, which is a key part of making more sales. Make sure your website has clear calls to action. Try changing the size, color, and placement of calls to action like “Book Now” This could bring in a lot more customers.
- Google and Yelp: Getting mentioned on Yelp and Google My Business can be very important for getting people to know about your business and buying from you.
- Competitions and giveaways: Get people interested by giving them gifts for doing something, like getting their second IV treatment in a given month for half price.
- Signage: Make sure your store and website have signs that stand out.
- Flyering: Give out handouts in your neighborhood and at events for your business.
- In-Person Sales: Sell your goods or services at neighborhood markets and trade shows.
- Look for recommendations. Offer bonuses to customers who send you new customers.
- Paid ads on social media: Choose sites where your target market is most likely to be and run focused ads there.
- Pay-per-click advertising: Use Google AdWords to improve your search results. First, look into your terms.
- Testimonials: Let people know how your IV water service has helped other people.
- Infographics can be made – Put up diagrams and include them in your writing.