High-Growth Opportunities for Business-Minded Medical Professionals
If you’re seeking a health and wellness growth market in which to own a business, you might do well to consider an IV therapy franchise. The home infusion therapy market alone is forecast to expand by a whopping 10.1% CAGR through to 2026 – doubling in size to around $16.5 billion.
What is driving IV therapy growth?
IV therapy allows people to administer vitamins, minerals, and medication intravenously. Because it is pumped directly into the bloodstream, medication is delivered more quickly. It’s a great way to deliver medication, with drivers of growth including:
Technology advances have made IV therapy easier to administer, and the desire to be treated at home (at least in part increased by the Covid pandemic) has helped to explode demand. Also helping to boost demand is the number of social media influencers promoting IV therapy (for example, vitamin nutrient therapy).
Can anyone franchise IV therapy?
Before we go further, IV therapy is a medical procedure. It isn’t safe for everyone, and those administering IV therapy must ensure that it is safe for the recipient.
Therefore, while the growth potential of the market is highly attractive to entrepreneurs, you’ll need to ensure that your ownership ambitions are legal – many states have laws that prohibit ownership of an IV franchise by anyone other than qualified physicians.
Further, as the owner of an IV therapy franchise, you will be responsible for ensuring that your employees comply with the standard of care regulations. You’ll need to verify the qualifications of those who work for you and have suitable liability insurance in place.
The bottom line is that IV therapy franchises are a potentially lucrative niche opportunity, ideal for experienced or retired medical professionals who have the qualifications, experience, and credentials for administering IV therapies – though the requirements depend upon the state in which you are franchising and the franchisor company’s owner requirements.
IV therapy franchise opportunities can also be a profitable business for existing companies in the health and wellness space to expand into, helping them to diversify their portfolio and attract new customers. (We’ve seen this as a trend among businesses such as fitness centers, sports clubs and gyms, and supplement and vitamin manufacturers and retailers.)
Is buying an IV therapy franchise a good move for you?
The growth potential may make IV therapy an exciting opportunity for suitably qualified entrepreneurial medical professionals, but there are a few questions you should answer before making a decision to invest in a franchise business in this sector. Crucially, you’ll need to evaluate:
How much support do you need from the franchisor
Not all franchisors offer the same level of support. You’ll need to be sure of your own capabilities and then ensure that training, marketing, and ongoing support complement these.
Your budget vs the IV therapy franchise cost
Be sure of your budget, and be conservative in the calculation of your startup costs. You’ll also need to assess your finances, making sure that you consider running costs for the first few months and think about your financing options (for example, should you borrow to invest in a franchise?).
If the franchise business model aligns with your goals
Becoming a franchisee is a strategy that is perfect for many entrepreneurs, but it isn’t for everyone. It pays to discuss your situation with a franchise consultant. It’s crucial to have this experience supporting you, helping you to identify your personal business goals and assess if the franchise business model aligns with your personal goals.
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.