A successful business does not happen overnight. Many hours of research and planning will be necessary, and doing it blindly without proper guidance may delay you even further. Having someone knowledgeable to guide you step by step through the process will make a huge difference.
Whether you’re hoping to open an intravenous (IV) therapy business or want to incorporate IV therapy into your existing clinical practice, IV Therapy Academy's course has everything you need to get started. You can contact us for additional help and information.
In our previous article, “How to finally start your private practice or clinic,” we shared some steps you need to learn before you open your IV business. In this article, we will dive further and give you an overview of the costs and important things to consider in starting up one.
Why start-up IV therapy?
In Allen’s 6 Steps to Starting a Successful Business, he provided clear and concise steps outlining how successful start-ups are founded and managed. The first of which is to introduce a product or service that possesses value to others. If you can provide a service that solves a problem, you can start a successful business.
Recent trends influenced people to be health-conscious, impacting their diet plans, activities and lifestyles. Usually, people take care of their bodies to feel good and improve self-esteem. However, recent experiences taught us the grave consequences of not having a healthy body, and it’s more than just for self-image. People learned the importance of a healthy lifestyle and the use of supplements in the threat of illness.
The effect of COVID-19 positively impacted the demand for vitamins and supplements worldwide. This market is anticipated to grow more than 50%, according to a 2021-2028 business forecast. The nutraceutical industry experienced a spike in demand because people wanted to boost their natural defense system.
Data from the National Health and Nutrition Examination Survey shows that more than 50% of the US population consumes supplements; furthermore, this number is increasing steadily. The downside of oral intake of vitamins and supplements is that it still needs to pass through the digestive tract, thus a slower absorption in the body, unlike IV nutritional therapy. With these in mind, rest assured you have a steady demand for your IV therapy clinic.
How to ensure continuous revenue in IV therapy?
Lack of effective marketing practices is one of the main reasons start-ups often fail. Without it, a product or service can't effectively sell, no matter how good it may be. With little to no brand awareness, you'd spend a considerable amount of time hard-selling your service. To make matters worse, insufficient knowledge regarding proper marketing means that you'll be inefficiently allocating resources to your marketing efforts. No worries, we got you, which is why marketing lessons are part of the IV Therapy Academy course.
Marketing isn't just selling but helping your prospects realize how your product or service can benefit them. In promoting your IV therapy business, you may need to consider various strategies such as digital campaigns, social media marketing, PPC management, and print materials, all of which require a proper allocation of funds. Knowing how much you need to allocate can help you optimize your finances while ensuring steady profit.
How much will you need to open an IV therapy business?
Money is the life of a business. Proper accounting is integral in any start-up, and having a start-up cost calculator will give you a detailed view of the expenses you need to prepare for. The minimum start-up budget will depend on the type of model you want to pursue, whether you plan to start a mobile IV therapy or an IV lounge/clinic.
Basic IV start-up cost may range around $6,000 - $20,000. If you opt for a high-end physical space or service, you might need to put in additional resources. Few rudimentary expenses to consider include supplies, licensing permits, insurance, marketing, professional services as necessary, and last but not least, rent. Whether purchased or leased, you need to allocate a substantial budget for furnishings and equipment (office and medical) should you open your IV clinic.
A business license is the least of your worries, as it will only cost you $100 or less. What you need to worry about is how much investment you need in order to create a suitable environment that promotes wellness and safety of your clients. Though a chunk of it should be allocated for furniture and other fixtures such as recliners and infusion sets, sufficient funding should also be devoted to marketing. Depending on the type of model you choose, you may need to set aside $1,000 - $2,000 or 5 - 10% of your total investment budget for the marketing alone.
Building relationships with suppliers and clients
Acquiring high-quality medical and pharmaceutical supplies is vital for your IV therapy business. Connecting with first-rate suppliers or vendors will ensure you the best value in terms of price, quality, and reliability. A pharmacy or vendor list can help make purchasing easier since they are pre-assessed. It also lowers out-of-stock risk since you don't need to rely on only one supplier.
Reaching out to particular niches can help promote your IV therapy clinic more effectively. You may also establish relations with businesses by offering employee wellness programs or partnering with fitness gyms and sports clubs that might be interested in IV nutritional therapy. Since people use IV therapy for various reasons, it is essential to understand its protocols. We listed down 5 of the best IV protocols to help kickstart your IV therapy clinic.
What are other things to consider in start-up IV therapy?
Should you prefer to cut costs, the mobile version is your ideal bet as you will require only the essentials. However, having your own business space will provide you with a greater sense of professionalism and your customers with a better IV therapy experience; thus, you can charge higher for the same services offered. When choosing a commercial space, finding a ready-to-use location with little need for major renovations is better. It can trim down the time and cost to start your IV therapy clinic. Accessibility of the location, presence of natural light, and proper ventilation are key factors to consider when choosing a site for your IV therapy clinic.
Before starting, you should understand the financial basics of running a business: assets, liabilities, and equity. Effective management of a business’s assets will help your start-up succeed. Assets include cash, supplies, and equipment, while liabilities include any accounts payable such as loans or wages. Meanwhile, equity represents your stake in the business, which helps you measure financial performance by calculating your return on equity (ROE) or return on assets (ROA). Assets must always equal liabilities plus equity to ensure the sustainability of the business.
Investing in yourself
Roy T. Bennet once said, “There is no more profitable investment than investing in yourself.” We all know that opening a business is risky and that start-ups oftentimes fail. Applying the correct and proper knowledge to scale your IV therapy clinic means higher chances of success and better-earning opportunities. Discover the benefits of our IV Therapy Academy Course and avoid the potential pitfalls that keep you from reaching a positive return on investment.
It is an easy-to-follow course that will equip you with the knowledge and skills to add IV therapy to your current practice or to open your very own IV therapy business. Under this course, you will be guided through the business plan and provided an IV clinic start-up cost calculator to help you take on specific steps necessary to make your business idea a reality. Get in touch with us or learn more about IV therapy start-up fundamentals with our free masterclass training.