Four new wellness franchises to watch out for | Focus on the franchise
The concept: Jim Donnelly co-founded Restore Hyper Wellness + Cryotherapy in Austin, TX in 2015, with services spanning the gamut from allergy and micronutrient testing to cryotherapy, hyperbaric oxygen therapy, and intravenous infusion therapy. The brand seeks to help prevent health problems through its science-based therapies, focusing on helping customers “feel better now.” It offers one-stop appointments as well as monthly subscriptions ranging from $ 69 to $ 299.
Statistics: Restore attracted an $ 8 million investment from Level 5 Capital Partners in June 2020, which helped it grow from 50 locations to 81 open, of which 70 are owned by franchisees. The average store is around 2,000 square feet, but new locations tend to expand to accommodate new services, Donnelly said. The investment range for a franchise is between $ 477,603 and $ 998,729.
The competition: “Our competitors tend to be small mom-pop operators,” Donnelly said. “They have a limited number of services and a limited number of locations. They tend to lack any kind of scale or medical infrastructure, and they also tend to lack any level of sophisticated marketing support system. Restore has a support system that addresses all of the key issues a franchise faces. “
The challenge: It is difficult to navigate the medical infrastructure and the practices of the company. “There’s a reason there are very few brands that include national medical infrastructure,” Donnelly added. The brand has a compliance team and a legal team to ensure it complies with all state rules and regulations.
The concept: Samael Tejada founded Liquivida Lounge in 2013 before opening its flagship site in Coconut Creek, Florida the following year. The alternative medicine franchise offers intravenous therapies, including one to beat a hangover, in addition to a wide range of services from aesthetics and weight loss to lab tests and hormonal optimization. “We have newer and more innovative treatments and modalities that we offer, with a lot of science being developed,” Tejada said, such as amino acids and a drip for sexual health.
Statistics: The brand has 11 locations in four states and four more in development. The average square footage is approximately 1,500 and the total investment ranges from $ 365,000 to $ 550,000. Liquivida is focused on building from its home state of Florida, although it has a few in development in Connecticut, New Jersey, Arizona, and Southern California.
The competition: Tejada said that most competitors may have some of the services that Liquivida offers, such as Botox and Regenerative Medicine, but lack other components such as hormone replacement therapy or medical weight loss. “Rather than going to another competitor for a service that we don’t offer, we offer them all under one roof,” he said.
The challenge: Being early in the space had both advantages and challenges, including educating consumers about product safety and building trust. “Ten years ago you say you inject this stuff, people panic and think it’s drug use,” Tejada said. Now they’ve “created a brand where people trust you to inject something straight into their veins.”
The concept: CEO Michele Henry created Face Foundrie, which offers 40-minute facials with names like “Cryo Queen” for around $ 65. Memberships are available and Face Foundrie sells exclusive products in store and online.
Statistics: Henry founded Minneapolis-based Face Foundrie in 2019 and began franchising this year. It has three open branches, as well as units sold in Minnesota, Wisconsin, the Dakotas, and Colorado. The smallest location is approximately 1,250 square feet; the largest is over 2,300. “We don’t necessarily have a cookie cutter approach. We like eclectic locations in high traffic areas, unlike traditional spas, ”said Henry. The investment range is $ 149,000 to $ 278,000.
The competition: “You’ll notice it’s a fragmented industry within beauty itself. You have really focused hair salons, with an afterthought facial component, ”Henry said. “For us, we haven’t found any competitors that combine all of the services we offer that are really focused on the face, but our competition is with local salons and spas that maybe have a facial aesthetic component. “
The challenge: Since its inception, Henry has been committed to growing his business 100% debt free. “Growing without taking on external capital, loans or any sort of debt is a challenge in itself, but I welcome it,” she said, calling it “a delicate dance of rhythm. People are very excited to buy our brand and we really want to make sure we are accepting the right strategic franchisees. “
The concept: Dripbar offers intravenous vitamin drops, including ‘High C’, a high-dose vitamin C drip, which, according to its website, “may also reduce the side effects of chemotherapy.” “People are starting to recognize the power of intravenous therapy to maintain their best health or to fight cancer, heart disease and other illnesses,” said Shannon Petteruti, Executive Director, Board Certified Nurse Practitioner. Client-centered, cash-based intravenous therapy, she says, “is a lasting change in the healthcare landscape that will only grow in the future.”
Statistics: Founded in 2016 and franchisee since late 2019, Dripbar has an open corporate location in Warwick, Rhode Island, and three franchise units in Atlanta, Newport, Rhode Island and Fort Collins, Colorado. The sites range from 1,000 to 1,500 square feet and the investment is between $ 131,700 and $ 278,300.
The competition: Liquivida Lounge, The Hydration Room and Vidaflo are among Dripbar’s competitors, Petteruti said. “None offer health support drops for cancer and chelation,” she continued, and Dripbar is in compliance with United States Pharmacopeial Convention guidelines, which has taken years and hundreds of years. thousands of dollars to achieve it.
The challenge: “IV vitamin infusions are still relatively new to the industry and franchising of anything in the medical field has rarely been done before,” said Petteruti. “New spaces always have new challenges, but we believe we have the right team in place to handle what’s to come.”