Starting an IV Hydration business is a great idea if you plan to expand your healthcare entrepreneurship career. However, like any business venture out there, there are requirements and licenses you should acquire before you can operate as a legal entity.
From the start-up costs to the company incorporation, let our business experts comb through each topic to ease your new business experience.
The IV Hydration Industry Today
The health and wellness industry is highly welcoming of the idea of IV Hydration clinics. In fact, it’s one of the emerging businesses in the healthcare sector today.
The customer demographic for this type of business is mostly Millennials. In an era where many people are eager to look and feel healthy, our resident entrepreneurs are sure that the industry will continue to thrive.
The trends suggest that even US workplaces will continue to include health and wellness programs in their company’s priorities. The worldwide awareness of long-term health care also triggered consumer interest in IV Hydration.
How Much Do You Need
You can consider two ways when starting an IV hydration business. The first option is getting a physical storefront that costs around $75000 or more. With this setup, you can offer full-service IV Hydration.
On the other hand, our team recommends mobile services if you’re out of budget. This setup excludes having storefronts. Instead, your home can be the headquarters, and your car can deliver your services to the customers.
Potential Revenue and Profit
The typical cost of an IV Hydration session is $280. So if you have more than one client per day, you can earn $220,000 annually with a profit of $80,000. However, this estimation depends on your service range and the market demand.
Steps to Start Your IV Hydration Business
Step #1: Create a Business Plan
Part of learning how to start an IV hydration business is drafting an action plan. List the pros and cons of launching this type of company. Determine if you can afford the requirements and equipment for the business. Analyze the market and plan how your operations will look daily.
Step #2: Come Up with a Business Name
Besides the benefits of finding the right name for your business , you need to ensure that your chosen name isn’t similar to businesses to avoid confusion. Our experts urge you to do a business name search first to avoid delays.
Step #3: Determine the Legal Structure for Your Business
The business structure of your IV Hydration company will determine how you’ll be taxed and what liabilities you must shoulder as an owner. Your four legal options are sole proprietorship, partnership, corporation, or LLC.
Step #4: Register Your Business
Depending on the state you intend to incorporate, you’ll be asked to submit forms containing information about your business. When choosing where to register, we urge you to check if the IV Hydration industry is flourishing in the state of your choice.
Step #5: Apply for Tax Permits and Other Licenses
Every state has different regulations, so better check on that. Some places like New York require IV lounge owners to be licensed doctors, and some do not. You also have to obtain an EIN for tax allocations.
Step #6: Apply for a Business Bank Account
As a company owner, you must separate your personal and business expenses. It’s also easier to file taxes if you have a different bank account for your IV Hydration LLC.
Step #7: Apply for an Insurance
Business owners are wary about unexpected turn-of-events that could impact operations and income. So the best advice our team could give is to get insurance with coverage enough to safeguard your business.
Step #8:Build and Train a Team
A skilled workforce is the fuel of your business, so you have to hire competent IV therapists and health advisors. If your company plans on expanding, you may need to consider hiring for marketing roles and a general manager.
Step #9: Launch and Promote Your Business
Build a website and social channels for your business to reach your target audience. You can host giveaways and events to build your company’s following and post helpful content for your audience curious about IV Hydration.
Can an RN start an IV hydration business in Illinois?
Yes, an RN can start an IV Hydration business in Illinois. However, you’ll need someone to provide and complete H&P and indicated infusion protocol. The ones who can administer an IV in your clinic are professionals with appropriate education, training, and experience in the referenced medical process.
Who can start an IV hydration business in Texas?
Physicians and licensed nurses can start an IV Hydration business in Texas. Each session must have a written order by the professional physician. As for the nurses, they have possessed knowledge and certified competencies acknowledging that they can comprehend and execute the physician’s order for safety.
Now that you have an idea on how to start an IV Hydration business, the next move you should make is to take action. And while the profit you’ll make can be enticing, this type of business involves a lot of planning. So if you want it to succeed, we suggest focusing on your business plan first.