Many entrepreneurs seek new investment opportunities as the world recovers from the pandemic. Franchising has become an increasingly popular option, offering the chance to start a business with a proven model and established brand. But with so many franchises available, it can be overwhelming to choose the right one. That’s why we’ve researched for you and compiled a list of the best franchises to buy in 2023.
One franchise that stands out is Hydrate IV Bar, founded by CEO Katie Wafer-Gillberg. With a mission to promote wellness from within, Hydrate IV Bar is a collection of IV therapy spas that specialize in an elevated service for IV therapy, NAD+ therapy and vitamin injections. As Hydrate IV Bar continues to expand, its commitment to wellness and providing a top-notch experience makes it one of the best franchises to invest in for 2023.
Promoting Wellness from Within
Hydrate IV Bar is a collection of IV therapy spas with services for illness, wellness, recovery and beauty. Offering signature IV therapy cocktails, vitamin injections, and NAD+ infusions and injections, clients visit the spas to recharge and refresh their routines. However, what sets Hydrate IV Bar apart is the atmosphere, the experienced team members and the high quality products and services. Clients can relax in comfortable chairs while listening to soothing music, and a team of friendly and experienced staff always greets them.
Hydrate IV Bar spas are overseen by a medical team of award-winning doctors, nurse practitioners, and medical professionals to ensure clients’ safety. All services are administered by registered nurses who are among the best in the business. Hydrate IV Bar’s mission is to promote wellness from within by delivering high-quality products and services administered by experienced and trustworthy medical and wellness professionals in a relaxing, spa-like atmosphere.
The spa also has a set of values that guides its actions. It believes in having fun and never forgetting that laughter or a smile goes a long way. Hydrate IV Bar deeply roots within its communities and values kindness, service, and teamwork. The spa commits to serving its clients, teammates, and themselves. Nothing is better than how you feel after a relaxing day getting pampered and hydrated. It is the perfect place to rejuvenate and refresh physically, emotionally, and mentally. Its commitment to wellness and values make Hydrate IV Bar a destination to be experienced.
Franchise Leadership and Accomplishments
CEO and Founder, Katie Wafer-Gillberg believes successful franchise brands invest in their people and ensure they have the right individuals in the correct positions to scale the business and support their franchisees. As the visionary leader of Hydrate IV Bar, Wafer-Gillberg wears many hats, including providing direction for the spa’s growth and expansion.
Before starting Hydrate IV Bar, Wafer-Gillberg worked in medical sales and saw an opportunity to incorporate IV therapy into the health and wellness space. She created a business plan, brought together an experienced medical team, received services across the country, and was then ready to open the first Hydrate IV Bar in 2016.
Since then, the spa has grown to include four corporate spas and six franchise spas, with plans to double in size over the next year. Wafer-Gillberg takes an intentional approach to every aspect of the business, from site selection to hiring top talent to support the brand. She is committed to providing the best IV therapy and vitamin injections in a spa-like environment and offers retail products only if they can enhance a client’s treatment.
Overcoming Challenges and Franchising
When Hydrate IV Bar opened, one of the biggest challenges was introducing people to the benefits and accessibility of IV therapy outside of a hospital or doctor’s office. The spa was committed to educating people on the value of IV therapy proactively and importance of adequate hydration and nutrition in general.
After years of success, many people suggested Hydrate IV Bar expand through franchising. When the pandemic hit in 2020, the spa decided it was the perfect time to pivot and explore franchising. It established a brand guide, worked with legal on the first FDD, and laid the groundwork for expansion.
Hydrate IV Bar’s first franchise location opened in September 2020, and the brand hasn’t looked back since. It overcame challenges with closing, re-opening, and expanding, all to provide more people access to its wellness-focused services.
A People-Centered Culture
Hydrate IV Bar’s long-standing success can be attributed to its people and culture. Clients trust that they receive the best care from top-notch nurses and spa professionals in a welcoming and inclusive environment. The spa prides itself on offering only IV drips and Vitamin Injections, which it does exceptionally well.
Katie Wafer-Gillberg believes the spa’s people and culture are the keys to its success. Clients walking into a Hydrate IV Bar spa feel part of a like-minded, wellness-focused community prioritizing their physical and emotional wellness. This people-centered approach has helped the spa build a loyal customer base and establish a reputation for excellence in the industry. Hydrate IV Bar’s success story is a testament to the power of a strong culture prioritizing people and their well-being.
Hydrate IV Bar offers a range of exclusive products and services that cater to its clients’ health and wellness needs. The spa’s vitamin-infused IV therapy cocktails menu is among its best-known offerings. The signature IV drips start with a liter of normal saline and a blend of vitamins, minerals and amino acids tailored to various needs for illness, wellness, recovery and beauty.
Besides its signature IV drips, Hydrate IV Bar also offers NAD+ IV therapy and NAD+ injection services at all of its spas. NAD+ is a coenzyme found in all living cells that helps cells create energy at the cellular level. With age, human bodies have 50% less NAD+, which means that cells break down more easily, and bodies cannot repair them like they used to. NAD+ infusions can help with cell regeneration, joint and muscle pain, anti-inflammation, hormone stabilization, mood improvement, and increased metabolism. The spa’s medical team can recommend the best NAD+ infusion or injection for each client’s needs.
In addition to IV therapy, Hydrate IV Bar offers a range of vitamin injections, including b12 injections, MIC injections, D3 injections, Tri-Immune injections, NAD + injections, L-lysine injections, and Amino Acid injections. These injections can be added to an IV service or taken as a quick shot. Clients can consult with the spa’s medical team to determine which injection(s) may be best for their health and wellness needs. Monthly memberships, Injection packages and a Shot Pass are available for clients who want to incorporate regular injections into their wellness regime.
Hydrate IV Bar’s exclusive products and services are designed to help clients feel their best by providing various health and wellness solutions tailored to their needs.
Technology and Compliance
Hydrate IV Bar prioritizes compliance with industry standards and regulations and incorporates technology into its offerings. The spa has a team of experienced professionals who stay updated with franchising trends and advocate for the industry through its involvement with the IFA.
When it comes to technology, the spa recently introduced a new charting system for its nurses that is HIPAA-compliant and user-friendly. The spa is always looking for new platforms to help it scale and streamline its business while maintaining its key elements.
Staying Focused on Quality
Hydrate IV Bar prides itself on offering top-notch IV drips and vitamin injections in a spa-like environment. Unlike competitors who constantly expand their service offerings, Hydrate IV Bar stays true to its mission of delivering the best possible service for its clients. According to Wafer-Gillberg, the spa only offers retail products if they can enhance a client’s experience while promoting continued wellness. Hydrate IV Bar continues to provide exceptional service to its clients by staying focused on quality.
Building a Unique Team
Hydrate has a dedicated team passionate about the brand and each other, some of which have been a part of the company for over 6 years! The spa believes in empowering its employees and trusting them to succeed. The leadership team meets weekly to discuss ongoing projects, to collaborate on solutions and improvements and are always looking ahead.
What sets the Hydrate IV Bar team apart is that it is a woman-owned business, and all of the Leadership Team is female, including its overseeing physician. This creates a culture of support and inclusivity unique to the spa.
Why Choose Hydrate IV Bar for Franchising?
Hydrate IV Bar is a top choice for those looking to invest in a franchise. Firstly, the health and wellness industry is rapidly growing, and Hydrate IV Bar is at the forefront of this shift. With a focus on preventative wellness, consumers are investing more than ever in long-term vitality, making this a lucrative franchise opportunity.
In addition, Hydrate IV Bar’s recurring revenue model with monthly memberships and packages allow for consistent revenue generation, often before the physical spa even opens. This provides a solid foundation for franchisees to build on and grow their business.
Finally, the low barrier to entry is another reason why Hydrate IV Bar is an attractive franchising option. With a small physical footprint and only two staff members needed per shift, franchisees can easily manage and operate their businesses with minimal overhead costs.
Hydrate IV Bar’s Franchise Criteria
Applicants must meet certain financial requirements to become a franchise partner with Hydrate IV Bar. The initial investment ranges from $238,100 to $454,000*, depending on the market and location. Additionally, applicants are required to have at least $125,000 cash on hand and a net worth of $500,000. The initial franchise fee is $45,000.
Hydrate IV Bar also charges a royalty rate of 8% of Gross Revenue, with 2% of Gross Revenue contributing to the Brand Marketing Fund. These financial requirements ensure that franchise partners have the resources to operate a Hydrate IV Bar franchise successfully.
Hydrate IV Bar’s Franchise Support
Assisting franchisees through all situations, including crises, is a top priority for Hydrate IV Bar. Wafer-Gillberg says the spa has a solid infrastructure to help franchisees navigate challenges as well as support growth and success. It meets with franchisees regularly throughout the year to review financials and marketing activities, focusing on profitability and revenue growth. Hydrate IV Bar also trains regularly on client experience, sales, operational support and medical best practices.
In addition, Hydrate IV Bar has a PR partner to assist franchisees with both local PR opportunities. By providing ongoing support and resources, Hydrate IV Bar demonstrates its commitment to the success of its franchisees, even in the most challenging of times.
The Future of Franchising
Katie Wafer-Gillberg believes the franchise industry will continue to evolve in the next five years and beyond. While franchises were once primarily in the restaurant industry, booming franchises now exist in health and wellness, service, coaching, and development. To keep up with changes in the industry, franchisors, and franchisees must be ready to pivot. Wafer-Gillberg and her team are actively involved in the International Franchise Association, relying on their leadership and guidance to navigate the changing franchise landscape. As the industry continues to evolve, Wafer-Gillberg and her partner Amy Dickerson remain a huge proponent of franchising.
Advice for Aspiring Entrepreneurs
Wafer-Gillberg believes franchising is a great way for aspiring entrepreneurs to achieve their dream of owning their businesses with a proven business model and ongoing support. Her top two pieces of advice for those looking to enter the franchise sector are to research and align themselves with the right people and the right business concept that they feel passionate about.
Starting a business is a significant commitment, and it’s important to understand what the franchisor is responsible for and what you’re responsible for. Wafer-Gillberg advises potential franchisees to ensure that the franchise they’re interested in has programs, processes and people to help them succeed for the longevity of their franchise agreement.
In addition to doing research, Wafer-Gillberg emphasizes the importance of hiring the best people to support the business and act as an extension of the brand. Hiring individuals who believe in the services we offer, are passionate about promoting wellness and are dedicated to providing an elevated experience with safety first, is crucial.
“Hydrate IV Bar’s mission is to promote wellness from within by delivering high-quality products + services administered by experienced + trustworthy medical and wellness professionals in a relaxing, spa-like atmosphere.”