An IV hydration therapy clinic is a business that offers hydration therapy to its patients. Hydration therapy is a simple treatment that delivers fluids into your bloodstream through a small IV inserted into your arm. The fluids may include vitamins, electrolytes, antioxidants, and even medication in the mix.
This helps to restore electrolytes and replenish everything that is depleted from the body. It can also help you recover fast and relieve those dreaded symptoms. Data shows that the U.S. intravenous immunoglobulin (IVIG) market size is expected to reach USD 5.04 billion by 2025, according to a new report by Grand View Research, Inc.
The market is estimated to witness a noteworthy CAGR of 6.1% over the forecast period. The growing rate of chronic diseases such as cancer, increase in the number of premature births, and shortage of I.V. solutions in the U.S. are some of the key factors expected to drive the market.
Steps on How to Start an IV Hydration Business in Florida
Table of Contents
Conduct Market Research
If you intend to start an IV hydration business in Florida, then you must conduct market research. This will help you carry out a careful study of the problems you intend to solve with your IV hydration business.
The aim of conducting market research for an IV hydration business is to get an in-depth analysis of information and create space for generating new questions, concepts, and understandings of the market space and what you are going to be up against. With market research, you will be able to explore and unlock new opportunities in the business you want to start.
a. Who is the Target Market for an IV Hydration Business in Florida?
The target market for an IV hydration business are adults who are suffering from;
- Multiple Sclerosis
- Rheumatoid arthritis
- Serious Infections
- Gastrointestinal diseases/disorders
- Congestive heart failure
- Crohn’s disease
- Immune deficiencies
b. Is an IV Hydration Business a Profitable Business in Florida?
Yes, an IV hydration business is profitable in Florida. Data from the United States shows that the global intravenous solutions market size is expected to reach USD 18.9 billion by 2028 according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 7.9% from 2021 to 2028.
c. Are There Existing Niches in the Industry?
There are no existing niche ideas when it comes to the IV hydration business because most players in this line of business operate both in-patient (clinic services) and out-patient services (mobile services).
d. Who are the Major Competitors?
- Option Care Health Inc.
- Lincare Holdings Inc.
- BriovaRx Infusion Services
- Fresenius SE & Co. KGaA
- Penn IV hydration Therapy.
- Geisinger IV hydration Services
- McLaren Health Care IV hydration Services
- Palmetto Infusion Services
- HealthQuest Therapeutics
- Drip Hydration
- ThrIVe Drip Spa
- Reset IV Hydration Therapy
- IV League
- THE DRIPBaR
- Hydralive Therapy®
- Mobile IV Medics
- The Hydration Room
- Rocky Mountain IV Medics
- Remedy Room
- Alternative Wellness Clinic
- Core IV Therapy.
e. Are There County or State Regulations or Zoning Laws for IV Hydration Business in Florida?
Yes, there are county and state regulations for the intravenous (IV) hydration therapy business. There are different laws and costs per state, but it’s important to do research into local regulations and zoning policies. For example, administering intravenous hydration therapy in California is a medical procedure and is regulated by the medical board of California.
So also, in New York, intravenous hydration therapy can be owned by anyone, but if you wish to perform medical treatments such as intravenous hydration therapy, the procedures must be performed by a medical professional and paid directly to the medical professional.
f. Is There a Franchise for IV Hydration Business?
Yes, there are franchise opportunities for IV hydration therapy. They include;
- Drip Doctors
- Liquivida Lounge
- ThrIVe Drip Spa
- Revive IV Lounge
- Enhance IV
- The Hydration Room.
g. What Do You Need to Start an IV Hydration Business in Florida?
- A feasibility report
- Business and marketing plans
- Business licenses and permits
- EIN (Employer Identification Number)/Federal Tax ID Number.
- Equipment and supplies
- Startup and working capital
Choose a Memorable Business Name
When looking to start a business, before you can begin to file the necessary documents with the constituted authorities or start your website, it is necessary that you come up with a name that you will be recognized with. It is essential that the name you come up with can easily be pronounced, is unique and easily memorable.
Some of the catchy business name ideas suitable for a IV hydration business are;
Creative IV Hydration Business Name ideas
- Fluid IT® IV Hydration Therapy, LLC
- Fluid Straw® IV Hydration Therapy, LLC
- Move Doctors™ IV Hydration Therapy, Inc.
- Revive Team™ IV Hydration Therapy, LLC
- Doris Greenish® IV Hydration Therapy, Inc.
- Pro Care® IV Hydration Therapy, LLC
- Bob Casey® IV Hydration Therapy, LLC
- Becky Bandars® IV Hydration Therapy, Inc.
- Comfort Care® IV Hydration Therapy, Inc.
- Synergy Care® IV Hydration Therapy, LLC
- Maria De La Rosa® IV Hydration Therapy, LLC
- Pauline George™ IV Hydration Therapy, Inc.
- Bridget Decoster™ IV Hydration Therapy, LLC
- Jackson Eric® IV Hydration Therapy, LLC
- Midland Care® IV Hydration Therapy, Inc.
- Universal Care® IV Hydration Therapy, Inc.
- Life Page© IV Hydration Therapy, Inc.
- Ready Care™ IV Hydration Therapy, LLC
- iCare™ IV Hydration Therapy, Inc.
- Tim® IV Hydration Therapy, Inc.
Register Your Business
a. What Type of Business Structure is Best for an IV Hydration Business?
There are several options when it comes to the business structure of an IV hydration business in Florida, but the one most players in this line of business consider is an LLC. It is considered because providers want to protect themselves from lawsuits.
Please note that an LLC will need an EIN if it has employees or if it will be required to file any of the excise tax forms listed below.
b. Steps to Form an LLC
- Choose a name for your LLC
- File articles of organization
- Choose a registered agent
- Decide on member vs. manager management
- Create an LLC operating agreement
- Comply with other tax and regulatory requirements
- File annual reports.
c. What Type of License is Needed to Open an IV Hydration Business in Florida?
- General business license
- NABP’s IV hydration Therapy Pharmacy Accreditation
- Unrestricted Registered Nurse (RN) License
- Health and Safety Permit
- Zonal Permits
- Director’s License
d. What Type of Certification is Needed to Open an IV Hydration Business in Florida?
You don’t need any special certification to open an IV hydration business in Florida.
e. What Documents are Needed to Open an IV Hydration Business in Florida?
- Business and Liability Insurance
- Federal Tax Payer’s ID
- State Permit and Building Approval (for your office)
- Certificate of Incorporation
- Business License
- Business Plan
- Employment Agreement (offer letters)
- Operating Agreement for LLC
- Insurance Policy
- Company Bylaws
- Memorandum of Understanding (MoU).
f. Do You Need a Trademark, Copyright, or Patent?
When starting an IV hydration business, there may not be a need to file for intellectual property protection or trademark. The nature of the business makes it possible for you to run the business without having any cause to challenge anybody in court for illegally making use of your company’s intellectual properties.
Cost Analysis and Budgeting
a. How Much Does It Cost to Start an IV Hydration Business in Florida?
When it comes to starting an IV hydration business in Florida, the startup costs could range from $80,000 to $230,000 or more (if you are operating a franchise).
b. What are the Costs Involved in Starting an IV Hydration Business in Florida?
- Business registration fees – $750.
- Legal expenses for obtaining licenses and permits – $7,300.
- Business consultant fee – $2,500.
- Insurance – $5,400.
- Rent/Lease – $70,000.
- Other start-up expenses like stationery ($500), and phone and utility deposits ($2,800).
- Operational cost (salaries of employees, payments of bills et al) – $40,000
- start-up inventory – $15,000
- Equipment – $120,000
- Website: $600
c. What Factors Determine the Cost of Opening an IV Hydration Business in Florida?
- The location you intend to cover
- The required licenses and permits
- The type of office facility
- Additional service offerings
- The cost of branding, promotion, and marketing of the IV hydration business
- The cost of furnishing and equipping the IV hydration business office
- The cost of the insurance policy covers
- The cost of registering the business
- Cost of training your staff
- The cost of the purchase and customizing of uniforms
d. Do You Need to Build a Facility? If YES, How Much Will It Cost?
You don’t need to build a facility for your IV hydration therapy business because you are expected to work in the homes of your clients, but you are expected to have an administrative office intravenous hydration therapy clinic.
e. What are the Ongoing Expenses of an IV Hydration Business in Florida?
- Rent and lease your office
- Cost of transportation for your caregivers
- Utility bills (internet subscriptions, phone bills, signage, and software renewal fees et al)
- Salaries of employees
f. What is the Average Salary of your Staff?
- Chief Medical Director (President) – $75,000 Per Annum
- Administrator – $40,000 Per Annum
- Intravenous (IV) Hydration Therapy Nurses – $42,878 Per Annum
- Account Officer – $35,000 Per Annum
- Customer Service Officer (Receptionist) – $26,100 Per Annum
g. How Do You Get Funding to Start an IV Hydration Business?
- Raising money from personal savings
- Raising money from investors and business partners
- Sell shares to interested investors
- Applying for a loan from your bank
- Pitching your business idea and applying for business grants and seed funding from the government, donor organizations, and angel investors
- Source for soft loans from your family members and friends.
Write a Business Plan
a. Executive Summary
Revive Team® IV Hydration Therapy Clinic, Inc. is a licensed medical clinic that will be based in Fort Lauderdale, Florida and the organization will be committed to serving those who are in need of professional IV hydration therapy.
We will also operate a mobile IV therapy service bringing instant relief from hangovers, dehydration, and more to our clients. We are going to be health-conscious and customer-centric with a service culture that will be deeply rooted in the fabric of our organizational structure.
b. Our Service
We will administer intravenous nutrients such as;
- Single Dose Amino Acid Solution
- Vitamins and Minerals (Salt and electrolyte)
- Parenteral Lipid Emulsion.
c. Mission Statement
Our mission is to build an IV hydration business that will provide compassionate and reliable IV hydration therapy services.
Our vision is to create an international model for the IV hydration therapy business in Fort Lauderdale, Florida.
d. Goals and Objectives
The goals and objectives of an IV hydration therapy business are to provide a flexible and reliable option for treating people who need hydration in the comfort of their homes.
e. Organizational Structure
- Chief Medical Director (President)
- Intravenous (IV) Hydration Therapy Nurse
- Account Officer
- Customer Service Officer (Receptionist).
a. SWOT Analysis
- Ideal Location for intravenous (IV) hydration therapy clinic
- Highly experienced and qualified employees and management
- Access to supplies
- Highly secured and clean facility.
- Inability to initially run and manage the organization without falling back on savings
- Financial limitations
- Operating from a leased facility (restriction to fully modify the facility to suit our style and taste)
- Inability to retain our highly experienced and qualified employees longer than we want.
- Growing acceptance of intravenous therapy treatment and services
- Build upon existing clientele
- Online market, services, new technology, and the opening of new markets.
- The spread of coronavirus and similar pandemics
- Loans diminish profitability until they are paid off
- The first year will be financially tight while we gain customers and pay off loans
- Management of employees requires time, money, and efforts
- The medical and health department could change their regulatory status and decide to enforce strict regulations that can strangulate new businesses
- The arrival of competitors within our market space.
b. How Do IV Hydration Businesses Make Money?
An IV hydration therapy business makes money by charging its clients for services rendered and also from Medicare. This is so because Medicare also covers IV hydration therapy services, like nursing visits, caregiver training, and patient monitoring.
c. Payment Options
- Payment via bank transfer
- Payment with cash
- Payment via credit cards/Point of Sale Machines (POS)
- Payment via online bank transfer
- Payment via check
- Payment via mobile money transfer
d. Sales and Advertising Strategies
- Place adverts on both print (newspapers and health-related magazines) and electronic media platforms
- Sponsor relevant community-based events/programs for older people
- Leverage the internet and social media platforms like; Instagram, Facebook, Twitter, YouTube, Google + et al to promote your IV hydration business
- Install your Bill Boards in strategic locations around the state
- Distribute your fliers and handbills to target areas
- Contact households and every adult in the neighborhood where your IV hydration therapy will be located, and inform them about your services
- List your IV hydration therapy in local directories/yellow pages
- Advertise your IV hydration business on your official website and bring some strategies that will help you pull traffic to the site.
- Position your Flexi Banners at strategic positions in the location where your IV hydration business is located.
- Ensure that all the staff wears your branded shirts and your vehicles are well branded with your company logo et al.
a. How Much Should You Charge for your Service?
In-home IV therapy packages range from $100-$395. Add-ins such as vitamins can be added for $25 a piece or additional saline can be added for $50. Please note that the cost of an IV Therapy Infusion (1-3 hours) ranges from $500 to $665. Those on high deductible health plans or without insurance can save when they buy their procedure upfront.
b. How Much Profit Do IV Hydration Business Owners Make a Year in Florida?
It depends, but reports show that IV hydration business owners make about $76,550 or more per year on profit.
c. What Factors Determine the Amount of Profit to Be Made?
- The capacity of the IV hydration therapy (number of clients they are servicing per time)
- The location the IV hydration therapy business is covering
- The management style of the IV hydration therapy business
- The business approach and model of the IV hydration therapy business
- The advertising and marketing strategies adopted by IV hydration therapy.
- The number of years the IV hydration therapy business is in business.
d. What is the Profit Margin of an IV Hydration Business?
To a large extent, after subtracting your overhead, you could make close to 45 percent as profit or more.
e. What is the Sales Forecast?
Below is the sales forecast for an IV hydration business in Florida, and it is based on the location of the business and other factors that relate to such business;
- First Fiscal Year: $340,000
- Second Fiscal Year: $450,000
- Third Fiscal Year: $680,000
Set Up your Shop/Office
a. How Do You Choose a Perfect Location for an IV Hydration Business in Florida?
- The demography of the location especially as it relates to an aging population
- The demand for IV hydration therapy services in your location
- The purchasing power of businesses and residents of the location
- Accessibility of the location
- The number of IV hydration therapy clinics and other medical facilities in the location that offers IV hydration
- The local laws and regulations in the community/state
- Traffic, parking, and security et al.
b. What City is Best to Open an IV Hydration Business in Florida?
- Miami, Florida
- Pompano Beach, Florida
- Jacksonville, Florida
- Hialeah, Florida
- Riverview, Florida
- Fort Lauderdale, Florida
- Saint Cloud, Florida
- Tallahassee, Florida
- Pensacola, Florida
- Bradenton, Florida.
c. What Equipment is Needed to Operate an IV Hydration Business in Florida?
When starting an IV hydration business in Florida, you will need a venous access device, vacuum collection tubes, an adaptor, catheter tube, an access cap, syringe, needles, nursing equipment, first aid kits, an emergency preparedness kit, an emergency plan, among other things. In setting up a small office, you will need a computer, printer, software apps, telephones, pager, photocopier, scanner, and fax machine.
Regarding the number of employees you want to start the business with, you would need to consider your finance before making the decision. Note that, when starting a standard IV hydration therapy business on a large scale, you would need the services of the following professionals; chief medical director (you can occupy this position), administrator, IV hydration therapy nurses, front desk officer, and accountant.
Launch the Business Proper
No IV hydration therapy opens its business without first organizing an opening party to officially launch the business. You can do a soft opening party if you are operating on a low budget or you can go for a grand opening party. With a proper launching, you will officially inform people in your city that your IV hydration therapy is open for business.
a. What Makes an IV Hydration Business Successful?
- Ability to attract clients on a regular basis
- Disciplined and dedicated workforce
- The heart to serve
- A good relationship with stakeholders
- Good care techniques and programs.
b. What Happens During a Typical Day at an IV Hydration Business?
- The IV hydration therapy is open for the day
- The required drugs and supplies are arranged to be used for the day
- IV hydration therapy nurses are briefed
- Nurses are sent to homes where they provide IV hydration therapy services
- Marketing/website upkeep
- Administrative duties are carried out
- The business is closed for the day.
c. What Skills and Experience Do You Need to Build an IV Hydration Business in Florida?
- Good managerial and human development skills
- Good healthcare ethics
- An interest in helping other people, regardless of their condition
- The ability to communicate clearly and sensitively when talking to people and their families
- Good listening skills
- Great problem-solving skills and the ability to adapt and act accordingly to situations.
- Organizational skills
- Experience in the IV hydration therapy business
- Experience in IV hydration therapy administration and the health care business.