An IV hydration therapy clinic is a business that offers hydration therapy to its patients. Hydration therapy is a simple treatment that delivers fluids directly into your bloodstream through a small IV inserted into your arm.
The fluids may also include vitamins, electrolytes, antioxidants, and even medications. Please note that IV fluid hydration helps to restore electrolytes and replenish everything that alcohol and sickness have depleted from the body. This can help you recover fast and relieve those dreaded symptoms.
Available 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 2022 to 2028.
Steps on How to Write an IV Hydration Therapy Business Plan
Midland Care® IV Hydration Therapy Clinic, Inc. is a licensed and registered medical clinic that will be based in Rowland Heights, California and the organization will be committed to serving those who need professional IV hydration therapy.
We will also operate a mobile IV therapy service bringing instant relief from hangovers, dehydration, and more directly 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 and indeed at all levels of the organization.
Dr. Lawrence Rodham is the founder and CEO of Midland Care® IV Hydration Therapy Clinic, Inc.
a. Our Products and Services
Midland Care® IV Hydration Therapy Clinic, Inc. will provide services that are geared towards administering IV hydration therapy to patients. We will administer intravenous nutrients such as;
- Single Dose Amino Acid Solution
- Vitamins & Minerals (Salt and electrolyte)
- Parenteral Lipid Emulsion
Our services are designed to help our patients flush their bodies with clean fluids and help improve the functioning of their vital organs. IV therapy allows your liver and kidneys to do their jobs more efficiently.
b. Nature of the Business
Our intravenous (IV) hydration therapy clinic will operate the B2C – Business to consumer business model. We will offer our services directly to the end-user without any middleman arrangement.
c. The Industry
Midland Care® IV Hydration Therapy Clinic, Inc. will operate under the Intravenous (IV) Hydration Centers industry.
d. Mission Statement
Our mission is to provide safe and secure inpatients and outpatient facilities that provide nutrients, antibiotics, electrolytes, and other medicines through infusion therapy.
e. Vision Statement
Our vision of establishing our intravenous (IV) hydration therapy clinic is to become the pacesetter in every city where we are located.
f. Our Tagline (Slogan)
Midland Care® IV Hydration Therapy Clinic, Inc. – Restoring Your Health!
g. Legal Structure of the Business
Midland Care® IV Hydration Therapy Clinic, Inc. will be formed as a Limited Liability Company, LLC. The reason why we are forming an LLC is to protect our assets by limiting the liability to the resources of the business itself. The LLC will protect our CEOs’ assets from claims against the business, including lawsuits.
h. Our Organizational Structure
- Chief Medical Director (President)
- Intravenous (IV) Hydration Therapy Nurse
- Account Officer
- Customer Service Officer (Receptionist).
i. Ownership/Shareholder Structure and Board Members
- Lawrence Rodham (Owner and Chairman/Chief Executive Officer) 51 Percent Shares
- Austin Normal (Board Member) 19 Percent Shares
- Sydney Lance (Board Member) 10 Percent Shares
- Humphery Simone (Board Member) 10 Percent Shares
- Mariah Lionel (Board Member and Sectary) 10 Percent Shares.
- 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 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 (IV) hydration therapy treatment and services
- Build upon existing clientele
- Online market, new services, new technology, and of course the opening of new markets.
i. How Big is the Industry?
The Intravenous (IV) Hydration Centers industry is a big and growing industry and the U.S. intravenous immunoglobulin (IVIG) market size is expected to reach USD 5.04 billion by 2025.
ii. Is the Industry Growing or Declining?
The IV hydration therapy industry is growing. 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 incidence of chronic diseases such as cancer, and the shortage of I.V. solutions in the U.S. are some of the key factors expected to drive the market.
iii. What are the Future Trends in the Industry
The Intravenous (IV) Hydration Centers industry is changing, and players in the industry are improvising. No doubt, technology, and customized software will change the landscape of the Intravenous (IV) Hydration industry going forward.
iv. Are There Existing Niches in the Industry?
No, there are no niche ideas when it comes to the intravenous (IV) hydration therapy clinic business.
v. Can You Sell a Franchise of your Business in the Future?
Midland Care® IV Hydration Therapy Clinic, Inc. has plans to sell a franchise in the nearest future and we will target major cities with a growing working class and upwardly mobile people who are subjected to stress.
- 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 our business
- The arrival of competitors within our market space.
i. Who are the Major Competitors?
- 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.
ii. Is There a Franchise for the Intravenous (IV) hydration therapy Business?
Yes, there are franchise opportunities for the intravenous (IV) hydration therapy business. Here are some of them;
- Drip Doctors
- Liquivida Lounge
- ThrIVe Drip Spa
- Revive IV Lounge
- Enhance IV
- The Hydration Room.
iii. Are There Policies, Regulations, or Zoning Laws Affecting IV Hydration Businesses?
Yes, there are county and state regulations for intravenous (IV) hydration therapy clinic business. It is essential to state that each state has its requirements as there are different laws and costs per state, it’s essential to do your 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. In addition, the management of an intravenous hydration therapy clinic requires the same supervision as a medical office.
In New York, intravenous hydration therapy can be owned by anyone. However, if you wish to perform intravenous hydration therapy, the procedure must be performed by a medical professional and paid directly to the medical professional.
a. Who is Your Target Audience?
i. Age Range
Our target market comprises of adults above 18 years old who have the finance to do business with us.
ii. Level of Educational
We don’t have any restrictions on the level of education of those we will welcome in our intravenous hydration therapy clinic.
iii. Income Level
We don’t have any cap on the income level of those we are looking to welcome in our intravenous hydration therapy clinic or hire our outpatient services.
There is no restriction when it comes to the ethnicity of the people we will welcome to our intravenous hydration therapy clinic.
There is no restriction when it comes to the language spoken by the people we will work with at our intravenous hydration therapy clinic.
vi. Geographical Location
Anybody from any geographical location will be welcome in our intravenous hydration therapy clinic.
Midland Care® IV Hydration Therapy Clinic, Inc. will not restrict any person from accessing our facility and services based on their lifestyle, culture, or race.
b. Advertising and Promotion Strategies
- Host Themed Events That Catch the Attention of Potential Clients.
- Tap Into Text Marketing.
- Use FOMO to Run Photo Promotions.
- Share Your Events in Local Groups and Pages.
- Turn Your Social Media Channels into a Resource
- Develop Your Business Directory Profiles
- Build Relationships with other healthcare service providers and related organizations in our Area
i. Traditional Marketing Strategies
- Marketing through Direct Mail.
- Print Media Marketing – Newspapers & Magazines.
- Broadcast Marketing -Television & Radio Channels.
- OOH, Marketing – Public Transits like Buses and Trains, Billboards, and Cabs.
- Leverage direct sales, direct mail (postcards, brochures, letters, fliers), print advertising (coupon books, billboards), and referral (also known as word-of-mouth marketing).
ii. Digital Marketing Strategies
- Social Media Marketing Platforms.
- Influencer Marketing.
- Email Marketing.
- Content Marketing.
- Search Engine Optimization (SEO) Marketing.
- Affiliate Marketing
- Mobile Marketing.
iii. Social Media Marketing Plan
- Start using chatbots.
- Create a personalized experience for each of our clients.
- Create an efficient content marketing strategy.
- Create a community for our freelance marketers and influencers.
- Gear up our profiles with a diverse content strategy.
- Use brand advocates.
- Create profiles on the relevant social media channels.
- Run cross-channel campaigns.
c. Pricing Strategy
When working out our pricing strategy, Midland Care® IV Hydration Therapy Clinic, Inc. will make sure it covers time, service delivery, supplies, premium, economy or value, and full intravenous hydration therapy clinic package for each of our clients.
All our pricing strategies will reflect;
- Cost-Based Pricing
- Value-Based Pricing
- Competition-Based Pricing.
Sales and Distribution Plan
a. Sales Channels
Our channel sales strategy will involve using partners and third parties—such as referral partners, affiliate partners, hospitals, freelance marketers, and social media influencers to help refer clients to us.
Midland Care® IV Hydration Therapy Clinic, Inc. will also leverage the 4 Ps of marketing which are place, price, product, and promotion. By carefully integrating all these marketing strategies into a marketing mix, so we can have a visible, in-demand service that is competitively priced and promoted to our patients and partners.
b. Inventory Strategy
The fact that we will need intravenous (IV) hydration supplies and medications per time mean that Midland Care® IV Hydration Therapy Clinic, Inc. will operate an inventory strategy that is based on a day-to-day methodology for ordering, maintaining, and processing items in our warehouse.
We will develop our strategy with the same thoroughness and attention to detail as we would if we were creating an overall strategy for the business.
Midland Care® IV Hydration Therapy Clinic, Inc. will make sure we work with “Just-in-time (JIT) inventory” – (JIT involves holding as little stock as possible, negating the costs and risks involved with keeping a large amount of stock on hand.)
c. Payment Options for Customers
Here are the payment options that Midland Care® IV Hydration Therapy Clinic, Inc. will make available to its donors and contributors;
- Payment via bank transfer
- Payment with cash
- Payment via credit cards
- Payment via online bank transfer
- Payment via check
- Payment via mobile money transfer
d. Return Policy, Incentives, and Guarantees
At Midland Care® IV Hydration Therapy Clinic, Inc., we offer services, and the nature of services we offer does not accommodate a return policy but we will make sure we give out incentives from time to time to our esteemed customers.
e. Customer Support Strategy
Our customer support strategy will involve seeking customer feedback. This will help us provide excellent customer service to all our clients. We will work with effective CRM software to be able to achieve our goal. Regularly, we will work towards strengthening our Customer Service Team and also Leverage Multi-Channel Servicing as part of our customer support strategy.
We plan to expand our revenue by 25 percent in the second year and the plan will include a marketing, sales, and operations component. The operations component of the plan would include attracting partnerships and referrals that will enable the firm to boost our service offerings and support revenue growth.
a. What Happens During a Typical Day at an Intravenous Hydration Therapy Clinic?
- The business is open for the day’s work
- The beds and equipment are cleaned, adjusted, and set for the day’s job
- Inpatient and outpatient customers are attended to
- Scheduled maintenance and servicing of equipment are carried out
- Marketing/website upkeep
- Administrative duties
- The business is closed for the day.
b. Production Process
There is no production process when it comes to an intravenous hydration therapy clinic business.
c. Service Procedure
Intravenous hydration therapy clinics’ service procedures vary widely and depend greatly on the medical director or owner’s experience and predilection.
An IV fluid drip involves a small tube called a catheter and a saline-based electrolyte solution that contains your selected vitamins and nutrients. An IV drip delivers these essential nutrients and fluids directly into your bloodstream, bypassing your digestive tract.
The exact mixture of your IV will depend on whether you have any electrolyte deficiencies such as low sodium levels that can cause dehydration and the severity of your condition. IV fluids are made using crystalloid solutions, which enable water to move in or out of your cells thanks to a process called osmosis.
d. The Supply Chain
Midland Care® IV Hydration Therapy Clinic, Inc. will establish a business relationship with wholesale supplies of intravenous supplies and medications.
e. Sources of Income
Midland Care® IV Hydration Therapy Clinic, Inc. makes money from offering inpatient and outpatient intravenous hydration therapy.
a. Amount Needed to Start Our Intravenous (IV) Hydration Therapy Clinic?
Midland Care® IV Hydration Therapy Clinic, Inc. would need an estimate of $285,500 to successfully set up our intravenous clinic in the United States of America. Please note that this amount includes the salaries of our staff for the first month of operation.
b. What are the Costs Involved?
- Business Registration Fees – $750.
- Legal expenses for obtaining licenses and permits – $7,300.
- Marketing, Branding and Promotions – $5,000.
- Business Consultant Fee – $2,500.
- Insurance – $5,400.
- Rent/Lease – $70,000.
- Other start-up expenses include commercial satellite TV subscriptions, 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
- Store Equipment (cash register, security, ventilation, signage) – $4,750
- Furnishing and Equipping – $120,000
- Website: $600
- Opening party: $3,000
- Miscellaneous: $2,000
c. Do You Need to Build a Facility?
Midland Care® IV Hydration Therapy Clinic, Inc. will not build a new facility for our intravenous therapy clinic; we intend to start with a long-term lease and after 5 years, we will start the process of acquiring our own facility.
d. What are the Ongoing Expenses for Running an Intravenous (IV) Hydration Therapy Clinic?
- Cost of stocking up supplies
- Utility bills (gas, internet, phone bills, signage and sewage et al)
- Maintenance and repair of equipment
- Salaries of employees
e. 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 Year
f. How Do You Get Funding to Start an Intravenous (IV) Hydration Therapy Clinic
- Raising money from personal savings and sale of personal stocks and properties
- Applying for a loan from your bank/banks
- Pitching our business idea and applying for business grants and seed funding from the government, donor organizations, and angel investors
- Source for soft loans from our family members and friends.
a. How Much Should You Charge for your Service?
At Midland Care® IV Hydration Therapy Clinic, Inc. our in-home IV therapy packages range from $100-$395. Add-ins such as vitamins can be added for $25 apiece or additional saline can be added for $50. Please note that the cost of our 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. Sales Forecast?
- First Fiscal Year (FY1): $550,000
- Second Fiscal Year (FY2): $950,000
- Third Fiscal Year (FY3): $1.5 million
c. Estimated Profit You Will Make a Year?
- First Fiscal Year (FY1): $175,000 (50% of revenue generated)
- Second Fiscal Year (FY2): $337,000 (45% of revenue generated)
- Third Fiscal Year (FY3): $540,000 (45% of revenue generated)
d. Profit Margin of an Intravenous (IV) Hydration Therapy Clinic
The ideal profit margin we hope to make at Midland Care® IV Hydration Therapy Clinic, Inc. will be between 35 and 50 percent.
a. How do you intend to grow and expand?
Midland Care® IV Hydration Therapy Clinic, Inc. will grow our intravenous (IV) hydration therapy clinic by first opening other facilities in key cities in the United States of America within the first five years of establishing the organization and then will start selling franchises from the sixth year.
b. Where do you intend to expand to and why?
Midland Care® IV Hydration Therapy Clinic, Inc. plans to expand to Sumter, South Carolina, Tinton Falls, New Jersey, Santa Fe, California, Stillwater, Oklahoma, Longboat Key, Florida, Wintergreen, Virginia, Charleston, West Virginia, Palm Beach Gardens, Florida and Portland, Oregon.
We intend to expand to these locations because, for example, Portland boasts of having the highest number per capita in the U.S. — one for every 11,286 residents, and they are known to patronize intravenous therapy clinics.
The founder of Midland Care® IV Hydration Therapy Clinic, Inc. plans to exit the business via family succession. We have placed structures and processes in place that will help us achieve our plan of successfully transferring the business from one family member to another and from one generation to another without hitches.