It is no secret that the health and wellness industry is booming. The wellness market is now estimated to be worth 4.4 trillion dollars globally.
As a result, many entrepreneurs and investors are flocking to the wellness space and are met with a myriad of options, ranging from senior healthcare, to energy healing. Because many of the practices are likely to be discredited or lose popularity over time, it can be difficult to know what to look for when searching for an investment opportunity.
That said, we have interviewed a key player in the health and wellness field. He has some tips about how to weed out the good and bad investments when looking into Wellness franchises. Sam Tejada is the founder and CEO of Liquivida. Based in the Florida area, Liquivida is one of the fastest-growing wellness franchises in the US, with more than 20 wellness centers opening in the two years since they launched their franchise program.
Liquivida offers various treatments, ranging from IV Therapy and hormone replacement to their newest metabolic health therapies, all of which use a sound, science-based approach. Liquivida determines the best treatment for their patients based on a physical examination and a blood test to determine possible conditions or indicators about the patient’s health.
Even with their range of practices, Liquivida works to ensure that patients will receive the same care at each of their franchises. They believe in making an impact and improving their clients’ health with personalized treatments. This is how they embark in what they call The Vida Journey.™
Sam has shared three questions that any entrepreneur should ask to decide on the best Health and Wellness franchise options to invest in.
How Effective and Relevant are the Services Offered by the Brand?
The first point of interest is whether people are captivated by the brand’s products or services. To figure this out, you can look at the market trends.
“See if what they’re offering has a demand that’s on the rise or it’s already declining,” Sam advises. It’s essential to be ahead of the curve, so you don’t end up throwing your money at a fad that will soon be over, or even worse, debunked.
While looking for a desirable concept with in-demand service offerings, an entrepreneur ought to worry about a brand’s true potential to promote wellness. Can the service actually help people? Is it based on sound practices? Is it supported by scientists and health experts? Is this service making a difference to the health and wellness field?
An effective service will likely maintain its popularity and be a better investment opportunity. It’s important to believe in the company you are investing in!
What Does the Growth and Reputation of the Franchise Look like?
Sam comments that, in the case of an established brand, you can research the growth the company has experienced throughout its existence, as well as its recent trends, to determine if it is successful or has the potential for growth in the future.
Sam also asks:, “What is the brand’s reputation?” He advises looking at reviews on Google, Facebook, and other social media platforms, while examining the brand’s general rating and comments, and trying to identify positive or negative patterns. It’s important to know what the clients think about the brand before committing time and money to invest in it.
Finally, search for any press about the company. Normally, it is a good sign if a business has good press because it implies that the company might be large and successful enough to have grabbed the public’s attention.
You want to be fully informed about a company’s standing before diving into the investment opportunity.
How Well-Defined Are All the Systems and Processes?
“If you haven’t already contacted the franchise before, you should definitely do it at this point,” Sam states. A serious franchise has one or more channels through which you can reach them.
You may have an introductory call or a meeting where they will share preliminary details about the franchise process with you. They’ll also have a solid set of videos designed to enchant you from the beginning. This will give you a sense of their ability to market well and connect with your audience.
Sam explains, “Your first contact with them should give you a glance at the company’s onboarding process and how well established its practices and procedures are. You will also receive more information about their philosophy, services, marketing strategy, best practices, and training program.” These steps are important in your decision to invest in a brand because you want to know that your philosophies align with theirs.
To establish a franchise, the procedures and expectations of the brand need to be developed and replicable. Furthermore, a detailed and consistent training program is crucial to meet the company standards at the different franchise locations.
According to Sam Tejada, these are the initial questions you should ask before making a significant investment. Of course, all of these considerations have been taken into account in the case of Liquivida’s franchise program.
They have had extensive success over the past two years, they have a great rapport with all their previous clients, and they have a well-established regimen to enable future investors to replicate their success while continuing to change the health and wellness industry.
If you’re interested in becoming a franchise owner and opening up a Liquivida location close to you, contact Liquivida through the company’s official website. The company will help you do a deep dive to ensure your site selection is optimal to perform based on their real estate strategy, customer demographics, and community partners.