You like the concept, and you want your own
There are so many questions and variables to opening a Rapid Recovery franchise location, there's no way to effectively cover them all on a webpage, but we'll give you a good start with these
10 Starter Questions and Answers.
1) What's the initial investment?
It varies. Furniture, equipment, deposits, signage, lease payments, and other factors will vary quite a bit from one location to another. Your desired level of "swank" will also affect your initial investment. We'll have a minimum level of "cool" (we don't want a dozen Rapid Recovery locations out there that aren't up to our standards), but you're of course welcomed to go all out.
A good rule of thumb is that you can count on investing at least $30,000 in equipment, insurance, licensing, etc., on start-up, excluding your franchise fee.
2) What's the franchise fee/buy-in?
Believe it or not, this also varies. Why? Well, you may want to minimize your initial investment and let us take a larger percentage of the ongoing revenue. You may want to pay a larger amount to begin, and keep the greater percentage of the ongoing revenue. The franchise fee is negotiable depending on our comfort level with your potential, and your circumstances.
3) Do we need a local doctor?
Safety first. We'll have policies and procedures that aren't flexible, and those are set by our owners and our Medical Director, so your local doctor needn't be an IV therapy superstar, but there will still be a need for a local physician. If you don't have one in mind we'll help you find one. This will generally cost you about $1,000 a month in payment to the physician, or you'll give them an ownership share in lieu of a set payment.
4) Can a Rapid Recovery be set up anywhere?
No. Different states and localities have different laws and regulations. There may be strong competition in your area. We may have friends who own a similar business in your town. The local income level may not be high enough to support medical spa type services. There are any number of reasons a Rapid Recovery might not be a fit for your area. We certainly do not want to ever see a Rapid Recovery fail so rest assured we won't let you open one if we don't think it will work.
5) Do I have to live in the community where I want to own a Rapid Recovery franchise?
Essentially yes. At least one owner/partner must live in the community.
Why? Several reasons. First and foremost, word of mouth, involvement, and playing an active role in the healthcare community in an area are key to the success of a business like Rapid Recovery. Being seen in restaurants and bars, participating in 5Ks, and working hand in hand with local charities, causes, teams, and organizations are all key to growing understanding and awareness, and therefore your success.
Secondly, owner-operators remove the need to hire a manager for your location, and that adds greatly to the profitability of the office.
6) Is there any potential personal liability in opening an IV spa like Rapid Recovery?
You can bet on it. That's why we are very strict about policies and procedures. We control the purchasing of all your meds and only buy from accredited FDA licensed pharmacies. We have rules about who can and who can not receive treatment. It might affect the profitability, but we're a safety first organization. We also require liability insurance in excess of legal minimums. The rules may seem to be a burden but they're all in place to protect patients, you, and us.
7) How long does it take from start to our first patient?
This depends on how tricky the local health department rules are in your area, what the medical spa regulations are, how quickly you/we can secure a quality physician, how long it takes us to find acceptable nurses, how soon you can get a certificate of occupancy, and how back-logged the various inspection staffs are. You can count on at least 6 months from saying "yes" to inserting a needle.
8) Can I invest in the parent corporation?
Nope. It's our baby. You can make an offer to buy the whole thing, but you'd have to keep using the vendors who have helped us become what we are, keep the nursing staff (who we consider family), keep sponsoring the people we sponsor (we do love our hockey), and pay us way more than it's worth. We're always willing to be wallet-whipped, but we love the place so it'll cost you.
9) What kind of support do we get for our fee/ongoing charges?
Stem to stern. You write the checks, we make it happen. We love our company. We're not going to let anyone open a sub-par location, struggle trying to get open, or be unprepared when they do open. As important as this is to you, it's everything to us. You'll get supply purchasing, complete accounting assistance, marketing help, advice, etc., etc., etc.
10) So what if I want to know more?
Call us. We're always available. You'll sign an NDA (non-disclosure agreement) and we'll give you copies of agreements and contracts and get on the phone or meet in person and walk you through it.