Health and wellness is a thriving, multi-billion-dollar industry in the United States. While the COVID-19 pandemic negatively impacted the sector, “…the market size of the workplace wellness industry exceeded pre-pandemic levels in 2022, showing that Americans are taking their health, both at home and at work, more seriously” (Statista).
While the industry is attractive to aspiring entrepreneurs, there are a few things specific to wellness-oriented businesses that prospective franchisees should consider.
5 Things to Consider When Buying a Health and Wellness Franchise
#1 – Regulatory and Compliance Requirements
It’s not surprising that the health and wellness industry would have unique health standards and sanitation requirements for facilities. Whether you plan to open a gym, spa, or other wellness center, it’s important to have an understanding of applicable regulations and any required licenses or inspections.
Additionally, there are industry-specific insurance requirements for health and wellness businesses such as liability and malpractice insurance for wellness practitioners. For example, a franchise that offers fitness classes will need coverage in case there’s a class-related injury.
Furthermore, franchise owners must consider requirements for certified professionals such as fitness trainers, massage therapists, and more. Both for the sake of compliance and credibility, franchises should make sure to hire qualified and certified personnel.
#2 – Assessing the Wellness Niche and Market Demand
A look at the past will tell us that health trends and the demand for certain wellness services have fluctuated over the decades. It’s important to choose a franchise that aligns with current trends (e.g. mental wellness, functional fitness, holistic health).
Furthermore, many health and wellness franchise brands will specialize in services such as therapeutic massage, specialized fitness programs, holistic wellness, and more. Choose a niche with proven demand in your geographical area to ensure a strong customer base.
#3 – Evaluating the Brand’s Approach to Customer Wellness Experience
Great customer experience is important in all industries, but especially so when it comes to the health and wellness sector. Not only does it align with the industry’s core mission to improve lives, but these businesses often rely on lasting relationships and recurring clients. There are several ways a health and wellness franchise can prioritize customer experience including:
- Client-centered services – This might include individualized fitness plans, personalized skin care services, customized therapy for mental health, and more.
- Relaxing environment – A wellness-focused ambiance typically calls for calming decor, comfortable spaces for relaxation, music that fits the vibe, and more.
- Client loyalty – This can be built through memberships, wellness programs, subscription-based services, as well as customer education and engagement that supports their ongoing wellness journeys.
Ultimately, when looking for a health and wellness franchise, it’s important to assess if the franchise provides guidelines or support that helps you achieve these customer-focused goals.
#4 – Understanding Operational Standards in Health and Wellness
You should also look for a health and wellness franchise that provides effective guidance and support in a variety of areas including:
- Requirements for specialized equipment – This includes things like Pilates reformers, massage tables, nutrition testing tools, and more. It’s important to understand the individual maintenance, warranty, and equipment replacement cycles unique to these franchises.
- Wellness-centered training – This includes training staff in sales, wellness education applicable to the services offered, and wellness-oriented customer service.
- Health protocols & standards – This includes strict protocols to ensure hygiene, client safety, and consistent customer experiences.
#5 – Evaluating Franchise Mission and Values in the Wellness Space
While the health and wellness industry as a whole strives to improve peoples’ lives, individual franchises will achieve that at different levels. You want to see a wellness brand with a vision beyond profit motives that impacts the community’s health and well-being. When evaluating how aligned a franchise is with wellness-focused values, consider how they approach the following:
- Client well-being
- Holistic health
- Environmental sustainability
- Community health (such as local health events and charity partnerships)
- Mental wellness
- Adaptability to wellness trends (such as digital health tools)
Looking to Buy a Health and Wellness Franchise?
If you’re thinking about buying a franchise in the health and wellness space, make sure you choose a brand that prioritizes customer wellness, industry standards, and community health. If you’re not sure which franchise is the one for you, FranNet is here to help. Our expert franchise consultants will evaluate your skills and interests and match you with the right opportunity. Schedule your free consultation to get started!