Health and wellness have always been a significant focus for many, and the pandemic served to make it even more important. It’s become a trend to focus on mental health and try different things to live longer, better lives.
With this shift in priorities, wellness spas have certainly seen an increase in business, making wellness franchise ownership an even better investment than it already was. By 2030, the global wellness market is expected to reach over $7,656.7 billion (compared to the $4,436.1 billion the industry was at in 2020).
But that also means making smart moves with your business. The last thing you need is to pour everything into a specific service because it’s the latest fad, only to find that long-term growth isn’t possible once the hype goes away.
Maintain Long-Term Success in Wellness Franchises
Keep Up with the Market
Rather than hopping onto the next big thing that everyone else is, monitor the market to find services that promise growth potential and aren’t overly saturated already.
In the wellness world, IV therapy and cryotherapy are two industries people are willing to spend their money on. IV therapy is the fastest way to deliver nutrients, and though it took a hit with COVID19, the market is expected to increase from $7.5 billion in 2020 to $11.2 billion in 2027. Cryotherapy is a minimally invasive, drug-free means of treating several medical conditions, which is projected to explode from $341.5 million in 2019 up to $600.4 million by 2026.
Understand the Difference Between Trends and Fads
Fads come and go; they rise and fall. Fads are not linked to changes in behavior like trends. This means that you should place your focus on understanding consumer behavior and how to solve problems rather than something fun and new.
Right now, IV infusions are most popular at The Covery Wellness Spa, but we maintain a strong grasp on what people value. With the understanding that NAD+ is likely to overtake IV therapy soon, we offer both services, and our facilities are adaptable to shift priority as trends change.
Make sure your business is in demand.
Create Flexible Opportunities
At The Covery Wellness Spa, we help franchise owners customize their businesses for success. That means you don’t need to start by offering every individual service that other locations do. Instead, you can start slow with something promising like IV infusion therapy and scale from there.
Of course, if you’re ready to dive right in, you can opt to offer all of our services. This flexibility is part of what we discuss together when we talk through starting your wellness franchise.