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Firing The Man
THANK YOU TO OUR 25,000+ LISTENERS! We are so thankful to be one of the TOP E-Commerce Podcasts delivering high-quality authentic content to you! Serial Entrepreneur’s David Schomer and Ken Wilson share tips, advice, and insider knowledge about all things Amazon FBA, Walmart WFS, and E-Commerce. Discover how you can create multiple income streams by selling physical products online so that you can have the time and freedom to do what you love - whether that is spending more time with family or traveling the world. Ken and David have successfully created several six and seven figure online business ventures. During the journey, they have had major wins, losses, and lessons learned. This podcast will teach you about selling physical products online through platforms such as Fulfillment by Amazon, building a team, outsourcing, listing optimization, pay per click (PPC) advertising, driving traffic to your listings, and productivity tips / life hacks that will provide a path to be successful in building your online business. It’s a mix of interviews, special co-hosts and solo shows from Ken and David you’re not going to want to miss. Hit subscribe, and get ready to change your life.
Firing The Man
From Friendship to Franchise: The Journey of Innovating IV Therapy with Jordan Cobb & Jana Gavin
Curious about how two friends can transform a shared passion into a thriving business? We sit down with Jana Gavin and Jordan Cobb, co-founders of iVitamin, to explore their remarkable journey in the IV therapy wellness industry. With Jana's roots in pharmaceuticals and Jordan's background in medical device sales, they discovered an opportunity to bring innovative IV hydration services to Austin, Texas. This episode promises to reveal the secrets behind their successful venture, from overcoming initial skepticism to embracing the entrepreneurial spirit ingrained in Jana's family history.
Our conversation takes us through the dynamic world of wellness entrepreneurship, where Jana and Jordan's dedication to quality and customized care sets iVitamin apart. Listeners will learn how they navigated the challenges of launching their first location and rapidly scaled their business using a fractional franchise model. By adhering to strict safety guidelines and offering tailored IV cocktails, they've built a sustainable business model that resonates with patient wellness and stands the test of time. Tune in to hear their insights into the growing popularity of IV therapy, paving the way for aspiring entrepreneurs in the wellness sector.
Beyond business, Jana and Jordan share personal stories of how entrepreneurship has enabled them to pursue their passions, from wake surfing to spending time with their families. Their candid advice emphasizes the importance of building a supportive network and seeking mentorship to combat the often-hidden loneliness of entrepreneurial life. Whether you're an established business owner or just starting out, this episode delivers invaluable lessons on balancing personal freedom with professional success. Join us as we celebrate the power of friendship, innovation, and the relentless pursuit of wellness.
How to connect with Jordan and Jana?
- Website: https://www.ivitamintherapy.com
- Jordan Cobb: jcobb@ivitaminatx.com
- Jana Gavin: jgavin@ivitaminatx.com
- Instagram: https://www.instagram.com/ivitaminatx/
- Facebook: https://www.facebook.com/ivitamintherapy
Welcome everyone to the Firing the man podcast, a show for anyone who wants to be their own boss. If you sit in a cubicle every day and know you are capable of more, then join us. This show will help you build a business and grow your passive income streams in just a few short hours per day. And now your hosts, serial entrepreneurs David Shomer and Ken Wilson.
Speaker 2:Welcome everyone to the Firing the man podcast. In today's episode, we are excited to have Janet Gavin and Jordan Cobb, the co-founders of iVitamin, join us. Over the past nine years, they have built iVitamin into a leader in the IV therapy wellness industry, with two thriving locations, mobile services and a strong focus on events and corporate wellness, and now the launch of a fractional franchise model. Jana and Jordan are passionate entrepreneurs who have not only built a successful business, but have also navigated the challenges of scaling, marketing and creating a model that empowers other small business owners. Today, we'll dive into their journey, discuss the uniqueness of their IV therapy model and explore how their franchise model can help achieve success in the wellness industry. Jordan and Jana welcome to the podcast.
Speaker 3:Thank you for having us.
Speaker 2:Absolutely, Absolutely. So to start things off and Jordan, we'll start off with you Can you tell us a little bit about your story and your path into the IV therapy industry?
Speaker 3:Sure, thanks again for having us and I think it's best to start where it began. And for Jana and I, it's a very unique relationship in business and in personal, because we've been really good friends best friends since college. So we graduated from college and lived parallel lives Both went into pharmaceutical industry and I went into medical device sales and so we've stayed and remained friends all throughout those years. I mean Jana likes to say that we basically raised each other, so all the ups and downs of that. But my background has always been in corporate, in the corporate world, and I had just had my second child and I was selling medical devices and just really intense sales position there.
Speaker 3:And I remember Dana bringing up the topic of IV therapy. I lived in Austin and didn't even know what it was back then this was in 2014 and had heard of it, had heard of the hangover cure, but had never tried it myself, didn't really know what exactly that was, and but you know, jana had since been going to pharmacy school and you know, and the relationship between us being friends and all she said you know we really need to bring this concept to Austin and so I said, well, first of all, I need to figure out what it is and try it myself. So I was at a medical sales meeting where mornings are super early, nights are super late, you know you're in a room with speakers all day, which is not the normal, healthy lifestyle for an outside salesperson, and they just really push you to the max and the limits you know. And so I said, ok, we're in Scottsdale. So I went to an IV hydration lounge after the second day there and it literally saved my life. It was just, you know, a complete reset for me. You know, it was hydration, which I was dehydrated from traveling and going nonstop, and just amino acids. That made me feel great and it was just amazing. Dinner that night was great.
Speaker 3:And then, you know, stayed up late again that night and then went, did it all over again and it was just a complete reset for me. And so I immediately called her and said you know, oh my gosh, like I completely understand what you're talking about now, and Austin is the perfect place for this. I mean, I've been in Austin since I graduated college, so now it's been about almost 25 years. I've been in Austin since I graduated college, so now it's been about almost 25 years, and at that time, you know, it was just the wellness. It was kind of known for granola and hippie land here in Austin, you know. I mean, everybody was outdoors and hiking and biking and had a focus on health and wellness. And so I said I think you're onto something here, um, but you don't live here right now. So are you saying you want me to start an IV hydration lounge in Austin and I'll kind of let her take it from here? But that's really how this began and um, yeah, that's how we started.
Speaker 2:So outstanding. I love that story and and talk about right place, right time. Austin has been one of the fastest growing cities in the US for the last couple of years and outstanding. So, janet, can you share with our listeners a little bit about your path and take it from there?
Speaker 4:Absolutely so. For me, my story goes way back from as a child, really. So my mom and dad were both entrepreneurs. I'm a pharmacist. I come from a family of pharmacists. My dad, my two older sisters are pharmacists, and from the moment my dad got out of pharmacy school he opened a pharmacy. So I always joke that I was raised in a pharmacy, and it's true, I was literally raised in a pharmacy. And so my mom was a nurse and she created a subset business of the family business, a durable medical equipment business. And so my mom was a nurse and she created a subset business of the family business, a durable medical equipment business. And so both my parents were very entrepreneurial, very business driven, and so that was my surroundings. I grew up in that atmosphere.
Speaker 4:Today my two older sisters are running and operating the family business, the pharmacy, the compounding pharmacy side of it, and my mom is 77 years old. She still goes to work every day and is running her business. And so, again, these are my models that I have, you know, in my life. But from a compounding pharmacy standpoint, my dad has been heavily involved in the regulations and lobbying for the rights for compounding pharmacists. So I can remember, as a teenager going to Capitol Hill in Washington DC and lobbying for compounders' rights to be able to continue compounding pharmacies. So when I say this is ingrained in my blood, it's truly from my roots. So one of my older sisters is a member of the State Board of Pharmacy, and so it's really nice to have that insight of upcoming regulations and having my foot in the door as far as what's to come.
Speaker 4:And so, when it comes to IV therapy, my very first experience with that, there was a physician that was renting a room out of my mom's business, of her DMU equipment business, and this doctor at the time was a family practitioner. But this was almost 30 years ago, you know, ok, let's do math, but at the time there wasn't the label of functional medicine. You know, there it just wasn't. That didn't exist. But this particular doctor did think outside of the box.
Speaker 4:And so as a teenager I had mono a lot. I was run down. I was a dancer, I felt like crap, I was just low energy. And this particular doctor was like let me try a Myers cocktail on you. And at the time you know what is that? I'm a teenager, like pretty much a kid, but you know, myers cocktails have been around for a while and kind of a staple and what was now known as IV therapy. But that's really how that started. And so after my experience with that, I mean I felt better, I was able to continue on and go to college. It like really helped a lot of things and it was at that point in time when I realized how important nutrition and taking care of myself really, really mattered. And so with that you know little did I know that what that one experience with a Mars cocktail would have for my life moving forward. So that's my experience and background of really how that started.
Speaker 2:That's a really interesting story and really good story. After interviewing a lot of entrepreneurs, I have found that oftentimes people who have parents that are entrepreneurs, they either dive right in or they or they run as far as they possibly can away from entrepreneurship, and I did.
Speaker 4:I ran for it.
Speaker 2:I ran.
Speaker 4:I was like I'm the youngest of three children, I'm going to do my own thing, I'm not doing the family business, I'm going to go get a business degree. And I did, and that's when Jordan and I met. I was an undergrad, I got you know business administration finance degree and then I worked in corporate America. Like Jordan said, I was a drug grab, we were living parallel lives and then I had the opportunity to go back to pharmacy school and so I went back, you know, later in age, but that's, you know, kind of the map.
Speaker 3:And ever since we've known each other, we've always had the adventure work hard, play hard, you know, ingrained in both of us, which is why we've been best friends for the last 25 years. But along with that, as you age as you know, I'm sure, david, you know things don't sat back like they used to and you start feeling the effects more than you did when you were younger. And so we both have always shared a passion for the health and wellness space and taking care of ourselves, and then also a passion for life, you know, traveling a bunch we still travel together and and all those things that are necessary to feel good, to enjoy, and so that was also a big piece of, you know, being able to create this lifestyle that you know gave us that ability to feel our best and have that health of wellness.
Speaker 2:So, absolutely, and yeah, you guys are living it. I love that. I really love that. So, uh, so I've item has been around for for nine years. Can you walk us through kind of the inception Like this is the idea to some of those exciting milestones over the way?
Speaker 3:Yeah, I mean when we so backing up a little bit, when Jana came to me and said, you know we need to start this business, she did not live in Austin and so, putting that together, and you know, we also were having babies at the same time, I mean I had just had my daughter and I had a one-year-old son. She was about to have a child and had a ride around that same time. And so the inspiration, you know, once we started, which was at the time a side project, turned into no turning back.
Speaker 4:Not a fun little side gig. It wasn't just a side gig, it was a full-time thing.
Speaker 3:Jana had met her husband. So I'll let you share that piece of the story because I feel like it's yeah, it is part of it important, important piece of it.
Speaker 4:So, as a family of pharmacists, we go to this pharmacy convention every year.
Speaker 4:It's where we go get our c's, we get to reconnect, reconnect with fellow pharmacists. Well, I met this man at this pharmacy convention because he has a pharmacy in the Northeast and it was instant, it was fireworks, that was that. And so at that point in time in my life, I had already opened two compounding pharmacies here in Austin with my then business partner and I was living my best life, except this big missing piece of the love of my life, which I met at this pharmacy convention. My family was there, we all met at the same time, and so the writing was on the wall for me in terms of I mean, it was a no brainer. I met the man of my dreams and so I'm going to sell my shares, move out of Austin, and I went to live in the Northeast, out of Philly. So I just, I guess I couldn't help myself at that point in time I was about to have a baby, but this idea came to fruition from me living in the Northeast and Jordan living here.
Speaker 3:So what that looked like at that time was starting the business with other partners and Jana was traveling back and forth with a baby each month to be physically there and doing a lot of things remotely. And we opened our doors in July of 2016 in our original location and if you're familiar with Austin, it's on the corner of South Congress and Riverside, so right by the trail and very close to Zilker Park, and you know we consider really the heart and soul of Austin, and so you know, having Jana's background of owning pharmacies, but also, you know, just like any entrepreneur, I left the corporate world to have more flexibility and control over my schedule, and I think that's just the biggest joke that we all end up realizing real quick. Because, you know, I like to say I learned more things that I never wanted to know but that were necessary, and you know, just a lot of grit. But then also that passion and that reason why we started it in the first place to bring that to others and something we deeply care about, you know, and incorporate into our lives was, you know, the big, I guess, kicker for us and able to stick with it. And I mean, you know, when we talk about milestones. You know that second month that we were in business, we saw 500 patients. So you know we were rocking and rolling and acting as if and you know doing the best we can and learning as we go.
Speaker 3:So there were a lot of struggles and a lot of challenges, and you know doing the best we can and learning as we go. So there were a lot of struggles and a lot of challenges and you know those gritty weekly cashflow calls and all the things that come with that. You know, and just figuring out processes, and one of the things that we pride ourselves on is just never having cut corners. You know, deanna, being a pharmacist, that was never an option and so that was part of it. But, to answer your question, along the line of milestones, right after we launched in July of 2016, we launched events in corporate wellness in 2017. So it was almost right away that we created a protocol for mobile and events and got into corporate wellness, and our first big corporate wellness partner was South by Southwest. So if you know South by Southwest I mean you know it was one of my dreams is one day I will have a platinum badge to South by Southwest. So that was a dream for me, you know. And so just cold calling and meeting the person, one of the founders and getting put in touch with one of the right people, we were able to do corporate wellness IVs for their whole staff and it came as a part trade, part pay, and we all got platinum badges and went to South by Southwest and, you know, it was just incredible. So we're already living the life and, you know, taking the highs, of the lows at that point.
Speaker 3:But, yeah, we've done corporate wellness with them every single year since then. And then, of course, some other big partners are along that journey as well. And then, you know, we launched things like NAD Plus and Exosome IVs in 2019. We opened our second brick and mortar location just north of downtown, on West Anderson Lane here in Austin, in January of 2022. And then last year, we surpassed the 100,000 patient mark for IVs administered safely, successfully and effectively. So we're super proud of that. I mean we saw over 18,000 patients and helped them with their wellness goals just last year. So it's been a really fun, wild, exciting ride.
Speaker 2:That's awesome. That's a really, really awesome story, and the level of growth that you had from where you started from idea to where you're at serving over 100,000 patients, that's incredible. So let's dive into the business a little bit. So what sets your IV hydration lounge apart from some of the other people in this space?
Speaker 4:That's a great question. We really feel like it has to do with me being the pharmacist and my background in the industry and really knowing that importance of quality, safety, and so really that's what our pillars are about is exceptional safety, service and wellness. And so what most people don't realize is the act of starting an IV is a medical procedure. I mean, we have to follow medical laws, and each medical, each state's medical laws differ from state to state, and so it's very important that you abide by those medical laws due to it being a medical procedure. But what also a lot of people don't know is there's just as much pharmacy regulated as it is medical, because when it comes to mixing an IV bag or injecting anything into an IV bag like the vitamins, nutrients, minerals, that is an act of compounding, and so there are very strict guidelines and regulations around compounding pharmacy.
Speaker 4:And while we're structured as a medical practice, my hat and what sets us apart from a lot of the other clinics is the way we mix our bags.
Speaker 4:We're set up, we have a mixing room dedicated for mixing the bags under a sterile compounding hood, and we abide by USP 797, which I'm getting a little nerdy, but are the guidelines for sterile compounding, and so that is what we're doing in-house.
Speaker 4:It's immediately administered to our patients. But you know, a lot of practices cut the corners and skip that part, and that's probably one of the most important pieces that I've instilled is the quality assurance piece and the patient safety part of that. Also, with my sister being on the state part of pharmacy, and being able to stay ahead of those regulations and being able to pivot before everybody else knows to pivot is a big part of that too. So just having that safety piece of all the formulations that I've created, knowing that they're safe dosages, the osmolarity is correct, the SOPs on how to administer are properly designed, and so, again, that all goes back to the ultimate goal, which is patient safety. So you know, we have nurse practitioners, and nurses and paramedics are all part of our medical staff, and so anytime you come in you're cleared by our medical provider, which is part of the Texas Medical Board requirements, and so we have every piece in a row that is legitimate. And again to Jordan's point, we just haven't cut corners when we've established this business.
Speaker 3:I completely agree with Janet. I feel like having a pharmacist as a co-founder of the business is just ideal when it comes to doing what we're doing and all the things that fall under that. I also feel like we focus on the patient and what need that might be. And of course, you could be that same patient but have a different need depending upon the day that you come in. So Jana created and formulated nine IV cocktails based upon whatever you might need that day, whether it's the athletic recovery drip or the immunity drip drip or just the jet lag and fatigue drip. There's all different kinds of IV cocktails that are formulated specifically, designed to help you with those needs.
Speaker 3:And I think what also sets us apart is just our team. I mean, at iVitamin, our beacon light is to take the best care of patients we possibly can, and everybody that joins iVitamin team is part of that and that's instilled in them. And you can feel it when you walk into one of our locations. I mean just the care. I mean I don't know if you have any nurses in your life, but they are the most loving, compassionate, caring individuals there are.
Speaker 3:And even from the coordinator aspect, when you walk in the door, I mean we call our team wellness warriors because we want them to genuinely know how to pronounce the injectables and the vitamins and ingredients that are in each drip and share with you how they can help you based on the goals that you're coming in and presenting to us each day, and I think that that really sets us apart. I mean, we do have an iVitamin family and our team is what creates that family. We have a membership base and those people come in and they know our team inside and out. You can expect the same faces. Our team's been with us a long time and I think it just shows the mission that we're on to help people with what we're doing is really special.
Speaker 2:That's outstanding. There's a lot of lessons in what both of you just said. One of the things a key takeaway I have is you guys are doing it the right way. There's a saying I really like a clean conscience is a comfortable pillow, and there are times in business I know I've had this experience where it's very easy to say I'm going to skip that or I'm going to. No one's ever going to call me on that, and one of my business mentors told me that when you're building a business, build it as a 50-year asset, something that's going to withstand the test of time for 50 years, and especially in the industry that you're in and the importance of safety. It's really neat that you guys are doing it the right way, which probably is not the easiest but definitely necessary in that industry.
Speaker 3:Yeah, I mean, it's definitely not the easiest. I love that saying because it truly is something that we feel. There's been so many people that have told us along the way come on, you need to open another location now. And both of us agree. We were like no, it's not time yet. We've got to work out everything. We've got to make sure that whatever we're going to replicate is how we want it to be. Over and over again, and so pausing and not growing and scaling too quickly has been something that we've continuously had to rein in to make sure that it was done the way that we think it should be done.
Speaker 2:Well, very good, Very good. That's a really, really cool story and I'm going to be down in Austin in March and I'm excited to stop by and see it in person. I'm really excited about it. I've heard good things about IV therapy. I personally have never tried it, but it just it seems to make sense, and boy has it been getting popular. When you started nine years ago, was it considered mainstream or was it fringe then?
Speaker 3:I mean, it was French. I mean, at that point it was. You know, the only way people knew about it was the hangover drip.
Speaker 4:Yeah, that's what I was going to say. Is I really like? Sure it'll help my hangover? And while that's definitely true, it does help, but we took the approach of an overall wellness aspect because the way we designed and the way I've formulated our trips, it's really meaningful to every single person that comes through our door, whether it's a tireless mom, a stress CEO, a big traveler, an athletic person who's training for a race and they need recovery, or somebody looking for detoxification. I mean, there is really truly a place for, you know, one of our services, no matter what the wellness goals are.
Speaker 4:And so when we, when we started, it wasn't more of a general wellness offering for the, you know, for those reasons energy boost, immune support, hydration but as we evolved, we really wanted to bring in more of that personalized approach, and so, as we started adding services, we really wanted to focus on what does each patient need?
Speaker 4:Not all the patients as one, but each individual person.
Speaker 4:And so one of the really cool things we brought on with the micronutrient test that can test for each person's very specific deficiencies. It tests for over 65 deficiencies in vitamins, minerals, nutrients, antioxidants, and so that way we can pinpoint exactly what that person may need and custom more of a tailored approach to that, and so that way we can pinpoint exactly what that person may need and custom more of a tailored approach to that. And so as we grew and more of that personalized area, we started adding the popular weight loss drugs, that's imguridine and terzapatide, and we've seen tremendous results. With that I mean people. It's changing, literally changing people's lives. And so another thing as we've added to our service line is our Ivy Elite category, which includes NAD, which helps mold and remodel our mitochondria to produce more ATP energy, so to speak, and exosomes, which is a version of stem cells, and we're currently launching an NAD enhancement product called Niagen, which will be available as of now. And so we're continuously adding service lines to provide more optimization for our patients.
Speaker 2:Yeah, that's really neat. That is really neat. So we've talked about the brick and mortar, the expansion into your second brick and mortar. We've talked about the success that you've had in the mobile clinics Going to South by Southwest. That's awesome. And so let's talk about this exciting third step, the fractional franchise model. So how does this model serve as a turnkey solution for small business owners? What does that look like?
Speaker 3:Oh my gosh, we're super excited to be able to launch this. We've been working on it for years. It was actually ready right when COVID hit, and so we pivoted and opened our second location because no one was going into businesses and offices and clinics anymore. So we pivoted and opened our second location because no one was going into businesses and offices and clinics anymore. So we've done a lot of refinement and I think it helps to just explain what that even is right.
Speaker 3:So, unlike a true traditional franchise, a fractional franchise means you already have a business, you already have a thriving business, but it might look like what we've experienced ourselves where, year over business, you already have a thriving business. But it might look like what we've experienced ourselves where, year over year, you're looking for ways to bring on more services or other things that you can provide your patients, especially in the wellness arena. It might look like you know something that you're looking to just generate growth for the business and grow year over year. You know all of those are real business owner challenges that we face, and so the fractional franchise is the satellite locations so it's called iVitamin Plus whatever location that would be going in, and we like to give the image of a Starbucks and a Target. So it's a fractional iVitamin plugged into your already existing business.
Speaker 3:So why we think it's genius is because you already have the overhead. Most likely you have the staff. If not, you'd hire a staff member that could do IVs and it's essentially starting a new business in your already thriving business, which is going to be an immediate additional stream of income monthly and you're also going to be able to share this wellness option with patients that you already see, the patients that are already there. So the overhead and the costs are not going to be effective and essentially you can take a proven method and model and put it into your business to start IV therapy and do it successfully off of what we've proven out.
Speaker 2:I really like that and I would imagine the support of a second generation compounding pharmacist and the products that you guys have come up with in your brick and mortar stores those would all be available to the franchisee.
Speaker 4:Everything from the clinical side of things to the non-clinical side of things, the operations part. So, from a clinical standpoint, that means you have access to our IP, our formulations that I've created, all of the mixing room setup. We'll come in and set that up for you. All of the established SOPs, from how to start an IV to what happens if somebody has a reaction, the full gamut of SOPs is included in this. One of the big pieces of this is the inventory. It's like how do I order? Where do I order? Well, that's a big part of I would call it, my baby is also vetting out the compounding pharmacies where we do order our injectables from injectables that go inside the IV bag, and so that is something our staff will help facilitate is ordering or the ordering process for them, and so a big part too is it comes with our EHR, which stands for electronic health record. It's important, the requirement, and so we have all those pieces in place with the oversight of the medical director, which is huge. There's already a physician in place overseeing all of these operations, and so that's, you know, a big part of the clinical piece.
Speaker 4:From the non-clinical piece. We have the structure, we have the proper entities in place for medical practice. We have all of the systems to make the front end checkout process smooth. We're a membership based business, so our EHR is also a point of sale and so our staff helps train on all of that to help facilitate that generating that recurring revenue. And so we'll give this also gives access to our clinical manager and educator, who comes in and trains the clinical staff, and also our general manager, who's been with us for seven years since pretty much we got going. She knows everything just as much as we do about the business comes in and trains the front staff to ensure the top tracks are on point. They know how to sell the memberships, and so we really do have this full package from the front end to the back end buttoned up nicely. So that's the turnkey part of it.
Speaker 2:Outstanding. I really like that. Now you guys have talked about how selective you are when you're hiring your own employees, and so I would imagine that, as you're looking to partner with a franchisee, that same thing is important. And so what would the ideal candidate be like for a franchisee? And what if they don't have any medical experience? Is that a limitation?
Speaker 4:That's a great question and, as we've been building this out, a big part of that is the financial model right, and so we were looking at what volumes make sense, what revenues on both sides would make sense for a good partnership, and so what our target really is is an established business that sees over 400 patients or clients a month. They're probably doing maybe $750K a year to a million a year maybe and so they're looking for an additional stream of revenue. They don't have the time or wherewithal know how to do it. They're looking for a cash-based infusion and they just don't have the time or wherewithal know how to do it. They're looking for a cash-based infusion and they just don't have the knowledge to your point, the medical background to do it. That is where we come in. Additionally, it's important they have a space. I mean, if they're already seeing, you know, like-minded clients, they may have a space for two, four, maybe six IV chairs. So that would be important. So some examples would be an existing med spa that maybe they're doing aesthetic services or doing a facial that may last 45 minutes. Well, meanwhile they could be hooked up to an iRejuvenate IV that's helping them from the inside out while they're getting their facial. So there's a lot of opportunities and crossover for an existing business. To add this in Another great example of maybe there's some medical practices who are just sick and tired of dealing with insurance.
Speaker 4:They're looking for a cash-based infusion and this is perfect because it's a cash-based business. Some other avenues will be chiropractors. A lot of chiropractors have different avenues themselves, but a lot of them are wellness focused and already doing wellness focused services. Perfect, perfect. Addition for IV therapy Cryotherapy is a great one too. They have all the equipment for all the biohacking services. How perfect. Iv therapy would fit into that. So, really and truly, if it's a business that is looking for an additional stream of revenue and they don't want to buy a big piece of equipment because a lot of these additional like, for example, our medical director. I was talking to him at our Christmas party over the holidays and he was like man, I just bought this $60,000 machine. I had to create the protocols, find the right person to train, I had to find the patients to come use it. All this, you know, a service line is a lot to build out, and so that is what we're providing a complete service line, front end to back end and in a package.
Speaker 2:Very nice, very nice and I really like that the medical backing that you guys are providing. You know if you're going to start a business injecting somebody with an IV boy, safety is critical. Injecting somebody with an IV boy safety is critical. You ask yourself what could sink the ship Injecting the wrong thing or the wrong protocol. So I really like that and the support that you guys are providing. So, as many of our listeners know, I'm a retired accountant and I always like to dive into the economics of what this looks like. So let's talk franchise fee, let's talk revenue, let's talk profitability on what it would look like to franchise in iVivant Plus.
Speaker 3:Yeah. So when we go down the financial model, we thought what better way than to base it off real data that we've lived and proved? And so the model that we can show someone is gonna be based off of what we did at our newest location, which we opened in January of 2022. And because the model is so unique, with it having all of that overhead essentially already taken care of, what we're showing is someone can add an additional $50,000 a month to their monthly revenue by month six after opening an iVitamin Plus. So again, the franchise fee is you know the entry fee is less than $35,000 to get started. The franchise fee alone is $25,000. So it comes at a fractional price.
Speaker 3:And then you know we give that conservative amount and say $35,000 or less, including the fractional franchise fee, because if you wanted to do a build out of a mixing room, if you needed to purchase the hood, if you wanted to do six to eight massage chairs, that gives you that space to be able to utilize that capital. But again, most of these partners may already have the space. They may already have a room they're not even using with chairs in it, that they could do some minor tweaks and get their business up and going. So we're talking about profit margin. I mean the profit margins are anywhere from 50 to 60 percent, but depended upon the expenses they have. If somebody came and told me that I could start a business at Sinai Vitamin for less than $35,000, add an additional $50,000 by the sixth month of operating this business and operate at a 50% profit margin, that would be a no-brainer for us.
Speaker 2:To all of our Amazon sellers that have been getting beat down and have single-digit margins. I want to emphasize that point. Yeah, to fight to stay in the teens is it's a tough that's.
Speaker 2:that was my businesses, or are my businesses is, you know, high, high single digits and low double digits, and it just takes a long time to grow at that pace, and so I really like that economic model and what you were saying about people that have existing clinics, where this is something that they can just plug in and it comes with the know-how. I think a lot of times as entrepreneurs, I know I felt this way where I'll embark on a new endeavor and I don't know what I'm doing. I don't, and I learn, I watch YouTube and I talk to people, but as I think about this franchise model, having the backbone of a successful business that's been here for nine years, that hasists on staff, and that's critical, that's critical and it eliminates that step which is a lonely feeling of I don't know what I'm doing and I can't tell anybody that, and so, yeah, I mean absolutely, and this is based off of.
Speaker 3:there was no patient existence for us to begin with.
Speaker 3:So, these numbers are based off of building a new location without a patient base. What our model is going to do is utilize the patients that are already coming in your door and give you all of the tools and support needed to make that a successful business. Of course, you're going to still attract more patients outside, but that'll even benefit the business even more because they're going to be attract more patients outside, but that'll even, you know, benefit the business even more because they're going to be able to take advantage of the services that you have. You asked the question earlier.
Speaker 3:If you know, this would be a good model for somebody that didn't have that medical personnel and yes, it can still be a good model. For that, they would have to hire that nurse and so that would take, you know, a percentage that would go into effect on that profit margin that I spoke of earlier. But for that, you know, to be able to do that it's you're getting a physician, you're getting the insurance, you're getting the whole system. I mean, when they come into that clinic, it's going to be all of the patients that are there for iVitamin services on an iPad, with a business already built into that that you just start making revenue off of.
Speaker 2:Outstanding, Outstanding. Before we turn the page and move on to a new topic anything else about the economics of this that would be helpful to somebody who's interested.
Speaker 3:So I think when we talk about ongoing support, you know Jana touched on some of the things from a non-clinical standpoint that are included but marketing is a huge, huge value add benefit that we're also providing and what that looks like is from a financial standpoint too. You're going to get ad creatives that we've already utilized. You're going to get email nurture sequence campaigns. So when you get entered in as an iVitamin Plus patient, you're going into the iVitamin corporate email nurture campaign sequence with all the emails that an agency has created that are following through that customer journey. You're always going to get graphics and assets and things like that. So there's that ongoing support, too that can also help with that financial piece as well.
Speaker 2:Absolutely, absolutely.
Speaker 4:So, david, I want to add to that too. Like our brand and what we've created is very important to us. We're trying to protect that. That's part of the reason we went the fractional route is to maintain and protect our brand, and so we created the support model, the training model, just as we would if it was an internal personnel. I mean, that is what they will get is as if they're internal with us. That's just an extension of us, and so they will get the same support that we give our current staff and all the things internally we do at our corporate offices.
Speaker 2:I'm glad that you mentioned that. I'm glad that you mentioned that. That's really important. So let's talk about the membership side of iVitamin Plus and what that looks like.
Speaker 3:Absolutely. Our members are our family and part of that fractional franchise offering is given that proven, branded, successful membership model for others to be able to incorporate into their existing businesses. So right now, into their existing businesses. So right now, financially, our membership revenue is about 50% of our monthly revenue. So 50% of our revenue we know is going to be there tomorrow, as long as we maintain those members and keep introducing that membership package. And especially for a medical practice that takes insurance, having a recurring revenue base for a membership model could be very impactful to a business like that. If you already have a membership base and you're non-medical, say a wellness practice, you know this is a model that can ensure that you have one that's proven out, that you know the next day you're going to have that revenue and that base of business, which is super helpful.
Speaker 2:Absolutely, absolutely. I'm glad we got into that, so we're definitely going to have to have you guys on the show again and do a part two of this episode, because I feel like we just scratched the surface. But as we wrap up this interview, there's a list of four questions that we ask all of our guests. We call it the fire round. Are you ready? Yes, all right.
Speaker 4:Jana, what is your favorite book? So, a book that I'm reading right now that is day by day changing my life is by David Bayer A Changed Mind. He is a mindset coach and is a phenomenal, not just speaker but human. We've had the opportunity to meet and work with him through Four Rooms, mastermind, and so this book gives the framework to change your mindset, to eliminate limiting beliefs, eliminate those negative thoughts, to really break through the barriers that's holding you back to accomplish all the things you want to do. And so in this book, he gives just exercises in the framework to do daily, which I've been implementing, and it's truly changing my life day by day. Just, my focus for this year is mindset, and so that is the book I'm in love with right now.
Speaker 2:Outstanding. And Jordan, what about you? Your favorite book?
Speaker 3:My favorite book there's so many that come to mind, but one that I reference often is Fierce Conversations by Susan Scott, and I love it and bring it back around full circle often, because I feel like so much can be accomplished if we just say the hard things. If we just get to the point faster and are very frank with certain things that are on our mind, we can accomplish so much more, and so I feel like it's a really good tool for an entrepreneur.
Speaker 2:Very good, I'm going to have to add that to my reading list. So.
Speaker 4:Jana, what are your hobbies outside of e-commerce and wellness? Well, we were a blended family of five. We have two small children at home, so a lot of our hobbies until outside, outdoors. We live on two and a half acres and anything out in nature is inspiring and grounding, and so we have we call it the funny farm. Actually, we have dogs, we have cats, we have a bird, we have chickens, and so a lot of our time is devoted to family, especially with small children. It's, you know, challenging to do things out. You know for myself, but I do incorporate a lot of crafts and outdoorsy things with my kids. We also, Jordan and I, also share a wake surfing boat, so we spend a lot of time on the lake wake surfing. So anything related to water you'll find us there. We both have beach houses down on the Texas coast. We spend time out, so water beaches outdoors is where my heart lives.
Speaker 2:Outstanding, Outstanding. And Jordan. What about you? What are your hobbies?
Speaker 3:Yeah, very similar. We're lake rats. We recently moved to Lake Travis where we keep our boat that we share, and so my kids are nine and 11. And so wake surfing is our passion, it's our happy place. We're out there often. We also love to travel. Our kids are in year-round school, so every six weeks they get a break and we try to travel and explore other cultures, and that's been really, really amazing for the ages that they're at, because I know that they're not going to be this age for very much longer. They're going to get into those teenage years and that's going to change drastically. So again, same thing anything outdoors, in nature we love to snowboard and travel and anything on the water.
Speaker 2:Very neat, Since you both mentioned wake surfing. As an amateur wake surfer, I've always felt like if you can do it without holding the rope, you're good.
Speaker 4:That's the goal. Right, that's the goal.
Speaker 2:Yes, someday I hope to let go of that rope, but I'm not there yet.
Speaker 3:You should see our children, david. It's pretty impressive. I mean eight, nine and 11, and they're surfing circles around us.
Speaker 4:You should found your surfing coaches, because Jordan taught me and then I taught my kids and everybody taught a lot of people. So you're up, yeah.
Speaker 2:Yeah, it's time. It's time. 2025 is the year, so All right, jana, what's one thing that you do not miss about working for the band?
Speaker 4:One thing I do not miss. I mean I'll tell you what I love about being an entrepreneur is the flexibility. I mean just very powerful to do what I want, what I want, make the decisions that I want, and it is ultimately my call, and so that's very freeing and so I don't have to answer to anybody else. I mean I do answer to Jordan sometimes, but in terms of you know the corporate America role, just the flexibility, while it does come with, you know, a lot of work and dedication, perseverance and a lot of other things I wouldn't, I wouldn't trade it. I just love, love the flexibility in my life.
Speaker 2:All right, very good, very good. And Jordan, what about you? What's one thing you do not miss about working for the man?
Speaker 3:I don't miss selling someone else's vision and mission. Laser focused on ours, and it's a good feeling.
Speaker 2:Outstanding, Outstanding. What advice, Jana? What?
Speaker 4:advice would you give to entrepreneurs looking to scale their business? Well, going back to what we said earlier is go slow and implement appropriately. Implement the necessary pieces that are scalable and make sure those are refined so that when you're ready to go, you're not shuffling around trying to refine them when you're scaling. That's the framework.
Speaker 2:Set the stage and refine it early on so that you have something to build from Outstanding and Jordan. What is? What advice would you give to entrepreneurs looking to scale their business?
Speaker 3:I would say don't be afraid to ask for help. I feel like Jana and I are both very trainable and advisors love working with us because we soak it in and we usually act and execute on it and don't be afraid to ask for help. I mean, I think we've gotten to where we are today because we know we don't know what we don't know and we're happy to have the help. And just I look back at our journey and so grateful for all the pivotal people and mentors and minds that have helped us get where we are today. Even inadvertently they might not have even known you know the impact there, but I think it's so key and as entrepreneurs we at times feel lonely and it's hard to keep going and I think those relationships and having that support around you can be really impactful.
Speaker 2:I'm glad that you mentioned that loneliness, because it sure doesn't seem that way. When you look on Instagram or Facebook. It seems like us entrepreneurs are driving around in Lamborghinis all day long while someone else handles our problems, and I, at least, have not found that to be the case, so I'm glad that you mentioned that. So this has been an outstanding interview and we're looking at, we're really looking forward to having you back on the show. Outstanding interview and we're really looking forward to having you back on the show. If people are interested in getting in touch with you or learning more about the iVitamin Plus, what is the best way to do that?
Speaker 3:So you can go to our website iVitaminTherapycom and at the bottom you can scroll down. There's opportunities and iVitaminPluscom is specifically for the fractional franchise.
Speaker 2:Okay, very good, very good. Well, thank you so much for being a guest on the Firing Band and looking forward to staying in touch. Thank you, david.
Speaker 3:Good.
