The Wellness Way Franchise Costs $74K – $224K (+ 2024 Profits)
The Wellness Way is an innovative chain of health restoration clinics that steps away from traditional medical treatments to tackle health issues that may stump others. Established by Dr. Patrick Flynn, The Wellness Path began its venture in 1999 with the launch of its inaugural clinic, Heart to Hands Chiropractic.
This initial project evolved into Flynn’s Children and Family Chiropractic in 2002, culminating in the creation of what is today known as The Wellness Path in 2007. By 2023, the franchise had distinguished itself as the premier Health Restoration Clinic Franchise, showcasing its enduring dedication to restoring health.
With its headquarters in Green Bay, Wisconsin, The Wellness Path initiated its franchise offerings in April 2022. This franchise provides an all-encompassing business framework for running chiropractic and wellness clinics under The Wellness Path’s distinctive system and brand.
Initial investment
Here’s what you can expect to spend to start a The Wellness Way franchise.
Type of Expenditure | Amount |
---|---|
Initial Franchise Fee | $15,000 |
Real Estate | $2,500 to $10,000 |
Utility Deposits | $1,500 to $3,500 |
Leasehold Improvements | $5,000 to $50,400 |
Insurance | $2,000 to $3,500 |
Furniture, Equipment, Computers, and Supplies | $18,450 to $86,400 |
Costs of Attending Initial Training | $2,500 to $5,000 |
Signage | $5,000 to $9,000 |
Initial Inventory and Start-Up Package | $6,500 |
Opening Marketing | $2,000 to $5,000 |
Licenses & Permits | $750 to $3,500 |
Legal & Accounting | $3,000 to $6,500 |
Additional Funds (3 months) | $10,000 to $20,000 |
Total | $74,200 to $224,300 |
Note: The table above provides a snapshot of the main costs associated with starting the most common franchise format (as disclosed in the Item 7 of the Franchise Disclosure Document). For a complete overview of all the expenses involved with the various formats offered by the franchisor, please consult the Franchise Disclosure Document.
Franchise fees & Royalties
Here are the main ongoing fees the franchisor will ask you to pay going forward to run the franchise.
Initial Investment Cost
The starting investment for the franchise is established at $15,000.00, required at the time of signing the franchise contract. This initial investment is non-refundable and is deemed fully utilized upon payment, compensating for the franchisor’s provision of services and support.
Ongoing Royalty Contributions
Franchise operators are obliged to remit a monthly royalty contribution, which is the higher of 5% of the monthly Gross Income or 5% of the Established Minimum Operating Standard. This arrangement secures continuous assistance from the franchisor for the franchisee’s business activities.
Global Advertising Fund Fee
Franchisees must allocate 1% of their monthly Gross Income to the Global Advertising Fund. This contribution aids in extensive marketing initiatives that benefit the whole franchise system.
Contract Renewal Charge
Franchisees wishing to extend their franchise into a subsequent term are subject to a renewal charge of $2,500. This charge is for the purpose of extending the franchise agreement on renewed conditions.
Ownership Transfer Charge
Should there be an approved transfer of franchise ownership by the franchisor, an ownership transfer charge of $7,000 is applied. This cost accounts for the administrative expenses involved in the change of franchise ownership.
How to apply
Opening a The Wellness Way franchise involves several steps, designed to ensure you are a good fit for the franchise. Here are the main steps to follow to open a The Wellness Way franchise.
- Research and Due Diligence:
- Start by gathering as much information as possible about The Wellness Way franchise. Visit their official website, read through their franchise information, and understand their business model, philosophy, and the support they offer to their franchisees.
- Initial Inquiry:
- Reach out to The Wellness Way through their franchise inquiry form or contact information provided on their website. This is your opportunity to express your interest and ask preliminary questions.
- Receive Franchise Disclosure Document (FDD):
- If The Wellness Way considers you a potential candidate, they will provide you with their Franchise Disclosure Document. The FDD contains crucial details about the franchise, including fees, obligations, support, training, and the historical performance of existing franchises. Review this document carefully, ideally with the assistance of a franchise attorney.
- Financial Assessment:
- Assess your financial readiness. The initial franchise fee for The Wellness Way is $15,000.00, but you’ll need to consider additional costs such as real estate, equipment, initial inventory, staffing, marketing, and working capital. Ensure you meet their financial requirements and have adequate funding or access to financing.
- Formal Application:
- Submit a formal franchise application. The application will ask for detailed information about your financial status, business experience, and your vision for the franchise.
- Interview and Approval Process:
- The Wellness Way team will likely conduct interviews to discuss your application, expectations, and to assess whether there’s a mutual fit. This is also your opportunity to ask detailed questions about the franchise operation.
- Discovery Day:
- If your application progresses positively, you may be invited to a Discovery Day at The Wellness Way’s headquarters in Green Bay, Wisconsin. This visit allows you to meet the team, get a firsthand look at their operations, and gain a deeper understanding of the franchise.
- Signing the Franchise Agreement:
- Once you are approved as a franchisee, you will sign the franchise agreement and pay the initial franchise fee. This agreement outlines all the terms of your franchise operation, including your rights, obligations, and the duration of your franchise term.
- Training and Support:
- Participate in The Wellness Way’s training program. This comprehensive training covers their health restoration philosophy, operational procedures, marketing, and the use of their proprietary systems. Ongoing support will be provided to ensure you are well-prepared to run your franchise.
Disclaimer
Disclaimer: This content has been made for informational and educational purposes only. We do not make any representation or warranties with respect to the accuracy, applicability, fitness, or completeness of the information presented in the article. You should not construe any such information or other material as legal, tax, investment, financial, or other professional advice. Nothing contained in this article constitutes a solicitation, recommendation, endorsement, advertisement, or offer to buy or sell any franchises, securities, or other financial instruments in this or in any other jurisdiction in which such solicitation or offer would be unlawful under the franchise and/or securities laws of such jurisdiction.
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