Sondermind Franchise Review
SonderMind Franchise is a mental health company supporting mental health professionals so they may better focus on what they are most passionate about – supporting their clients.
SonderMind finds the best therapist for patients’ unique needs. They have a rapidly-expanding national network of licensed, in-network behavioral health providers, specializing in all areas of practice. The patient can have an appointment booked within 24 hours of contact.
They strategically partner with all major insurance providers, as well as employer & employee assistance programs and other healthcare organizations, as part of their efforts to make therapy accessible for all.
Sondermind Franchise Management Team
Sean Boyd started Sondermind in 2009 as a solution to a problem he faced being a therapist. He wanted to have his own practice and help other therapists with no business experience as well.
He and his college friends got together and started the company in order to help therapists to have another alternative instead of going to an agency or nonprofit.
Franchise Behavorial Health Coworking Industry Analysis
Franchise Strengths
- Operationally simple
- Recurrent revenue streams
- Ability to have a manager run the day-to-day of the business
- Services are not seasonal
Franchise Weaknesses
- Operates in a competitive environment with relatively low barriers of entry
- Reliant on marketing and community engagement
Franchise Opportunities
- In 2009, spending from all public and private sources on mental and substance use disorders (“M/SUD”) totaled $171.7 billion, and is expected to grow to $280.5 billion by 2020. Growth in this spending is expected to average 4.6% per year.
- The mental health therapy services market in the United States is generally distributed through a system of individual, local providers or small groups of therapists that practice out of a single office complex.
- From 2009 to 2020, the public share of mental health treatment spending is expected to increase from 60% to 63%.
Franchise Threats
- Other nearby competition and small practices
- Ability to be treated through an online or in-home setting
How Much is a Sondermind Franchise?
Sondermind Franchise cost ranges from $61,200 to $235,500 according to the 2019 FDD.
Estimated Initial Investment
| Item | Estimated Amount (in USD) | When Due | To Whom Payment is to Be Made | |
|---|---|---|---|---|
| Low | High | |||
| Initial Franchise Fee | $25.000 | $30.000 | When you sign the Franchise Agreement | Franchisor |
| Utility & Security Deposits | 1.000 | 20.500 | Upon Signing lease | Third Parties |
| Rent (3 Months) | 9.000 | 45.000 | As incurred | Third Parties |
| Initial Advertising Expense | 4.400 | 7.000 | As incurred | Third Parties |
| Signage | 1.000 | 7.500 | As incurred | Third Parties |
| Leasehold Improvements | 5.000 | 50.000 | As incurred | Contractors, Vendors, Suppliers |
| Furniture & Fixtures | 5.000 | 25.000 | As incurred | Third Parties |
| Computer Hardware & Software | 1.250 | 5.000 | Before Opening | Third Parties |
| Office Equipment & Supplies | 500 | 3.000 | Before Opening | Third Parties |
| Stationery & Initial Marketing Materials Package | 500 | 5.000 | As incurred | Third Parties |
| Business Licenses & Permits | 250 | 1.000 | Before Opening | Third Parties |
| Legal and Professional Fees | 1.500 | 7.500 | As incurred | Third Parties |
| Insurance | 500 | 1.500 | As incurred | Third Parties |
| Initial Training Expenses | 300 | 2.500 | As incurred | Third Parties |
| Additional Funds (3 months) | 6.000 | 25.000 | As incurred | Third Parties |
| Total | $61,200 | $235,500 | ||
