Serotonin franchise unit economics
Serotonin franchisees run anti-aging and wellness centers that sell cosmetic injectables, hormone replacement therapy, medical weight loss and vitamin IV infusions, directly or as a management company for a licensed practice entity.
Serotonin franchise at a glance
Serotonin’s Item 19 names 6 centers and reports each one’s 2025 revenue, with a five-year revenue series for the flagship center.
Serotonin franchisees averaged $1,029,730 of sales in 2025, according to Item 19 of Serotonin’s 2026 FDD, issued 20 April 2026. The 6 in that group are 75%* of Serotonin’s 8 locations. Fees paid to Serotonin come to about 9%* of sales. A Serotonin franchise costs $905,284 to $1,820,879 to open.
- A Serotonin franchise costs $905,284 to $1,820,879 to open, including a $59,000 initial franchise fee, according to the brand's 2026 FDD.
- Serotonin charges a royalty of 7% of sales, a 2% brand fund contribution and a $1,900 monthly technology fee.
- Serotonin reported 8 franchised locations in its 2026 FDD.
- Work out Serotonin's fees at your own sales with the minimum fee calculator.
These figures come from Serotonin's 2026 Franchise Disclosure Document, as the brand reported them, and were read by Averan Advisors.
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Talk to Averan → Move your books and accounting to Averan →- Fixed brand-side charges reach $124,740 a year before a dollar of percentage royalty.$10,395 a month *, and 7% overtakes the $2,500 minimum royalty only at $428,571 of revenue. Every reporting Serotonin center clears that level, so the minimum is the cost of the build-up.
- Seven of the 15 franchised centers opened across three years were terminated.Five of them in 2025, taking out all three in Florida and both in Virginia, and transfers stood at zero in all three years *, so those seven closed.
- The flagship center has declined two years running.$2,066,576 to $1,883,879 to $1,841,335, down 10.9% across two years *, which is the only five-year same-center series available anywhere in this brand.
- Opening costs $905,284 to $1,820,879.1.54 times a full year of revenue at the lowest-selling reporting center *, building work alone runs $250,000 to $680,000 and services equipment $220,400 to $330,400.
- Two surviving franchised centers grew 35.2% and 119.1%.Colts Neck rose 35.2% to $1,372,629 and Greenhills 119.1% to $587,892 *, both in their second full year, so the build-up is real for the centers that reach it.
How much does a Serotonin franchise make?
The average Serotonin unit reported $1,029,730 of revenue in the 2026 FDD. The brand’s disclosure document discloses revenue and not profit, so what an owner keeps depends on the cost structure set out below. Fees come off the top first, at about 9% of sales across royalty, brand fund and the rest of the stack. Revenue is not income. Rent, wages, cost of goods and the franchise fees all come out before an owner is paid. The figures for the highest-selling and lowest-selling businesses are below.
Top performers
What separates the top Serotonin performers
Serotonin lists six named centers instead of grouped averages. The highest-selling Serotonin center, an affiliate-owned one, billed $1,841,335 in 2025. The lowest-selling Serotonin center, the franchised Greenhills center, billed $587,892. Both run the same brand, on the same agreement, paying the same fees.
Decided before you open
- Site and trade area.The highest-selling Serotonin center sells 3.1× the lowest-selling one. Catchment, daytime population and neighboring businesses affect where a location falls.
- Capacity.Locations run 2,000 to 3,000 square feet. The build sets how much you can sell.
- Opening cost range.Opening costs $905,284 to $1,820,879, a 2.0× range inside one brand.
- Fees and the minimum.Fees run about 9.0% of sales. A minimum fee also applies, so lower-selling locations pay a higher effective rate. Work out the sales level where the percentage overtakes the minimum.
- Cash needed in the first year.This filing shows how a new location builds up: the month sales cover costs, and how much cash you fund before then.
Live operating levers
- Sales depend on treatment courses.Customers buy a course of several visits, so the owner works on how many courses start, how many are finished, and what a course is priced at.
Context you underwrite around
- Locations included.These figures cover 6 of 8 locations. Locations open less than the full year, brand-owned, or not meeting the reporting criteria are excluded, as are locations under the brand’s current size standard.
- What the filing does not include.Item 19 publishes no profit or cost data for franchised locations, no median, no attainment figure. The only margin figures in the document come from the brand’s own locations.
Six centers
Sales by center
| Center | Opened | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Windermere, Florida, affiliate | July 2021 | $461,094 | $1,620,830 | $2,066,576 | $1,883,879 | $1,841,335 |
| Winter Park, Florida, affiliate | September 2023 | n/a | n/a | n/a | $536,854 | $808,832 |
| Doctor Philips, Florida, affiliate | April 2024 | n/a | n/a | n/a | $499,288 | $861,789 |
| Colts Neck, New Jersey, franchised | May 2023 | n/a | n/a | n/a | $1,015,054 | $1,372,629 |
| Greenhills, Tennessee, franchised | November 2023 | n/a | n/a | n/a | $268,349 | $587,892 |
| Springfield, Missouri, franchised | September 2024 | n/a | n/a | n/a | $141,024 | $705,900 |
Every figure is as the brand reported it, for the six centers open at least twelve months at the end of 2025, with 2021 for Windermere covering July onward.
The flagship reached $2,066,576 in its third year and has fallen since. Down 8.8% in 2024 and 2.3% in 2025 *, and two more affiliate centers opened in the same Orlando area in September 2023 and April 2024. That is the likeliest reading of where that revenue went.
The three franchised centers average $888,807 and the three affiliate ones $1,170,652. That is a gap of $281,845 *, though the affiliate figure rests on one center at $1,841,335, and the highest-selling franchised center at $1,372,629 outbills two of the three affiliate ones.
The three franchised Serotonin centers all gained in 2025. Colts Neck went $1,015,054 to $1,372,629, Greenhills $268,349 to $587,892 and Springfield $141,024 to $705,900, and the smallest of the three Serotonin gains was 35.2% *.
Greenhills more than doubled, and a quarter of its revenue goes to brand charges. Up 119.1% to $587,892, of which $147,650 goes to royalty, fund and fixed charges *, leaving $440,242 for rent, wages, providers and product.
The second year of the flagship was the biggest single jump in the table. That is $461,094 across six months of 2021 to $1,620,830 in 2022. It took until the third year to peak, which sets the realistic shape of a ramp here at three years.
The fixed minimum
Royalty and fees
| Center | 2025 revenue | Royalty | Advertising fund | Fixed charges | Total * | Share |
|---|---|---|---|---|---|---|
| Windermere | $1,841,335 | $128,893 | $36,827 | $94,740 | $260,460 | 14.1% |
| Colts Neck | $1,372,629 | $96,084 | $27,453 | $94,740 | $218,277 | 15.9% |
| Doctor Philips | $861,789 | $60,325 | $17,236 | $94,740 | $172,301 | 20.0% |
| Winter Park | $808,832 | $56,618 | $16,177 | $94,740 | $167,535 | 20.7% |
| Springfield | $705,900 | $49,413 | $14,118 | $94,740 | $158,271 | 22.4% |
| Greenhills | $587,892 | $41,152 | $11,758 | $94,740 | $147,650 | 25.1% |
Fixed charges are the $60,000 of required local marketing, $22,800 of technology and $11,940 of call center, and every dollar figure and share is marked *.
Fees run from 14.1% to 25.1% of revenue across six centers on one fee schedule. That is an 11-point range *, created entirely by $94,740 of flat charges landing on revenue that varies by three times.
Local marketing is $5,000 every month with a dollar minimum and no percentage alternative. That is $60,000 a year, paid to an approved supplier. A shortfall is payable to the franchisor instead, applied to its own advertising fund, so the spend happens either way.
Technology and the call center cost $34,740 a year between them. That is $1,900 and $995 a month *, both mandatory, both starting 30 to 60 days ahead of opening. An optional back office service adds a further $11,940 that the franchisor may make mandatory during the term.
The minimum royalty of $30,000 a year is cleared at $428,571 of revenue *. Every reporting Serotonin center is past it, so the minimum prices the first year, when a center is carrying the same $94,740 of fixed charges on a fraction of the revenue.
The royalty can rise to 10% and the fund to 3%. The royalty for refurbishment shortfalls and the fund at the franchisor’s discretion, which at Windermere’s revenue would add $55,240 of royalty and $18,413 of fund *.
What it costs to open
Cost to open
| Line | Low | High |
|---|---|---|
| Building work | $250,000 | $680,000 |
| Services equipment | $220,400 | $330,400 |
| Additional funds, six months | $118,000 | $354,000 |
| Initial franchise fee | $59,000 | $59,000 |
| Furniture, fixtures and equipment | $50,000 | $61,000 |
| Startup supplies | $54,694 | $62,694 |
| Rent, six months | $30,000 | $96,000 |
| Professional fees | $30,500 | $47,500 |
| Computers and electronics | $20,000 | $25,100 |
| Everything else | $72,690 | $105,185 |
| Total | $905,284 | $1,820,879 |
Every figure is as the brand reported it for a 2,000 to 3,000 square foot shell, with the everything-else row grouping the remaining printed lines, marked *.
Discounts available
- Serotonin lowers the per-unit fee under a multi-unit development agreement for 3 or more units: $165,000 for 3 ($55,000 each), $315,000 for 6 ($52,500 each), and $550,000 for 11 ($50,000 each).
From Item 5 of the Serotonin 2026 FDD. The costs on this page use the full initial franchise fee for one unit, before any discount.
The entry price is half a year of the flagship’s revenue and one and a half years of the lowest-selling center’s. $905,284 against $1,841,335 and $587,892 *, so the payback question here is settled by how fast a center reaches the flagship’s level.
Build-out and equipment together run $470,400 to $1,010,400. 52% to 55% of the whole investment *, and the low building work assumes a tenant improvement allowance, so a landlord who declines one moves the minimum by $430,000.
Six months of working capital is $118,000 to $354,000, with the owner’s own pay excluded. Royalty and fund payments are excluded from it too. So the real six-month cash requirement is that figure plus the $47,370 of fixed charges that fall in the same window *.
Rent runs $30 to $64 a square foot plus triple net, and above $70 in some markets. On 2,500 square feet that is $75,000 to $160,000 a year *, and the high end alone is larger than the $94,740 of fixed Serotonin charges.
A three-center development deal costs $165,000 in fees before any build. It rises to $950,000 for twenty, and $45,000 for each one after that. The twenty-unit schedule works out at $47,500 a center against $59,000 for a single one *.
Seven terminations
Units opened and closed, 2023 to 2025
| Year | At start | Opened | Terminations | Transfers | At end | Opened to date * | Terminated to date * |
|---|---|---|---|---|---|---|---|
| 2023 | 0 | 2 | 0 | 0 | 2 | 2 | 0 |
| 2024 | 2 | 6 | 2 | 0 | 6 | 8 | 2 |
| 2025 | 6 | 7 | 5 | 0 | 8 | 15 | 7 |
Every figure is as the brand reported it and the two cumulative columns are marked *.
Terminations ran at 71% of openings in 2025. That is five against seven *. The system still grew from 6 to 8, but it did so by opening two centers for every one it kept.
Florida went from three franchised centers to zero in a year. Two open at the start of 2025, one more opened, all three terminated, in the state where all three affiliate centers trade and where the brand is headquartered.
Virginia opened two and terminated both. One termination in 2024 and two in 2025 against two openings, so between Florida and Virginia, five of the seven terminations sit in two states.
Zero centers transferred in three years. That compares with seven terminations, so every departure was a closure and each owner left empty-handed. That is the sharpest signal in the whole outlet table *.
The territory is a three-mile drivable distance and expressly non-exclusive. The franchisor may grant less on demographics, may run a branded pop-up inside it for up to twenty days, may open at non-traditional sites there, and it may eliminate territory rights ten days after notice on any default. So the protection is thinner than the radius suggests.
Questions we get asked
Questions an owner asks
How much does a Serotonin franchise make?
Serotonin franchisees averaged $1,029,730 of sales in 2025, according to Item 19 of Serotonin’s 2026 FDD, issued 20 April 2026. The 6 in that group are 75%* of Serotonin’s 8 locations. Fees paid to Serotonin come to about 9%* of sales. A Serotonin franchise costs $905,284 to $1,820,879 to open.
What does a Serotonin center bill?
Six named centers reported. In 2025 the three franchised ones billed $1,372,629, $705,900 and $587,892, and the three affiliate ones $1,841,335, $861,789 and $808,832. The six average $1,029,730 on our arithmetic. The flagship affiliate center reached $2,066,576 in 2023 and has fallen since.
What fees does Serotonin charge?
7% of sales in royalty or $2,500 a month, whichever is greater, plus 2% into an advertising fund that may rise to 3%. Separately, Serotonin charges $1,900 a month of technology, $995 a month for a mandatory call center and $5,000 a month of required local marketing paid to an approved supplier. Those fixed items alone come to $124,740 a year including the minimum royalty.
What is the whole load at Serotonin?
On our reading the Serotonin fee load runs 14.1% of revenue at the highest-selling reporting center and 25.1% at the lowest-selling one, an 11-point range created by $94,740 of flat charges on revenue that varies by three times. The royalty may be raised to 10% of sales for refurbishment shortfalls.
How much does a Serotonin franchise cost to open?
A Serotonin franchise costs $905,284 to $1,820,879 to open for a single center of 2,000 to 3,000 square feet, on a $59,000 franchise fee. Serotonin building work runs $250,000 to $680,000, services equipment $220,400 to $330,400, and six months of additional funds $118,000 to $354,000 with the owner’s own pay excluded. Rent is estimated at $30 to $64 a square foot plus triple net.
How stable is the Serotonin system?
Serotonin had eight franchised centers and three affiliate ones at the end of 2025. Across 2023 to 2025, 15 franchised centers opened and 7 were terminated, with zero transfers in any year. Five of those terminations fell in 2025, removing all three Florida centers and both Virginia ones.
Is the Serotonin territory exclusive?
The territory is expressly non-exclusive. It is typically the area within a three-mile drivable distance of the accepted location, set by the franchisor using mapping software. It may be granted smaller on demographics. The franchisor may sell into it by any channel, run a branded pop-up there for up to twenty days, and open at non-traditional sites such as hotels, campuses and airports. The Serotonin franchisor may also eliminate territory rights ten days after written notice on any default.
How long is the build-up at Serotonin?
It takes three years, on the only complete series available. The flagship billed $461,094 across half of 2021, $1,620,830 in 2022 and peaked at $2,066,576 in 2023. Every franchised center gained in its second full year: 35.2%, 119.1%, and a move from a four-month 2024 to $705,900.
Which two numbers should run monthly at Serotonin?
Track revenue against $35,714 a month, which is where 7% overtakes the minimum royalty, and then against $7,895 a month of fixed brand-side charges however revenue moves. Then track repeat treatment revenue as a share of the total, because with $60,000 of required local marketing every year the question is whether that spend buys a first visit or a program.
- The filing gives no median. Only an average is published, which a few large locations can lift on their own.
- The filing gives no profit figure. The filing reports sales and not earnings, so what an owner keeps is not disclosed.
- The filing breaks out no cost lines. Wages, rent and cost of goods are not broken out, so margin cannot be rebuilt from the document.
- The filing gives no attainment figure. The filing does not say how many locations reached the average it publishes.
Questions worth putting to Serotonin
These are questions the Serotonin filing leaves open. An owner or a buyer can put them to Serotonin directly.
- What do locations at the median spend on wages and rent as a share of sales? The filing reports sales only.
- Which factors does Serotonin see in its highest-selling locations, such as trade area, years open and size?
- How long does a new location take to reach the average you publish, and what does the build-up look like month by month?
- At what level of sales do the minimum charges stop applying and the percentage take over?
- How many Serotonin locations closed, were sold, or changed hands last year, and why?
Run your own numbers.
The Franchise Numbers Check runs the same checks on your own numbers. It scores where you stand and compares you with Item 19 of your brand’s FDD. It works out what one location earns and spends, and builds a 13-week cash forecast. Checks whether you are ready to open another one. It is free and it runs in your browser.
Launch the diagnostic →What is your fixed minimum costing you?
We review your unit economics and cash forecast and build your reporting around the $94,740 of charges that arrive whatever the month did, the $428,571 where 7% overtakes the minimum royalty. What your required marketing spend is actually booking.
Talk to Averanthe franchise library, all 447 brands · how franchise unit economics work · running the books across several locations · what Averan does for franchise owners
Serotonin reads against the rest of the med spa and aesthetics group: 4Ever Young · dermani MEDSPA · VIO Med Spa. The med spa and aesthetics guide compares all of them on the same figures.
Questions owners ask next
The figures above raise these, and each one is answered on its own page.
- At what level of sales does a minimum fee stop costing me more than the percentage?It works out the sales level where a minimum fee stops applying.
- How much cash do I fund before a new location covers its own costs?It builds a 13-week forecast for the months before break-even.
- My payroll percentage keeps climbing. Is that a payroll problem?It shows how to tell whether payroll is rising or revenue is falling.
- Revenue was the highest it has been. Why did profit not move?It traces where the extra revenue went, line by line.
- At what point do spreadsheets stop coping?It explains what changes at around ten units and why lenders care.
Where these figures come from.
Every figure here comes from Serotonin Enterprises LLC’s 2026 FDD and is unaudited by us. We are unaffiliated with the brand. Calculations of our own are labeled where they appear, the figures describe past performance at other businesses, regulatory actions described on this page concern other companies, nothing here describes or endorses any medical treatment or outcome. This page is an educational summary and is not legal or tax advice. Serotonin® is a registered trademark of its owner. How Averan reads a Franchise Disclosure Document.
These figures come from the brand's disclosure. They are not a forecast, an offer to sell a franchise or advice. Source: Serotonin Enterprises LLC, 2026 Franchise Disclosure Document, issued 20 April 2026.