What Does a Cryotherapy Startup Look Like?
In the startup world there are two types of people: Entrepreneurs and Wanna-preneurs. If you are reading this then you’re most likely an entrepreneur and are considering entering into the 5 billion dollar cryotherapy industry. What are some difficulties that you will encounter? When will you begin to turn a profit?
How To Start A Cryotherapy Business
6th Sense Fitness & Recovery - Newport Beach, CA
Starting a cryotherapy business is unique in that you will most likely be the first cryo in your local area. This is good because you will have an exciting new service. Even if you are not the first cryo location in a city your service will have an ability to gain customers who are already familiar with whole body cryotherapy and you can offer competitive pricing.
What is a Cryotherapy Business Plan?
A standard business plan will work for a cryotherapy business as it is simply offering a service that is a one-time or subscription based purchase. Rather than spending hours designing your own business plan it is more efficient to use a service. These can be easily found online and will design an excellent business plan for your state based upon the information you provide. This will also save you time so that you do not have to look up all of the legal requirements for your area.
What is the Best Location for a Cryotherapy Business?
If you have an existing location such as a tanning salon, gym, or similar business then you can add cryotherapy instantly: simply purchase the machine, ensure you have proper ventilation, and begin selling cryotherapy as a sole service or part of a bundle of services. If you do not have a location then you must first ascertain where you will lease a building. This is important: make sure your location is in an area conducive to a healthy lifestyle. For example, it would be better to open your business near gyms, health food stores, and retailers that sell athletic wear. This will make it easier for new customers to add cryo to their daily routines. Affluent customers are often searching for something that will help them continue to workout and feel good, and cryotherapy is an easy way for them to do that.²
How to Fund a Cryotherapy Business
If you are starting from nothing you will have to budget in the cost of the chamber and shipping,¹ your location lease, and your payroll costs. Some necessary business expenses are listed below, which are estimates but are fairly accurate and useful for projecting your costs.
Insurance: $150-$175 per month
Nitrogen: $60 per month for container, $150 per refill (each 230L dewar will run 30-35 sessions.
Exhaust Fan: $100-200 for the fan, $200 for installation (if necessary)
What is my Expected Return on Investment?
A cryotherapy business can earn a full ROI in as little as 17 weeks. Most cryotherapy businesses start with a steady flow of customers and after the owners and staff begin to truly learn about the benefits of cryotherapy the customer base builds. Clients are happy to recover faster from strenuous workouts, and dieters are excited about losing additional calories from cryotherapy. This positive marketing will bring more customers in if you continue to market your services aggressively. Businesses that begin offering cryo packages to high-school and college teams have been very successful.
How to Market a Cryotherapy Business
Cryo Innovations provides owners of the XR Cryotherapy Chamber with regular up-to-date personalized marketing materials that you can use on your website, emails, and social media. There is very little need to hire a social media manager if you know how to post a picture on social media yourself. We will provide you professional quality images, posters, pictures, video, and even GIF’s for you to use and even customize with your logo. With our materials you can post photos, videos, and graphics each day to market your company.
How to Scale a Cryotherapy Business
Every entrepreneur dreams of starting a business that grows, and some great businesses have started with a single small location and a dream. Gold’s Gym started in Venice Beach in 1965. Palm Beach Tan started in 1990 and now has over 440 locations. Your business can be the first of many if you build it wisely. The XR Cryotherapy Chamber is a turnkey investment. You can open as many locations as you can find customers, and once you are profitable it will be easier to find investors who want to benefit from what you started. Cryo Innovations is experienced with scaling cryo businesses and will help you every step of the way.
Learn more about the benefits of cryotherapy and go through the many cryotherapy clinical studies.
Footnotes:
The XR Cryotherapy Chamber retails at $59,000 and costs $1,000 to ship within the United States. Rebates may be available depending on when you purchase your chamber.
In contrast a cryotherapy business may not do well in non-gentrified areas or cities that do not have many gyms. Some communities are less health conscious than others and as a startup it may not be a wise decision to open your first shop in non-affluent areas.