10 Tips to Successfully Launch a Cryotherapy Business in 2020
Should I Start a Cryotherapy Business?
Every entrepreneur wants to succeed. But resources like time, money, and network alone cannot guarantee success.
Did you know that 90% of startups are destined to fail?
According to a study by Startup Genome in 2011, only 1 out of 10 startups turn into small businesses. And if that’s not harsh enough, a report by the Bureau of Labor Statistics points out that only about 80% of small businesses that open up this year make it to the next year.
So How Do I Create a Successful Cryotherapy Startup?
Here’s what successful startups do:
Get to Market ASAP
An analysis of 101 startups by CBInsights showed that over 40% of startups fail due to not having enough market need.
Successful businesses get to market quickly and efficiently.
Create market traction as soon as possible
Get your website up sooner than later. Look for a web design agency that specializes in cryo and doesn’t charge up-front fees.
Create your social media profiles, invite your network, and start creating hype!
Showcase all of the services you MAY add in the future to create insights into the actual demand for those services
Don’t wait too late to start with digital advertising
Remember, the whole point is to get to market ASAP so once you’ve got your social media profiles setup and got yourself a decent website, go ahead and spin up a couple of ads on Google, FB, and Instagram.
Make sure you have a mailing list/e-newsletter. Invite everyone who has engaged with your brand, products, or services to join your lists.
Be Unique
What do dinosaurs and dead startups have in common? Extinction! And one of the main reasons cryotherapy businesses fail is in their lack of being unique.
Prioritize innovation
When deciding on making an investment to purchase a product for your cryotherapy business, prioritize innovation. Look for a cryosauna that can help you better secure and engage with your customers.
Be creative with your pricing model
Sure you can have multiple cryotherapy packages, but a little difference in the way you price your services can go a long way. Look into providing different types of membership options at different pricing points.
Focus on a specific target segment
Not everyone receives the same amount of benefits from cryotherapy! Narrow down your target audience into smaller segments, this will help you better understand and solve their problems.
Stay Persistent
A true entrepreneur never gives up! Once you build your business, there will be thousands of scavengers trying to destroy it.
Make frequent and consistent posts on social media
Create consistent blog posts on your website
Make it a routine to find and connect with businesses that can promote your services
Don’t have the time to write blog articles or create social media posts? Hire a cryotherapy marketing agency to help you out.
Work With Mentors
Having a knowledgeable mentor will not only help you start your business, but can help you avoid additional risks.
Work with a manufacturer that prioritizes customer success.
Companies like Cryo Innovations, value their customer’s success. Having the support of a company that values your success and can play the mentor role is an important factor in your business’s long term success. These types of companies not only want you to succeed, they depend on it.
Learn more about cryotherapy business and head over to our blogs to learn more about cryotherapy itself.
References:
http://innovationfootprints.com/wp-content/uploads/2015/07/startup-genome-report-extra-on-premature-scaling.pdf
https://www.failory.com/blog/startup-failure-rate
https://www.cbinsights.com/research/startup-failure-reasons-top/