How to Mitigate Business Risks in the Cryotherapy Space in 2021
According to a market study published in April of this year, the cryo industry was worth $3.8 billion in 2020 and is expected to cross the $4.2 billion mark in 2021.¹
While the “chamber therapy segments are predicted to show robust growth during the forecast period,” there are still some risks involved.
For instance, the market could experience another economic downturn. This is typically an external risk that’s beyond your control, but there are others that you can control.
Either way, having a risk mitigation strategy could cushion you from the financial blow.
Boost Your Electric Cryo-Chamber Business With These Tips
Risk mitigation strategies are invaluable business tools. Economic environments are prone to unexpected surprises.
Without a risk management plan your business may not survive for long.
Create A Risk Management Plan
Prioritize business risks based on their likelihood of occurrence. The 4 main risk categories are;
Highly likely to occur
Moderate chance of occurrence
Minimal chance of occurrence
Very little chance of occurrence
For instance, if your cryotherapy business is based in an area prone to electrical faults, the risks of an electrical fire are high. This means that you should prioritize plans aimed at mitigating this risk.
All risks in the top category should be prioritized. If a risk is, however, low but has the potential for more catastrophic financial damage, it should be dealt with first.
Invest in Quality
The quality of your cryotherapy machine highly determines your business growth. This is because safety is one of the top concerns in the cryotherapy space.
You need to convince your customers that their welfare won’t be compromised. The best way to do this is by getting a cryotherapy machine with great safety features.
The XR cryo chamber, for example, has an emergency stop button and shut down valve among its many features. Such safety features help you sustain high safety standards for your clients.
Get Insurance for Your Business
There’s a 40% chance of businesses claiming insurance within a 10 year period.²
Getting insurance for your cryotherapy business transfers the risk from you to the insurance company.
Yes, you‘ll have to pay premiums but this is nothing compared to the potential costs of unmitigated risks.
Assess the legal regulations in your area and your business liabilities. Use this information to identify the best type of insurance.
Implement a Quality Assurance Program
A sustainable business model is highly dependent on your business’ reputation.
If your customers trust your services they will remain loyal to you. This will then increase your customer retention rate, reducing your chances of failure.
Test your services to ensure they meet your customer’s value perception and make the necessary adjustments.
Manage Your Business With These Risk Mitigation Strategies
Risk mitigation is more than just protecting your business from likely challenges. It’s also a form of insurance and is vital for sustainable business growth.
Protect the business you world so hard to build by implementing the above risk management strategies.
Links to sources used
Cryotherapy Market Size, Share & Trends Analysis Report By Therapy Type (Cryosurgery, Chamber Therapy), By Device Type (Cryogun, Cryo Probes), By Application (Surgical Applications, Pain Management), By End-use, And Segment Forecasts, 2021 - 2028 - https://www.grandviewresearch.com/industry-analysis/cryotherapy-market
The Hartford Reports: More Than 40 Percent Of Small Businesses Will Experience A Claim In The Next 10 Years - https://newsroom.thehartford.com/newsroom-home/news-releases/news-releases-details/2015/The-Hartford-Reports-More-Than-40-Percent-Of-Small-Businesses-Will-Experience-A-Claim-In-The-Next-10-Years/default.aspx
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