Cryotherapy Practice Funding Tips for Chiropractic and Wellness Salons
Starting a cryotherapy business is often challenging, but the rewards are worth it.
While you’ll need a good business plan to get started you will find that financing is extremely important. You need money to cover your expenses, premises, and human resources cost. You’ll also require finances to sustain operations before you get steady cash flows. Traditional funding methods are the most common financial tools, but they’re usually expensive. The processes are also lengthy, especially if your credit score is poor or you don't have collateral. Fortunately, there are several modern financing methods you should consider.
Modern Financing Options for Cryotherapy Businesses
The small business funding landscape has completely changed. There are diverse ways of getting capital without having to go through traditional channels. Here are 4 main modern cryotherapy financing options.
Cryotherapy Funding Through Venture Capitalists
Venture capitalists are more than your chiropractic and wellness salon’s financing partners. They also act as mentors. VCs are an external group of people that fund your business in exchange for ownership of your business.
They are a great option if you can't access a bank loan or lack the necessary skills to run a business. Venture capitalists are usually highly experienced and knowledgeable. They also mainly invest in businesses that they are familiar with. This type of cryotherapy business financing has been around for a while. However, over the last 15 years, venture capitalists have dropped by 30%.¹
Cryotherapy Funding Through Angel Investors
Most people confuse angel investors and VCs, but they're different. Venture capitalists are often large and established companies. Angel investors, on the other hand, are usually individuals who are interested in your business.
Their guidance and mentorship are usually on a personal level. Angel investors also usually invest in relatively new businesses. In 2019, 74% of companies that benefited from this financing method had less than 10 employees.²
Both VCs and Angel investors, however, finance your business in exchange for equity.
Cryotherapy Funding Through Crowdsourcing
Crowdsourcing is a financing method that happens on online platforms like Kickstarter. This is a great way to boost your business as it welcomes several investors. It also allows you to raise seed capital to buy essentials like a cryotherapy machine before pitching to investors.
Cryotherapy Funding Through Partner Financing
Partner financing allows you to pool your resources with another party instead of looking for investors. This funding option is highly convenient, especially if you don't mind having equal shares with the partner. You also only deal with one person, which means decision-making will be easy.
Secure Funding for Your Cryotherapy Business Today
If the only thing stopping you from starting your wellness center is financing, the above options are a great place to start.
Your credit score won’t be a factor and once approved, funding takes a short time. Some of the funders even offer business advice which is a major plus.
Founded on facts: for peer-reviewed articles, scholarly journals, and articles cited above please see the below sources.
Research - National Venture Capital Association - NVCA - https://nvca.org/research/
2019 U.S. Angel Investment Statistics Infographic - https://www.ocstartups.org/2019/09/2019-us-angel-investment-statistics-infographic.html
NOTICE: Information contained within this website and in all materials, communications, or presentations by Cryo Innovations and Cryo Recovery Lounge is for informational purposes only. Whole Body Cryotherapy, infrared sauna, hyperbaric chamber, and any and all recovery methods described and/or offered by Cryo Recovery Lounge or Cryo Innovations are neither designed nor advised for treatment or cure of any illness or disease. No cryotherapy chambers (including the XR) have been tested or approved by the FDA. Please consult with your medical professional before beginning any cryotherapy or recovery method. All material contained within this site is copyrighted and may not be reproduced in any form without prior written permission. All rights reserved. For permissions contact Cryo Innovations.