The Health & Wellness segments have been rising in popularity at record paces over the last decade. People are constantly looking for new, innovative, and fun ways to stay healthy. Gyms & various workout classes/concepts paved the way for new innovation in the health and wellness space early on, but recently, Cryotherapy and other alternative wellness modalities such as red light therapy, hot saunas, lymphatic drainage (leg compression), and IV therapy have created an entirely new industry focused on health, wellness, & recovery.
Then 2020 Happened..
While 2020 was full of business closures and uncertainty, one thing that came out of 2020 is that people are now ultra focused on their health, wellness, & recovery more than ever. With current rents and lending rates at a discount, and new equipment on the market, starting a wellness/recovery business with Whole Body Cryotherapy and other modalities has never been more attractive! CryoBuilt has customers in almost 100 different locations across the country and ALL of them have been able to remain open through various shutdowns as alternative medicine providers. If you have been thinking about starting a cryotherapy or wellness business, 2021 may be the perfect time to make the move! Here are some tips and pointers to get started looking in the right direction
Where do I start?
Once you have decided the type of business you want to open, the next step is to start thinking about what services you want to provide and begin researching equipment. As with most equipment in the health and wellness space, much of the equipment you will want to provide will be on the expensive side. Cheap, easily accessible items can be purchased and used at home. It is smart to select a few higher end products that allow you to differentiate and offer services not easily accessible.
Choosing the RIGHT Services & Equipment
This is the critical step. You are aiming to provide services and equipment that people are willing to pay you for so take your time to make sure you get it right!
Some of the big ticket items that bring customers through the door and keep them coming back are;
Cryotherapy (Nitrogen vs. Electric)
Sauna AND/OR Red Light
Compression Therapy (Normatec vs Ballancer Pro)
The number one rule for all services and equipment: TRY BEFORE YOU BUY! Don't just fall for a good sales pitch as it is possibly thats all it is! If you are in the US, try to buy American Made as all products in this space are incredibly technologically advanced and finding a manufacturer that provides local warranty and service is paramount.
Cryotherapy - Nitrogen vs. Electric
This has been a debate for several years but with recent advancements in electric cryotherapy, using nitrogen is becoming completely antiquated. Take a look at the used cryotherapy market and you will see it flooded with nitrogen saunas. Before you jump on one of these deeply discounted nitrogen saunas, think about why they are for sale. Not only is nitrogen a dangerous gas that can cause burns and even death, it is extremely expensive! Nitrogen cryosaunas simply blow nitrogen gas through the sauna and it evaporates, never to be used again which is very inefficient, causing a high fixed cost for every session due to lost nitrogen, high insurance costs, and trained technicians closely monitoring the treatment. Electric cryotherapy solves all of these issues, allows the user to include their head in the treatment, activating the vagus nerve and central nervous system. Additionally, the cost to run a CryoBuilt EVEREST PEAK cryo chamber is only 8kw/h which on average is $0.80/hour or $8/day assuming a 10 hour run day. This equates to $200-$300/month in electricity compared to nitrogen expenses with the same volume of $3-$6k/month.
Sauna/Red Light Therapy
Heat and red light therapy have many benefits and masses are taking notice of its ability to kill viruses. Some of the major players in this space are Joov, theralight, and novathor
Another great compliment to a cryotherapy center is compression therapy. Cryotherapy sessions are great at bringing customers through the door but they offer inherently short sessions so it is a good idea to have complimentary services to pair with cryotherapy that take a little longer to provide value and make the most of a customer's time to come into your center. There are two forms of Compression Therapy and BOTH should really be on your list;
1) Normatec - This is the lower end and less expensive form of leg compression that you can purchase multiple of and line customers up in rows to do together
2) Ballancer Pro - This is a very different experience. It is like compression on steroids and the best way to aid with lymphatic drainage for the entire body, not just the legs. Ballacner Pro's elite experience comes with a higher price tag but it is a great upsell to existing clients to splurge on from time to time. You can invest in one of these and really differentiate and diversify your offerings like we mentioned about
Unlike all of the other modalities mentioned above, IV Therapy requires licensed nurses to be present to administer. IV Therapy is a fantastic modality and again, can really set your offering apart, but be sure to research the cost of adding this service as well as the required oversight and licenses.
In summary, however you decide to set up your cryotherapy business or health and wellness studio, take your time, do your research try products, and talk to manufacturers and other cryo business owners.
Best of luck and we hope to speak with you soon!