Why Cryotherapy Can be a Challenging Business, and How to Make it Thrive

@cryoprosunited Apr 23, 2019

Why are YOU a business owner? What made YOU choose the risk of investing and building something new instead of having a stability of a paid job? Why did YOU choose wellness and cryotherapy, in particular, as your niche?

Was it your own recovery experience that made you fall in love with cryo?

Was it your passion for wellness and willingness to help people look, feel, and live better?

Was it a call for independence from bosses and corporate rules? A quest for financial freedom?

Or is entrepreneurship in your blood, so that you simply couldn’t think of doing anything but looking for new opportunities, taking risks and being a front-runner?

Most likely, it was a combination of the things above. Whatever the answer, YOU ARE ONE OF JUST A FEW THOUSAND PEOPLE AROUND THE GLOBE  calling cryotherapy a business! (amazing, isn't it?)

Living off the beaten path can be extremely rewarding, but it can also be challenging BECAUSE:

  • Cryotherapy is a very new industry that lacks established rules and proven paths to success;
  • The equipment is quite expensive and costly to run;
  • The treatment, although growing in popularity, is not in mass demand;
  • To be profitable, the price needs to stay high;
  • Visits are not covered by health insurance; so, the charges must be paid out-of-pocket;
  • The nature of the service makes the business strictly local, difficult to grow and scale…

Numerous locations have overestimated the potential, made costly mistakes, and gone out of business. STILL, despite of the challenges, offering cryotherapy CAN be a thriving business.

This is exactly WHY the International Alliance for Cryotherapy Professionals (or CryoProsUnited) was created:

  • To identify, summarize and make available the best practices in the industry;
  • To create an easily accessible and ever-growing pool of resources and tools;
  • To offer continuous education in industry specifics, wellness, and business mastery;
  • To join forces in tackling more complex subjects, like insurance coverage or group pricing;
  • To build a community of industry leaders and peers for exchange of ideas and mutual support.

THE PAIN POINTS in the industry ARE COMMON. Your frustrations are shared by many other entrepreneurs just LIKE YOU. The good news is: THE SOLUTIONS ARE ALSO VERY SIMILAR, and you do not have to fight alone or reinvent the wheel.  

This article summarizes the results of a survey of cryotherapy providers that was conducted in early April and offers a very brief insight into what is the action to be taken and the help that you can expect in a very near future.

FIRST, who participated:

The industry outside Europe is very new, majority of the locations opened between 2015 and 2019. It was reflected in the results – 61% of the respondents have been in cryotherapy business for 1 to 3 years:

NEXT, we asked what marketing methods were working well in promoting cryotherapy services:

Almost 80% of the businesses rely mainly on word of mouth and activities in their local community. About 1/3 also utilize e-mail marketing and cultivate referral relationships with complementary businesses. About 25% successfully utilize search engine and social media advertising, yet also complain about high cost of marketing:

About 2/3 of the survey participants would like some help with their marketing efforts, from marketing materials to SEO optimization tools, ad running training, and incentive ideas. There is a lot of underutilized potential. For this reason, “7-Week Marketing Makeover” will be the first program the Alliance offers to its members.

LAST BUT NOT LEAST, we wanted to know the main challenges cryotherapy locations struggle with:

For the vast majority, the main issue is capacity utilization, i.e. ensuring sufficient and steady client flow throughout the day. Cost effectiveness is also a problem, and it impacts profitability. About 25% of the survey participants face cash flow shortage every now and then.

In the context of the main challenges, cryotherapy business owners would appreciate help with attracting more customers, improving retention rates, and growing regularly paying membership. Profitability is also impacted by high cost of supplies (nitrogen) and support services (insurance).

Working on better (group) rates and more favorable conditions is ONLY possible on behalf of a larger organization that represents the industry, not a single business. Improving the bargaining power for the benefit of cryotherapy entrepreneurs is one of the Alliance’s main objectives.

Here are some other things that were mentioned by cryo business owners as topics of their interest and will be covered by the products and services offered by the Alliance, all under its membership umbrella:

  • Boosting awareness of cryotherapy and its benefits;
  • Education of clients, busting myths and misconceptions;
  • Providing customer resources, like articles and studies;
  • Development of industry safety standards and best practices;
  • Facilitation of relationships, information and experience exchange among cryotherapy professionals;
  • Creation of supplementary products and services to boost bottom line;
  • Relationship building with similar businesses for cooperation purposes and referrals.

The idea behind the International Alliance for Cryotherapy Professionals is very simple and proven to work in many other industries:

The Ultimate Charging Hub for Cryotherapy Businesses

INFORMATION. KNOWLEDGE. RESOURCES. TOOLS. COMMUNITY.

FREE for members

Our Pledge of Professional Values

We value and practice Competency, Objectivity, Honesty, Transparency, Respect, and Contribution

We are in business to bring more business to our members.

We offer equal opportunities and cooperation conditions to all prospects.

We generate trust through our ethical behavior and evidence-based approach to information.

We do not accept referral commissions and do not engage in any activities that arise a conflict of interest between us and our members.

We build partnerships that result in opportunities for all members of the Alliance and beyond.

 

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Register to access our FREE RESOURCES LIBRARY within the 1M People Pain Free initiative. New articles, research, case studies, success stories and visuals get added every week.

Apply to join our membership (it only opens 4 times per year).

CryoProsUnited was established  to be a RESOURCES and RELATIONSHIPS company for cryotherapy businesses and to unify the industry FOR SUSTAINABLE GROWTH.

We seek and provide information, knowledge, resources, tools and community FOR BUSINESS SUCCESS. It's all FREE for members.

We work to help cryothrerapy business owners MAKE MORE WHILE WORKING LESS. Being a small business owner-operator can be challenging - let's make it easier!

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