You’ve made the decision to become a cryotherapy studio entrepreneur – congratulations! This is a huge step, and we’re here to help as you start the process of making your dream a reality.
One of the most important decisions you can make when starting your plans is deciding where your facility will be located. The process is much more complicated than just finding an empty building and transforming it into a cryo studio. This one decision will help determine the success (or failure) of your cryo business.
Here are five factors to keep in mind as you start to plan your cryo studio.
Unless you’re independently wealthy or have a wealthy benefactor, you’re going to have to start with a budget. This budget will have a significant impact on where you’ll be able to set up your facility.
Your budget will help you answer a lot of questions – will you be purchasing an empty lot and building your facility from the ground up? Will you be leasing an existing property? If so, how much do you need for renovations? If you have to secure loans, how much do you request? These are all questions you should consider before looking at where your cryo studio will be
Location, Location, Location
Finding a location for your cryotherapy studio isn’t just about the building, but it’s also about the facility’s accessibility. If it’s located in the city center, is there easy access to parking? If it’s off the motorway, is there a ramp close by? Will people walk, bike or drive to your facility? Is there ample parking, footpaths or bike storage?
Determining the accessibility required for your facility before you break ground will help save you – and your members – some headaches in the future.
Assessing the Competition
Before even considering a neighborhood, you need to assess your competition within it. Is the market overrun with already-established cryo studios? If so, what will set you apart from your competitors? Doing thorough research on the other cryotherapy facilities in the area will help you determine whether a neighborhood is a right fit for your cryo studio.
It’s important to dive a little deeper than just the competition’s location. Assess customers’ demographics as well. If the competitor focuses on the middle-aged parents who are looking for a quick boost program, and you’re hoping to appeal to sports community crowd, you may still be able to coexist within the same area.
Who’s in the Neighbourhood?
Assessing the neighborhood demographics prior to securing a location is of utmost importance. If you build your facility in a fancy neighborhood, but you’re offering a deeply discounted price, your cryo studio may not appeal to that demographic. It’s important to put your facility in an area that matches whom you’re trying to serve.
Narrowing down who your target market (city dwellers, middle-aged parents, retirees, etc.) not only by age, but income and lifestyle will help you determine the best place to build your facility.
Use the Resources Available
The internet is also teeming with information. There is a forum that helps explicitly entrepreneur some light on the issues that may arise in the process.
Cryo Chambers also offers some valuable information in the ‘Cryo Business School’ section to help you successfully run your cryo studio.