One of the first decision you have to make is whether to take on a cryotherapy franchise or create your own brand.
In a franchise cryotherapy business, the franchisor provides a developed way of doing business, ongoing guidance, systems and assistance in return for purchases and/or periodic payment of fees.
Let’s look at the advantages and disadvantages of a cryotherapy franchise
Profit sharing model (7%-12% of revenue)
|Lower start-up cost
– Discount on the equipment cost
– Complimentary branding
– Marketing materials & PR support
Appointed business guidelines
|No experience required
– Pre-opening Training
– Proven management
– Ongoing support
| A franchise agreement dictates how to run the business, so there may be little room for creativity.
It also means ongoing sharing of profit with the franchisor: from 4% to 8% of the generated revenue.
|In some cases, it may cost less to buy a franchise than start your own business of the same type.
By choosing the franchise option, you don’t necessarily need business experience to run a franchise.
Starting your own cryotherapy brand
Setting budgets, a sales strategy, marketing content, and advertising is a daunting challenge for many small-business owners — more so in the cryotherapy industry which is relatively new (thus the opportunity).
In comparison with other health and wellness applications, web resources are tiny and the market is unstructured for the time being. Of course, you can take on the challenge but as any entrepreneur will tell you, there is an inevitable cost you’ll have to pay: the cost of learning.
You’ll have to make decisions on a daily basis to get your business launched, some will be good and other not.
So, should you consider a cryotherapy franchise?
Buying a franchise can be a viable alternative to starting your own business. Franchises have a higher rate of success than start-up businesses and are a simple way to go into business for the first time.
But franchising is no guarantee of success and the same principles of proper management – such as informed decision-making, hard work, time management, having enough money and serving your customers well – still apply.