Are Cryotherapy Businesses Profitable?
Cryotherapy has become increasingly popular in the last few years due to its many health benefits, including helping reduce inflammation and speed up recovery time in gym-goers and athletes as well as those who deal with chronic pain. More doctors and medical professionals are also beginning to recommend Cryotherapy for assistance with types of symptoms associated with certain medical conditions.
According to the Global Cryotherapy Market Analysis, the global market size is expected to nearly double, reaching $650.2 million by 2027, which means now is the time to get in on a cryotherapy business.
While it is obvious that cryotherapy is an effective wellness treatment and its popularity continues to grow, what is the viability of cryotherapy for a business venture?
The Profitability of Cryotherapy Businesses
Are cryotherapy businesses profitable?
Are cryotherapy businesses a good investment?
And even more importantly: should you consider getting into cryotherapy businesses?
Keep reading to find out!
Encouraging Profit Possibilities in the Cryotherapy Industry
Investing in the Cryotherapy industry has quite a promising future as this is a rapidly growing industry with a promising forecast. It is expected that by the year 2025, the Cryotherapy industry will reach the 5-billion-dollar mark. The profitable nature of this business relates to the real relief it provides for users with athletic recovery, pain management, overall wellness, and beauty.
Determine the Need for a Cryotherapy Studio
All good business models take into consideration the need and location of the services provided by the business. In fitness-conscious cities and suburban areas, cryotherapy sessions are popular and booming. However, more rural, or limited-population areas may not be the best market to start up a cryotherapy business.
One way to determine the need in your given location is to research the demographics and population in the area. Children and young adult athletes are a growing category for cryotherapy participants. Look for areas where there are many complementary businesses like yoga studios, boutique gyms, training and performance centers, and other similar services.
Much of your success will also depend on the marketing strategies used. With high-level marketing materials, such as social media strategy, a high-quality website, pay-for-click advertising, and more, you can easily market your business and attract customers who may be interested in cryotherapy sessions. The nature of this business allows for customer testimonials as well, which can spark new business.
Franchising a Cryotherapy Studio
Starting a new cryotherapy business from scratch – on your own – can be an overwhelming and expensive risk to go blindly into. If you’re interested in entering into the wellness business space, but would like some guidance and want to follow a proven successful model, franchising may be a great option for you.
Icebox Cryotherapy has been in business for 10 years and franchising for the last 3 with 32 locations nationwide. Our team consists of guidance from real estate, construction, marketing, training, business development, continued support, and a network of other managers and franchisees that learn and celebrate together.
You can learn more about our franchise opportunities here.