Inside the Box: Icebox Cryotherapy Shares How to Find the Right Franchise for You
From the strength of the support infrastructure to the well-positioned exit strategy, here are some of the reasons Icebox is a top choice for franchisee prospects today.
As demand for wellness booms all over the country, Icebox Cryotherapy, the pioneering cryotherapy franchise, offers entrepreneurs an existing opportunity to enter an emerging industry with the backing of a proven business model. With 18 successful studios and 10 under development, the Icebox team has big plans for the future as they look for passionate, qualified franchisees to help them spread the benefits of cryotherapy to more communities across the country.
“We’ve built much of our infrastructure on systems and education,” said Vicktoria Healy, Director of Franchise Development for Icebox Cryotherapy Studios. “We educate our members, educate our guests and educate our communities on cryotherapy. That is why we believe it’s important for investors to be educated on the franchise opportunities available to them.”
Healy, an industry veteran with over 20 years of franchise development experience, was recently joined in conversation with Mainland CEO and 1851 Franchise publisher Nick Powills to discuss some franchising best practices and outline some of the ways Icebox stands out from the competition.
The Support Infrastructure
When trying to identify the right franchise opportunity among so many options out there, the first key factor candidates need to pay attention to is support.
Icebox, for example, offers a robust suite of resources for incoming franchisees to tap into. This includes assistance in finding a suitable location, lease negotiations and local vendor relationship management; comprehensive store design, development and construction support services; full integration with a custom-made technology platform designed to assist franchisees; an extensive operations manual, training resources and videos; complete on-site training for franchisees and their staff; marketing support and advice covering social media, public relations and complete collateral packages; as well as pre-launch training at the studio.
“A savvy investor really needs to dig down deep to find out what the franchisor will offer to make them successful,” said Healy. “At Icebox, we work hard to ensure our franchisees are supported in every aspect of the business.”
In addition to corporate support, Icebox has a Franchise Advisory Council, where top-tier studio owners can collaborate, share best practices and mentor other owners. This collaborative approach can help ensure the success of individual franchisees and the franchise as a whole.
How to Determine Growth Potential
While a franchise brand may be growing rapidly, that doesn’t necessarily mean it is a solid investment opportunity. Momentum is important, but franchisee prospects need to look beyond recent growth to determine whether a concept is well-posited for the future.
“Instead of being pushed into something by brokers, franchisee prospects need to consider the longevity of the concept,” Powills said. “If you look at cryotherapy, for example, you can feel confident in the longevity of the wellness category. You are buying into a business that the consumer actually understands.”
In the aftermath of the COVID-19 crisis, businesses focusing on health and positivity have come to the forefront. Mindbody research suggests that 75% of Americans now prioritize wellness more than before.
Emerging holistic solutions like cryotherapy are quickly becoming a favorite choice nationwide, as more people are wary of the side effects of pharmaceutical medications. Initially, cryotherapy was developed to address rheumatoid arthritis and inflammation in joints. However, both users and professionals recognized its potential to manage a multitude of health concerns.
With the cryotherapy sector now estimated at $6 billion in value, it’s on a dynamic growth trajectory. Icebox is leading this wave, providing franchise opportunities throughout the U.S., allowing entrepreneurs to capitalize on the rising trend of self-care and the booming health and wellness movement.
In addition to the strength of the sector, Powills notes that prospective franchisees need to ensure the scalability of the franchise system and the scalability of the individual franchisee are aligned.
“You need to talk to other franchisees and ask the most important question: would you do this again? You want to know if the franchisor has given them all the tools to succeed,” Powills said. “You don’t want a franchisor who is just selling units to grow as fast as possible. The franchisor should be working with each franchisee to ensure they have the financial resources to scale the right way.”
That is why Icebox makes sure to go through an in-depth interview process with all prospective franchisees, Healy says, including connecting them with other existing franchisees to share their experience.
“We want our franchisees to really buy into the process, and we want them to feel like it’s their brand,” said Healy. “We’re there to protect their brand.”
Icebox was started in 2012 with a vision that all communities should have access to a treatment that was non-invasive, easy, quick and produced instant gratification. At the time, the average consumer didn’t have access to cryotherapy services, as they were only available at professional and medical facilities. Today, Icebox offers a proven business model, refined over the past decade to provide a scalable path, thanks to its simplified services and a membership-based model where guests are recommended to visit the studio a minimum of two to three times in a seven to ten day period for the best results.
Exit Strategy: The Big Picture
Lastly, when it comes to the full life cycle of a franchise business, prospective franchise owners need to keep an exit strategy in mind. Are they looking to build a family legacy? Are they looking to sell it right away for three-and-a-half-time EBITDA? The answers to these questions can provide franchisees with principles that will guide them through their entire entrepreneurial journey.
“We recommend each and every candidate ask those questions, and it helps us qualify the candidate, as well,” said Healy. “The franchisees who will be at the top of the organizations will be the ones who have those goals in place, as it gives them something to look back on and strive towards. We can go through that plan with them and make sure they are on the right path to achieving their goals.”
Entrepreneurs with an eye on future expansion will find Icebox’s business model appealing and scalable. Using a membership-driven approach, the franchise ensures consistent revenue and fosters deeper connections with its clientele. When comparing same store sales, there was a growth of 35% in Q1 of 2023 compared to Q1 of 2022, and a 27% uptick in Q2 of 2023 versus Q2 of 2022.
Now, the company is looking for both single-unit and multi-unit franchisees to help the brand achieve its goal of opening studios in markets all across the country. Given its tested business strategy, notable brand credibility and robust backing for its franchise partners, Icebox stands out as a prime option for those aspiring to break into the wellness sector.
The total investment necessary to open an Icebox studio ranges from $372,900 – $639,700, including a $45,000 franchise fee. Learn more: https://1851franchise.com/iceboxtherapy