Cryosaunas are not cheap, so for many it comes down to financing a cryotherapy suana. This is common in the recovery industry. Small business owners may not have the cash on hand to buy a sauna outright. For most entrepreneurs the fastest way to a cryotherapy startup is financing a cryotherapy sauna.
What are the steps to financing a cryotherapy sauna?
Financing a cryotherapy sauna is easier than you think. While small business loans may not approve for a cryosauna there are other options. Cryotherapy has a small but dedicated group of lenders who will finance your cryosauna and who understand your needs. This niche market developed because of entrepreneurs such as yourself. Cryotherapy is an entirely new market that is expected to exceed 5 billion dollars by 2025. Many people are sprinting to become the first cryotherapy business in their area, and small banks are noticing.
Do I need really good credit?
The terms for financing a cryosauna are about the same as other small business loans. For most cryotherapy manufacturers you will need to show 1 year of being in business, a personal FICO score no lower than 650, and reserved funds in a company bank account. If you can meet those requirements you can get financed quickly.
Is financing a smart option?
Everyone wishes they had an unlimited source of funding, but the reality is that most entrepreneurs do not. In fact, one estimate of new startups measured that over 90% of entrepreneurs use other people’s money. The estimate also noted that most loans are paid off earlier than expected. This is because the entrepreneur is highly motivated to make the business work, and that inner drive is what makes it a success.
How many people are under a finance plan?
About 25% of new cryosauna owners receive financing, and surprisingly they are often those who are more successful in the long run. Part of that success is the fact that a cryosauna begins making a profit almost instantly. The other part of that is hard work. If you need financing it means that you are serious about your business, and if you have been in business for over a year then you are on your way to success.