funding your cryotherapy venture
When Financing is Difficult...
Cryo Innovations partners with equipment financing companies for purchasing the RECOVERY XR cryotherapy chamber. Yet, equipment financing isn’t available for everyone. A financier has the following general requirements for approval:
Time in business greater than 1-year
Credit scores above ~650
Reserve funds in a company bank account
Here are helpful tips on finding alternative funding for your cryotherapy venture. Read more here: 5 Clever Ways to Raise Money
For Start-Up Cryotherapy Businesses and Existing Businesses that want to add Cryotherapy, here are some ways to raise funding:
Apply for equipment financing:
We will always try for financing.
(See: Angel Investing) An investor will only be interested in a promising business.
When you make your pitch to an investor, be knowledgeable. This means you should do market analysis and have strong marketing and sales plans.
Be realistic as well. Set attainable goals, and keep up with the times.
“Know thyself” - Know what your company is and what you want. You must be crystal clear so you can clearly articulate it out.
Show you believe in what you are doing. Investors want to see you are passionate, not trying to “get rich quick.”
Stay engaged with potential investors. Send emails with updates that do not ask for money.
Tap into your own accounts:
- These include home equity, retirement/401(k), and personal savings. Note: Have someone with experience assist in drawing from your 401(k).
- Starting up a business means you are confident it will create a profit in the future. Show you are willing to take a risk and believe it will grow.
Keep fixed costs as low as possible:
Negotiate discounts with all services and suppliers.
- Share office services and equipment.
- Hire interns who will work for free over a few months.
Apply for special loans:
The Small Business Administration helps out starters like yourself with the SBA loan. Loans from banks like Chase and Bank of America may approve you as well.
Friends & Family:
- Send close family and friends a letter. Explain what you are trying to do and how. Set a goal for the amount of money raised.
- Pay attention to weak-ties, your C-list of acquaintances. Sometimes your A-list may not want to help.
- For more info: Seek Funding From Friends and Family
- Consider going into a Revenue Sharing plan with an existing business.
Use the space you have available:
- The RECOVERY XR cryotherapy chamber does not take up nearly as much space as others on the market. Taking up only a 5’ x 5’ area, it allows you to be flexible.
Apply for a microloan:
- Microloans can range from $500 up to $35,000. These are given by non-profit micro lenders. It’s important to note these often have higher interest rates.
It may take time and patience, but the benefit of finding funds to finance your cryo chamber will pay off.
Paving your Way to Financial Success
Cryo Innovations LLC | 1582 Monrovia Avenue, Newport Beach, CA, USA
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