Investing in the growth and diversification of a business requires careful planning. Every asset or service introduced should ideally have tangible returns. One such intriguing investment in recent years is the integration of float tanks into various business models. So, what’s the return on investment (ROI) when you incorporate a float tank into your business? Let’s dive deep and assess.
The Immediate Appeal of Float Tanks
Before understanding the ROI, it’s vital to recognize the immediate appeal of float tanks. Floating, floatation therapy, or sensory deprivation, offers users a unique environment to de-stress, meditate, and rejuvenate by immersing themselves in a salt-saturated water pod, free from external stimuli. The experience can be both profound and therapeutic.
Understanding the Costs
Invest Wisely – What to consider when purchasing a floatation tank:
When you’re in the market for a float tank, the list price shouldn’t be your only consideration. It’s essential to delve deeper, examining the ongoing costs associated with the tank, its build quality, potential maintenance needs, and the overall value it offers in terms of user experience.
- Purchase of the Float Tank: The upfront cost of a float tank varies greatly. Depending on its features and the brand, the tank itself can represent a significant initial investment. This often mirrors the advanced technology, superior build quality, and user-centric designs incorporated into it. These factors distinguish premium models from more basic alternatives and older designs and brands don’t often keep up with the latest technologies available.
However, a higher initial cost might translate to more substantial savings in the long run, especially if the tank requires less frequent repairs and offers a better overall user experience.
If you find yourself in a quandary about which tank best suits your needs and budget, we’re here to help. Dive into our recent article on choosing the right flotation tank for you or explore the extensive details on our features page to make an informed decision.
- Installation & Setup: Creating an ideal space for the float tank entails a holistic approach to design and functionality. Beyond just placing the tank, it’s about cultivating an ambience that amplifies relaxation. Proper soundproofing ensures a tranquil escape from the external world. Meanwhile, meticulous plumbing and electrical setups ensure smooth operation and prioritize user safety. These enhancements, though adding to the initial costs, are fundamental to delivering a premium, uninterrupted sensory-deprivation experience for users. Fortunately, our expert team is on hand to provide assistance and guidance on the best setups, designs, and layouts. And if you’re working with limited space, our Exo float tank can be flexibly configured to suit a variety of room shapes and dimensions, ensuring a perfect fit and optimal functionality.
- Training & Certification: It’s imperative that staff, especially those responsible for tank maintenance, are adequately trained to ensure the smooth operation of a float center. Proper training ensures that every aspect of the business, from the technicalities of tank upkeep to the subtleties of customer interactions, is handled professionally.
Exo offers comprehensive training that goes beyond just float tank maintenance. Our program encompasses the broader operations of a float center, providing guidance on sign-off sheets, data compliance, customer greetings, and other essential operational aspects to ensure your facility runs seamlessly.
Ongoing Costs:
- Maintenance & Cleaning: Routine maintenance not only prolongs the life of the tank but also upholds cleanliness standards. The cleaning process is cost-effective and straightforward, particularly with flotation tanks designed for easy emptying and filling.
- Utilities: The slight increase in water and power usage is minimal, particularly when considering the efficiency gains from advanced thermal insulation used in modern float tanks.
- Marketing: Like any new service, effectively marketing the float tank experience to your clientele is essential. Ensuring they understand its unique benefits and the transformative relaxation it offers can set you apart in the wellness industry. Tailored promotions, testimonials, and interactive sessions can further pique interest and drive customer engagement.
Evaluating the Returns
- Increased Footfall: Offering a unique service like float therapy distinguishes your business in the saturated wellness market. By introducing float therapy, you tap into a niche but growing segment of individuals who are actively seeking alternative relaxation and therapeutic methods.
- Higher Revenue Streams: The exclusivity of float sessions isn’t just about the unique experience they offer; it’s rooted in the advanced technology, meticulous maintenance, and expertly crafted ambience surrounding each session. This curated experience, combined with the profound mental and physical benefits it delivers, justifies a premium price tag. As such, businesses can set higher rates, reflecting the premium value and unmatched relaxation that customers receive.
- Customer Retention: Unique offerings like float tanks can significantly improve customer loyalty and satisfaction, leading to repeat visits. By expanding your service roster with such specialized products, you enhance the perceived value of your establishment. This is especially beneficial if your business model is based on membership options. With more diverse offerings, members see greater value in their subscriptions, making them more likely to remain committed and even advocate for your services to others.
- Cross-selling Opportunities: Post-float, customers often find themselves in a receptive and relaxed state, making them more inclined to explore other services or products, be it a massage, a wellness product, or a health supplement. This inclination can significantly boost your business in other areas. Implementing strategic upsells or tailored post-float customer care can further capitalize on this openness, driving additional revenue and enhancing the overall customer experience.
Breaking Down the Numbers – Let the figures speak for themselves.
Dive into the Financial Potential of Float Tanks
The Numbers Game:
- Session Pricing: $70/session (approx. £51 or €59.50)
- Daily Revenue (with three sessions/day): $210 (approx. £153 or €178.50)
- Monthly Projection: Roughly $6,300 (approx. £4,599 or €5,355)
Even after factoring in monthly maintenance and utility overheads, potential net earnings hover around $5,000 (approximately £3,650 or €4,250). This impressive monthly revenue means the initial investment on the float tank can be recouped in just a few short months.
The Added Perks:
Beyond the solid returns, don’t overlook the intangibles:
- Enhanced customer loyalty
- Potential upsells from satisfied customers
- Premium branding, positioning your establishment as a top-tier wellness destination
Let the figures speak for themselves.
Additional Intangible Benefits
- Branding & Differentiation: Being among the few businesses offering float therapy can bolster your brand’s image.
- Positive Reviews & Word-of-Mouth: Satisfied customers often share their unique experiences, providing organic marketing for your business.
- Employee Wellness: If you allow your staff to use the float tank, it can be a morale booster and a unique employee perk, potentially improving retention and job satisfaction.
The decision to invest in a float tank should be based on thorough research, considering both the tangible and intangible returns. While the upfront costs can seem substantial, the potential benefits, both immediate and long-term, make it a worthy consideration for many businesses looking to elevate their offerings and tap into the booming wellness industry.
Exo float tanks are trusted globally by float centres, spas, hotels, sports institutes and medical facilities. Designed for ease of installation, operation, and maintenance, the Exo float tank is constructed from premium materials and showcases the leading edge of float technology.
Equipped with remote assistance, thorough filtration, and advanced UV sterilisation, the Exo tank is the benchmark for hygiene and functionality in the market. Interested in learning more? Speak to an expert or get a custom quote today, our team is on hand to help.
