If you are looking to open a center, at some point, you have to face the reality that you’re going to need to spend, and thus track down, a good chunk of money. There are many ways to fund a float center – personal capital, family and friends, sending travel funds to the exiled Liberian prince that you met on the internet and using the forthcoming reward money, etc. This post, however, will focus on financing using bank loans.
In this post, we’ll be looking at those enigmatic acronyms: TAM, SAM, and SOM, which are the backbone for the market analysis section of your written plan. We’ve helped a couple hundred float centers to develop their business plans, and we’ve found that this one area generates the most questions, and seems to generally be the most difficult to wrap your head around.
On our journey we found at least three owners who are actively looking to sell their float tank centers, and in all three cases the centers are doing well. Life often calls us in different directions than we expect.
In case you’re in the market for a pre-established business, without all the trials and tribulations of starting from scratch, here’s information on two centers that are, for the moment, available to swoop in on…
Construction permits differ from state to state, and even from county to county. Keep in mind that everywhere has its own quirks, and, more than likely, it’s own unexpected fees that can cost several thousand additional dollars…
Like most businesses, a float center will experience seasonal slumps. Be sure you’re planning to open your center at a peak time of the year. Find out the pros and cons of opening a float tank center during different times of the year.
Starting a float center isn’t an inexpensive business opportunity. Depending on the type of float tanks you choose, size of your retail space among other factors, a center can cost between $65-100k per room to fully set up. While centers have started for less money up front, the cost of frequent repairs from salt damage and cutting corners during construction will cost more money in the long run.