“What is an ROI calculator?” I hear you asking. “ROI” simply stands for “Return on Investment”. An “ROI Calculator” is just a tool that outlines the cost of something and generates what your anticipated profit will be over a certain length of time. Usually annually.
We should make a distinction between a simple ROI calculator (i.e. a widget built into a website with limited inputs), and a financial plan (complete with P&L, cashflow, and balance sheets). Both are going to try and do the same thing, but one is going to be far more detailed and accurate.
Roughly what we’re going to be talking about is a return on investment for your whole business, but return on investment can (and should) be used for lots of different aspects to your business to help you determine how best to spend your company’s money. Usually, though, that’s going to require a lot of detail that a simple widget can’t provide.
Opening up a float center is a lot like climbing a mountain. Even if you can see the peak, it’s a lot further away than you think, and when you finally get there, the journey and the destination usually end up being different than previously assumed.
In this post we’ll lay out a general process and timeline of what you may encounter on your path, from initial idea to actually operating a center.
If you’re planning on opening up a float center, it’s likely that you’ll end up renting and, therefore, working closely with a landlord. Like any business relationship, it takes communication, discernment, and openness to make a renter-landlord relationship feel truly comfortable.
Everyone involved is taking a risk and the reality is that, when it comes to floating, it’s probably more risk than your average small business – craft shop, bar, hair salon, law office, what-have-you.
This piece also includes a free download – a compilation of support letters from float center landlords!
Look, we get it. Really. Float tanks are expensive – especially for what can seem, from the outside, like a glorified bathtub with spa parts attached. It doesn’t take long to go from, “Why is this so expensive?” to “I’ll bet I could save money by making my own tank!” After you start mulling it over, you get excited. You could be offering something no one else does right now… because it’d be your own creation! How hard can it possibly be?
As experts in only thinking about half of the consequences of our actions (at best), we’d like to say, “Incredibly hard, actually!”
You’re thinking about buying a used float tank. Whether this is for a new center, an addition to an existing operation, or a purchase for your home, this is a big decision.
We’ve compiled together some of the major questions and considerations to entertain before making a purchase. While you do have the opportunity to save some money and snag a good deal, there can be hidden costs and unknowns to weigh against those savings.