There are many considerations when setting up a passive income stream in your existing business.
“Passive Income Stream” means: to utilitise existing space that is not currently producing revenue without the need to employ extra staff.
Setting up a Salt Therapy Space:
Pro’s:
The set up of a Salt Therapy space is relatively easy. Provided the space is draft free, you can pump the salt dust into the space for the salt therapy effect. For high use rooms, an air exchange system is required to replace carbon dioxide and air moisture with fresh air outside of the room.
All the aesthetics of the room are based on your overal budget.
Cleaning of the Halogenerator (Salt Generator or Salt Diffuser) is relatively straight forward and takes several minutes each day.
Budget: $4,000 up to $20,000.
Con’s:
As only 1% of the Australian population knows about salt therapy, there is the requirement to invest in education so people learn the benefits and the passive non-invasive nature of this therapy.
You may need to perform free presentations to local community groups to educate them about the benefits of salt therapy.
If you have floor salt, you may require the ongoing cost of disposable booties and hairnets.
As the Halogenerator (depending on budget spent) grinds the salt into a fine powder, there is sound produced for short periods of time that might distract some users.
Setting up a Floatation Tank Space:
Pro’s:
Floatation tanks are reasonably well known and very little educaiton is required for users. Users either like the therapy or they don’t and for those that do are very keen for a regular float session by paying a monthly membership fee.
Con’s:
The cost of setting up a floatation tank business in Australia can vary widely depending on a number of factors, including the size and type of tanks, the location of the business, and the level of amenities and services offered.
Here are some of the costs you might need to consider:
- Float Tank costs: Flotation tanks can cost anywhere from a few thousand dollars to tens of thousands of dollars each, depending on the brand, size, and features. But expect to pay at least $10,000 per tank for a basic setup.
- Installation costs: You’ll need to hire a professional to install the tanks and set up the plumbing and electrical systems. This can cost several thousand dollars per tank, depending on the complexity of the installation.
- Facility costs: You’ll need a location to house your flotation tanks, which could include renting or purchasing a space. The cost of leasing a commercial space can vary widely depending on the location, size, and amenities, but expect to pay at least a few thousand dollars per month.
- Equipment costs: In addition to the tanks, you’ll need other equipment like water filtration systems, pumps, and heaters. You’ll also need to purchase towels, robes, and other amenities for your clients. These costs can add up to several thousand dollars.
- Operating costs: Once your business is up and running, you’ll need to pay for ongoing expenses like utilities, rent or mortgage payments, insurance, marketing bd cleaning. The ongoing monthly costs will depend on the size and scale of your business.
- Also, every 6 to 12 months the entire magnesium salted water needs to be disposed of and replaced fully with new materials.
Overall, it’s difficult to provide a precise cost estimate without knowing more about your specific business plan and needs. However, it’s safe to say that setting up a floatation tank business in Australia might require a significant investment, likely in the range of tens of thousands to hundreds of thousands of dollars.
This article is simply to inspire thought and encourage the business owenr to perform their due diligence.
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