By 2020, it’s estimated that the beauty industry will be a $90 billion market. With that in mind, if you’re looking to become the owner of a franchise, there are plenty of ways for you to get involved in this space.
In this post, I’m going to share:
- Why you may want to look into the beauty business
- Some of the qualifications you need to have
- The types of beauty franchises available
Now, let’s see why becoming the owner of a beauty-related franchise may turn out to be a beautiful thing.
Why Should You Own a Beauty-Related Business?
The simple answer is that all of us want to look and feel good. Not only that, we’re more than willing to spend some of our money to achieve that goal.
Secondly, people that buy beauty products and services are pretty open to trying new things. Good news: the beauty industry specializes in launching new products and services! That means that you, as a franchisee, can capitalize on the latest beauty trends that your target market is always on the lookout for.
What Qualities Do You Need to Own a Beauty Franchise?
Friendly, enthusiastic people tend to do well in the beauty business. So, if you’re a positive, high-energy person, and you want to be your own boss, franchise business opportunities in the beauty industry are worth a look.
In addition to having a high energy level, you’ll need business acumen. That’s because your energy and bright personality will only go so far. Things like inventory control, payroll costs, marketing costs and more will need to be monitored, so you can maximize profits.
Finally, you must have strong leadership qualities, so you can help your employees become engaged in their work. Engaged employees are more productive and they tend to go out of their way to do a good job.
Beauty Franchise Examples
The beauty-related franchise sector offers several different choices for would-be franchise owners. They include:
Hair Salons
This segment of the beauty business has experienced a lot of growth over the years. Most of this growth has come in the form of niche hair salons. For example, if you’d like to own and operate a hair salon just for kids, you’ll find franchises that do just that. Maybe you would like to own a barber shop. A place where men come in for a haircut and a shave, just like they did in the old days. Good news: there are several barber shop franchises to explore.
Finally, you can operate a franchise business that only offers blow-drying. As in no haircuts. Customers come in so they can quickly get a new look for parties, formal gatherings, or just for fun.
Spas
One-stop shops, where customers can get massages, facials, manicures and more are big business. These spas tend to offer something that’s becoming increasingly hard to find – an experience. If that sounds like something you’d want to do, and you would like to own something upscale, spend some time looking into spa franchises.
Massage Franchises
The interesting thing about franchise businesses that focus on massages is their business model. It’s a membership one.
In a nutshell, clients pay a monthly fee that entitles them to a certain number of massages per month, along with discounts on products and more.
You may not know this, but there are thousands of membership-based massage franchises located throughout the country. Other niches in the beauty business include waxing, eyelash extensions, and even Cryotherapy.
As I have shown, there are numerous opportunities for you to become part of the beauty business. Without question, it’s an industry that will continue to grow as long as people want to feel good about themselves.
As to cost, the investment for a franchise opportunity in the beauty segment can range from $150,000 for a small retail setup, to $1 million for more for a full-service upscale spa.
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