Want to invest in a beauty franchise business? Read on to know more...
Maybe you need a more flexible schedule, are tired of working hard for another person and not being appreciated, or are prepared to start working again since your children are in school. Whatever the inspiration, you have made the decision to take responsibility for your career by starting your own business.
Initiating a business in the beauty sector can be a decent decision for a few reasons. In addition to a job that leaves you feeling happy at the day's end since you have helped people feel good about themselves, the products and services offered within the sector are high in demand. Demand for beauty services is relied upon to keep rising to 62 billion USD in 2022, as per IBISWorld's 2017 "Hair and Nail Salons in the US" report.
The question here is, should you start a beauty business from the ground or invest in a beauty franchise? As per the report by, the Bureau of Labor Statistics, about 20% of all businesses closes after the first two years of operation and a little over 38% after four years. However, these numbers vary greatly depending on the type of business you want to venture into. It’s widely known that franchises often have a higher overall success rate than startups. That’s because franchises operate under a proven successful business model while independent businesses make adjustments and decisions to their business model as they go.
Here are some additional advantages that franchises provide:
1. You Can Focus on Growing Your Business Faster:
If you start a business on your own, you need to spend ages laying the basis to get it going – research, business plan creation, and so on. You'll additionally presumably need to figure out how to contend with numerous things you are likely not an expert in, for example, rent negotiation, build-out, graphic design, IT, accounting, sales, marketing, and more.
2. You’ll Receive Tremendous Support:
Great franchise systems comprehend their success is tied to yours. Your franchisor will provide you with support in a variety of areas including IT, marketing, training, and sales. Also, the executive team will make themselves accessible to address questions you have and to help you troubleshoot. An added bonus is that you'll be able to tap into the expertise of fellow franchisees.
3. You’ll Have Higher Earning Potential:
When working for another person, you have a fixed salary or work on commission. As a beauty franchise owner, however, you will directly affect your income by decisions you make going from the business model you select to how long you decide to invest in your business.
4. Your Business Brand Will Instill Confidence:
People like brands they know and trust. They provide them a level of comfort unknown brands can't deliver. It's simpler and more cost-effective to pull in customers when you invest in an established beauty franchise brand that has a decent reputation.
5. You’ll Have a More Flexible Schedule:
How flexible your hours will rely upon the beauty franchise business model you invest in. Being your own boss, you can probably deal with your schedule to do things that are non-business-related and important to you.
6. Financing Your Business’s Growth May Be Easier:
Established franchise brands are frequently seen as safer investments by moneylenders since they use a proven successful system. This, combined with any initial business success you can show to lenders, builds your odds of finding financing for ideas that would encourage the growth of your beauty business.
As you can see, electing to invest in a beauty franchise offers many advantages. If you choose to start researching beauty franchises to see if there is one that is an ideal fit for you, you may initially feel overwhelmed by the large variety of options. To help narrow your selection, ask yourself these eight questions.