According to industry sources, the beauty industry is growing at a rate of 20% per annum
Tired of working hard for someone and not getting appreciated? Or are you looking forward to resuming your career again after a gap? Starting a franchise business can be the best option for you.
Every person dreams of being their own boss, and starting a business gives you the freedom to work for yourself and achieve your goals. However, determining which type of business to invest in is the major dilemma entrepreneurs face before venturing into the business world.
In a world where the attention span of people tops out at 280 characters, there are few business options available that have more longevity, and one of them is the beauty business. According to industry sources, the beauty industry is growing at a rate of 20% per annum. Thus, it is deemed profitable to invest in the beauty industry.
The franchise business is rapidly gaining its pace in the business world, especially in the beauty industry. With the rising demand for beauty services, there has been a significant increase in the popularity of beauty franchisees. Below are some following reasons why investing in a beauty franchise is better than starting your own beauty business.
You can grow your Business Faster
When starting a business from scratch, you would have to spend ages laying the groundwork, like research, business plan, establishment etc. You might have to do it all alone, without any professional assistance. You would require putting all your focus on getting customers and creating brand awareness.
While, in franchising, you can focus on growing your business faster,your franchise partner will help you in many areas such as documentation, lease, location, staffing, marketing etc. Moreover, associating with an already successful brand comes with an incentive of a customer base. You will have to spend less time in creating brand awareness.
Prior Business Experience isn’t needed
When starting your own business, you probably will have to deal with many things you are likely not familiar with, such as documentation, legal matters, graphic design, etc. Opting for a franchise business model helps a new entrepreneur to learn the nuances of business quickly enough. In addition, the franchisor helps in various aspects, which make it easier for a first-time franchise. An added bonus is that you’ll be able to tap into the expertise of your franchisor.
Higher Profit Potential
Taking up a franchise means, you are replicating an already successful model. This saves you from the pain of trial and error. Also, in the beauty industry, goodwill matters while it might take a startup years to earn a handsome revenue and establish their brand name. This is because people like brands they know and trust. An established brand provides them with a level of comfort unknown brands can’t deliver. Beauty franchises already come with an established brand name, thus it has higher profit potential.
Taking up a beauty franchise will offer you time flexibility. Your work hour flexibility depends on the franchise model you invest in. However, franchise businesses provide you with the freedom of managing your schedule and maintain a personal and professional balance.
Low Investment, HighRevenue
A beauty franchise requires less investment than starting your own business. This is because, in your own beauty business, you will have to spend on everything on your own, like marketing, lease negotiation etc.
However, in a beauty franchise, you can get your business running with a starting investment of 10 lakhs and some may cost even less. An added bonus is that you will get a reputed brand name, which will make it easier for you to get customers. Also, most of the franchisors take care of certain things like marketing and promotion,thus saving you from those expenses.
For Instance, a franchise of gallantry salon will require an investment starting from INR 10 to 34 lakhs, depending upon the area requirement which ranges from 100-800 sq. ft. The average ROI is 117%.
Marie Claire’s nail salon, Just Nails requires a total investment of INR 11 lakhs with an area requirement of 200 sq. ft. The anticipated ROI is 40-100% per annum.