True enough, the prolific and fast-growing beauty industry is performing better than any of its cohorts in the market, and with so many auspicious venues to explore, franchisees often find themselves lost in the sea of options.
Finding the area you wish to focus on – your special place, however, makes the experience doubly rewarding. For one, you get to do something you’re truly passionate about and second, you get to make your clients happy by helping them look and feel their best.
To help you find the franchise option that will work best for you, ask yourself the following questions:
- What am I most passionate about, e., styling and cutting hair or grooming nails?
- Who would be my customers? Women, children, men, or all of them?
- What services do I usually get in a salon or spa?
- What services will I offer in my own salon or spa?
By asking yourself these questions, you can whittle down your options until you come to a decision.
More Points to Ponder: Hair vs. Nails
As nearly everyone gets a haircut, hair salon franchise tends to be lucrative. A study commissioned by acclaimed hairdresser Andrew Collinge found that between haircuts and colors, an average woman will have about 104 hairstyle changes during her lifetime. Research conducted by MODERN SALON Media, meanwhile, reveals that 44% of men prefer to have their hair cut by professionals at a salon. Many men and women are obsessed with their hair, and it’s a good idea to bank on this. You just need to decide if you want to offer only haircuts, or if you’re including in your services color and other hair treatments.
Hair salons require relatively less infrastructure, but you will need to invest in mirror, sinks, and chairs. You also need to consider shampoos, hair serums and waxes, and other consumable materials. You can even sell products for a high margin like other salons do. In many salons, the products they sell make up as much as 15% of the store’s total revenue.
A nail franchise is another promising business venture. According to the Census Bureau, revenues of nail salons in the United States rose from 6.43 billion in 1998 to 8.53 billion in 2016. It also requires minimal infrastructure and comparably less capital.
You can derive profit from selling nail care products in your salon as well. According to market research company Mintel, nail treatments provided a bright spot in the year 2012-2014 with a 12% increase in sales. The agency sees an upward movement with the return of the bare/neutral nail trend, which will help drive the use of various treatment products such as base and top coats, nail oils, and more.
Choose to focus on either or do both. If you wish to offer both and add other related services, find beauty salon franchises that offer solid support to their partners such as Marilyn Monroe Spas. We offer a full-service salon franchise model that gives you multiple income streams, without the usual stress and work associated with building several different independent stores.