Looking to get into franchising? We don’t blame you! Walking in the footsteps of other successful business owners gives you a great chance to succeed. There is nothing more beneficial than having a network of owners behind you. At Business in a Box, we help with making sure you choose wisely. Health and Beauty franchises offer some outstanding advantages and impressive monetary numbers countrywide.
From cosmetics to hair, there are hundreds of options in this business space. They all come along with their advantages and disadvantages. This guide will help you understand the health and beauty industries. The opportunities they afford for new and veteran business owners are remarkable.
Kimberly Hoang & John Balkhi explain why health and beauty franchises can be powerful investments.
The exact definition of regret is “to feel sad, repentant, or disappointed over something that has happened or been done, especially a loss or missed opportunity.”
What makes franchising a unique business choice?
Picking the right franchise business type
Where does one start? The ecosystem of franchising is immense.
Thousands of concepts are available across the world and I bet the first thing that popped into your head was food. Don’t get me wrong, it’s a great industry that I also enjoy as a consumer, but coming up with ways to revolutionize an overdone pizza model, chippy Mexican grill or burger bar with gluten-free buns isn’t really up my alley.
Food trends fade quickly and you’re left questioning what’s hot, what’s not, and what will last to help me pay for my child’s college fund?
Health and beauty franchises
At first, glance looking at beauty franchises, you can see some standout numbers. The United States beauty industry –including skin care, makeup, hair-care products, and perfumes – is estimated by analysts at Goldman Sachs to be worth upwards of $95 billion dollars alone!. Would be pretty nice to tap into that, no?
The beauty industry boasts 7% per year growth rate.
The health and wellness market space is dominated mostly by the beauty and anti-aging product with sales at $679 billion per year. This is followed by fitness and body exercise at $390 billion. Healthy eating, nutrition and weight loss with sales at $277 billion.
What does all of this mean?
It means that the possibilities and the money to be made with franchising in beauty are all there for you. Unlike food, beauty is sexy while food is clumpy and has inventory that goes sour, literally.
If you’re a female reading this, you’ll understand that every aspect of what goes into making you look good is essential, from long-lasting gel manicure to procedures that give you shiny, luscious hair and fresh clear skin. And of course, you know the need for staple makeup products like blush, lipstick, brow powder, eyeshadow, bronzer, and mascara.
And to all you gentlemen, we know that you couldn’t survive without a pristine haircut and a smooth, clean shave. With beauty, not only do you get the satisfaction of being in a lucrative industry, but you get to help others feel good about themselves, too.
Beauty vs Health Franchises
Add in physical beauty and you’re at the next step of opportunity. Take a look around and you’ll notice boutique fitness franchises popping up in your local retail centers. More and more individuals every day are turning away from big box gyms and are looking more towards personalized fitness classes that are fun, trendy and can help you develop specific skill sets while also giving you a full body workout.
These kinds of businesses are needed and utilized more than ever.
With the present epidemic of obesity, health and fitness have never been more important. With the baby-boomer and ‘early’ senior population grow, the demand for these franchises is increasing exponentially. Imagine owning a business that is active in your community but has low overhead costs and also allows you to participate in a healthy, enjoyable and lucrative manner. You can choose from concepts that focus on yoga, pilates, boxing, cycling, or a combination of all activities.
As Al Pacino once said, “Vanity is my favorite sin,” well I say, “vanity is my favorite investment!”
According to the Global Wellness Institute, health and beauty are growing at 10.6% yearly which leaves a bounty of open doors for franchising opportunities. Don’t be the last one in line if you feel this is something you could excel at.
ABOUT THE AUTHORS
John Balkhi is a Multi-Unit, Multi-Brand Franchisee and Area Developer for Amazing Lash Studio. Kimberly Hoang is also a Multi-Unit Franchisee and Director of Sales & Marketing for Business In A Box/ALS Los Angeles. Together, they help candidates find the perfect franchise that will fulfill their dreams. Contact them today for opportunities at kimberly@box5335.temp.domains, (949)590-1128! AmazingLashStudio.com
Thank you to Global Franchise Magazine for first publishing our insights on their blog! Make sure to check them out as well.
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