You might aspire to be your own boss or want complete flexibility in your job hours. Perhaps you are sick of making money for someone else with a meager salary or resuming work after having a child. Whatever the reason, your decision to start a business is brilliant. It’s even more intelligent if you desire to launch a business in the beauty sector.
The beauty industry is one of the few that can withstand economic crunches. That’s because it highlights self-care, looking good, feeling good, and wellness. Moreover, it has been popularized by celebrities, upper-class people, and beauty bloggers. People today are willing to spend their hard-earned money to fulfill their beauty aspirations.
No wonder, despite the economic difficulties, there is always a rising demand for beauty sector services. The 2017 IBIS World report on Hair and Nail Salon in the United States estimated that demand for beauty services would climb to $62 billion by the end of the year. As a result, starting a business in this industry is a practical step and is fulfilling.
Now that you’re sure about your life-changing career choice, it’s time to determine whether you should start with a clean slate or invest in a beauty franchise. You may be confused between the two, but the franchise opportunity is the superior option. Why so? Read till the end to find out. You will be able to make an informed decision by the conclusion of this post.
As per the Bureau of Labor Statistics, more than 20% of US enterprises fail within two years, and 38% fail within four years. The reasons include new business models with no guarantee of success, a lack of experience, inadequate infrastructure, insufficient market exposure, and other factors. Such roadblocks in franchise opportunities are rare.
One of the best options you can choose is that of a blow dry bar franchise, as they are becoming increasingly popular recently. The average cost of opening a blow dry bar franchise ranges from $200,000 to $300,000, an ideal investment for startups. You can explore blow dry bar franchise opportunities to start with and then decide whether it is for you or not.
Several top industry players have predetermined and effectively developed the blow dry bar franchise model. You can operate one to meet your target consumers’ beauty requirements. Let us look at the other positives of investing in such a franchise.
Starting a business from the roots up is daunting and time-consuming. You must establish the foundation and get it up and running. To do this, you must conduct extensive market research, meticulously design a business plan, and concentrate on financial planning. Moreover, you have to deal with matters in which you may not be a master. For example, you must first select an ideal location for your beauty business to grow.
When you open one in a mall or near a department store, you are more likely to get foot traffic than if you start one near a car garage or on highways. Similarly, other factors to consider while selecting the best beauty company location. As a result, it is preferable to delegate all of that duty to franchise firms. They will handle everything from demographic research to lease negotiations and beyond. You will have everything ready to go and only need to service the consumers effectively.
You are leveraging the franchise name and business concept; therefore, they will assist you in every way they can to protect their brand image. They will help you with anything: staff training, product demos, advertising initiatives, or IT management. They will design business suggestions and ideas and assist you in creating an ideal boutique setting that is both comfy and appealing to consumers. In a nutshell, you may benefit from their expert knowledge.
Because it is about helping someone look and feel good, trust is essential in the beauty industry. Customers will not trust you with services like makeup and hair care until you have a track record of success.
It will take a long to gain that trust if you start from scratch. On the contrary, investing in a franchise result in quick brand awareness. That’s because you will be able to utilize the logo, name, and merchandise of a well-established and well-trusted company.
You will have a devoted consumer base and keep strengthening it. As a result, in addition to receiving rapid recognition, you will also enjoy a high earning potential in return for a one-time investment that is typically cost-effective.
Franchises are believed to be low-risk investments. As a result, getting a loan approved is significantly easier. You can quickly obtain financing to grow your beauty business with established blow and dry bar franchise models and proven success records.
When you weigh the benefits, you will see that a franchise is by far the most lucrative way to establish your own beauty business. Speak with the franchise consultant of the franchise you want to invest in, as well as your legal adviser. Best wishes with your undertakings.