Even during tough economic climates, the beauty industry continues to thrive as the global market for this sector is estimated to be worth a cool $511 billion.
If you’re thinking of tapping into the beauty industry, setting up on your own or operating a franchise are options you’ll need to consider. Here’s why franchising is a good bet if you fancy running a beauty business.
When you operate a beauty franchise, you’ll be using a recognized brand name, which means you don’t need to go to great lengths to get yourself established. It can take a huge amount of effort to get a start-up off the ground and make a name for yourself in the beauty industry, so having all of that work already done for you with an established brand means you can plough your energies into other aspects of the business.
One of the top benefits of franchising in the beauty sector is that you’ve already won the trust of your clients from the get-go. The beauty industry is heavily built around trust, and so with an established, reputable name, you will find it easier to gain new customers and retain loyal ones than if you were starting up from scratch.
A successful system
When you invest in franchises for sale, you are taking on board a tried-and-trusted system that has proven successful. You don’t need to worry about making mistakes that are often inherent in starting a new business from scratch, as all of the hard work of getting a business off the ground has been done for you.
With the franchisor’s established business plan to work from, you can have confidence your beauty trade will be on track for success. This also means you can put your efforts into making the business grow.
It can be scary setting up a new business by yourself, and without an established network of support to help you, it’s easy to see how you could become overwhelmed. Indeed, many new businesses fail within the first few years of operation.
The good thing about franchise opportunities in the beauty sector is that you’ll have a support system behind you every step of the way, with the franchisor providing guidance and advice to help with any issues you might have.
When you shake hands on a franchise agreement to open up in the beauty sector, it’s important that you offer the same level of services and expertise to customers as provided throughout the chain. This means that you may be offered training opportunities to equip you with the vital skills needed to meet the high expectations of the brand.
If you were working for yourself outside of the franchise, you might not have the time or resources to fit training into your schedules.
Your own boss
Operating a beauty franchise lets you enjoy the best of both worlds: you have the support from the franchisor when you need it, but also the opportunity to be your own boss. The benefit of being your own boss means you have increased flexibility in how you run your business, including the hours that you work.
Minimum financial investment
Many people are attracted to running a franchise business as there is often lower levels of financial investment required, and the beauty industry is no exception. This is handy for those who want to run their own business but have limited funds.
Indeed, if you need to secure a loan to operate a franchise, you’re more likely to get the go-ahead from a funder as a franchise represents a much less risky proposition compared to a brand new start-up.
Opportunities to go mobile
Home-based franchises for sale offer lots of appeal to those who want to work from their own premises, and this is a real possibility for those working in the beauty sector. The benefit of setting up at home or operating mobile beauty services is that the investment required is even lower, as there is no physical shop to factor into the equation. Working this way also offers lots of flexibility for both the franchise owner and their clients.
While investment is lower to run a franchise business than an independent one, this doesn’t mean to say your earning potential is reduced. In fact, because you’re running an established, trusted brand with loyal clients, you should have a steady stream of paying customers. You can also decide how to manage your earnings, including how much to invest back into the business and how much to pay yourself.