It’s no surprise that one of the most profitable business plans would likely include a component of health or beauty. Whether it’s a product or service, it’s something many consumers are willing to dig deep into their pockets to obtain.
In fact, the average American woman will spend up to $300,000 on face products alone. That’s a lot of money for one body part. But vanity and health have become a top priority amongst Americans, and it reaches far beyond just women.
The health and beauty industry now extends to more men than ever before, making it a market that can reach every consumer. It even reaches out to children, especially in the health food market.
For those interested in pursuing a franchise in the healthy and beauty field, it’s safe to say that it will likely be profitable. With social media pressuring more and more venues to appear perfect, there are a lot of consumers willing to invest in their beauty, as well as their health.
It’s a touchy market however because it may be dependent on fads. Though being healthy would seem to be a general and continuous trend, there are businesses that may be booming one second and a dud the next. Between diet pills, diet fads including gluten–free and organic to name a few, as well as exercise routines and crazes, it would be best to stick to a consistent business platform, rather than a popular trend.
One of the more creative and fun franchises in this industry would be a beauty product retail store. Especially for those passionate about such products, it would be a great opportunity for investment.
Some of them have low start up fees and easy location setups within a mall, while others can be large box stores set on their own.
Some beauty product stores specialize in one area, such as hair products alone, while others cover all types of beauty products. Though some specific retail stores may seem to be profiting, a look into trends and profits may be helpful while comparing it to bigger chain stores.
One-product stores seems to have garnered some prestige and generated a lot of buying power, but it’s important to note that skin care products dominate the beauty industry accounting for 36% of the global market. It would be worth carrying skin care products within your franchise.
There is no experience necessary for a beauty product retail franchise, however customer service management or even a back ground in hair or make up services could be beneficial.
An ongoing and reliable trend is the fitness club. Once considered a prestigious business plan, it’s usually a part of the average American’s lifestyle.
The gym goes well beyond the typical layout of treadmills and weights; it includes training classes and athletic programs, as well as nutritional classes and childcare. The amount of services within the four walls of a gym extends way beyond what they ever used to be.
For those interested in the investment and start up of a gym franchise, a well-researched look at the different types would useful and a review of local competitors would help determine location. Some gyms only specialize in kickboxing, while others offer every type of fitness service possible. Conversing with current franchise owners would give a personal and beneficial out look on the process.
Someone who is passionate about fitness and health would likely find the work life balance easily in this format of franchise, though there is no experience necessary.
What began as a fad has become the norm. Almost every street corner is lined with some type of nutritional retail outlet, whether it specialized in supplements or vitamins or both, it’s become a part of everyone’s routine.
Nutritional stores have expanded beyond supplements to include foods, classes and services, as well health products. Depending on the franchise brand, every outlet has a different focus. The one a franchisee would choose would be dependent on what their interest and passions are or their intended location.
Some health food retail stores offer certain services with credited professionals. Although this added bonus is likely profitable, research into State policies and a franchise’s head office would be a helpful.
Of course some of the products are not exclusive to the stores at hand, but are available in pharmacies and big box grocery stores. A review of the competition and local numbers would be a consideration before pursuing any further.
Spas and Beauty Salons
The beauty salon and spa once dominated the small business market. Stroll down any industrialized street and you can count numerous Ma and Pa Hair salons throughout any center town.
That was once the case but now the industry has expanded beyond the small business market and become a franchising option. Big box shopping communities have a demand for beauty salons..
Another franchise to follow was the spa industry. The luxurious service can be mixed with esthetics and hair services, but can be only focused on spa treatments.
An investment in this type of franchise would depend on one’s level of interest as well as experience. As with most franchise, no background is necessary but an education in hair styling or esthetics would be extremely beneficial.
One of the downfalls of hair salons and spas is the small business competition. A lot of clients tend to stay with their stylist, so if your franchise focuses on recruiting great employees then competition won’t be as worrisome.
It would be helpful to get a good understanding of the community and how many salons are saturating the area. A chat with clients and business owners in the area would be a great place to start your research and then a communication with head office regarding employment and clientele reputation.
In 2016, the American cosmetic and beauty industry reached revenue of over 62 billion US dollars. It’s an unstoppable industry within this country and one that has always increased in profit throughout the years, even during economic stress. Though most franchise investments in this field would guarantee a profit, a well throughout research and networking with competitors would be extremely advised before investment. There are a lot of beauty fads and trends that might stop short and there are so many choices and option out there, it would be best to find the one that aligns with passion and personal success.
It’s one of the easiest startups, with a great easy training and great home office support. It’s unlikely that most franchises within this industry would not require most of the franchisee’s time and allow for a great work life balance.
Though some franchise options would be competing with local businesses, the beauty industry can be carried by a franchises branding, as well as the product branding it carries. A lot of beauty and cosmetic products have a strong reputation and great clientele so it’s a guaranteed sell.
They say that beauty is only skin deep, but the pocket books of Americans seem to disagree and US franchises are benefiting from their choices.
LOOK OUT FOR OUR NEXT SPECIAL FEATURE: MULTI-UNIT FRANCHISING
ABOUT THE AUTHOR: After receiving an English Degree, followed by a Journalism Diploma, Gina Gill became a freelance journalist in 2008. She has worked as a reporter and in communications, focusing on social media. She currently works as a community information officer with Epilepsy Society, while pursuing her writing career at the same time.