The use of social media has brought a whole new exposure to the world of Health, Beauty and Fitness. Advertising is readily accessible through popular accounts, including social media experts in beauty and fitness gurus who have gained a large platform. This new field of presentation allows businesses to grow a brand to new audiences with the potential to share posts repetitively. An advertisement that goes viral is essentially free marketing.
It’s estimated that over 244 million Americans use social media in 2018, meaning nearly 70 percent of people in the country have at least one account. It is said that an adult spends over 3 hours per day on their mobile device – a marketer’s dream come true.
Social media has allowed the everyday person to see potential in health, beauty and fitness in a whole new light, and reach opportunities that may have not been accessible before. Franchisors can take advantage of these numbers and enjoy the profits of the many opportunities in the Health, Beauty and Fitness industry.
Cosmetics has made a resurgence in the last few years. Not that the makeup industry has made an exit but it’s expanded audiences through social media and YouTube tutorials.
Makeup has become more acceptable to a wider audience and has a wider variety of products.
Franchisees can cash in on this opportunity in a variety of ways- including exclusive makeup retail stores. These are usually located in a mall within its own location or possibly through a kiosk. It’s a market that is well on the rise. In 2017 Zion Market reported that the cosmetic market was valued near 532 billion dollars and expected to reach approximately 863 billion by 2024.
What may seem like a small business opportunity is in actual fact one of the leading retail products out there. There are franchise opportunities mainly focused on just soap. From environmentally safe to classic hand soaps, it’s a product Americans are paying for more so than other beauty products.
Specific retail markets are competing with well known name brands sold in large box stores. However some stores have a variety of soap products and entice people to buy more once they step foot into the business.
The liquid hand soap industry alone generated sales of over 360 million units in 2018, according to Statica. Although it’s such a specific niche, the numbers are there to prove soap’s great potential. One should ask if this specific industry will continue to remain on trend as a one-stop shop before investing.
Hair salons are a different type of beauty industry, with a whole other world of competition. There are over 86 thousand salon locations in the US, with a lot of them mainly being a personal business.
Consumers have a tendency to shop for stylists, rather than location- so a franchise would have to stay focused on talent and hiring to step up their game. Hair salons’ profit is 15 percent product based, and a franchise would stock a lot of the expensive and wanted products on the shelves. Most small salons carry less retail, which makes it less competitive.
A resurgence in small local barber shops could also be a slight competition, but the franchising world has honed in on that particular industry and offered similar locations to adhere to those consumers’ needs.
Franchises also have a brand name and reputation to fall back on – consumers can find consistency and reliability by stepping foot in any two of the same salons. There isn’t a necessity for a franchisee to have a background in hairstyling , though it could be helpful, as it’s a client based business. However, a franchisee trained as a stylist may feel pressured to be on the ground and running operations and become burnt out. It’s dependent on the work life balance and type of career focus a franchisee is seeking.
On the other spectrum of the beauty industry falls health, which also extends to many products and services within the franchising field.
Those interested in this type of investment, have a lot of research and consideration to take into account before pursuing their ideal franchise.
Outside of the healthcare system directly, franchisors have recognized a lot of opportunities within the health industry beyond medical treatment, including health food stores, vitamins, diet plans and services, nutritional clinics and products, to name a few. Health even reaches medical care equipment, first aid products and pharmaceutical sales- it’s an area full of possibilities.
Health food stores
A new trend amongst grocery stores is stocking organic, local food that is healthy. These franchises have aisles full of natural products, fresh produce and vitamins and supplements. It’s a different approach to the grocery store, but it has been well received by the general public.
Usually with an environmentally friendly approach, these grocery stores have products with higher price tags and healthier choices. There is also a tendency to carry cleaning products, toiletries and other items that are expensive but eco-friendly.
The buy in for these types of franchises can be pretty high because it’s usually a really large lot and location, but there are large revenues.
Another consideration is whether or not this type of buying trend will continue or if people will opt for less expensive bulk locations. That being said, a franchise would likely adjust to such demands. These types of grocers have good support, reputation and marketing strategies from franchisors.
The most common go to for fitness franchises is the gym. In 2017, there were over 60 million gym memberships in America. Even if people do not work out or not keen to working out, they know that it is in the best interest and its appealing to most consumers as an ideal practice.
The financial beauty behind the gym industry is the ghosted membership. There are quite a few people who pay for the fees, but never use the facilities. Without having to provide a service, franchisees are just bringing in free money.
The gym industry is expected to continue growth and it is also benefiting from the social media movement. People have become fitness gurus and health experts online, with videos of their exercises and meals plans. The access to this type of information has increased the interests of others to get fit and join a gym. The fitness industry is worth over $87 billion and expected to continuously increase.
Although there are some pretty hefty start up costs. The locations of a gym are large and expensive to get off the ground. It’s best to find out what the costs are covering and where support can be expected long term.
The beauty, health and fitness industry has so much choice and opportunity. It’s constantly shifting and growing in all areas with a relentless interest from all Americans. Most options are extremely profitable and can lead to great success if you chose the one that’s right for you.
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.