American Culture is enthralled in health and beauty standards.
Pictures of models, cosmetics and fashion surrounds us through social media, advertisements and billboards. The American economy has managed to take over every viable surface to reflect a marketing statement, that usually includes a health and beauty standard.
People are willing to invest in products that help maintain their physical appearance, insure a protection against aging and guarantee a healthy lifestyle. In fact, in 2014, the U.S. market for beauty and personal care reached around 76.3 billion U.S. dollars.
The market for health and beauty is a definite win. It’s a part of the everyday American lifestyle. Every morning starts with vitamins at breakfast, followed by a trip to the local gym, a shower using various products and then a regiment of hair and make up to follow. This is the typical day for most people, and this industry now extends beyond women to men. From deodorant, to shaving cream to moisturizer and cologne and well beyond into fitness and nutrition retail, the health and beauty market is diversified and profitable in all areas.
Vitamin and Nutrition Franchises
Consumers are hyper sensitive and overly aware of their health. People are self-diagnosing and treating themselves in hopes of obtaining a better lifestyle. Google Searches and easy access has allowed the public to research products and draw their own conclusions.
A lot of consumers are taking vitamins for a variety of reasons, to supplement their food, to ail mild conditions or simply boost their immune system. It is one of the leading industries in health and beauty and in 2014 vitamins made $6.47 billion worth of sales.
This type of franchise would mostly be available in a retail venue. Someone interested in pursuing this field, would also have to enjoy the sales side of the business. Alternative health and medicine is constantly evolving and discovering new trends, therefore a franchisee would have to be willing to invest their time and research to keep up with the demand. A lot of the products are the result of the public’s personal research, therefore owners have to be aware of the latest crazes and be invested in the field. Being health conscious and aware could help this type of franchise succeed.
There are a lot of criteria and policies to follow regarding specific products and a franchise option in this field would guarantee a strict policy to meet the necessary guidelines.
Cosmetic Industry
Cosmetic Industry covers a wide variety of products and services. Make up and beauty products used to be sold in pharmacies and wholesale stores, whereas now they have their own locations. The demand for products has become specific and varied. Malls now carry stores with just makeup product and just hair product. This would be considered a retail franchise, but it is currently a growing trend. People are willing to pay big bucks and they want their product straight from the source.
A lot of consumers are willing to invest in makeup but want the guidance and insurance of a professional. A store unit gives consumers confidence and helps boost sales by establishing the customer connection.
Though makeup has been around for centuries and its consumer base and profit continue to grow, specific retail locations is a somewhat new industry. A franchise in this field would guarantee great profit, but the future is unknown at this point. Beauty trends come and go, however, makeup has always been here to stay.
Hair Salons have mostly been known as a small business venue, owned by successful stylists and professionals. It’s an emerging trend within the franchise industry and it is becoming more and more established.
Hair Salon Franchises are now creating a consistent brand that consumers can trust and also offering lower prices to draw a larger consumer base. Most salons also create a huge success with spa services and product retail. This can go well beyond hair services to include nails, massages and many more aesthetic services to widen the consumer base.
Although it is not necessary for a franchisee to have experience in the field, it would be of great advantage. An owner would have the support and guidance of the franchisor, but hair salons are such a specific field, a background would add to the success of the business, plus it creates passion.
Hairstyling is hugely dependent on clientele and therefore profit is mostly created by employees. Running a franchise would help guarantee success with policies and marketing that a small business would not have. That being said, a franchise in this field would constantly be in direct competition with local business. There are a lot of hair salons going around and every town is saturated with them, creating a low demand and a high competition.
Gym and Fitness Recreational Centers
The gym has grown into a well- established industry with a lot of services. What used to be a small weight lifting room where a few body builders gathered has now become a multi facilitated industry with multiple services and availability to everyone.
There are centers and activities for children, tennis courts, swimming pools, towel services and retail products for sale. Some recreational facilities offer food services and rent out room for events. There is a lot of potential for a huge consumer base with a greater amount of facilities.
The market size and revenue for such facilities has been steadily increasing since 2011and is forecasted to continue on that upwards path.
Though people are paying for a service, a lot of the time they are not using that service to its potential. Therefore, this industry is simply bringing in money without exhausting equipment or services. One might hold a lifelong membership, but skip the gym for weeks on end.
This type of franchise does not require any experience but a passion for the industry would be helpful. A knowledge and practice of healthy lifestyle would benefit the company and create similar values with employees. Most of these facilities are run in a retail fashion; with employees have criteria and client based goals to help boost revenue.
The Health and beauty industry covers a huge proportion of the franchise industry, including products, services, shipping and handling and retail venues. It’s a well-known field that is continuously growing and it is guaranteed to have a huge amount of consumers from all areas. It usually requires no experience and little training, but a specific following of franchise expectations to ensure consistency.
This is a field that should be followed with a lot of passion and interest from the franchisee, but it allows them a lot of work and lifestyle balance.
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.