Tips to Decide If Personal Care Franchise Opportunities Are Right for You
Each time you visit the shopping mall or downtown, you’ve noticed just how busy the hairdressers are. And the nail bars. And every beauty salon is full. When you’re relaxing watching TV at home, the ad breaks are littered with personal care commercials. And those shopping channels? It’s all beauty products and cosmetics. Even when the economy is bad, it appears that personal care businesses offer stability.
If you have the idea that personal care is big in the United States, you’d be spot on. It’s a huge and growing market. Could investing in a personal care franchise be the perfect business opportunity for you?
What are personal care franchises?
Personal care franchises operate under the franchise business model. You will own and operate a location (or online business) that trades under the name of the franchisor’s business.
A franchise opportunity offers both advantages and disadvantages.
Examples of the pros include that you will benefit from trading as a recognized brand, and you will also receive training and support. Customers should be easier to find, too, as you will benefit from the franchisor’s reputation. Plus, you will have branded marketing materials. Often, franchise owners will report that they reach profitability and positive cash flow faster than entrepreneurs who start a business from scratch.
On the other hand, you will have franchise fees to pay, and cannot stray from the franchisor’s business processes ─ leaving you little room for creativity.
Not just nail bars!
The personal care industry covers a vast range of businesses. These include companies selling services and products in the care industry, home health, and beauty industry. A few examples of sub-sectors include:
Beauty services/beauty products
Skincare franchises (including skincare products)
Beauty spas and massages
Home care/senior care
Fitness, yoga, and weight loss centers
There are some big names in the franchising space in the care industry, like BrightStar Care (home health) and Merle Norman Cosmetics.
What should you consider before buying a personal care franchise?
Can you build a profitable business as a franchisee in the personal care industry?
There are dozens of franchise opportunities to choose from, across every sub-sector. You may have existing skills or experience that could transfer well into a new business, or the management skills that would make you an ideal franchisee.
How do you know whether to invest in a personal care franchise? Here are a few questions that you should discuss with a franchisee consultant before you buy a franchise:
What is the outlook for the personal care industry?
Personal care is set to grow rapidly over the coming years.
In home care and personal care, we are looking at an aging population that is increasingly concerned about its health.
In beauty and personal care, the market is expected to grow from around $81 billion in 2019 to around $129 billion in 2030. Both services and products sub-sectors look likely to outperform the general market.
What is your level of knowledge, and how much support do you need?
Do you have relevant industry knowledge that would support you in a new business in personal care? Many franchisors look for existing knowledge or experience in their sector, though this isn’t always the case.
You should also consider your other transferable skills and knowledge. Are you good with people? Do you have existing business skills? Are you an expert in sales and marketing?
Understanding your strengths and weaknesses will help you define what type of training you need, and what extra support you may benefit from ─ even externally from the franchisor.
Does the franchise model support your goals?
Finally, what is it that you want to achieve from owning and operating a personal care franchise? You should talk to someone who has the experience to help you formulate your personal goals, which may include any of the following as examples:
You want to run a business as an investor
You’re not ready to retire
You want to build something for your future
You want a better work/life balance
You’ll find that aligning the business you own with your personal goals is crucial. The closer the match, the happier and more successful you are likely to be.
Get started on your journey to franchise ownership today by taking our franchise aptitude test and learning your strengths and how they shape the best type of franchise business for you to invest in.