Beauty and wellness franchises tap ever-growing consumer demands
People everywhere view their health and appearance as worthwhile investments. The $3.7 trillion global wellness industry is expected to expand by more than 17 percent through 2020, and health and beauty franchises enable you to join this high growth field.
People always want to look and feel good, so these businesses typically are recession-resistant, which makes them a particularly appealing investment.
Hair salons alone generate more than $44 billion in revenue each year in the United States. Health and wellness spas bring in about $17 billion a year, and massage services are at $16 billion. Personal waxing and nail salons bring in some $11 billion, with tanning salons generating more than $2 billion in yearly revenue.
If those numbers sound pretty sweet, consider that the forecast is rosy for a continuing boom. The U.S. Department of Labor sees demand staying strong, projecting that the beauty and wellness industry will grow faster than the average for all occupations through at least 2020.
So if you’re looking for a franchise in an industry with a strong past performance and a bright outlook, you might consider the areas of beauty salon/hair care, cosmetics, tanning, or med spa. These businesses are fun to operate and have a high profit potential. Another attraction: usually no industry experience is required.
Following are three high-growth categories to consider:
- LASH SERVICES
The great thing about eyelash extensions is that follow-up treatments are a must, which means that repeat visits are assured. And lash love isn’t just for celebs anymore—rank-and-file office workers to soccer moms are buying into this beauty trend.
One company that anticipated the growing demand is the Lash Lounge. It was the first business of its kind in the franchising world and joined the booming express beauty service industry as a salon that specializes solely in eyelash extensions.
- MASSAGES
After a tough day at work, tense muscles can cry out for a massage. Statistics show that most Americans suffer from back pain, other muscle pain, and routine stress, which are the primary reasons that people sign up for their first massage. Among the franchise options filling those needs is Elements Massage™. It provides a variety of massage therapy options to clients who seek relaxation or relief for lower back soreness or just an overall wellness benefit.
- BARBERSHOPS
One fast-growing consumer base in the beauty and wellness industry is men, and the barbershop is the male equivalent of the beauty salon. Barbershops have begun offering a wide array of styling options and environments for the testosterone set.
One example is Diesel Barbershop®, an innovative franchise founded in 2011. Diesel’s target audience is 16- to 75-year-old men. Its customers want a place where they can relax and maybe drink a beer (21-and-older customers, of course!) while getting their haircut and a shave. Clients enjoy the masculine atmosphere where they can talk sports or other interests with the barber or other customers.
– Jerry Rieder, CFC
Jerry Rieder, CFC, has been a franchise consultant since 2012. He became part of the FranServe Training and Development Team in 2013 and has helped a large number of consultants become successful. His compassion and desire to see others achieve drives him to share his techniques and best practices with new and experienced consultants alike. He serves as a trainer, a mentor, and also as a facilitator for FranServe’s Power Teams. His prior 25+ years of management experience with Fortune 500 Companies provides the foundation for aiding others to achieve their goals. Contact Jerry at jerry@franserve.com