Health and beauty is an industry that’s teeming with opportunity – and franchising isn’t missing out on the action. Canada is holding their own on the world stage with franchise options galore. Some of the frontrunners in the world of health and beauty franchising were recently featured in the May issue of Franchise Canada magazine. They gave three particular brand concepts the spotlight because of their impressive performances in growth and popularity.
Did you know that the beauty and personal care industry is valued at approximately $8.32 billion as of 2022? And this is a market that’s expected to grow 3.73% each year between 2022-2026. That’s an impressive increase and numbers such as these portend a bright future for an industry that looks to be a leading franchise category for some time to come.
With the pandemic still causing reservations among folks, online sales for beauty products have skyrocketed. It’s no surprise that consumers are more apt to make their purchases online than in person, given the continuous fluctuation in numbers of Covid cases. Online sales are now accounting for 30.4% of revenue across the industry. The cosmetics market worldwide is expected to reach a staggering $582.4 billion by 2027. This kind of growth can yield a great deal of interest in the potential value for small business owners.
The cover article for this month’s Franchise Canada magazine, “The Beauty of Business Ownership” puts the spotlight on three particularly successful health and beauty franchise concepts. Here’s why…
Fuzz Wax Bar
Fuzz Wax Bar is a spa that offers gender-neutral services and strives to keep their business model green and clean. Being true entrepreneurs, the founders began Fuzz in a vintage clothing shop in Toronto and built that dream into a lucrative opportunity for others to share in, all by franchising their idea. As of today, there are five Fuzz franchises, and many plans to expand into the U.S. Although the different franchise locations all have their own particular look and aesthetic, they all align with the core principles and values held true by the founders of Fuzz.
The 10 Spot
CEO and creator Kristen Gale is the creator of the wildly successful “anti-spa” concept, The 10 Spot. This unique business model proved unstoppable during the pandemic, when they opened 13 new locations and more than doubled their internal HQ team. Although servicing the public during the pandemic was a plight not survived by all, Kristen and her team were able to rise to the occasion. Kristen and the team behind The 10 Spot hired new specialists and restructured their internal operations to meet the demand of never-before-seen regulations and red tape. The 10 Spot focuses not only on their clientele, but their staff as well. The focus on the staff morale has paid off in spades, making The 10 Spot an anomaly amid today’s unprecedented focus on sanitation and safety standards.
Sola Salons features an innovative business model offering private studios to beauty and wellness professionals – along with educational support and cutting-edge technology. It’s a model that continues to yield success. Sola is in the real estate sector and renting turnkey suites in demand-filled areas has earned Sola unparalleled renter retention. Sola keeps their focus on their professionals’ best interests, allowing the renter to retain control of their own scheduling, pricing, and retail. 2021 alone boasted 2,000 additions to the Sola family over 53 new locations. It’s no wonder Sola is the largest and fastest growing salon-studio concept.
In Canada alone, the industry of beauty and health reached $9.7 billion as of 2021. Franchising these profits makes sense not only from the standpoint of profit margins but also from the support platform. Being backed by a corporation which employs steps to success and supports their franchisees from conception to fruition is a comprehensive asset in which a dollar value can’t simply be assigned.
We’re halfway through the 2022 year, and if you’re ready to begin your entrepreneurial journey, FranNet of Canada can help you get started. With consultants serving every Canadian province, you can set up a no-cost, no-obligation appointment with one of our qualified representatives. To find your local province consultant, simply follow this link and select “Canada” on the FranNet Franchise Consultant Directory page of our website. Getting started is easy – reach out and talk with one of our franchise experts today!