One of the biggest things to consider when scoping out potential franchises is when the best time to buy is. Many franchises go through ups and downs due to external factors such as the economy and demand for the product, no matter how well the business is run. Conversely, hair care franchises are some of the most consistent around and have shown themselves to be resistant to dwindling economies, making them a safe investment any time of the year. In this blog we will outline 7 reasons that hair care franchises are great investments that can thrive in any kind of economy.
Hair care is a necessity
No matter how bad the economy is, people need to get their hair cut. They are essential parts of everyday life and are affordable even in times of poverty. This is not a business where you will be struggling to find customers – customers will be looking for you.
It makes people feel good
Getting a new haircut is a great way for people to change up their appearance and give themselves a fresh new look. Although businesses that focus on these kinds of services typically risk danger when consumer spending habits dwindle, haircuts are both a necessity and an indulgence, making them in demand even in times of low consumer spending.
No hair care experience is required
Needing industry experience is a big myth in franchising – what’s more important is TRANSFERABLE skills; hair care franchises are a great example because they can be run without any industry experience. For those with business experience where you’ve managed people effectively, hair care franchises are a great choice as you hire full-time managers are in charge of day-to-day store operations, while you oversee general business operations.
It’s a high-repeat business
Hair care is a high-repeat business, with many customers returning after their first visit for a long time to come. This reduces the need for expending your resources trying to find customers, and you can also bank on referrals to help bolster your clientele.
You don’t have to quit your day job
Unlike the majority of other franchise models, hair care franchises can be effectively run while still retaining your day job. However, if in the future you decide that you want to transition into running your franchise full-time you still can. This flexibility and freedom makes hair care franchises an ideal choice for all kinds of potential franchisees; they are also great for anyone who wants to passively run a business while focusing their efforts on opening up more locations.
You can build strong equity through multi-unit ownership
The vast majority of hair car franchisees take advantage of creating greater wealth through multi-unit ownership. This is because the business can be run “part-time” (by hiring a full-time manager), and also because franchisees who are aligned with good franchisors in this industry have a solid track record for delivering consistent earnings results. It’s a great combination of lower risk combined with reasonable per-unit profitability!
Hair care products are always needs
Due to the consistent demand for hair care even in times of economic instability, hair care products will always be needed. Salons and barbers will always need a steady supply of inventory and hair product suppliers will always benefit from this demand. Whether you want to invest in a salon franchise or a grooming product franchise, the supply and demand will be there.
The flexibility and consistency of hair care franchises are not easily found in other kinds of franchising opportunities. If you are looking for a passive engagement business, hair care is one of those rare industries that performs well irregardless of economic conditions. If you are serious about investing in a franchise, the business opportunities available in this lucrative industry are definitely worth considering!
Gary Prenevost is one of Canada’s leading franchise experts and has been an entrepreneur for more than a quarter century. He has been involved in a variety of successful non-franchised and franchised self-employed businesses. By exploring the ideal solutions that fit an individual’s desires and strengths, Gary helps senior and mid-level executives take a step back and objectively look at whether franchise ownership would be a viable and positive career choice. By playing to the individual’s transferable skills and passions, the franchise owner can enjoy less stress, greater success, more fun, and improved quality of life.