Making the Cut: Why Invest in the Hair Care Industry
Opening a salon franchise could be a smart business move
Starting a business can be scary. Whether it’s your first or your fifteenth, investing in a new opportunity is always a risk. That’s why finding the right industry and business model that works for you is crucial. The hair care industry is a place where both savvy entrepreneurs and those passionate about personal care can jump in the deep end of business ownership. From traditional salons to spa operations to natural hair care lines, the hair care industry is booming. According to a recent research study by Grand View Research, Inc., the global hair care industry is expected to reach a worth of $211 billion by 2025. It only makes sense that those interested in pursuing a successful business venture would have their interests piqued by those numbers. While many aspects of the hair care industry require a deep well of specific knowledge in order to open a business, the salon industry is unique. With the availability of salon franchises, even those who know nothing about hair care have the opportunity to dive into a lucrative business.
Among the variety of products and services within the hair care industry, the actual services part is seeing the majority of growth in the United States. Hair care services from cuts to colors, extensions and more are continuing to grow, making the salon industry one of the most solid places to gain entry into the industry as a whole. One factor that’s contributing to the boom in the salon industry is the current aging baby boomer population. Baby boomers are filling salons, requesting both hair extensions and hair coloring to reverse the effects of aging. In addition, male consumers are contributing to accelerated growth as their grooming patterns change with more of a focus on receiving professional hair care services instead of sticking to barber shops or having their hair cut at home.
As noted above, the hair care industry is booming. While every industry can experience ebbs and flows, industries that cater to people’s consistent needs tend to be more insulated from taking a hit during an economic downturn. The salon industry is one of those that tends to fare better during recessions. Everyone still needs to get their hair cut even if the economy isn’t booming. While many people will scale back on luxuries like massages or nail care, salons that offer affordable hair cutting services, like Supercuts, tend to do very well during times when people are spending less. It’s true that customers may cut back on the services they get at a salon, like hair coloring or extensions, but they rarely quit coming all together during a recession. In fact, according to an article from QuickBooks, salons tend to see a boost in appointments when the job market takes a hit. Higher unemployment rates tend to bring in people who are investing in their appearance while they go on job interviews. While no industry or business is risk-free, opening a salon franchise should offer assurance that no matter what the economy does, people will still need your services.
With the success of the hair care industry, and specifically the salon industry, smart business people are more frequently opting to open a hair care franchise like Supercuts instead of going it alone. Opening a salon without the backing of a well-known name isn’t impossible, but it can be challenging and carries a bit more risk that deciding to partner with a household name. Supercuts provides a golden opportunity for hair care professionals or eager entrepreneurs to get into business for themselves with access to a wide network of support. When you open a salon franchise through Supercuts, you not only get that brand-name recognition, you’ll have access to a proven system for success. Instead of figuring out training, marketing, strategy, and everything that goes along with opening your own business, you’ll have the support and knowledge of the professionals that have done it before you. It’s truly a golden opportunity for anyone with the desire to get into the hair care and salon industry.