Are you looking to start a business in the beauty sector because of the high demand in their services? Maybe you should start a franchise rather than starting from scratch. According to the Bureau of Labour Statistics, about 20 percent of all businesses in the U.S. close after the first two years of operation and a little over 38 percent after four years. It is advisable to start a franchise rather than a new business and here are some reasons why.
You can focus on growing your business
The business will grow faster as the groundwork has already been laid out by the franchisor and you do not need to spend a long time on research and business plans as the franchisor will provide the materials for you.
You receive tremendous support
Franchisors understand that their success depends on your success and they will provide assistance with IT, marketing, training, and sales. Someone will always be available to answer your questions and you can also get advice from your fellow franchisees.
You have higher earning potential
When working under someone, the amount you earn is fixed but when you have your own franchise the amount you earn is based on your choices and on the chosen business model.
Customers trust the brand
People are more attracted towards brands they know rather than unknown brands. This makes it easier and less expensive if your beauty franchise has a good reputation.
You have a flexible schedule
The work timings depend on what business model you have chosen and since you are in charge you can manage your time efficiently to do something that interests you.
Financing the growth of the business is easy.
Lenders invest in franchise brands that are already successful as their business models have already been tested. This aspect allows you to focus on how to finance your beauty business so it will grow.
According to IBISWorld’s 2017 the demand for beauty services is expected to continue rising to $62 billion in 2022. So, invest in your own Beauty Franchise.
Source:
Franchising.com
2 Comments