Looking to open a franchise that’s complementary to a massage franchise? Here’s how to take advantage of the natural foot traffic and audience with another franchise venture.
REASONS TO DIVERSIFY
If you have experienced success with a massage franchise, why stop there? By diversifying your franchise portfolio, you open up a world of opportunities to achieve all of your financial and personal goals.
Diversification is key to a successful business portfolio. By spreading your investments across a range of assets in complementary sectors, you can protect yourself from major loss if one business faces unforeseen challenges. Franchising with a well-established, recession-resistant salon suite franchise is a smart way to diversify in a sector where you may already have connections and customer loyalty.
Consider this: If you have all your investments tied up in one brand and that brand loses a chunk of value, YOU lose the same amount. But if one investment is only a partial player in your overall portfolio, you will experience far less of a hit and be able to recoup your losses through your other ventures.
While healthy competition always comes with the territory in business, some franchises naturally complement each other and provide an opportunity for owners to succeed through cross-promotion. For example, within the massage franchising sector, it would make sense for a business owner to diversify with other self-care outfits such as waxing, hair salons, nail studios, and more.
This type of focused diversification fosters crossover sales and building relationships with customers through multiple businesses. With cross-promotion, you can utilize the success of one business to build another.
There is also the opportunity to branch out across different industries within the same genre of services, optimizing both real estate benefits and the retention and expansion of customer loyalty.
Even if you are confident in your current investments, business ownership can be unpredictable. Diversification can help you remain competitive in more than one market, increasing the opportunities for greater return.
FIND THE RIGHT COMPLEMENTARY BUSINESS
In order to acquire the right kind of business to bolster your massage franchise, you should keep a few things in mind.
Ask your loyal customers. Beyond the products and services that you currently provide, what other types of businesses would most customers be interested in frequenting? Research other companies with similar customer bases to increase the likelihood of growing your business.
Stay consistent. By sticking to adjacent market spaces that are intuitive additions to your massage franchise, you’ll gain the benefits of a new acquisition without having to learn the ins and outs of an entirely new industry.
Look for brand strength. You are already operating a successful massage business, so you want to identify complementary businesses that may offer different services but appeal to your current customer base and prospective new clientele. Seek a brand that shares similar goals and values.
Adding complementary businesses to your massage franchise can be a great way to expand your company, increase revenue, and diversify your offerings to satisfy loyal customers while attracting new ones.
BUILD YOUR BUSINESS EMPIRE WITH MY SALON SUITE
For ambitious entrepreneurs who seek to grow their business imprint in the stable and growing beauty and self-care industry, MY SALON Suite provides a winning opportunity. Franchise owners enjoy the freedom, support, and potential of a brand recently named a Top Franchise by Franchise Business Review, noted for high earning potential and a flexible semi-absentee ownership model.
MY SALON Suite’s collaborative business model is perfect for business owners who understand the advantages of partnering with other like-minded professionals to grow their potential. To learn more about franchising opportunities with MY SALON Suite, request franchise information.