If you are an entrepreneur interested in opening a hair salon, it can be difficult to decide whether to start your own business or join an established franchise system. There are many reasons to open a franchise, and a salon suite business offers many benefits to owners. In general, there are advantages and disadvantages of franchising, and thorough research will help you decide if the benefits of franchising make it a worthwhile endeavor.
Advantages of Franchising By joining a franchise system like MY SALON Suite, you can rest assured, knowing you are following a proven business model. You provided training from a team of experts and the support of successful business executives. You also have the potential to earn a high income with limited on-site management. Successful Business Plan
MY SALON Suite has made a name for itself in major markets throughout North America. It is the only salon suite concept that offers fully-equipped, upscale suites featuring a full-length style station, styling chair, shampoo sink, and color station. This plan is attractive to stylists who want the freedom to run their own businesses. MY SALON Suite franchise partners benefit from a popular brand name and a business model that has proven to be successful.
Training and Support
You are never alone when you own a MY SALON Suite franchise. MY SALON Suite provides all the tools you need for your franchise to thrive, and that includes training.
As a new owner, MY SALON Suite’s franchise experts will provide you with the skills and confidence you need to protect your investment. You will learn how to lease the suites to ensure maximum adherence to the model. You will also learn how to speak with salon professionals and create a meaningful community at your salon.
Earning Potential with Limited Responsibility
The primary source of income for our MY SALON Suite franchise partners is the rent collected from stylists. This allows franchise owners the freedom to be a business owner with a semi-absentee lifestyle — while still enjoying a six-figure income. Opening a MY SALON Suite franchise makes the freedom desired by business owners easier to attain compared to opening your own business.
Disadvantages of Franchising
The disadvantages of franchising are not cut and dried. Every business has upfront and ongoing costs, but with a franchise, many of those fees go directly to the franchisor. In the end, these fees still benefit the franchise owner.
Opening any business costs money, but there is always a franchise fee associated with opening a franchise business. Think of this as a membership fee — you are joining an established franchise and paying for all the benefits.
The MY SALON Suite initial franchise fee is $50,000. In addition to other upfront costs like building improvements, operating supplies, and fixtures, your initial investment will range between $664,738 – $1,479,827. Suite Management Franchising offers several financing options to help you pay your start-up costs and get your MY SALON Suite location up and running.
There are ongoing costs, like royalty and marketing fees, associated with owning any franchise. The royalty fee required by Suite Management Franchising is 5.5 percent of location gross revenues. The marketing fee is currently $200 per month.
As a MY SALON Suites franchise partner, you will benefit from the services funded by these fees. The marketing fee helps bolster the brand as a well-known entity in the beauty industry… and in your community. The royalty fee helps maintain the franchise brand and covers updates, training, and support.
Research Advantages and Disadvantages of Franchising
The advantages of franchising make it an ideal business opportunity for entrepreneurs looking for success. It is best to research all options before determining if franchising is right for you.
Click here to learn more about franchise opportunities with MY SALON Suite.