The beauty industry is an ever-changing industry that is always growing. According to Forbes, the global beauty industry is a $532 billion business. Most projections indicate it will reach or exceed $800 billion by 2025.
Within this growing industry is a successful trend forging a new path: salon suites. Salon suites are one of the most up-and-coming beauty trends for 2021, as more stylists choose the freedom and profit that running their own business provides. MY SALON Suite is at the forefront of the growing salon suite franchise industry.
Salon Suite Success
Salon suites are popular among budding entrepreneurs of all types. Franchise owners rent out salon space to individual stylists and estheticians who want to run their own businesses. MY SALON Suite offers a semi-absentee franchise model, allowing franchise owners a great deal of flexibility. Stylists, in the meantime, can operate their own businesses with the support of a team and a ready-made space. This flexibility for business owners and stylists is why salon suites are growing in popularity within the beauty industry.
MY SALON Suite franchise partners have the potential to find financial success while running a semi-absentee business. The net profit of each location depends on the percentage of occupancy, location, and general operating expenses. In 2019, the average gross revenue for franchise locations that met the “Reporting Criteria” was $362,000. More information is available in Item 19 of the franchise disclosure document (FDD).
Stylists Love Salon Suites
Many stylists dream of owning their own salon, but they don’t have the financial means or business experience to make that dream a reality. They settle for renting a chair in someone else’s salon, all the while dreaming of their own business. MY SALON Suite makes it possible for stylists to own a space, make it their own, and run their own business.
Stylists, estheticians, and salon professionals who rent a suite with MY SALON Suite can fill the space with their own unique style. At the same time, they are given all the tools and equipment they need to run their business. MY SALON Suite franchise owners serve as mentors who can share their business experience with the stylists.
A Growing Business, A Great Business Opportunity
Opening a salon suite business is a great opportunity for entrepreneurs. Those who want to lead a semi-absentee franchise lifestyle — while still reaping the benefits of business ownership — will find the support and success they desire with MY SALON Suites.
MY SALON Suite franchise partners make money through the rent collected from the beauty professionals who work in their space. Rent, size, and occupancy all lead franchise partners to their net profit. Once occupancy is stable, MY SALON Suite franchise partners work an average of 5 to 10 hours a week. This allows owners to operate multiple locations, work a full-time job, or enjoy retirement and extra time with family. MY SALON Suite provides all the tools and support necessary to ensure success.
In addition to being a part of the growing beauty industry, MY SALON Suite franchise owners are able to help other entrepreneurs. They share the success of their stylists and foster a team environment — it’s part of the beauty of being a MY SALON Suite owner.
Click here to learn more about franchise opportunities with MY SALON Suite.