The salon suite industry is beyond trendy—it’s here to stay. Entrepreneurs who want to be a part of the expanding and profitable beauty industry are taking notice. Talented salon professionals want to set up shop in a salon suite, and their ever-growing list of clients will follow.
MY SALON Suite offers a successful Salon Suite business model for interested franchise partners. The business model helps owners find success and freedom while allowing them to be their own boss.
What is the Salon Suite Business Model Like?
At MY SALON Suite, and other Salon Suite businesses, franchise owners are essentially landlords and business coaches to the salon professionals who rent from them. Franchise partners profit from the rent they charge the salon professionals. Meanwhile, the salon professionals come up with the rates they charge their clients and earn profits from selling their own products.
The Salon Suite industry works by giving independent beauty professionals a space to call their own. At MY SALON Suite, these spaces are fully furnished, private, and secure.
Who are the Main Buyers?
MY SALON Suite is looking for accomplished franchise partners who see the opportunities within our Salon Suite business model. We are seeking partnerships with those who are excited to begin the journey of entrepreneurship.
The Ideal Candidate
The ideal MY SALON Suite candidates have the following characteristics:
- Minimum net worth of $1,000,000
- $200,000 liquid assets
- Minimum 700 credit score
- An ability to financially maintain your lifestyle for 9 to 12 months during pre-opening and ramp-up stages
- No Salon Experience Necessary
All you need is passion —not salon experience. Most of our top-producing franchise owners had no salon experience prior to joining MY SALON Suite.We can teach you how to build the store, design each suite with precision, and keep members longer. We can also teach you how to market your store in your neighborhood, endearing yourself to every licensed cosmetologist around your store.
New franchisees will spend about three days in a MY SALON Suite University, learning how to speak with salon professionals, lease the suites, and to connect with Members to create a meaningful community.
Why Should I Own My Own Salon Suite?
Owning a salon suite is a way to be an entrepreneur who helps other entrepreneurs. The business lifestyle also allows for more freedom than you may find from other franchise opportunities.
MY SALON Suite attracts franchise partners who want to replace their six-figure incomes without having to go to the office every day. Once occupancy is stable, MY SALON Suite franchise partners work an average of 5 to 10 hours a week.
How Much Can I Earn?
MY SALON Suite franchise partners have the potential to find financial success. 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).
A salon suite franchise partner’s initial investment ranges between about $664,000and $1.4 million. The initial franchise fee is $50,000. Other considerations determine the cost, such as the size of the building, the number of locations the franchisee wishes to build, and the terms of the financing.