MY SALON Suite Soars To New Heights On Entrepreneur Magazine’s 38th Annual Franchise 500® List
The prestigious award validates the progress the company has made in the past year. In 2016, the brand added more than five new locations, bringing the total to 30 plus locations to communities throughout the United States.
“We are honored to receive this ranking,” said Ken McAlister, CEO and vice president of real estate for MY SALON Suite. “We look forward to building upon this growth in 2017, as we form new relationships, expand into new markets and offer our existing franchisees continued support.”
The key factors that go into Entrepreneur’s evaluation include costs and fees, size and growth, support, brand strength, and financial strength and stability. All franchises are given a cumulative score based on more than 150 data points, and the 500 franchises with the highest cumulative scores become the Franchise 500® in ranking order.
“We spend months gathering and crunching data in order to produce the Franchise 500 ranking. We’re proud of the result and the way it continues to be a resource for the franchise community,” says Jason Feifer, editor in chief of Entrepreneur. “Like every industry, franchising is ever-evolving and must smartly react to new technologies and consumer demands. We know it takes a lot to stay competitive and are excited to celebrate those that do it best.”
MY SALON Suite, the nation’s leading upscale salon suite franchise, has made a name for itself in major markets throughout North America for being the only salon complex to offer fully-equipped, upscale suites featuring a full-length style station, styling chair, shampoo sink and color station. Additional amenities include a state-of-the-art security system, luxurious bathrooms and an elegant lobby. In addition to the attractive accommodations, members are offered ongoing training and support to grow and develop their business, which includes access to a strong referral network.
Entrepreneurially spirited individuals interested in owning a MY SALON Suite franchise should have the ability to invest $355,700 – $955,000, which includes working capital and a typical franchise fee of $50,000. Plus, MY SALON Suite offers 10 percent off franchise fees for veterans.
“In order to reflect the evolving business world at large, we at Entrepreneur continue to evolve our annual ranking, too,” says Ryan Shea, president of Entrepreneur. “We’ve developed new ways to measure and analyze our collected data as new critical data points come into play. We take into account pertinent factors such as social media presence and financing availability, which have become increasingly important in today’s economy. The result is a more complete and relevant Franchise 500® that can serve as a valuable resource for our readers.”
To view MY SALON Suite in the full ranking, visit: www.entrepreneur.com/franchise500.
To learn more about MY SALON Suite visit: www.mysalonsuite.com.