Kimberly Hoang & John Balkhi explain why health and beauty franchises can be powerful investments
The exact definition of regret is “to feel sad, repentant, or disappointed over something that has happened or been done, especially a loss or missed opportunity.”
If you’re like me, you’re a bit of an addict when it comes to wanting to know the best business opportunities that are on the horizon or the next big blockbuster of an investment. We’ve all thought, “Darn, if only I thought about investing into Facebook ten years ago.” But dwelling on the ‘woulda, coulda and shoulda’ can ready us for the next smart opportunity. And if you’re even more like me, you’d rather jump on board a proven business model rather than start something from scratch. Yes, I know that’s the true entrepreneurial route to take, but hey, I like making money and I like proven business concepts, concepts that actually work! It beats doing it for the sake of being unique and relevant but then finding yourself marking the redline for months and years with zero profitability.
Which is why I love franchising! Franchising is essentially a business in a box and if you know anything about franchising, you know that concepts are first tested, prototyped, and streamlined for efficiency. When these concepts work, they validate the work put in and the risks taken by their bold originators, who were able to prove via their audited financials that their new concept actually makes money. And that’s great for individuals like me who want to see and believe in proven concepts with proven financials!
Great industry
But where does one start? The ecosystem of franchising is immense in size. Thousands of concepts are available across the world and I bet the first thing that popped into your head was food. Don’t get me wrong, it’s a great industry that I also enjoy as a consumer, but coming up with ways to revolutionize an overdone pizza model, chippy mexican grill or burger bar with gluten-free buns isn’t really up my alley. Food trends fade quickly and you’re left questioning what’s hot, what’s not, and what will last to help me pay for my child’s college fund?
Take a look at health and beauty and you will see super staggering numbers. The global beauty industry –including skin care, makeup, hair-care products, and perfumes – is estimated by analysts at Goldman Sachs to be worth upwards of $95 billion dollars alone! And its growing at 7% a year! Taken as a whole, it is easily a trillion dollar industry globally. The health and wellness market space is dominated mostly by beauty and anti-aging product with sales at $679 billion, followed by fitness and body exercise at $390 billion, and health eating, nutrition and weight loss with sales at $277 billion.
The possibilities for franchising in beauty are endless. Unlike food, beauty is sexy while food is clumpy and has inventory that goes sour, literally. If you’re a female reading this, you’ll understand that every aspect of what goes into making you look good is essential, from long-lasting gel manicure to procedures that give you shiny, luscious hair and fresh clear skin. And of course, you know the need for staple makeup products like blush, lipstick, brow powder, eyeshadow, bronzer and mascara. And to all you gentlemen, we know that you couldn’t survive without a pristine haircut and a smooth, clean shave. With beauty, not only do you get the satisfaction of being in a lucrative industry, but you get to help others feel good about themselves, too.
Specific skills
Add in physical beauty and you’re at the next step of opportunity. Take a look around and you’ll notice boutique fitness franchises popping up in your local retail centers. More and more individuals every day are turning away from big box gyms and are looking more towards personalized fitness classes that are fun, trendy and can help you develop specific skill sets while also giving you a full body workout.
With the present epidemic of obesity, health and fitness has never been more important. With the baby-boomer and ‘early’ senior population growing, the demand for these franchises is increasing exponentially. Imagine owning a business that is active in your community but has low overhead costs and also allows you to participate in a healthy, enjoyable and lucrative manner. You can choose from concepts that focus on yoga, pilates, boxing, cycling, or a combination of all activities.
As Al Pacino once said, “Vanity is my favorite sin,” well I say, “vanity is my favorite investment!” According to the Global Wellness Institute, health and beauty is growing at 10.6% yearly which leaves a bounty of open doors for franchising opportunities. So don’t be the last one in line and miss your chance of riding the health and beauty train that’s sure to hit lightspeed towards financial success.
ABOUT THE AUTHORS
John Balkhi is a Multi-Unit, Multi-Brand Franchisee and Area Developer for Amazing Lash Studio. Kimberly Hoang is also a Multi-Unit Franchisee and Director of Sales & Marketing for Business In A Box/ALS Los Angeles. Together, they help candidates find the perfect franchise that will fulfill their dreams. Contact them today for opportunities at kimberly@biabfranchising.com, (949)590-1128! AmazingLashStudio.com
