The History of the Franchise Business
Hair care has been around as long as humans have been on the planet. The earliest record of personal hair care dates back 2.5 million years ago, when brushes used to create cave paintings in Spain and France were adapted for use in hair grooming. Interestingly, many of the innovations in hair design that are still used today originated in the late 19th century.
According to 2002 statistics, there were 1.4 million personal care services in the United States, 313,000 of which were beauty and hair salons. The hair salon service industry alone had revenues of $55.9 billion, while salon product sales were $5.5 billion. Coloring alone brought in $10.4 billion for the beauty industry in 2002.
The biggest single customer group is the baby boomer generation, who by the way now constitute the largest population segment in America, and who are more than willing to spend money on a hair care services.
What this means is that the prospects for owners of hair care businesses are solid and strong. The 2003 Job Demand Survey, distributed by the National Accrediting Commission of Cosmetology Arts and Sciences, indicated that average total income (including tips) for salon owners was $53,150 per year.
There are three ways you can enter the hair industry. You can open a franchise hair salon, in which you pay money upfront to use someone else's established name and resources such as advertising campaigns. You can buy an established salon from someone who is retiring from the business or has damaged the business and is forced into bankruptcy. Thirdly, you could establish your own salon.
So what does it take to be a successful salon entrepreneur? First, it helps to be a risk taker, you have to be willing to try anything to succeed, you have to have determination and an entrepreneurial mind-set to be successful and you need to have a vision and goals for your business long term.
Learn more about owning your own hair salon business: http://www.hjventures.com/hair-salon-business-plans.html
Howard Schwartz is a partner in several business strategy groups, including HJ Ventures International, Inc. Howard has worked with hundreds of entrepreneurs worldwide with a focus on writing business plans for companies interested in raising capital from Venture Funds and Angel Investors. Howard's business plans have secured several million dollars in funding. http://www.hjventures.com
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