Why health and beauty franchises can be powerful investments
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.