When it comes to starting a business in the beauty industry, franchising offers you more security. Let’s discover how…
The goal of running a business lies dormant in many people – sometimes for life, other times until the situation they’re in becomes so unbearable they have to make a change. Would you say you have this desire? Maybe you have buried it deep because you wouldn’t know where to start. Or maybe you are too afraid to step out of your comfort zone. Or maybe you don’t have any idea what kind of business you want to run.
There are many reasons why people like you hold back from stepping out into their full potential. But what if we told you there is a way which can ease the fear, and could make your dream a goal to achieve? Have you discovered franchising, yet?
What is franchising?
According to the British Franchise Association (BFA), there are over 900 franchise brands in the UK, in all sectors, contributing over £17bn to the UK economy. An increase of 13% since 2013. With over 50% of franchises claiming and annual turnover of £250,000, it’s easy to understand why franchising contributes as much as we do to the UK’s GDP.
So, what is it?
- Franchising is a model of business ownership, which provides entrepreneurs and portfolio builders with a proven framework for running a business.
- Franchising is an investment in the brand, business model, the training, the ongoing support, the mentoring, and the tools and resources to run a business.
- Franchising is a network of support from your franchisor and other franchisees, who want you to succeed, and will help you do so.
- Franchising is the supported means by which people can open a business, and learn how to make it grow, based on what works for the franchisor.
- Franchising is a structures approach to growing a business, which is often scalable to increase your profitability.
Is franchising better, then?
The BFA carries out studies to observe the state of the franchise industry over the years. What we see is a consistent success rate for new franchisees in comparison to other business start-ups.
Whilst there can never be a 100% guarantee about any business decision, with franchising you have better access to a better success.
• In the first 3 years, over 60% of start-up business fail. Only 10% of franchised businesses fail.
• At the time of the last survey, in 2018, 93% of franchisees showed profit growth
• According to Point Franchise in 2023, 97% of franchisee-run units in the UK are profitable.
What’s more…
Franchise owners tend to be more satisfied in their business ventures, thanks to the training, mentoring, and support they receive on business management, as we all as the brand-specific elements of running the business.
According to Workbuzz’s Franchisee Satisfaction Survey, 2023, satisfaction among franchisees surged by 4% to a record high of 78%. Steven Frost, managing director of WorkBuzz attributes this to ‘profitability expectations rebounding to pre cost-of-living crisis times, improvements across every element of their franchise experience, and ¾ of franchisees rate their long-term prospects positively.’
However, one big change is taking place!
If you’re interested in a business with true scalability for ultimate profitability, then one thing which the BFA has noticed, may be of interest. As CEO of the BFA, Pip Wilkins, outlines, “One big change we’ve noticed over 2023, is the increasing adoption of a multi-unit strategy with both existing and new franchisees.”
What this means is entrepreneurs are experiencing the benefit of franchising for their business portfolio, and investing in multiple stores under the brand, in multiple locations. This, as you can imagine, enhances the annual profitability of your business, and your exit investment plan.
Discover franchising, with Strip
With there being over 900 brands in almost all sectors, it shouldn’t come as a surprise to learn Strip offers you an opportunity to invest in your own Strip Salon franchise.
Let’s have a conversation, so we can help you discover more about our opportunity, and about the benefits of starting a Strip Salon – or a few – and build your dream future.