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The Canadian Beauty Franchise Bump: Are You Feeling Pretty Yet?
Beauty franchises in Canada are hot, and the trend hasn't shown any signs of stopping any time soon. According to research and statistic firm IBIS World, the beauty industry in Canada is in the top ten for fastest growth, notching revenue growth of over 6 percent in the last five years (http://media.ibisworld.com). While consumers once turned to mass market retail stores for beauty products, there's a consumer shift toward specialized shops for these items, and the demand for services has also increased.
With the strong growth in the Canadian beauty segment expected to continue over at least the next five years, now is the right time to consider a beauty franchise. Before you make a final decision, however, here's what to consider.
Which model works for you
Beauty franchises these days encompass more than just selling cosmetics. There are brands that specialize in a particular product type, such as skin or hair care, and others that offer a variety of products under a specialized banner, like all-natural products. There are also service-oriented chains and businesses that blend both product and service sales into a two-revenue-stream model.
Hair cutting and care services have grown into a niche all their own, with general salons now competing against themed barbershops and other demographic-specific hair care chains. In this area, there is also an increasing demand for add-on services, such as event styling for women and beard or shave services for men.
Look at models that speak to you in terms of focus area and business format. If you want a more flexible schedule, for example, a store that requires that you hire staff to provide specialized services may work better than a brand that requires you to market products yourself at first. If you're energized by the products and want to get them out there to the public, a brand that calls for more involvement from you might be the ideal choice.
The price point
Beauty franchises range from affordable chains to high-end luxury brands. While this may be reflected in the investment level, it also changes your target consumer audience, and that's important to consider when you're thinking about your preferred location areas. A luxury salon is probably the right choice for an area with other high-end developments but may not do as well in a spot with many discount chains. Make sure the brand you're seriously considering aligns with the areas you want to own a franchise in.
If you're looking for a brand in a fast-growing industry in Canada, consider a beauty franchise today. Everyone wants to look their best, and these brands help meet that need.