When the Great Recession reached its peak in 2007, countless businesses went under, including some big name corporations that had been around for years. But some businesses, including hair salons, seemed to thrive despite the economic downturn. CNN said that the hair salon is “the closest thing to recession proof” today. In a 2011 article published on their site, the news agency reported that during the height of the Great Recession, the number of hair salons continued to grow. In fact, the number of hair salons across the nation jumped by more than 14% between 2007 and 2009. For people reeling from the pain of the Great Recession, the appeal of a recession-proof business model was undeniably appealing. So what makes the hair salon so recession proof?
People still want to look good.
Even in the midst of economic struggles, people still care about how they look. They may need to maintain a certain image to keep their job or want to spruce up their look in order to make the best first impression on an interviewer. Whatever the reasons, people are reluctant to give up the services that help them look and feel their best. Whether it’s a simple trim or a new manicure, these beauty services can help boost people’s spirits in even the toughest times.
It can’t be automated.
The hair salon will be one of the last businesses that will experience automation. While robots and machines are taking over jobs like supermarket checker or factory assembly, there isn’t a robot that can cut your hair as well as your favorite stylist. It might happen in the future, but we aren’t there yet. Because of that, people will continue to pay (and pay well!) for the hair salon services that they need from stylists that they trust. They aren’t likely to do it from home, either.
It can be tailored to your budget.
Most people are still willing to spend their hard-earned cash on hair salon services, too, even if they have to tighten the budget in other areas like entertainment. Even if you are on a tight budget, there are salon services you can probably still afford. Instead of getting hair cut and colored, they may just opt for the cut. Or instead of a full mani and pedi, it might just be a quick repolish this month. But they’ll still be making an appointment.
You Can Cash In on This Business
If you’ve been affected by the economy’s recession over the past couple years, then you are probably eager to find a business that’s recession proof. A hair salon is the answer. That doesn’t mean you have to become a stylist, though. There are a lot of great ways you can be a part of the industry without ever touching a hair or fingernail. Our franchise capitalized on hair salons and their ability to avoid the pitfalls of the economy by putting you in charge. If you’d like to learn more about this opportunity and how you can take part, contact us to get a free information packet today.