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franchising

Beauty Business Opportunities With High Profit Margins

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When you are searching for business opportunities, you want to find something that offers a good profit margin. Your profit margin is calculated by taking your total income and subtracting your expenses. Your business expenses could include:

  • Rent you pay for your space
  • Equipment and supplies
  • Utilities bills
  • Labor costs
  • Marketing

And anything else you spend money on that’s required to run your business. There are ways to cut down on expenses in any industry; maybe you only need one employee on the clock during the day instead of two, or maybe you can switch from a name-brand supply to a generic one. However, some industries are simply less expensive to run and offer a higher profit margin thanks to the amount people are willing to pay for the service. The beauty industry is filled with low-cost business opportunities where people are happy to pay top-dollar for the service. So what are some of the most profitable areas of the beauty business?

Add-Ons Offer Big Margins

One of the biggest areas of profit inside a hair salon are the beauty sales made at the end of the service. Stylists and encouraged to introduce their clients to new ranges and products that make their hair look amazing when they walk out the door, and for a very good reason. Salons make a lot of money off of the sales of those beauty products. Salons are able to purchase these product lines for low prices and resell them at the suggested retail rate to their clients, who are excited about having a high-quality product that can give them that “fresh from the salon” look every day. If your hair salon isn’t always using this business opportunity to expand your profit margins, it’s time to bring in a few product lines to your salon and start selling. It’s a win/win for salon and clients.

Offering More Services and Products

Offering more services and products can be a great thing for your bottom line. That’s partially because you already have the space; you’ll be paying the same amount of rent whether you are only offering hair salon services or if you are offering hair salon services as well as waxing, tanning, manicures, pedicures and more. So adding on more services will require less of a capital investment, plus you’ll be attracting new clients to your salon and be able to sell them more personal care products.

How a Beauty Mall Can Increase Profits

This is where the concept of the beauty mall can help, too. When you have a lot of beauty businesses in one space, they will only have to pay rent on their small portion of it. Each business can cut down on marketing and advertising expenses by joining together with other beauty mall businesses on joint campaigns and increase word-of-mouth recommendations to other businesses in the beauty mall.

Want to learn more about beauty mall business opportunities? You could help you own beauty salon increase profits while helping others succeed, too. Learn more about our franchise opportunities today.

Why Salon Professionals Love the Beauty Mall Concept

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Now that we’ve looked why potential customers will love the beauty mall concept, let’s take a look at the other piece of the puzzle: why salon professionals will love it! After all, you’ll need stylists, colorists, manicurists, and other professionals to buy into the concept and decide to move their business into your beauty mall. So what’s in it for them?

Salon Pros Love the Beauty Mall Concept

It’s easy marketing.

When potential clients are walking through the beauty mall, they’ll be able to read all the signs for the other businesses within the mall. That’s an easy and incredibly effective way to market a salon and beauty business! Professionals will be able to display their work and prices right up front, giving them a better marketing opportunity and return on their investment than they’ll find in a lot of other marketing methods.

It offers more access to new clients.

The people walking through the beauty mall are already people who want beauty services. That means they are much more likely to try a new service that they see in the beauty mall. This can help a new salon professional quickly build a healthy client list and grow their business!

They can work with other beauty pros.

Networking with other beauty professionals can help businesses grow stronger and develop new ideas for bringing in customers. They can do cross promotions with other stalls in the beauty mall to increase business and help people find the best services. Professionals know that when they work together, they’ll be able to be a stronger business.

It gives them their own space.

Each salon professional will have their own area to decorate and accessorize. They can bring in whatever equipment they want. This allows them to personalize their space to appeal to a particular type of client who they want to attract. It’s a great way for them to show off their own personalities, too! They’ll love having this kind of control over their space so they can make it into something special for their clients.

It can help reduce their costs.

Moving into a beauty mall can often help professionals lower their costs and increase their profits. That’s because the space may cost them less than their old space did. They can also cut down on marketing costs since they’ll be able to do so much effective marketing from within the beauty mall. And because they are maintaining a smaller space, they won’t need so much equipment to fill it up or so many supplies to keep it clean.

Start Filling Your Beauty Mall with Salon Professionals

Starting to see how the beauty mall is a win for both professionals and their clients? Then it’s time to open up your own beauty mall! Get in touch with our team today to learn more about how you can purchase a beauty mall franchise and join in one of the hottest business opportunities available right now. Contact us through our website for more information about how to get started!