Skin Deep
More Than
by Jerry Rieder, Certified Franchise Consultant
Beauty and wellness franchises tap ever-growing consumer demands People everywhere view their health and appearance as worthwhile investments. The $3.7 trillion global wellness industry is expected to expand by more than 17 percent through 2020, and health and beauty franchises enable you to join this highgrowth field. People always want to look and feel good, so these businesses typically are recession-resistant, which makes them a particularly appealing investment. Hair salons alone generate more than $44 billion in revenue each year in the United States. Health and wellness spas bring in about $17 billion a year, and massage services are at $16 billion. Personal waxing and nail salons bring in some $11 billion, with tanning salons generating more than 48
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$2 billion in yearly revenue. If those numbers sound pretty sweet, consider that the forecast is rosy for a continuing boom. The U.S. Department of Labor sees demand staying strong, projecting that the beauty and wellness industry will grow faster than the average for all occupations through at least 2020. So if you’re looking for a franchise in an industry with a strong past performance and a bright outlook, you might consider the areas of beauty salon/hair care, cosmetics, tanning, or med spa. These businesses are fun to operate and have a high profit potential. Another attraction: usually no industry experience is required. Following are three high-growth categories to consider:
