All You Need To Know About A Salon Franchise
Hair and nail care isn’t a luxury anymore. It’s slowly becoming a necessity. So, hairstyling is quite popular among the Indian youth, and salon franchises are here to stay. A salon franchise isn’t easy to run and grow, but this business can turn very profitable if done correctly. It could yield loyal clients as well. However, as with any business, one must know some general things before getting into it. Here we’ll cover all you need to know about salon franchises and also look at the journeys of some emerging franchises in this sector.
Benefits of having a salon franchise
While owning and running a salon business can be challenging at times, many rewarding points are associated with it. Here’s a list of some of them.
Getting a brand name of your own
The most crucial benefit of owning a profitable salon business is establishing and familiarising your brand name. That’s because aside from the quality of services you provide, the brand name sticks with the customers, especially in the case of premium brands. Granted, marketing a brand takes time. However, franchising will get much easier once you complete this part of the equation. Getting to the level where people are familiar with your brand’s name and logo takes some struggle, but after that, the journey is significantly smoother because all that’s left to do is to expand and keep selling. So, having a brand name is a step that opens up many additional opportunities for a brand.
A good brand image opens up product opportunities
Establishing a good brand name for your salon franchise is to streamline your business operations. After you’ve set a reputable brand name, selling hair or nail care products or other articles in the future will be easy. Having your channel of customers ready will ensure faster execution of any product launches in the future as well.
Not only products but training programs are also likely to do well if they come from an established brand name. So, salon franchises provide a great pathway to get the public to recognize your brand’s name, but one must remember that it takes some initial push to reach that level.
Pre-existing successful business models
There have been many successful salon franchises in India. So, anyone new to the game would start from scratch but with the knowledge of a predefined business model. ‘Salon’ isn’t a new term. People have heard of it before and have been to salons. This means that the pathways and trajectories of different franchises in this sector are available for newbies to understand and apply. Already existing models help lower the risk any business carries and help avoid roadblocks. Both of these things directly contribute to more profits and faster expansion. Borrow useful insights from the existing models, but don’t be afraid to experiment with new ideas along the way.
What should be the progression of your salon franchise?
Salons could provide hairstyling or nail styling services. No matter what kind of salon you acquire, you’ll need a plan for healthy expansion. Making avoidable mistakes in the initial stages could cause a lot of loss. Although there’s no fixed progression that a salon franchise must follow, there are a few things that might prove helpful, especially in the initial period. Here’s a list of things to ensure in a step-by-step manner, in the order described below.
Factor in the supply costs
To run a salon, you’ll need products and equipment. You’ll need to buy some things on a weekly or biweekly basis. Make sure your supply costs stay low while maintaining the quality of your products to give customers the best experience. Adding very high-end or unnecessary products isn’t recommended, especially during the initial stages. If your business model is targeted towards providing premium services, then plan the essential products first. This will help you budget better when buying premium-quality products for your clients.
Find a fitting customer base
Some salons are designed to appeal to people of a particular income group. Others offer more premium services, affordable to a small proportion of people. Ensure you align your preferences with your product selection, store aesthetics, and the overall experience you deliver. Your service should be valuable for the customer you’re targeting. Keep that in mind when deciding the pricing as well. Another thing that could help you is listing your brand on premium listing sites like franfindr.
Ensure that your staff has good skills
Service-based businesses can only grow when they have a happy and satisfied customer base. For this, you’ll require skilled professionals who know what they’re doing. A business with underperforming employees will not live up to its full potential. So, ensure that you’re hiring the right people for the job.
Add your own spin to things
After you’ve figured out the economics and hiring for your salon business, the only thing left to do is to market your brand well. A product or franchise’s uniqueness can help it move forward. So, add your unique flavour to your business that can answer the question of ‘who are you as a brand?’. It could be as simple as offering loyalty cards for eligible customers to placing combo offers on special occasions. Something to keep customers engaged and interested is essential. Doing this will differentiate you from the herd and grab people’s attention effortlessly.
Franchises are great to invest in because they are long-term, and the owner can borrow from the existing business models in their respective sectors. This cuts down the risks by a bit. However, challenges are inevitable when running a franchise. A business must read the market correctly, develop fresh ideas, and provide the best customer service to deal with these challenges. In the salon business, a lot depends on the customer leaving the establishment feeling good. So, this has to be the topmost priority of all salon franchise owners.