The beauty industry in the U.S. is fast growing. Projected as the largest beauty market in the world, by 2020, the sector will hit $90 billion, a 45% increase in the last 10 years. It’s no wonder many are taking a shot at beauty and wellness businesses. But what exactly are the enterprises worth investing in?
Hair Styling and Make-up Artistry
Almost all of women’s Instagram feeds are filled with superb make-up and hairstyles of celebrities and influencers they want to copy. Social media has done a great job of creating demand for hair styling and make-up services.
The best way to take advantage of this and start your business is to get a beauty salon franchise. This is especially helpful when you’re just starting in the industry and have no prior experience. With an already established brand and business model, your investment is more secure compared to launching your own.
Some of the most famous beauty brands today have humble beginnings. Glossier, a go-to hub for make-up and skin care essentials, is a product of Emily Weiss’s blog Into the Gloss. The brand recently got a whopping $52 million on investor funding. What made it successful was the wide social media following. That’s what you want to achieve here: a huge network of loyal readers, regardless of whether you want to build your own brand later or not.
The need for relaxation and pampering has become even more become apparent today. And this isn’t just some over-generalization. Experts say that with urbanization and the rise of so many technologies, most people suffer from sensory overload. That condition where the brain is bombarded with too many sensory inputs that the system is unable to process them.
That’s why people are craving more and more for that peace and quiet. You can give them that with your spa business. The important thing you should consider here is developing your customer base. You should be able to identify properly the market you’re targeting.
No doubt about it, the beauty and wellness industry is profitable. So, you may just want to “prettify” your finances by getting into this business.