The Process of Acquiring a Salon Franchise
Every good brand wants to grow fast and earn great revenues faster. Franchising is the way forward if one desire to make it big in no time. Various salon brands are open to franchising and look at it as an efficient medium t expands a brand’s name. The process of acquiring a salon franchise is not complicated and involves just a few steps. Getting attached to a big salon brand name is what everyone looks up to and franchising provides the same opportunity to people interested in the process.
The Salon Industry
The salon industry has grown and changed a lot since its beginning. From the industry size, trends to consumer needs and demands, there has been a significant change in the way it works. It does not still follow the old protocol which was set in the starting but has evolved with time so as to adjust to the needs and demands of the consumers which vary and is more experimental. The salon industry is expected to grow at a CAGR of 27.07% over the period 2013-2018, according to a report by Technavio. Various big brands like CavinKare Group, Jawed Habib, Lakme Salons, Naturals, Shehnaz Hussain, B blunt and many others have made their mark in the industry and some of them have also chosen franchising as a medium to grow further.
The Benefits of Salon Franchise
Salon franchising gives a golden opportunity to the franchisee to get access to a brand which is trusted by many consumers. Brands which are high-end and are popular among the consumers do look at the idea of franchising at some point of time and franchisees see this as a good opportunity which benefits both the franchisee and franchisor. Franchisors also provide assistance with various aspects that come with franchising like technical, administrative and operational challenges and also support the franchisee by providing guidance for effective sales and marketing.
Types of Franchises
There are three types of franchises- Product, Manufacturing and Business Format franchises. Every salon brand which ventures into franchising has their own set of franchise models which work for their brand. They prefer following the same models with their franchisees as well in order to establish the common work model among all the outlets. The various models distinguish a lot of things for the franchisees and the franchisors as they form the base on which the franchising will work for the brand.
Process of Acquiring a Salon Franchise
India has more than one lakh salons and if you look at the franchised salons, there are only 2500. Through franchising, you can expand faster but provided with the right partnership as that is very critical. If you end up having a wrong partner, you’ll ruin your business completely. If we talk about master franchisee where the whole geography of the business is given to someone and the person becomes a kind of franchisor himself. He ends up bringing in franchises for you and the moment your relationship with the franchisor goes wrong, you ruin up everything related to your business. Though it is a very good way of expanding but implementing SOPs, training, control and right partnership is something which everybody should focus on, says Sadiya Naseem, Founder and CEO, Glam Studios.
Being into the Beauty industry we always look to expand our business throughout the year. Giving out the franchise is one of the best ways to embrace the reliability of the brand. For a successful inning of the beauty business its very essential that the person is totally committed towards the franchise by giving his full attention, time to the salon and dedication to the delivery of quality services. One of the very important things is the franchise holder should be financially ready with the working capital minimum for 4 to 6 months. As a franchisor the basic protocols will be trained to you on its system by providing the tools to build the business during the training sessions. Designing of the interior will be followed as the standard formats same as the parental salon or as suggested by the owner. Location of the salon depends on the expansion plan if not that other propositions for the locations are welcome, says Satishh Saraf, Founder and Director of Panache Salon & Academy.
Franchising is all about multiplying the business by providing a franchise with a share of the power of the brand. The salon industry is huge and is still growing. Many big brands have opted for franchising and have given a part of the name to franchisees who have been interested in getting associated with them. The process of acquiring a salon franchise is not complex and requires just some steps between the franchisor and franchisee in order to take the brand forward.