There aren’t many businesses that can weather an economic downturn - and not just survive but thrive. Haircutting is a nearly recession-proof industry. We all learned that it was an essential part of our daily lives when hairdressers across the nation were forced to close their doors due to COVID. Now, as the world begins to return to pre-pandemic normalcy, it just might be time for you to invest in an industry that can withstand any storm.
Hair Cutting Industry Stats
For the past five years, haircutting establishments grew 5.1% to exceed over $5 billion in revenue. In 2021 alone, the market size of hair salons in the US was $39.5B, with a projected growth rate of about 28.7%. So as we head into a recovery period and people return to the marketplace, owning a hair salon appears to be a pretty safe investment going forward.
The Great Clips Franchise Opportunity
Great Clips has been a well-established brand in the hair salon industry for over 35 years. Unlike a hair salon startup or new concept, you have the advantage of brand recognition, the expertise of franchisors, and resources that will allow you to start turning a profit from day one. The Great Clips brand currently holds over 50% of the market share of all hair salon franchises.
There are over 1,200 various haircutting franchise brands across the nation and more than 4,300 salons. Many franchise owners continue to work in different capacities while running their franchise due to the manager-run operational model. The average Great Clips franchise owners operate five or six salons within just five years of buying their first franchise. All of the Great Clips franchises are independently owned.
Great Clips is also a leader in the tech industry and was the first to offer interactive experiences like Online Clip Notes and Check-In. Currently, over seven million customers use the Great Clips mobile app to book appointments. Great Clips provides a lot of support for daily operations and software, which is an invaluable tool - not just for the franchise owners but also for the efficiency of the employees.
Support and Training
Franchisors also get the assistance of support and training for staff and employees. They offer Great Clips University, which helps with real estate, salon procedures, and marketing. Also, they have in-person training with hands-on experience that helps to keep things consistent and to uphold the standards of the Great Clips brand.
The franchisor also offers a recruitment website that draws over 41,000 online applicants yearly and enjoys a well-established relationship with cosmetology schools to access potential stylists entering the marketplace. The brand also has human resources support to motivate and retain talent and 65 various location training centers in North America.
The support goes far past start-up. Ongoing help is available for your operations team, your marketing specialists, your purchasing and facilities team, and your corporate office team, where more than 1,200 executive team owners offer you guidance and help when you need it.
The Financial Requirements
The investment range to buy into a Great Clips franchise is from about $150k to over $300k. Franchise owners must make a liquid capital investment of $75,000 and have a net worth of at least $300k.
Buying a Franchise
Franchises are an incredible way to secure your financial wealth for the future, but only if you choose one with the greatest likelihood for success not just in the marketplace but also for you personally. Since there are thousands to choose from, it can sometimes be overwhelming to figure out which one is best for your situation. Therefore, the first and most critical step is to investigate what you want personally and professionally for your future. Thoroughly research a franchise opportunity before diving in. At Frannexus, we have the expertise and industry knowledge to weed through various industries and opportunities to increase your likelihood of success.
The hair salon market in the United States is expected to hold strong for the future. Great Clips is a well-established brand that has been around for over 35 years and accounts for 50% of the hair salon market. Since people will always need personal care services, it is pretty much recession-proof.
If you are looking for an opportunity to grow your wealth to secure your financial future, let Frannexus help. Contact us to begin your journey! We have the expertise to help you find the right franchise to suit your needs and support you on the path to franchise ownership.