Why Personal Care Franchising is a Red Hot OpportunityMake life easier for others with personal care franchising.
Opinions expressed by Entrepreneur contributors are their own.
The world of personal care franchising is as deep as it is complex. Most simply: they exist in the business-to-consumer (B2C) category and include any business models in which the franchisee provides goods and services in the care of others — primarily direct to customers. These goods and services enrich people lives, serve vital needs and provide assistance in many forms. Examples include personal training (both fitness and gyms), senior care, beauty, spa studios, children's entertainment, tutoring, consulting, travel and even pet care opportunities. Also, personal care franchising has been singled out by the International Franchise Association (IFA) for meaningfulgrowth.
Related: Considering franchise ownership? Get started now and take this quiz to find yourpersonalized list of franchisesthat match your lifestyle, interests and budget.
Factors that benefit personal-care franchising
Overall, the U.S. economy continues to thrive, outpacing even the most optimistic analysts, as we recover from thepandemic. Thanks to multiple rescue bills, innovative PPA loans and stimulus checks that went directly to consumers, the country was able to stabilize and minimize the financial fallout that was once predicted. Despite the challenges, the country fared much, much better than the Great Recession, caused by the collapse of the residential mortgage industry over a decade ago. Wages and incomes are up, and along with it, consumer confidence. Across the board, these gains have helped establish financialsecurityfor a majority of our population. The increased net worth has subsequently led to an increase in proactive and reactive outsourcing. A direct benefactor of this increase? You guessed it:personal care franchising.
A bright future
Every year, the franchising industry awaits the annual Franchising Economic Outlook report, produced and published by the International Franchise Association (IFA). The 2022editionemphasized personal care franchising, suggesting that recent consumer data on the retooling of priorities has lead to increased spending on experiences over material possessions. The main benefactor has been personal-care franchises, with the IFA predicting this category stands to benefit the most in their year-over-year outlook. The IFA further states their prediction for a 3.1% increase in personal care franchise establishments, up to more than 117,000 total units. Employment is expected to see increases to more than 550,000 workers. All told, the personal care sector is predicted to produce an increase in output of 10.5%, to nearly $40 billion — outpacing even pre-pandemic levels.
Related:Partners in Personal Care
Which personal care franchises top the current list?
Among the personal care franchise concepts listed in this year's Franchise 500,Planet Fitnesswas the top-ranked brand, coming in at No. 7 overall. But its healthy rival gym,Anytime Fitness, was no slouch, ranked at No. 86. Anytime Fitness is closing in on 5,000 franchised locations, with a 20.2% increase in units awarded over the last three years. Hair care is a recession-resistant business model (as one might imagine), which is why bothGreat ClipsandSport Clipsare neck-and-neck in competition with one another, occupying the 23rdand 24thspots on the Franchise 500 list. For a look at the rest ofEntrepreneur's2022 Top Personal Care Franchises, simply click on the followinglink.
