Hi there, my name is Kristin Kienzle and I have direct experience in suite concept franchising! For me, the franchise model wasn’t exactly in my business plan… I just happen to have stumbled upon this business model by way of my personal success!
Let’s face it, you have a ton of choices in franchise partners. You have dreamed of the salon suite business model or you heard about the amazing opportunities a salon suite offers for salon professionals- but how do you open a salon suite franchise?
The Salon Suite Business is a Profitable Cosmetology Business Plan
Ok, so the secret is out! Salon suite ownership is the way to quench the thirst of entrepreneurs who are looking for passive income in the health and beauty industry. Here is how to start a salon suite franchise:
Research and Select a Franchise
Identify Franchise Opportunities: Research various salon suite franchises of all shapes and sizes to determine which brand speaks to you the most. Choose a successful salon franchise that aligns with your interests, budget, and goals.
Review Franchise Disclosure Document AKA the FDD: Thoroughly review the documents from the franchisors you are interested in. This document contains the decision making information about the franchise, including fees, owner obligations, and financial performance.
Address Common Questions
Find out what licenses and regulations there are for franchises in your state, and get all of your questions answered before diving in and paying franchise fees to the wrong establishment. If you live in one of these states or jurisdictions that require the franchise disclosure document to be registered with the state: California, Connecticut, Hawaii, Illinois, Minnesota, Michigan, New York, North Dakota, Virginia, Washington and Wisconsin.
Submit a Franchise Application & Secure Financing
Once you have made the decision to work with a specific salon suite franchise opportunity, it’s time to submit the application to get the ball rolling. Most franchise developments offer up relationships with lenders who know and trust their brand.
This helps to expedite the business relationship and make securing financing a breeze. Of course, finding a lender who you have a prior relationship with works well with this revenue model as well.
Franchisors have resources that fund many start up salons suite franchises. Finding resources for funding can come from the franchise, 401k rollover with no penalties, investors, personal savings and traditional bank loans are also common ways to secure financing for your dreams!
Starting a Salon Suite Business is Now a Reality! Find the Right Location
After you have made the offer to buy, you have the financing options that work best for you in place, it’s time to create the environment your professionals will be renting space in. The salon suite franchise model is designed around helping you become successful and profitable, it all starts with the perfect location.
Start your salon off on the right foot by allowing us to advise on rent price that makes sense and a great spot to help your hair stylists gain a robust clientele. Foot traffic isn’t typically a high priority since most of your hairstylists will have an established clientele. You’ll want to explore the list of franchisees that have chosen to open up shop, to get a good idea of the best locations for salon suite owners.
Finding that ideal location requires market research and an expert’s insights. Utopia has several locations that have all proven to be successful. We give you the insider tips for opening a salon suite location so you don’t have to worry!
Build a Successful Salon Suite with Your Franchisor
It is important to understand who your target market is when you start your salon suite. Which beauty professionals or salon and spa providers are you hoping to attract?
Some suites offer hair salon services only while others integrate esthetics, massage and sometimes event teeth whitening service providers into the business. Understanding the type of environment prior to buildout will help not only to identify the right fit for salon professionals, it will help you market leasing opportunities as early as possible.
Training and Support from the Franchise Owner
You should have a clear understanding by now from the information contained in the Franchise Disclosure Document about what type of training is needed and the support your franchise owner provides. Every new franchise should receive everything they need for success- your training period is typically covered in the startup costs.
Training will include a number of important aspects of ownership including hiring, recruiting, software, legalities, franchise specific processes and brand guides.
Congratulations, Salon Suite Franchise Owner!
Franchisors won’t offer you a franchise unless they feel very good about you! The franchise market is an amazing place to learn, earn and grow as an entrepreneur.
The Utopia Salon Suite Franchise opportunity is ideal for salon professionals or beauty entrepreneur enthusiasts who want a business without a 24/7 obligation and employees to manage. We are more of a unique, boutique brand- not the cookie cutter large corporations you see scattered around the country.
Reach out to me today to chat more about how you can own a successful salon suite franchise!