Self-employment is a wonderful alternative to the strain and trials of a traditional 9-to-5 career. Self-employment means you’re your boss, and you don’t need to worry about anyone but yourself and those you include on your business journey. Stifling 9-to-5 jobs in corporate America see their workers as numbers and not as meaningful contributors. With self-employment, all of that is left in the dust.
But let’s consider what self-employment means: taking on a lot of costs, risks and responsibilities. Sure, running a business means all that and more, but have you considered franchising rather than doing it alone?
There are plenty advantages of franchising to consider when thinking of your future.
The Advantages Of Franchising & Self-Employment
When comparing the benefits of self-employment and the advantages of franchising, it’s no surprise that there’s quite an amount of overlap between the two. To better understand the overlap and the overall benefits, let’s take a look at what they are and what you can experience when you choose to franchise:
You Work Smarter, Not Harder
The critical advantage of franchising is that the business model is already set up for you. When you start a business all on your own, the business model is probably what takes up most of your time, energy and money when building from the ground up. With franchising, you won’t need to worry about building up that business model because it’s already been set up to take full advantage of. Not only is the business model ready to go, but the brand and marketing are fully established. This allows you to run your business smoothly and effectively without working yourself to the bone worrying about how to brand yourself or market your business.
Rewarding Work with Low Risk
When building your business all by yourself, you take full ownership of all the risks involved. Undoubtedly, taking on significant risks and having it all pay off is rewarding, but why risk so much? Most new businesses don’t make it past a decade, which means success is fleeting and rare. With a franchise, not only can you go into an industry you’re passionate about with almost no risk, but the work you love will feel just as — if not more — rewarding in the short and long term.
Franchises Will Set You Up For Success
Doing it alone means fronting all the costs of starting and running a business. You can experience entrepreneurship with support. Even with the initial investment cost, franchising has a leg up on going solo by helping you with the finances. From the investment to the costs of running it, franchises have financing available to help you make your business a success and start you on the path to success.
Unmatched Support System
When you start a business from scratch, your support system consists of your friends, family, or business partner. But most of that support tends to be more in spirit than finances. In franchising, the business owner is supported by the franchise, meaning there’s a team behind what your business is built on waiting for your call to help you. You don’t need to worry about needing to fend for yourself because you’re in this together.
Expertise Isn't Necessary
A common misconception about building a business is that you need to be an expert in your field before committing to running a business. While having expert knowledge and experience sure helps, it’s not necessary, especially if you choose to franchise. Most franchises offer their franchisees training in industry tips and tricks and how to run the business. Not only that, but the movement is ongoing. The franchise will keep owners up to date on all the industry highlights so they can stay on-trend.
Open Doors, Open Opportunities
Starting a business alone is hard work. You need to cultivate your client/consumer base, get in touch with vendors, maintain those relationships — and run the company to meet demand. One of the best advantages of franchising is the number of doors open to you as a business owner. All the connections the franchise has as a whole are now available to you to benefit from.
Now that you know the key advantages of franchising, it’s time to consider what industry you’d want to franchise in. What matters to you? Are you interested in the hair care industry? Do you have experience in hair care or maybe have owned a hair salon previously? Let’s explore these questions and how they relate to your career aspirations.
Could The Hair Care Industry Be Right For You?
If you’re ready to leave corporate America, give the hair care industry a second look. As part of a lucrative market that sees growth year-over-year, salon and hair care services are always needed. Job security is easy to come by when you can offer an indispensable service essential to consumers. Industries that do exceptionally well in this regard are health care, food and grocery, transportation and personal care.
Salons rank up there with the most robust businesses within the beauty industry because they offer an essential service most people aren’t qualified or able to do themselves. An important note is beauty salons are uniquely human-oriented, meaning they can’t be overtaken by technology or automation as many other businesses can. Not only that, but salons survive periods of economic downturn and even experience growth during times of recession. Hair always requires maintenance, and people want to feel good about how they look, no matter how bad things get.
While no industry is ever immune to setbacks, salons have proven to be historically stable. Salons that can adapt to new developments within the beauty industry are best equipped to handle fluctuations within the economy.
Let's Look At The Numbers
- Revenue in Beauty and Personal Care in the US reached over $82 billion in 2020
- By 2023, market value is expected to top $90 billion
- This industry is expected to grow at a CAGR rate of 4.06% from 2021-2025
- Over a lifetime, people spend about $55,000 on hair and grooming
Consider Lemon Tree's Family Hair Salon
We know there are a lot of franchise opportunities out there, especially in the hair care industry. In preparing for the future with a franchise, we hope that you give Lemon Tree Hair Salons a chance. We have over 40 years of experience, and we know that we can offer you, as a franchise owner, the best experience possible and help boost your career in hair care.