Posted on Feb 25th 2020
Your hair is one physical attribute that can change as quickly as it grows making it, to no surprise, one of the attributes we spend the most amount of time tending to. That constant care and attention to our beauty has lead to a booming hair care industry that continues to grow every year, making it a valuable franchise industry to invest in as an entrepreneur. Here are four specific reasons why:
1. Overall Growth in the Hair Care Industry
According to the US Department of Labor there were more than 650,000 people that earned their cosmetology licenses in the United States in 2014. The Bureau of Labor Statistics also show an expected 10 percent growth rate for hairdressers through 2024, a faster-than-average growth rate compared to other occupations.
2. New Technologies and Products are Continually Improving Hair Care
Hair care is expanding at an incredible rate with new technologies emerging every year. Everything from shampoos that make hair less likely to break, to cutting-edge styling techniques that improve the overall look of hair are some just examples of how advancements in hair care technology will keep the industry growing at a steady pace.
3. Baby-boomers Quest for Youth
Baby-boomers are the first generation of a new era of people fighting against their own aging. This has lead to a growing market for complex hair treatments like hair replacement therapy, as well as new advancements in hair coloring. As the Baby-boomer generation continues to be a growing demographic, the expectation is that it will only increase business in the hair care industry.
4. Hair Care Will Always be in Demand
No matter how rocky the United States economy becomes, looking good is still something most people will put as a priority in life. As the country recovered from the 2008 recession, the New York Times in 2011 reported that even through that hard economic time, the hair industry still saw surges of growth. These reports only support the idea that owning a hair salon franchise has the potential to be a recession-proof investment.
Not only is hair care a thriving industry to invest in, owning and operating your own salon franchise can also provide you with a number of opportunities for professional growth and success. Lemon Tree Family Hair Salons has over 50 years of experience in salon operations and we offer franchisees the opportunity to operate their own salon at a lower cost than many other salon concepts. Contact us for more information about owning and operating your own Lemon Tree Family Hair Salon franchise.
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