Looking to start a business in the beauty industry, but not sure what to do? Here are three beauty business ideas to consider.
THE BEAUTY INDUSTRY TODAY
While the past couple of years saw many industries taking a hit, the global beauty market continues to grow. The overall industry is up from $483 billion in 2020 to $511 billion in 2021 and, with a compounded annual growth rate of 4.75%, it’s predicted to exceed $716 billion by 2025. Expansion through digital channels and the attraction of more customers willing to pay higher prices for better quality products and personalized services are helping drive the growth.
Within the industry, cosmetics, skin care, personal care, and fragrances are all on the rise. The most important factors influencing customer behavior, beyond price and location, are unique products, rewards programs, and specialty services. Consumers are also increasingly focused on sustainability, as well as superiority demonstrated through natural, clean, or organic products. More than just a passing trend, the global market for natural cosmetics alone is expected to reach $54.5 billion by 2027.
If you have a passion for the beauty industry and are hoping to translate that into a winning business opportunity, there is a wealth of options for you to explore.
The spa space is broad and varied, with outposts offering a range of therapeutic services from massage to skin and hair treatments to medical procedures and beyond. Whether you choose to open a spa business that focuses on one aspect of care or provides a full-service experience will depend on a variety of factors, including your target market and investment capabilities. For instance, a spa focused on massage alone will require less real estate and overhead than a spa that includes a sauna and needs to employ trained medical professionals.
With consumers’ focus on self-care on the rise, a spa can provide repeat business from customers who choose to work the services you provide into their monthly, or even weekly, routines. However, the
amount of capital, staffing, equipment and location requirements may prove challenging for even the most ambitious beauty entrepreneur.
Cosmetics account for billions of dollars in annual sales within the overall beauty industry, and if you’re skilled at both makeup artistry and sales, this may be an appealing venture for you. If you choose to open an independent retail site, you’ll need to create a business plan, choose your products and vendors, find the right location, and market your store aggressively.
Because it is one of the most profitable beauty business ideas across the globe, you’ll be up against some fierce competition. Beyond the in-store giants like Sephora and ULTA, the world of online cosmetics retail has exploded over the past decade. While some consumers still prefer to shop in person and frequent smaller establishments over massive chains, you will need to focus your energies on setting yourself apart from the competitors and making a lasting imprint that translates to consistent, repeat sales.
The global hair care industry is expected to reach $134.3 billion by 2028, making the prospect of owning a hair salon a strong beauty business idea. Unlike spa treatments, haircuts are deemed an essential service, supplying consistent, repeat business. If you are already a trained and practicing stylist, transitioning into owning your own salon can be a natural next step in advancing your career as a beauty entrepreneur. However, the requirements and responsibilities attached to owning your business differ from that of being a freelancer. Both paths have their advantages and drawbacks. Much like cosmetics retail, an independent hair salon will face its fair share of competition, and the responsibilities of owning your own space will bring about a new set of challenges.
The global waxing industry makes up $11 billion of the beauty services market and is expected to grow to $18.8 billion by 2026. Body waxing is considered a personal care necessity that consistently outperforms massage, facials, and nail care as the third most sought-after service in the industry, making it both a recession and pandemic resistant business. Owning your own waxing studio provides a simple business model, low overhead, repeat patronage, and the opportunity to customize the services and products you offer your customers.
FRANCHISE WITH ONE OF THE TOP NAMES IN BEAUTY
If you are seeking to attain professional freedom and success through running your own business, Uni K Wax provides a beauty franchise opportunity that offers world-class training, marketing support, and the backing of a brand that has been leading the waxing industry since 1993.
With an all-natural, proprietary wax formula designed to enhance both comfort and effectiveness, Uni K Wax epitomizes the best of what the beauty industry has to offer, for both our clients and our franchisees. To learn more about owning a Uni K Wax studio, click here.