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Is a Complementary Business Right for Your Business’s Growth?

Out of the roughly 30.2 million small businesses in America, one in four of those business owners is juggling multiple businesses. This is encouraging news if you are looking to expand or diversify your current portfolio in the booming personal care industry by adding another business.

Rather than invest in a new venture in a completely different market segment, it may make sense to follow a complementary business strategy — especially in the personal care industry, which continues to be in high demand.

What is a complementary business strategy?

Under a complementary business strategy, your new business would offer products or services that are related to your current business and appeal to your customers but don’t replace or compete against what you already offer.

With the addition of complementary businesses comes the opportunity to expand within the markets where you already operate other businesses, increase and build additional streams of revenue, attract and acquire new customers, and diversify the product or services you offer.

Why would I consider adding a body waxing business to my portfolio?

While many personal care and beauty establishments offer a variety of services, there has been a noticeable rise in the number of businesses that focus on providing a single, specialized service.

Body waxing services, once limited to back-room offerings at hair and nail salons, have broken out into a spa-like stand-alone business in the personal care sector. In fact, thanks to the demand for body waxing services, the sector is now the third most popular behind hair and nail salons.

The wax hair removal industry is anticipated to grow at a CAGR of 9.4 percent and predicted to reach a whopping $18.8 billion by 2026, according to a global industry analysis. The competition among body waxing businesses is relatively low, despite such tremendous growth predications.

With an estimated 75 percent of body waxing businesses operating independently, the sector remains highly fragmented. In other words, there is significant opportunity for the right brand to capitalize on underserved markets. As one of the top waxing franchises, Uni K Wax has positioned itself for strategic growth in markets across the country (and beyond) to meet the needs of clients looking for a superior brand and waxing experience.

Would a body waxing business appeal to my current customer profile?

Because body waxing knows no ethnic, racial, or gender boundaries, it’s highly likely you’ll be able to tap into the client list from your existing business and quickly build a strong customer base for your waxing business. Nowadays, both men and women have embraced body waxing as part of a regular grooming routine. The service appeals to people across a wide range of ages, too. By opening a body waxing salon, you could not only appeal to your current customer profile but further develop it as well.

Would opening a body waxing salon hurt my existing concept?

Even if you own a hair or nail salon that offers body waxing services, it’s likely your clientele would prefer to seek these services in a setting specifically designed for the job with staff specially trained to do it. In a nail or hair salon setting, body waxing services are often limited.

Opening a separate business dedicated solely to body waxing allows your hair stylists and nail techs to focus on their core services and puts the waxing in the hands of experts. At Uni K Wax Studios, for example, each waxer goes through a rigorous and standardized training program, where they master the brand’s proprietary techniques while using their proprietary product. Superior hygiene, comfort, atmosphere, and overall experience are what drive new and repeat customers and help you build and continue to increase your additional revenue stream.

Breaking Into the Body Waxing Industry

One of the easiest ways to add a piece of the multi-billion-dollar body waxing industry to your portfolio is through franchising with a brand like Uni K Wax.

Not everyone understands how franchising works, or the advantages that come with starting a business under a franchise brand rather than going it on your own. Not only will you have the benefit of brand recognition on your side, but the support, training, and guidance you’ll only receive from a team like the one at Uni K Wax.

Founded in 1993, Uni K Wax Studios and its founder, Noemi Grupenmager, played a key role in helping shape the body waxing industry in the U.S. as it exists today. In 2007, after nearly 15 years of defining and refining their techniques and best practices, the company began franchising. With a finely-tuned business model and unrivaled support team, Uni K Wax offers the right people the opportunity to break into the massive and growing body waxing market.

For more information on Uni K Wax, or on how to get started, download our free franchise report and someone from our team will contact you shortly.

Interested in doing some self-guided research first? Check out some of our other blogs, like How to Start a Waxing Business, Is Waxing a Profitable Business? and Creating a Waxing Studio Business Plan.

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