The beauty and self-care industry is in high demand, and waxing is one of the hottest sectors in the market. In fact, a global industry analysis done by Transparency Market Research in 2018 predicts that the global hair-removal waxing industry will grow at a compound annual growth rate of 9.4 percent and reach $18.8 billion by 2026, making it a great time to start a body-waxing business.
Before you march down to the nearest beauty supply store and stock up on wax, you’ll need to do plenty of research and preparation before you’re ready to open your doors. And without any experience in the body waxing business, or even small-business ownership, you may want to consider investing in a waxing franchise instead of going it alone. On the other hand, even with previous experience in the waxing industry or as a business owner, franchising is an excellent way to build and grow a business with the support and expertise of an established brand behind you.
Either way, there are some important considerations to keep in mind when starting a waxing business.
Licensing Requirements
Before you can open any business, franchised or not, you are required to obtain a business license. Business licensing requirements start at the municipal, or town level, and go all the way up to the federal level, depending on what kind of business you plan to open. Luckily, only a few specialized types of businesses require a federal license or permit and a waxing studio is not one of them.
Licensing requirements vary by state, but most states don’t require you to obtain a cosmetology or esthetics license simply as a proprietor of a waxing business. If you plan to own the business and perform waxing services, however, you will also need to be a licensed waxer, esthetician or cosmetologist, as would any and all employees who provide said services.
Your state’s board of cosmetology and health department may also require certain building standards for your waxing business, not to mention that the tax structure can be tricky. In most cases, a franchisor can help by providing guidance throughout this process, making sure you understand all required licensing and permitting guidelines before opening your doors.
Location, Location, Location
Where is the best place to open a waxing business? Will you rent or buy your space or building? How much square footage will you need? How much is too much for rent? What does the lease negotiation process look like?
There are a multitude of crucial questions that come up when considering where to open your business. It is important that you work with an experienced commercial real estate broker to help you navigate this process.
A major benefit of investing in a franchise is that most franchisors have defined parameters and guidelines for you to follow, such as the amount of square footage you will need, type of location (standalone or in-line for example), average rent, etc. And, in addition to having built relationships with trusted real estate brokers, many franchisors have also identified the best potential markets for growth based on detailed demographic data about their current and prospective customers.
Building Your Business Plan
Once you decide to move forward with your waxing business, the next step is developing a solid business plan, which will serve as a roadmap for your company operations and its path to success. This overview should include a menu of services the company will offer, a marketing strategy to bring in customers, and a financial guide to cover expenses and when you should expect to start seeing a return on your investment.
Not surprisingly, this is another area where going the franchise route can be beneficial. After connecting with someone who represents the franchise — usually the Director of Franchise Sales/Development — you will work through a multi-step process intended to determine mutual compatibility and prepare you for franchise ownership.
During this process, you may be provided with a blank pro forma as a tool to help you start building your business plan. Depending on the brand’s Franchise Disclosure Document (FDD), the franchise representative may be able to help guide you through the FDD to identify some of the financial information needed to fill out the pro forma.
Moreover, a waxing franchise, like Uni K Wax, already has all the other tools and best practices in place, taking the guesswork out of creating a menu of services or building an effective marketing strategy.
Funding Options
As you build your business plan, remember to consider how you plan to fund your business. If you aren’t sure where to begin, the Small Business Association’s (SBA) website provides a wealth of information on starting a business, including a section specifically related to funding options. If you plan to finance any part of your initial investment costs, your business plan will play a key role in securing funding from traditional lenders like banks or credit unions.
A few franchisors offer in-house financing, but those that don’t often have partnerships with lenders and can offer a wide range of options. Uni K Wax has built relationships with lending institutions and can help you evaluate and determine the best funding options for your waxing franchise business.
Other Considerations
In addition to all the factors mentioned above, starting your own waxing studio means having to make some major decisions that are certain to impact the success of your business. You will need to decide what services you will provide, to whom and at what cost. You will need to decide which waxing products to use and where to get them, as well as build relationships with suppliers and vendors in order to get the best deals on products like wax, gloves, waxing strips, lotions, powders, etc. The list doesn’t end there.
About Uni K Wax Studios
Investing in a waxing franchise, such as Uni K Wax, is a great way to get into the multi-billion dollar waxing industry without starting from scratch. As the nation’s leading all-natural wax franchise, the brand offers 160 waxing services for women, men and teens.
In 1993, founder Noemi Grupenmager, a passionate visionary, opened the first Uni K Wax Studio with the goal of providing a better, more complete, waxing experience to a massive untapped market. By the sixth month, the small Miami-based studio was providing hair-removal services to over 200 clients a day. The brand’s proprietary wax, known as ElastiK Wax, is all-natural, gluten-free, and is applied at body temperature. Created to provide a more comfortable waxing experience, the unique formula easily handles even the slightest growth and can be used on larger areas than traditional wax, allowing waxers to provide more services in less time. With unparalleled attention to hygiene, each Uni K Wax Studio has an on-site wax lab where pre-measured wax is warmed in individual containers and applied by expertly trained waxers.
In 2007, Uni K Wax began franchising, after nearly 15 years of defining and refining their techniques and best practices. Over the next decade, they continued to focus on fine-tuning their business model, optimizing the design and layout of their studios, and building an unrivaled support team. Today, with the systems and infrastructure in place, Uni K Wax is poised for growth in a wide-open sector of the stable and growing beauty industry. The brand currently has locations in Florida, New York and New Jersey, with additional studios coming soon to Iowa and Georgia.
To learn more about waxing franchise opportunities with Uni K Wax Studios, go to https://unikwax.com/franchises/.