Beauty Store – Why You Should Consider Opening Your Own Beauty Store Franchise
If you’re considering starting a new business, there are many exciting franchise opportunities in the beauty sector. Here, we take a look at what makes the beauty industry such an appealing prospect and why you should consider investing in your own beauty store.
Beauty supply store for sale
The UK beauty industry is in rude health and is expected to continue growing for the foreseeable future. Between 2017 and 2022, the UK beauty market is forecast to grow an astounding 21.1% to reach a value of £26.7bn. The average household will spend £487 per year, per head on beauty products and online sales will continue to grow.
As an industry that has historically resisted the shift to online retailing, the fact that big name brands such as Amazon are investing in the online beauty sector represents a significant shift in consumer attitudes. However, eight in nine customers still purchase their beauty products in-store and the industry is likely to remain a predominately “brick and mortar” industry for a considerable amount of time.
The diversity of the products available in the beauty sector has also helped it remain strong. Trends are quick to come and go but there's always a reasonable amount of slack to allow for changes in focus and retailers usually have enough time to respond to changes in consumer fancy. Currently, the skincare sector is the beauty industry's biggest grower, with skincare sales expected to grow 27.9% over the next five years.
Constant innovation in the beauty industry is also a good reason to open a beauty franchise. In Europe alone, an estimated €2.35bn is spent on cosmetics research every year. Though progress isn't always quick, there's a constant turnover of products and from one year to the next and retailers can expect to stock incredibly different product ranges each season.
This type of research plays a particularly important part in the industry's renewed interest in natural ingredients. Scientists are testing and processing a wide range of natural substances as they attempt to identify substitutes for artificial components. The possible applications of nanotechnology in the beauty industry are also being explored and have resulted in breakthroughs in a number of different areas.
Growth of the health and well-being market
Though it’s difficult to conceive of now, there was a time when the beauty industry and the health and well-being sector were not related in any way. Today, the two are linked in a mutually beneficial relationship. This relationship manifests itself in two main ways.
First and foremost, there’s a growing concern around the use of artificial substances in beauty products. For the moment, cosmetics are going green. This means that beauty retailers have benefitted from customers replacing large swathes of their beauty supplies with “organic” or “green” alternatives. In an industry that’s largely driven by trends, the alignment of the beauty sector with the health and well-being sector has allowed manufacturers and retailers to alter their focus and develop entirely new, incredibly popular product ranges.
The growth of the health and well-being market is typified by increased consumer interest in “wellness.” This abstract term is used to denote inner and outer health, beauty, and happiness. It has become associated with a variety of activities and products, such as yoga, meditation, and superfoods, that are relatively new to the vast majority of modern UK society. In the beauty sector, this has resulted in increased sales for products like detoxifying cleansers, creams, and masks. It’s also allowed the industry to rebrand many of its products to appeal to the new consumer mentality.
The rise of the influencers
In the past, celebrities were used to sell large quantities of cosmetics and beauty products and the glossy, celebrity gossip magazines were the place to advertise. Now, it’s all about the influencers. In 2015, a study by Mintel found that just 7% of women were interested in celebrity makeup advertisements. Rather than big names, customers wanted the face of cosmetics to be a strong role model and/or someone who was relevant to modern cultural movements.
Beauty retailers and manufacturers responded to this by beginning to employ social media stars as brand ambassadors. Today, this type of advertisers are known euphemistically as "influencers." Their popularity, along with the widespread use of the social media platforms they exist on, have proven key to advertising cosmetics to a new generation. It has breathed new life into the industry and allowed it to overhaul its image radically.
The evergreen industry
While the beauty industry is driven by trends, it is essential to recognise that the industry itself is not a flash in the pan. The beauty sector could be considered a truly evergreen industry. Since the beginning of recorded history, humans have attempted to adapt their appearance by using naturally occurring substances and artificial creations. It seems as though humans have always had an urge to alter their appearance to fit the prevailing norms of beauty. Though the modern economic system has exploited this urge to build a multi-billion-pound industry, there has always been a beauty “sector” of some sort.
For those who want to open a beauty franchise, this is excellent news. Whereas many businesses have to worry that consumer interest will evolve and that their time in the sun will soon be over, there's no such concern in the beauty industry. It's almost inconceivable that people will stop wanting to make themselves feel better or will no longer strive to meet the contemporary definition of beauty. The beauty industry will always have a market to sell to, and beauty retailers will always have a high chance of success.
There are many reasons the beauty industry is an intelligent place to invest your hard earned money. In this article, we've explored just a few. If you're considering opening a beauty franchise, you'll be pleased to know that the industry's ability to continually reinvent itself, find new ways to market itself, and maintain demand for its products makes a new beauty business very much financially viable.
The Editorial Team, Point Franchise ©
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