Salon suite franchises are viable for entrepreneurs looking to diversify their income due to the recurring income, increased demand, and semi-absentee model. There are many pertinent questions that new salon suite owners may have. Here are some of the most commonly asked questions of the Phenix Salon Suites franchise development team:
What is a Salon Suites franchise?
The salon suite business model is a property management idea that enables salon and lifestyle experts with a variety of expertise to work together in their own suites and under one roof. Lifestyle professionals can have their own salon room in the more spacious, conveniently placed salon. Salon suite ideas like Phenix Salon Suites offer outfitted salons with a simple month-to-month commitment and the training, events, and technology to support small business experts.
Are Salon Suite Franchises Profitable?
Franchisees that work with Phenix Salon Suites have the chance to prosper financially. The net profit of a salon suite is significantly influenced by size, location, and population. The highest reported EBITDA (Earnings before interest, taxes, depreciation, amortisation) for Phenix Salon Suites franchisees in 2021 was $522K, while the top 50% saw an EBITDA of $207K.
The salon and spa sector is also exceptionally resilient to recessions. There will never be an "app" that can take the place of a visit to the hair salon for a haircut or colour because, as Phenix Salon Suite operators like to say, "hair always grows." This enables your money to work in your favour as franchisees are only required to perform a limited number of hours every week.
Do I need experience with salons to be a Salon Suite Franchise owner?
No, working in a salon does not make you a successful salon suite owner. Phenix Salon Suites most prosperous franchisees have business backgrounds, a desire to learn, and a need for passive income. The brand has more than 100 franchise partners with diverse backgrounds. For lifestyle professionals, it's crucial that franchise partners be able to treat their renters with compassion. They nevertheless gain from their presence even though they are not dependent on them for their success.
What are the benefits of owning a Phenix Salon Suites?
- National brand recognition with 330+ locations.
- 95% average occupancy rates and a recession-resilient business model.
- 600% increase in the demand from lifestyle professionals over the last two years.
- Recognized on Entrepreneur’s Fastest-Growing Franchises list eight years in a row.
- Innovative technology designed to propel lifestyle professionals’ interest in renting with Phenix using an app created by the founder and industry expert.
What form of corporate support is provided to the owner of a franchise?
Phenix Salon Suites offers its franchise partners unconditional support. The brand can assist with all aspects of location development thanks to the company's more than 85 years of salon experience, including:
- Real Estate – With our deep real estate knowledge in conjunction with significant expertise, we will work with you to find the right location and negotiate with your landlord to make sure you get the absolute best deal in regard to rent, tenant improvements and lease abatement.
- Development – Our construction assistance starts with our third-party architectural firm that has drawn most of the plans for our locations. Phenix maximizes the square footage of each suite for the lifestyle professional, providing the optimum amount of workspace to generate revenue from every square foot.
- Pre-Opening Support – We want to fill your suite even before you open your doors. Our pre-leasing department executes the strategy of attracting and securing lifestyle professionals for all Phenix locations.
- On-Going Support – By joining the Phenix Salon Suites family, you tap into a team with hundreds of years of cumulative salon experience at your disposal. They can offer you marketing, operational, culture/retention and moral support.
Considering all of the aforementioned, Phenix Salon Suites is searching for franchise partners throughout Australia to join their tried and tested franchise network.
Enquire now, to find out more.