Health and wellness are more than just the latest fad diets or workout plans. These businesses offer services and products people need and want while creating significant profit potential.
Research and Markets define health and wellness as the state of complete well-being of the body, mind, and spirit. Key aspects of the industry include personal care, beauty, nutrition, weight management, fitness, and preventative and personalized medicine. The health and wellness industry is continuously growing and provides many profitable business endeavors.
For a little perspective, here’s a look at why these types of businesses are thriving and would make a smart investment.
Are Health and Wellness Businesses Profitable?
Since the Covid-19 pandemic, more people are spending time and money on their health, wellness, and personal care. Self-care became a priority when people couldn’t control the world around them. If you’re concerned this growth trend could soon fade out, let the numbers do the talking.
Currently, Global Wellness Summit estimates the global wellness market to be worth $4.5 trillion, with personal care and beauty accounting for $1.1 billion. Career launchpad website Zippia suggests that between 2022 and 2030, it’s estimated to have a compound annual growth rate of 5.5%. The same study found that 50.1% of wellness spending is on health, while appearance is the second highest with 20.1%.
Scissors & Scotch provides a space for men to experience the self-care revolution with a fresh cut, beard grooming, steamed towel treatment, waxing, and other services. Men deserve to be pampered as well. A drink complements all services in our lounge for them to enjoy some “me-time,” man-style.
If the pandemic has taught us anything, it’s to focus on your health and well-being. That’s what the trends reflect in the personal care, health, and wellness industry. Here’s a look at what’s trending, according to the U.S. Bureau of Labor Statistics:
• Society has a larger emphasis on well-groomed hair, skin and nails. Customers continue to seek various treatments, including cuts, highlights, and straightening. These all require skillful barbers and hairstylists. While these trends continuously change over time, the requirement for an expert stylist is always necessary. That need will further drive the demand for hair and beauty salon professionals
• “The Zoom Effect.” More people are working from home than ever before. That means your face on a conference call is probably filling someone else’s computer screen. Because of this, employees are increasingly aware of their appearance. In response, they are spending money to fix aging or damaged skin, receive facials, cleaning, and other skin treatments. More men are letting their facial hair grow out while they work from home, but the overall verdict is that beards need to be less scruffy and more well-groomed. This trend increases demand for barber shops’ beard grooming services. In fact, Scissors & Scotch saw an over 17% increase in beard services from 2019-2022.
• More men are enjoying personal care. The previous trend mentioned lends itself to this: Men are becoming more mindful of their appearance and well-being, increasing the male customer base for the personal care, health, and wellness industry.
• More people recognize the power of touch. More people are realizing the benefits of massage therapy and consider the service a necessity for their health and wellness. Scissors & Scotch offers soothing scalp massages and face refreshers as part of our 15-year and 25-year packages.
• Businesses are expanding their offerings. More establishments are adding new services such as meditation, food or beverage to attract more customers.
Other trends in the health and wellness sector include the demand for natural and clean products. For example, 54% of Americans said “natural” was one of the main reasons for purchasing health- and wellness-related products.
Owning a Health and Wellness Business
Franchises can be a great place to start when it comes to owning a health and wellness business. They have a proven track record of success and can provide quick startup periods. Forbes offers these four tips when searching for one to own:
• Highlight the uniqueness of your business. Stay focused on being number one at the service or selling the best product, and never waiver. In a growing industry, competition can be fierce, but you can rise above competitors by making your business stand out or joining a well-established brand.
• Don’t fall for fads. These industry trends can come and go. Protect yourself from these short-lived movements by ensuring you invest in a brand with a track record of success and credibility.
• Focus on growing in-demand services. Watch for trends and where people are increasingly spending money. For example, the demand for personal trainers has steadily risen over the last five years. IBISWorld estimates continuous growth through this year. On the other hand, one business that we will always need is hair cutting services because everyone’s hair is constantly growing!
• Target a broad audience. Millennials are now a large portion of the health and wellness industry. Those between 18 and 34 make up a significant portion of the market, accounting for 18.5% of total annual revenue. Meanwhile, baby boomers are now looking to improve their quality of life as they age; they account for half of all discretionary spending on personal training. Both prioritize taking care of themselves physically and mentally.
Feel Good with an Investment in Scissors & Scotch
A well-run barbershop is a personal care, health and wellness business that will not go out of style, especially after the Covid-19 pandemic. Many people were forced to learn how to cut their own hair at home during the height of the pandemic, and some came to realize they should probably leave it to the pros.
Hair salons and barbershops are recession-resistant entrepreneur opportunities and can easily earn recurring business through quality service. People like consistency with their hair and typically go back to the same stylist every time. Men, on average, get their haircuts every four to six weeks, which is more frequent than women, may typically go between 6-8 weeks and even up to 12 weeks between cuts, so targeting men can bring in more frequent routine customers.
Don’t fret about starting a shop from the ground up. Let the advantages of franchising with Scissors & Scotch help you thrive. We’re a badass franchise on the rise. The best part is that you don’t even need to practice cutting hair to join this venture. You’re the business owner, not the stylist.
We provide men with a classic grooming experience with an upscale vibe, including a beer, cocktail, or coffee following their haircut. Become part of a team that is changing the game for barbershops. Get started by contacting us today.