According to a study by Global Spa & Wellness Summit, the global Spa industry grew from $60 billion to $94 billion between 2007 and 2013, representing a 58 percent growth. Skills also estimate that the global Spa market economy is now worth $255 billion. Although the global salon market grew by 3 percent in 2014, it is expected to grow by an accumulated 22% from 2010 to 2015.
Growth in these markets is boosted by increase of baby boomers, since they now form the largest population in America. They are investing more money to boost their beauty and look younger. Since these services are hard to replicate at home, many people have no option than continuing to visit a salon and day spa.
The following are some of the factors to consider when it comes to spa marketing:
One can run a Salon and Spa by opening an outlet, franchising an already established brand, or buying an established salon and spa business. Franchising allows the business owner to enjoy the existing popularity of the brand. One can also consider Booth rental salons where many outlets are run under one roof and the owner collects a fixed fee from those who run these outlets. The fee covers the rental cost and unmovable assets/equipment.
The hours of operation of a Salon and Spa business are flexible; from operating on Sundays and traditional holidays, to working late at night. In addition, work might be intensive during wedding seasons and other occasions such as Christmas. Being flexible allows you to accommodate as many clients as possible.
There are a number of factors to consider when setting the prices for the services. The basic ones are labor costs, expenditure on supplies, overhead costs, and profit targeted. In addition, one will need to set prices depending on the locality; higher charges are acceptable if people in the area have more disposable incomes.
Types of Services
In regard to Spa services, one can consider a variety of services from massage, body exfoliation, waxing, hydrotherapy treatments as well as wraps and packs. Others include color analysis and application of cosmetics.
Investing in salon marketing is important since it can help you establish a suitable location where the business is likely to prosper. It is important to understand the economics of the target markets. Understand that Spar services are largely of leisure category. This can be done through a market research which will help the company to devise and launch effective marketing strategies. An important channel for marketing a business today would be a website and social media pages.
The best location for a Spa and Salon business is in a place with high traffic. As a result, these facilities are mainly located on highways and along busy streets. Whether it is inside a mall or in a freestanding building, ensure it is attractive and safe. When deciding on the location, owners should consider the intended size of the facility. One would require about 1,200 to 2,000 square feet, which will then be subdivided to changing rooms, consultation rooms, and reception among others.
Employee talented people with great work ethics and abilities; they will determine the success of the business.