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India’s salon industry is growing at an unprecedented rate and was valued at $3.5 billion way back in 2015, which has been growing at a rate of 20% annually. About a fourth of the sector comprises of 5,000 franchises totalling $1 billion in value; the rest is composed of independent stores and small to mid-sized chains. By 2024, the global skincare market is estimated to be 180 billion U.S. dollars.
Give, the higher disposable rate, the regional film industry and the desire to keep up with fashion trends, salon business in Chandigarh could reap you a huge profit share. Here’s the reason why starting a salon business in Chandigarh will help you gain a fair share of this lucrative market.
Higher Disposable Incomes
Chandigarh's one of the wealthiest cities in India, so it is a no-brainer that people there have higher disposable incomes to spend on fashion and other interests. People, both men and women, love to keep themselves groomed and up to date with fashion. They are willing to pay high prices for the best service from trustworthy brands. Thus, a salon business in Chandigarh will help you double your investments in no time.
Lucrative Industry
The beauty salon & supplies franchise industry is a very lucrative and exciting sector that offers a strong opportunity for a skilled entrepreneur. Hairstyling businesses, nail salons, spas or tanning salons and other businesses related to beauty offer consistent monthly incomes too. Sales figures show that even in economic downturns, the beauty sector has enjoyed strong growth and stable prospects, with more and more people willing to spend money on looking good and trying new beauty products. Investing in a beauty salon franchise is, therefore, a good opportunity for aspiring entrepreneurs especially in a city like Chandigarh, which is both modern and rich.
Film and Modelling Industry
The state of Punjab has its own film industry. Many aspiring actors and models try their luck there. Truth is, the glamour world plays a huge role in the rapid growth of the salon industry there. People regularly visit these salons to keep themselves well groomed. Salons play a major role in creating that one beautiful look which makes heads turn. Hence, starting a salon franchise business in Chandigarh could help you get high profile customers also.
Those who want to start their own business or take up franchisees can join in the FRO 2019, happening in Chandigarh on 19-20 January, to know more about the franchise business, financial advice, and business advice from the experts. Meet the investors personally and participate to change the small world of business.
