Last month, franchise attorney Jeffrey M. Goldstein published an article discussing the resiliency of children’s franchises during the COVID-19 pandemic. A recent article in Franchising World magazine suggests that while the health and wellness industry has struggled since March of 2020, franchises in the health and wellness industry might be poised for post-pandemic success.
The article was written by the Chief Operating Officer of a day spa franchisor—and it is worth keeping this in mind. But, the basic principles underlying the article make sense; and, traditionally, health and wellness has proven to be a strong segment within franchising. So, is a health or beauty franchise a good investment heading into 2022? Here are the reasons why one day spa franchisor says, “Yes”:
Consumers are Becoming More Health-Conscious
A large segment of the U.S. population seems to be becoming more health-conscious in general, and the article argues that “[c]onsumers are more willing to invest in their health after seeing the effects that isolation and unbalanced lifestyles had on many of us this past year.” The article also cites a survey that found that “only 27 percent” of Americans went without beauty and grooming services during the first six months of the pandemic, and it states that bookings have “surged” in 2021.
Regardless of the accuracy of these assumptions and figures, we were certainly seeing significant growth in the health and wellness sector pre-pandemic. So, if more consumers truly are becoming more health-conscious, it makes sense that this is an area where people will be prepared to spend their disposable income when they have it available.
Awareness of the Importance of Mental Health is Growing
Beyond general health consciousness, acknowledgment and acceptance of the importance of mental health are also becoming mainstream. With this in mind, many health and wellness franchises are tailoring their services (or at least branding their services) to address consumers’ mental health concerns. As the article states, “[w]ellness and spa brands will benefit from leaning into this already existing call for self-care services.” If this trend continues, it makes sense that more consumers might be looking for mind-body health offerings from recognizable brands.
The article concludes, “The return in demand is inevitable, and now the task at hand is keeping up with the innovation that consumers crave.”
If you have an interest in health and wellness and want to own your own business, does this mean that now is the time to consider a franchise opportunity? As always, the answer is, “Maybe”. When considering a franchise, it is important to form your own opinions about your chances of success and to conduct thorough due diligence before moving forward.
Request a Free Consultation with Franchise Attorney Jeffrey M. Goldstein
Jeffrey M. Goldstein is a franchise attorney who has been exclusively representing franchisees and dealers for more than 30 years. He has helped numerous clients evaluate health and wellness franchise opportunities. If you are considering a franchise and would like to speak with Mr. Goldstein, you can call 202-293-3947 or contact us online to arrange a free consultation.