Posted on: 10 July 2020
An absentee business owner is a person or entity that owns a business while leaving its active management up to someone else. Typically the owner doesn't live in the community the business services. The initial investment for some franchises is typically $500 thousand. The benefits afforded by absentee ownership of salons leave you open to explore new opportunities that will have you making your money back in no time. Keep reading to discover the benefits of a real estate investment for salon suites.
The first major benefit of being an absentee owner is that you can be hands-off while your business is set up to make money. While not entirely 'set it and forget it,' this model frees up the time commitment normally required to run a franchise.
The team you put in place will be the most important aspect of your business's success. Most franchises require you to be present during setup and hiring. Regular checks on the health of your business will also improve its longevity. When you are not actively running the business, you have more time to dedicate to scaling and acquiring more real estate investments.
Industry Expertise Is Not Required
Another benefit of a hair salon real estate investment is that you don't have to be a hairstylist to be successful. While familiarity within the industry and its trends is definitely a benefit, it's not required. A more well-known salon brand may not need as much marketing for new customers as a lesser established brand. Running your franchise investment will typically require team management, customer service, and some marketing skills.
Expand Your Business Potential
When you own a business you actively run, you must be able to commute to it on a regular basis. With absentee ownership, you can expand your potential ownership options outside of your immediate geographical region. This gives you the freedom to live where you want. Owning a business in this manner relies heavily on the relationship between the owner and the property manager. Hire someone with a proven track record for managing and customer service success to keep your business running smoothly.
Becoming an absentee owner for a salon franchise is a great way to be a part of the industry without a cosmetology license. The time and income it affords you leaves you open to explore more opportunities for growth. With the right team, your investment will continue to thrive year after year.Share