Why choose franchising as a business opportunity?
Franchising provides business owners with a brand to back them in every facet of the business. When you’re opening up a new business, the franchise model provides you with a very good starting point – the brand has had its kinks ironed out and you’re being provided with support every step of the way. So, when you opt for a franchise, you are essentially investing in a company that already has an established client base and brand value. Thus, the franchise model mitigates a lot of the risks involved in opening a new business.
What are the start-up costs of opening a franchise business?
You can expect the initial investment to be around $150,000 – $185,000. The total costs of being a franchise owner, however, will greatly depend on how much you are comfortable spending. Your major investments will include the franchise name (fee and/or royalty), equipment, building costs, inventory, and training that will be required to begin your business.
How do I choose the best franchise opportunity?
At Lash & Company, we value the success of each and every one of our franchises. Keeping this in mind, we are looking for long-term commitments from franchisees who are serious about a successful long-term business that values the brand as well as the industry. We, therefore, encourage potential franchisees to think from a long-term perspective and only then decide whether the beauty industry and the franchise model of Lash & Company are right for them. This helps us stay committed to our goal of becoming the premier franchise model in the beauty industry.
Will I get training to run my franchise?
Yes; at Lash & Company, we are committed to providing complete hands-on support to our franchisees. This includes extensive training for the duration of 8 weeks prior to the opening of the spa and ongoing monthly training.
Do I need good credit to buy a franchise?
Yes; good credit is one of the criteria that help us evaluate the strength of your finances. In most cases, you will be required to have good credit and capital to buy into a franchise. This is important because as a franchisee, not only will you be investing in the brand, but the company will also be invested in ensuring that you succeed as a franchise owner under the Lash & Company brand.
Are there rules I will need to follow as a franchisee?
Yes; all franchisees must follow an established set of rules and regulations. This helps us maintain the integrity of the brand, which in turn maintains consistency across franchises. This is necessary for the success of the franchise model.
What risks are involved with buying a franchise?
As with any business, there are risks involved in the franchise model. However, with 13 years of industry experience, Lash & Company has ironed out the kinks in the model and it provides extensive hands-on support to all of its franchises to minimize risks.
Am I the right candidate for buying a franchise?
If you’re dedicated to making a difference in the beauty industry as well as in the community, then yes, you are absolutely the right candidate for buying a franchise with Lash & Company.
How did the franchise get started and what is the background of your executives?
The Lash & Company MedSpa was originally founded in 2010, and after ironing out the kinks, the executives’ Nick and Bailey franchised it in 2018. While Bailey has been a licensed aesthetician for the past 18 years, Nick has been the CEO of the business for the last 9 years.
Who were the founders?
Lash & Company MedSpa was founded in 2010 by the duo – Nick and Bailey. Their commitment to elevating the beauty industry is visible in their years’ worth of efforts and actions. After founding the company in 2010, the duo opened an aesthetic school in 2016. They ironed out the kinks in the business model of their original corporate spa and finally franchised Lash & Company in 2018.
What was their motivation for starting the business?
As an aesthetician, Bailey has been an excellent service provider and a skilled technician. Her passion for the beauty industry and her commitment to improving customer experience smoothly complimented Nick’s entrepreneurial spirit and his expertise in problem-solving. With their complementary skill sets, Nick and Bailey came together to build one of the industry’s best franchise models.
Do you possess similar skill sets and a passion for the industry?
At Lash & Company, we are looking for franchisees who complement the 6 core values that the company is built upon – trust; passion; excellence; resilience; communication; and innovation. Not only are these the core values, but they also form the order in which the organization runs.
What are your criteria for choosing a franchisee?
When choosing a franchisee, we look into the following criteria:
Ability to display good judgment
Willingness to learn
Hard-working and determined to operate a successful business
Excellent communication skills
Solid financial awareness
Time management skills
Ability to tap into the power of networking
Ability to be a team player
Result driven approach
Passion for the beauty industry and the business they’re running
Willingness to be successful personally and professionally
How much do I have to invest before I can open my doors?
Lash and Company do everything it can to make the initial investment as low as possible. We have a low franchise fee, a simple build-out model, strong relationships with vendors to get the best inventory pricing, and low royalties. At Lash & Company, it is our priority to ensure a smooth and affordable entry for franchisees.
How much liquid capital will I need to maintain to cover the franchise until it breaks even?
$50,000 or 6 months of capital to cover bills and debts.
What are the ongoing fees?
The only ongoing fee is the royalties.
How do your royalties work?
Royalties are necessary for franchisors to exist since royalties are often the only income source a franchisor has. The royalty enables the franchisor to make a profit and grow the system. In exchange for receiving a royalty, the franchisor creates, maintains, and improves a business operating system designed to provide the franchisee with a structural advantage in the marketplace. A proven business operating system that systematically reduces a franchisee’s business risk is the most valuable quality of a franchise and is the biggest separator of a franchise from an independent company.
How financially strong is the franchise company?
Lash and Company have been debt free since opening. Lash and Company have been Independently owned since it opened.
How many other locations are there and what is your success rate?
We have 22 franchisees signed and all the locations that are open and operating are in strong financial condition and showing great signs of increased financial potential.
Are the franchisees receiving ample support?
Yes, the franchisees receive complete hands-on support from start to finish. Not only have they given an 8-week long training prior to opening the franchise, but thanks to the state-accredited aesthetic schools of Lash & Company, the franchisees receive advanced courses at zero charges.
How much money can I make?
The gross revenue on an average franchise of ours is $800,000 per year. The locations that are open and operating show an average of 17-20% EBITDA. The individual revenue and success, however, depend on the individual franchisee’s performance, and cannot be accurately predicted.
What sets you apart from your competitors?
Our USP against our competitors is our teaching and training program for the franchisees. We have backed by our own state-accredited aesthetic school that allows us to provide ongoing education. Additionally, our unique blend of soft-touch and medical-grade services makes us a truly modern aesthetic MedSpa. We are the only franchise model that offers both soft touch and medical aesthetic services.
Where does the brand fall along the spectrum?
When it comes to the brand spectrum, Lash & Company has a unique service menu that allows for growth, unlike the competitors which have rigid, unchanging service menus that are limited and don’t allow any space for growth. The impact of having a unique service menu is seen in our day-to-day interviews with aestheticians who leave competition owing to a lack of growth opportunities in their limited service menu.
What support staff will be accessible to you on a day-to-day basis?
We use a software called FranConnect which gives our franchisees access to us 24 hours a day. Lash And Company corporate office are open Monday through Saturday 9-7pm.
Are there ongoing training opportunities?
Yes, as mentioned above Lash And Company is a state-accredited school and puts a big emphasis on its teaching and training of the services as well as the protocol and procedures. We also offer monthly franchise support in regard to the business strategy, business financials, business projections, marketing, and industry trends.
Is on-site assistance available?
Lash And Company have a corporate team that will visit the franchisees one time per quarter at their location to do a spa walk-through in a valuation.
How do you resolve disagreements or disputes?
With Communication being one of our values, we find it extremely important to stay connected and transparent with our franchisees therefore it gives us a better chance of avoiding any disagreements or disputes that can’t be worked through.
What are your expectations of your franchise owners?
We expect our franchisees to be engaged in the growth of the brand as well as their individual locations. We don’t believe in a hands-off business and we strive to find Franchisees that have the same mentality. With that said our model works for the owner-operator or manager-operator locations, but there is still work that has to go into both.
What will my territory be and how will it be protected?
Lash And Company have a 5-mile radius. We want each franchisee to be successful and we don’t see the value in stacking our franchisees on top of each other.
Does the franchisor reserve the right to approve the location of your franchise?
Yes, Lash And Company do reserve the right to approve a location and a site. We are extremely hands-on in the process of real estate site selection.
Will you have an exclusive or protected territory?
Yes, the franchisees will have an exclusive and protected area within a 5-mile radius.
What kind of input will I have in marketing and advertising?
Lash And Company have a dedicated corporate marketing department. They also work directly with our franchisees on local marketing so we encourage our franchisees to be engaged with their local marketing at all times. Lash & Company is open to ideas and innovations from our franchisees. We welcome all new ideas and take them through our corporate process for further evaluation.
What is a typical day like for a franchisee?
Depending on whether they are an owner-operator or have a manager operator, the typical day for a franchisee differs from spa to spa. For an owner-operated spa, the franchisee spends a typical day working inside the spa. This includes setting a work schedule that best suits the business needs, operating the day-to-day tasks of the spa, and overseeing the leadership and management component of the spa as per the Lash & Company model. For a manager operator spa, the franchisee is in direct contact with the spa manager who operates the tasks of the spa. This can be an everyday briefing between the manager and the franchisee or it can be scheduled on certain days. Each week we encourage our franchisees to set time aside to review their finances and reports.
Can I speak with the current franchisees about their experience?
Yes, at Lash And Company, we highly encourage you to speak with existing franchisees and we also provide a call list for you to do so.
For more information regarding the franchising opportunities at Lash + Company, visit https://www.lashandcompany.com/franchise-opportunity/