MY SALON Suite Ranked Among the Top 100 Franchises in Entrepreneur’s Highly Competitive Franchise 500® Following Record-Breaking Year
Salon Suite Franchise Receives Recognition Amid Nationwide Expansion
CARROLLTON, Texas — MY SALON Suite, a salon suite franchise that focuses on providing stylists and beauticians a personal space to build their business and the beauty industry’s future, announced today it has been recognized as one of the top 100 franchises in Entrepreneur‘s Franchise 500®, the world’s first, best and most comprehensive franchise ranking. Recognized as an invaluable resource for potential franchisees, the 2024 Franchise 500® ranks MY SALON Suite as #75 overall for its outstanding performance in areas including unit growth, financial strength and stability, and brand power.
“Reflecting on the tremendous growth and successes MY SALON Suite has experienced over the last year, this recognition further underscores the strength and potential of the MY SALON Suite brand and its opportunities,” said Mark Jameson, chief development officer at Propelled Brands. “Our tremendous growth in 2023 was driven by our semi-absentee model and multi-unit deals as well as the expansion of our conversion program and our strategic acquisitions of independent salons. With ambitious plans to further expand our network, I eagerly anticipate witnessing the brand reach new milestones in the year ahead.”
The recognition comes following one of the most successful franchise development years to date for MY SALON Suite, with more than 40 franchise agreements and 43 store openings allowing the brand to surpass 318 open locations. In addition to welcoming nine new owners into the network, MY SALON Suite also undertook the strategic acquisition of 13 independent salons to grow its corporate footprint in Reno, Nevada; Charleston, South Carolina; and Herndon, Virginia. The brand set further records through its annual Suite Relief fundraiser, raising over $120,000 for the third consecutive year in honor of St. Jude Children’s Research Hospital.
“People are really embracing this concept in the salon industry and feeling confident bringing their business to MY SALON Suite,” said Alpesh Trivedi, MY SALON Suite multi-unit franchisee with 10 open units and another 10 committed in the Detroit and Chicago areas. “MY SALON Suite’s franchise model has been a great way for me to learn, adopt and improve the proprietary processes, products and best practices. The company has a culture of ‘partnership’ where the ideas and information flow freely between franchise and franchisor about sight selection, design, construction and operations.”
In Entrepreneur‘s continuing effort to best understand and evaluate the ever-changing franchise marketplace, the company’s ranking formula continues to evolve as well. The editorial team researches and assesses several factors, including costs and fees, size and growth, support, brand strength, and financial strength and stability. Each franchise is then given a cumulative score based on an analysis of more than 150 data points, and the 500 franchises with the highest cumulative scores become the Franchise 500® in ranked order.
“Every brand on the Franchise 500 has its own unique story, but they all collectively make the same statement: Franchising is strong and resilient, is full of innovation and opportunity, and provides a powerful entrepreneurial path for many people,” says Jason Feifer, editor in chief of Entrepreneur magazine. “Our 45th annual ranking is full of companies with fresh ideas, exciting business models, cultural sway, and the kind of business sophistication that will define the next 45 years and beyond.”
The initial investment for a MY SALON Suite franchise is approximately $823,344 – $2,241,800, including a $50,000 franchise fee. Ideal candidates have a net worth of $1.5 million, of which $500K is liquid. Additionally, MY SALON Suite offers a special incentive for veterans and first responders, including paramedics, emergency medical technicians, police officers, sheriffs and firefighters, which includes a 50% reduction on the franchise fee – a savings of $25,000.
MY SALON Suite is currently seeking qualified franchise candidates with an emphasis on multi-unit owners as it targets continued nationwide growth. For more information about MY SALON Suite franchise opportunities, visit https://www.mysalonsuite.com/franchise, or contact Mark Jameson at firstname.lastname@example.org or 214-346-5679.
To view MY SALON Suite in the full ranking, visit http://www.entrepreneur.com/franchise500.
About MY SALON Suite®:
MY SALON Suite® is a franchise designed for individuals with an entrepreneurial spirit who are interested in diversifying their portfolio while enjoying a semi-absentee lifestyle. The company was established with the aim to inspire and empower the modern-day salon owner, providing a unique opportunity for a diverse range of beauty and health professionals to successfully manage their businesses. MY SALON Suite Members are provided with ongoing training, support, and a robust referral network to bolster their business growth. The brand, which is ranked in the top 100 on Entrepreneur’s highly competitive 2024 Franchise 500® List, is widely recognized for its rapid expansion and significant success.
As one of the service-oriented businesses in the Propelled Brands® family, MY SALON Suite boasts over 330 locations in 35 states across the United States and Canada, with 165 franchisees and over 8,500 Members. To learn more about MY SALON Suite®, visit mysalonsuite.com.