The beauty and health sector affords the agent a significant opportunity to develop local business relationships and sales. Beauty and health opportunities cover two distinct categories – service focused and product focused.
- Service focused businesses are those whose primary business model is providing services, with product sales an ancillary concern. The beauty salon, barbershop, and tanning salon, etc. are all prime examples of a service-focused business. Although most businesses range from one to three locations, there exist larger chains that cover a multi-state footprint.
- Product focused businesses are those whose primary business model is selling products, with services an ancillary concern. Hair care and nutrition stores, fitness equipment stores, and even some establishments selling wigs and make-up fall within this category. As above, most businesses range from one to three locations, yet there exist larger chains that can cover a multi-state footprint.
Health and Beauty businesses afford the agent an opportunity to meet a large number of business opportunities locally. Additionally, due to the nature of how a beauty salon or barbershop is owned and managed, there are many storefronts where each barber or hairstylist is an independent owner with payment handled by the individual NOT the property owner. Thus, one location may house three, four, five or more individual merchant sales opportunities!
A unique opportunity when servicing such businesses in this vertical market is for you to provide either tablet or mobile processing solutions as a cost effective means for individuals to process transactions. Joining associations that align with your particular business model focus is also a potentially beneficial practice.
Unlike some other vertical markets, there are significant opportunities within the local market with few that are completely beyond the scope of the agent, thus this market is frequented extensively by those marketing payment processing solutions.
Conversely, do not invest significant time or energy on the larger national accounts such as Sunglass Hut, GNC, or Gold’s Gym unless you have an advantage that will bring you to the top decision makers. There are literally thousands of opportunities in this vertical market, many local.