MY SALON Suite Ranked as One of the Fastest-Growing Franchises by Entrepreneur Magazine for Third Consecutive Year

News provided by

Mar 20, 2023, 09:15 ET

Salon Suite Franchise Receives Recognition Following Exceptional Growth Last Year

CARROLLTON, Texas, March 20, 2023 /PRNewswire/ -- MY SALON Suite, a salon suite franchise focused on providing stylists and beauticians a personal space to build their business and the beauty industry's future, announced today it has been ranked in the top 100 on Entrepreneur magazine's Fastest-Growing Franchises list. The list recognizes the franchise brands with the greatest unit growth in North America over the last year, with MY SALON Suite ranking #92 overall.

"MY SALON Suite experienced tremendous growth and successes over the last year, and this recognition is a further testament to the strength of the brand as we continue to grow," said Mark Jameson, chief development officer of Propelled Brands. "MY SALON Suite utilizes a semi-absentee model that is ideal for multi-unit and multi-brand franchise partners looking to diversify their portfolio. With plans to expand our network both domestically and abroad, I look forward to seeing what other milestones the brand will reach in the year ahead."

The recognition follows a record-breaking year for MY SALON Suite in 2022, building on a growing sales track record. The brand opened 42 franchise locations and one corporate location last year to reach a milestone of over 250 locations, expanding nationwide with plans to grow the brand internationally this year. The brand was previously recognized on Entrepreneur's Franchise 500 list at #66 overall for its outstanding performance in areas including unit growth, financial strength and stability, and brand power.

"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," said Alpesh Trivedi, MY SALON Suite franchisee with locations across South-East Michigan. "There's very valuable know-how and support for each step of the business growth. The company has a culture of partnership where the ideas and information flow freely between franchisees and the franchisor."

The Fastest-Growing Franchises ranking is based on information submitted to Entrepreneur for its annual Franchise 500 and is part of the brand's continuing effort to best understand and evaluate the ever-changing franchise marketplace. The ranking appears in the March/April 2023 issue of Entrepreneur. Franchise companies are ranked based on their net U.S. and Canada franchise unit growth from July 31, 2021 to July 31, 2022.

"Our 2023 Fastest-Growing Franchises ranking recognizes the franchise brands with the greatest growth but also highlights the extraordinary momentum in the industry over the past year. After all, growth is what franchising is all about," said Entrepreneur Senior Vice President of Franchising Liane Caruso.

The initial investment for a MY SALON Suite franchise is approximately $664,738 – $1,479,827, 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.

For more information about the MY SALON Suite franchise, visit https://www.mysalonsuite.com/franchise, or contact Mark Jameson at [email protected] or 214-346-5679. MY SALON Suite will be exhibiting at the upcoming 23rd Annual Multi-Unit Franchising Conference in Las Vegas on April 25 – 28, 2023 (Booth #1021).

To view MY SALON Suite in the 2023 Fastest-Growing Franchises list, pick up Entrepreneur magazine's March/April issue on newsstands or visit entrepreneur.com/franchises/fastestgrowing.

About Suite Management Franchising

Suite Management Franchising, the parent company of MY SALON Suite and Salon Plaza, is a salon suite franchise created for entrepreneurial-spirited individuals interested in diversifying their portfolio while living a semi-absentee lifestyle. Founded to inspire and empower the modern-day salon owner, the company offers a unique opportunity for a diverse range of beauty and health professionals to run their businesses successfully. Salon members are provided ongoing training, support, and a strong referral network to help their business generate a six-figure income. Featured in Entrepreneur magazine's "Top New Franchise" list, the brand is widely recognized for its rapid expansion and noteworthy success. A strategic alliance partnership with Propelled Brands, the nation's largest family-owned collection of salons, continues to propel the brand's growth. With 265 locations in 35 states across the United States and Canada, the franchise concept plans to add 200 franchise partners and 500 salons in the next three years.

For more information about Suite Management Franchising, visit mysalonsuite.com/franchise. To learn more about MY SALON Suite and Salon Plaza, visit mysalonsuite.com and salonplaza.com.

SOURCE MY SALON Suite