Did you know that the beauty industry market value is going to hit a staggering $571.1 billion in 2023? That means a yearly 8% increase – the fastest annual growth of any industry in 13 years – and it’s only going to get bigger from here. In 2027, experts estimate the industry to be worth an eyewatering $663 billion.
With more products and treatments coming out every year, it’s certainly a lucrative business, especially when you target the right clientele. So, if you’re thinking of setting up a beauty business in 2023, here are a few things you should know.
Profitable Beauty Business Ideas for 2023
The beauty industry has such a large scope that there are so many areas to which you can turn your skills. In 2023 in particular, here are the ones we’re expecting to steal the spotlight.
1. Anti-Aging Clinic
We’re seeing anti-aging clinics increase in popularity. These clinics focus on skincare, in particular getting rid of fine lines and wrinkles with an assortment of creams and serums. Some clients might go as far as having minor surgery although these services do require very specific certification.
2. Anti-Tan Salon
Consider anti-tan salons to be the direct opposite of tanning salons, i.e. they provide services that remove the tan from the skin. With growing awareness about the health-related problems that come from sun exposure, the demand for this service is growing exponentially, especially in small towns and cities.
3. Start a Beauty Magazine
One of the trickier entries on this list, running and publishing a magazine is hard work. Depending on whether you want to enter the luxury sector or appeal to lower-income individuals, you will need to understand your audience well and have good connections in the industry for editorials and features.
You could also try to start a digital magazine first, and see if you manage to get some traffic. This would be a cheaper option, as the only thing you need to purchase is a domain site, although you’ll still have to pour all your time and creativity into it.
4. Nail Art Salon
Owning a nail salon can be a very profitable business model. Not only is it easy to operate from your own home until you have sufficient capital to rent somewhere on the high street, but as long as you have the highest quality acrylic nail sets, you will always be able to tempt customers in. If you find the right balance between price and good service, you’ll soon have enough loyal customers to consider yourself a successful nail salon owner.
5. Piercing and Tattoo Shop
Body piercing is similar to the nail art salon in that it is relatively ‘portable’. Start in your own home if you like before moving elsewhere in town. This particular branch of beauty requires you to be professionally trained and have all the relevant certifications. As for any type of salon, it’s important to maintain very high hygiene levels as it could be dangerous otherwise.
6. Massage Salon
With modern life being what it is, everyone needs a massage now and then to recover from stressful periods. If you have the specific skills and qualifications to do it, starting a massage salon is one of the most profitable beauty business models.
If you don’t yet have the skills or knowledge, there are many specialized centers where you could get the appropriate training. Massaging is one of those abilities that will guarantee you a job anywhere, so even if you don’t open your own massage parlor it could always be a good skill to have.
We hope these ideas can inspire you in your entrepreneurial endeavor. There are almost as many beauty business possibilities as there are people, so just think about your interests and you’ll soon find your niche!
