(CARROLLTON, TX) Jan. 10, 2023 — 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 500 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 2023 Franchise 500® ranks MY SALON Suite as #66 overall for its outstanding performance in areas including unit growth, financial strength and stability, and brand power.
“MY SALON Suite’s tremendous growth and recent successes are a testament to the strength of the brand,” said Mark Jameson, chief development officer. “The concept utilizes a semi-absentee model that is ideal for multi-unit and multi-brand franchise partners looking to diversify their portfolio. 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, building on a growing sales track record. The brand opened 42 franchise locations and one corporate location in 2022 to reach a milestone of over 250 locations, expanding nationwide with plans to grow the brand internationally in 2023. In addition, Suite Relief Fund™, MY SALON Suite’s annual fundraiser for St. Jude Children’s Research Hospital®, raised over $123,000 in one month and set a new record for the brand.
“I went into business to be able to build something that would positively impact the lives of others and build long-financial stability for my family,” said Ray Harrigill, MY SALON Suite franchisee with locations across Louisiana and Mississippi. “We were looking for a business that complemented and leveraged the skills of the team we had in place with our other businesses. We love to see our tenants and customers succeed, and we love to see our team thrive. We are excited about the growth and future of the brand.”
In Entrepreneur’s continuing effort to best understand and evaluate the ever-changing franchise marketplace, the company’s 44-year-old ranking formula continues to evolve as well. The editorial team researches and assesses several factors that go into the evaluation including costs and fees, size and growth, support, brand strength, and financial strength and stability.
“The past year underscores the extraordinary opportunities that the franchise industry presents for entrepreneurs of all levels,” says Entrepreneur editor in chief Jason Feifer. “The companies named to our 44th annual Franchise 500 list represent some of the most innovative, creative, and trusted brands across many industries and highlight what it takes to build the kind of momentum that drives long-lasting success.”
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@example.com 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 full ranking, visit www.entrepreneur.com/franchise500. Results can also be seen in the January/February 2023 issue of Entrepreneur, available on newsstands January 17th.
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 250 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.