Did you know that women spend around $23,000 on waxing and $10,207 on shaving in a lifetime? Not only this! They spend approximately 53.6 years of their life, removing unwanted body hair. Shocking, isn’t it?
They spend hours going to the salon, scheduling regular appointments, and tolerating the pain of waxing to get a hair-free body. However, with the advancement of technology and the development of laser hair removal methods, there has been a shift in the demand for waxing and shaving products.
The reason being is that laser hair removal is fast, affordable, and convenient. Moreover, how can we forget about the fact that once the session of hair removal is completed, you need not worry about body hair for around 2-6 years (only touch-ups required depending on the hair growth).
Besides, many people also confirmed that their hair growth permanently stopped after the treatment. Isn’t that awesome?
However, you must be wondering- how does it benefit your clinic? After all, people will stop visiting your clinic after the treatment is completed. Well, now here’s the catch! If you start offering the service of laser hair removal at your clinic, your profits will be multiplied. How? Well, keep scrolling, and you’ll know.
The demand for hair removal products and services is growing.
Let’s talk about the facts first. According to the Globe Newswire report, in 2018, the market’s compound annual growth rate is 15.9%. In addition to this, the global laser hair removal industry’s market size was $587.56 million, and it is expected to grow to 3.9 billion by 2026.
If we consider these facts, it won’t be wrong to say that the market is growing tremendously. However, laser treatments have been around for more than 60 years. So what’s the reason behind this sudden boost? The answer to this question is as follows:
- Various studies have shown that laser treatments are safe for your body. Besides this, many other myths regarding laser treatments have proven to be false. As a result, many people prefer this over other hair removal methods.
- Due to proven results of permanent hair removal, various organizations have started demanding that the products and services provide laser treatments. As a matter of fact, the competition between laser machine manufacturers is increasing. Nonetheless, ultimately providing the product at cheaper costs.
- The standard of living of people has been improved. People now have more disposable income but less time. That’s why laser hair treatment is in high demand.
- With the advancement in R&D, new and cost-effective products for laser hair removal are being introduced in the market.
Because of all these reasons, the market size is growing immensely.
Hang on! There’s more!
Nowadays, people want to look good and attractive and want smooth skin—specifically, the people in 18 to 25, a.k.a young adulthood. For them, one of the ways to do it through body hair removal, particularly in the Brazilian area and underarms. Hence the demand for the service is rising every day.
Room for more budding professionals to enter the market
Unlike other businesses, where demand and supply of product and service are almost equal and hence very less chance of a new business opening. For new professions, a laser hair removal clinic is a relatively less competitive industry. You can easily enter the market, start your operations, and start earning well in less time.
You must be wondering- how? It is because there are very few trained professionals who know how to work with laser equipment. In fact, there are only 18,657 licensed hair removal professionals in the U.S.
Nonetheless, not many people are aware of the fact that there are plenty of online courses available that can teach you laser hair removal. Not only this, but the professionals at Laser Academy Of Arizona also suggest taking a tailored program to learn industry trends according to your time and pace. This way, you’ll be able to manage your business along with learning the laser treatment procedure.
Needless to say, learning something to provide a great service to your customers will indicate your concern towards them. It will also boost their confidence and trust in your services. However, it doesn’t mean that you don’t have to plan a good marketing strategy for your business.
Return on investment is very high
Now that you know how the market is growing and how easy it is to add laser hair removal service in your clinic. Let’s talk about its financial benefit! After all, no business is a success if it doesn’t provide a good return. Right?
Generally, just like any other business, it won’t be easy to earn a profit of hundreds of dollars at the beginning. Likewise, you have to invest in the laser machine and also have to register for a license. However, with good marketing, promotion strategies, customer service, and audience engagement, it won’t take years for you to earn well and complete the cost invested.
Yet you have to make sure that your customers are satisfied with your service. Once the treatment has begun, the customer has to visit the clinic repeatedly to complete the procedure and have to pay for each visit. It will ensure that you are earning a good return on investment every time the client visits you.
Moreover, as there is less competition in the market, you will be able to grab all the target audience before any other person could even think about entering the market in your area.
The Bottom Line,
Undoubtedly, the laser hair removal market is growing exceptionally well and provides a great opportunity for new entrepreneurs and old businesses to expand their business. Due to less competition, more ROI, and easy entry into the market, you will be able to make your business a huge success.
All you need to do is either get training about laser treatment or hire a staff trained from a well-known institute that can assist you in marketing your business correctly. And the rest is assured profits for your business.