Phenix Salon Suites
Salon suites
- 2022 Franchise 500 Rank
-
#75 Ranked #64 last year
- Initial investment
-
$632K - $1.2M
- Units as of 2022
-
341 36.4% over 3 years
Here’s what you need to know if you’re interested in opening a Phenix Salon Suites franchise.
Phenix Salon Suites has been a front-runner in the salon suite rental business since its founding in 2007. Its founder, Gina Rivera, is part of a family that has been in the salon industry for 75 years. Rivera carried on the family tradition by getting a hairdressing license before opening Phenix Salon Suites, a property dedicated to beauty professionals. Many beauty professionals prefer the flexibility of renting a managed booth over buying and maintaining their own property.
Franchising since 2010, Phenix Salon Suites has been named by Entrepreneur as one of the Fastest Growing Franchises multiple times in recent years. It actively seeks new franchise units across North, Central, and South America, Europe, and the Middle East.
Why You May Want to Start a Phenix Salon Suites Franchise
As a franchisee, you'll essentially be in the real estate business, renting out suites to hairstylists, nail technicians, and other professionals in the field. Existing Phenix Salon Suites franchisees are typically happy to report low turnover and high occupancy rates since starting.
Simple buildout is another key advantage of the franchise, which only requires about 3,500 to 7,500 square feet, accommodating up to 47 suites. The company will even help you find a property that’s best for your market.
You can run your business efficiently while continuing other activities since this is more of a property management concept. You can operate as an absentee owner, furthering your ability to work flexible hours. As with most existing franchisees, you will likely need only one employee to handle your office front and maintain a product inventory.
What Might Make a Phenix Salon Suites Franchise a Good Choice?
As someone considering buying a Phenix Salon Suites franchise, you're probably most interested in the worth of your potential franchise. The company is a regular recipient of industry recognition, consistently ranking in Entrepreneur’s Franchise 500 based on an evaluation of more than 150 data points in the areas of costs and fees, size and growth, franchisee support, brand strength, and financial strength and stability.
There's an initial investment made up of a franchise fee and other startup costs necessary to open a franchise. You will also need to have a minimum net worth and liquid capital. You should also be prepared for ongoing fees, including advertising and royalty fees.
How To Open a Phenix Salon Suites Franchise
After filling out the franchising opportunity form, the franchise team may discuss the opportunity with you if you seem to be a good fit. They'll also ask you to fill out a questionnaire and personal financial statement.
Once both sides feel comfortable, you will receive the company’s Franchise Disclosure Document. You'll get the chance to speak to some existing franchisees and may be invited to discovery day at company headquarters in Encinitas, California. Here, you may meet the founders. You can also ask any last-minute questions you might have on your mind.
Once the executive team approves your application, you can sign your franchise agreement, pay the initial fees, and start working with the site selection team. As for whatever else you may need, the company will help until you're ready to open your Phenix Salon Suites franchise. It's time to give talented beauty professionals a home!
Company Overview
About Phenix Salon Suites
Franchising Overview
- Franchising Since
- 2010 (12 years)
- # of employees at HQ
- 17
- Where seeking
-
This company is seeking new franchisees worldwide.
This company is seeking new franchisees in the following US states: Alaska, Alabama, Arkansas, Arizona, California, Colorado, Connecticut, District of Columbia, Delaware, Florida, Georgia, Iowa, Idaho, Illinois, Indiana, Kansas, Kentucky, Louisiana, Massachusetts, Maine, Michigan, Minnesota, Missouri, Mississippi, Montana, North Carolina, North Dakota, Nebraska, New Hampshire, New Jersey, New Mexico, Nevada, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Virginia, Vermont, Wisconsin, West Virginia, Wyoming
- # of Units
- 341 (as of 2022)
Franchisor Information
Information for Franchisees
Here’s what you need to know if you’re interested in opening a Phenix Salon Suites franchise.
Financial Requirements & Ongoing Fees
Here’s what you can expect to spend to start the business and what ongoing fees the franchisor charges throughout the life of the business.
- Initial Franchise Fee
- $52,500
- Initial Investment
- $632,346 - $1,165,275
- Net Worth Requirement
- $1,000,000
- Cash Requirement
- $300,000
- Veteran Incentives
- $17,500 off franchise fee
- Royalty Fee
- $0.33/sq. ft./mo.
- Ad Royalty Fee
- $0.06/sq. ft./mo.
- Term of Agreement
- 10 years
- Is franchise term renewable?
- Yes
Financing Options
Some franchisors offer in-house financing, while others have relationships with third-party financing sources to which they refer qualified franchisees.
- Third Party Financing
- Phenix Salon Suites has relationships with third-party sources which offer financing to cover the following: franchise fee, startup costs, equipment, inventory, accounts receivable, payroll
Training & Support Offered
Franchisors offer initial training programs and a variety of ongoing support options to help franchisees run their businesses.
- On-The-Job Training
- 8-10 hours
- Classroom Training
- 19 hours
- Additional Training
- As needed
- Ongoing Support
-
NewsletterMeetings & ConventionsGrand OpeningOnline SupportSecurity & Safety ProceduresLease NegotiationField OperationsSite SelectionProprietary SoftwareFranchisee Intranet Platform
- Marketing Support
-
Co-op AdvertisingAd TemplatesNational MediaRegional AdvertisingSocial MediaSEOWebsite DevelopmentEmail MarketingLoyalty Program/App
Operations
Additional details about running this franchise.
- Is absentee ownership allowed?
- Yes
- Can this franchise be run from home/mobile unit?
- No
- Can this franchise be run part time?
- No
- # of employees required to run
- 1
- Are exclusive territories available?
- No
Franchise 500 Ranking History
Compare where Phenix Salon Suites landed on this year’s Franchise 500 Ranking versus previous years.
Additional Rankings
Curious to know where Phenix Salon Suites ranked on other franchise lists? Find out below.
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