March 10, 2017 // Franchising.com // NEW ORLEANS – MY SALON Suite announced today that it has been named to Entrepreneur magazine’s Franchise 500® list, considered the world’s first, best and most comprehensive franchise ranking. MY SALON Suite has been rated #141 overall, raking in the top half.
The prestigious award validates the progress the company has made in the past year. In 2016, the brand grew its locations by 20 percent, bringing the total to 30 plus locations to communities throughout the United States.
“We are honored to receive this ranking,” said Ken McAlister, CEO of MY SALON Suite. "We look forward to building upon this growth in 2017, as we form new relationships, expand into new markets and offer our existing franchisees continued support.”
The key factors that go into Entrepreneur’s evaluation include costs and fees, size and growth, support, brand strength, and financial strength and stability. All franchises are given a cumulative score based on more than 150 data points, and the 500 franchises with the highest cumulative scores become the Franchise 500® in ranking order.
“We spend months gathering and crunching data in order to produce the Franchise 500 ranking. We’re proud of the result and the way it continues to be a resource for the franchise community,” says Jason Feifer, editor in chief of Entrepreneur. “Like every industry, franchising is ever-evolving and must smartly react to new technologies and consumer demands. We know it takes a lot to stay competitive and are excited to celebrate those that do it best.”
MY SALON Suite, the nation’s leading upscale salon suite franchise, has made a name for itself in major markets throughout North America for being the only salon complex to offer fully-equipped, upscale suites featuring a full-length style station, styling chair, shampoo sink and color station. Additional amenities include a state-of-the-art security system, luxurious bathrooms and an elegant lobby. In addition to the attractive accommodations, members are offered ongoing training and support to grow and develop their business, which includes access to a strong referral network.
Entrepreneurially spirited individuals interested in owning a MY SALON Suite franchise should have the ability to invest $355,700 - $955,000, which includes working capital and a typical franchise fee of $50,000. Plus, MY SALON Suite offers 10 percent off franchise fees for veterans.
“In order to reflect the evolving business world at large, we at Entrepreneur continue to evolve our annual ranking, too,” says Ryan Shea, president of Entrepreneur. “We’ve developed new ways to measure and analyze our collected data as new critical data points come into play. We take into account pertinent factors such as social media presence and financing availability, which have become increasingly important in today’s economy. The result is a more complete and relevant Franchise 500® that can serve as a valuable resource for our readers.”
To view MY SALON Suite in the full ranking, visit: www.entrepreneur.com/franchise500.
To learn more about MY SALON Suite visit: www.mysalonsuite.com.
For more information about available franchise opportunities, visit: www.suitemanagementfranchising.com.
Founded in 2010, MY SALON Suite is raising the bar in luxury for salon entrepreneurs and consumers across North America. MY SALON Suite attracts and inspires experienced professionals from all facets of the health and beauty industry to individually own and operate their own businesses in one of several private suites, each fully equipped with a styling center, state-of-the-art security system and other eco-salon suite amenities. The resources offered by MY SALON Suite empower salon members to achieve business ownership and present them the opportunity to earn a six-figure income. The brand’s success in recent years has been momentous, and a strategic alliance partnership with Ratner Companies, the nation’s largest family-owned collection of salons, has further propelled the brand’s success and rapid expansion. With more than 40 locations in 16 states across the United States and Canada, the New Orleans-based franchise company plans to add 200 franchise partners and 300 salons in the next five years.
For more information about MY SALON Suite’s membership packages, please visit www.mysalonsuite.com. To inquire about franchise opportunities, visit www.suitemanagementfranchising.com.
For nearly 40 years, Entrepreneur Media Inc. has been serving the entrepreneurial community providing comprehensive coverage of business and personal success through original content and events. Entrepreneur magazine, Entrepreneur.com, and publishing imprint Entrepreneur Press provide solutions, information, inspiration and education read by millions of entrepreneurs and small business owners worldwide.
To learn more, visit entrepreneur.com.
All Points Public Relations
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