MY SALON Suite and Salon Plaza Advances 34 Spots On Entrepreneur Magazine’s 41st Annual Franchise 500® List
January 15, 2020 // Franchising.com // NEW ORLEANS - MY SALON Suite/Salon Plaza, which are a part of the franchise ownership group Suite Management Franchising, 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/Salon Plaza ranked #279 overall, advancing 34 spots from last year’s list.
The recognition received by MY SALON Suite/Salon Plaza highlights the expansion made by the company in 2019. An addition of more than 42 new franchise locations, last year brings the brand’s total number of locations to over 130 in communities across North America.
“Coming off our biggest year of growth yet, we’re thrilled to receive a ranking and have advanced on the list,” said Ken McCallister, CEO of Suite Management Franchising and president of MY SALON Suite. "Advancing our ranking validates the hard work our franchise partners continue to make through each new location. As a team, we’re looking to utilize the momentum seen in 2019 and continue to make strides within the industry.”
The key factors that go into the evaluation include costs and fees, size and growth, support, brand strength, and financial strength and stability. Each franchise is given a cumulative score based on an analysis of more than 150 data points, and the 500 franchises with the highest cumulative scores become the Franchise 500® in ranking order.
“The 500 companies on this list all have something in common: They understand what consumers want now,” says Jason Feifer, editor in chief of Entrepreneur. “They may be an upstart in a brand-new category, or they may be a brand like Dunkin’ that’s ranked highly on our list for decades. But either way, making our list means they’re forward-thinking, nimble, and closely in touch with their customers’ needs - because in an ever-changing business environment, that’s what a franchise must do to thrive.”
Raising the bar in luxury for salon entrepreneurs and consumers across North America, MY SALON Suite offers a fully equipped styling center and other eco-salon suite amenities to attract and inspire experienced health and beauty experts. Dedicated to empowering their members with the desire for growth, freedom and ownership, Salon Plaza provides a unique community for salon professionals to embrace the opportunity and operate their own private studio located within an upscale and vibrant plaza. Both concepts are customizable, secure and committed to investing in the modern-day beauty and wellness professional.
Over its 41 years in existence, the Franchise 500® has become both a dominant competitive measure for franchisors and a primary research tool for potential franchisees. MY SALON Suite/Salon Plaza’s position on the ranking is a testament to its strength as a franchise opportunity.
To view MY SALON Suite and Salon Plaza in the full ranking, visit www.entrepreneur.com/franchise500. Results can also be seen in the January/February 2020 issue of Entrepreneur, available on newsstands January 14th.
To learn more about MY SALON Suite and Salon Plaza, visit www.mysalonsuite.com and www.salonplaza.com.
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 joining the beauty industry 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 successfully run their own business. Salon members are offered ongoing training, support and a strong referral network aimed 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 momentous success. A strategic alliance partnership with Ratner Companies, the nation’s largest family-owned collection of salons, continues to propel the brand’s growth. With 100 locations in 16 states across the United States and Canada, the franchise concept plans to add 200 franchise partners and 300 salons in the next five years.
About Entrepreneur Media Inc.
For 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.
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