It's time to get pretty: barbers, cosmetology schools, and even nail salons are unmistakably hot businesses.
A shave and a haircut is worth a lot more than two bits these days.
The folliclely focused fields are experiencing a renaissance, not just in the rise of boutique salons and barber shops that double as bars but also in the number of people learning the profession. Cosmetology and barber schools is the No. 1 fastest growing industry for 2011, according to AnythingResearch.com. The schools train both stylists and potential entrepreneurs who may someday open their own salons.
Most states require licensing for stylists, so the schools indicate a required step before entering the field. Trade schools thrived during the economic slump, and according to IBISWorld, professional skills and performance training has potential to grow 5.3 percent every year until 2016. Educating future coiffeurs is a trade itself, with an exceptional year-over-year growth rate of 29 percent, according to data from AnythingResearch.com.
Charles Kirkpatrick, the executive officer of the National Association of Barber Boards of America, recently told the New York Times the number of licensed barbers had grown roughly 10 percent in the last two years, to 245,000 from 225,000.
It's not just a barbershop boomlet, though: Nail salons are part of this fast-growing industry, with a 9 percent year-over-year growth rate, as estimated by AnythingResearch.com. With an average company size of $168,703, the barrier to entry is extremely low.
By the Numbers:
Year-over-year percentage growth rate for cosmetology and barber schools industry, according to AnythingResearch.com
Average company size for a cosmetology or barber school, according to AnythingResearch.com
Number of new licensed barbers between 2008 and 2010, according to the National Association of Barber Boards of America
Year-over-year growth rate for nail salons, according to AnythingResearch.com
Average company size for a nail salon, according to AnythingResearch.com