PROFIT/Chatelaine W100

#81

Kristen Wood

Founder & CEO

Company Profile

Company: The Ten Spot Inc., The Ten Spot Franchising Inc. & Get Nailed Inc. Head Office: Toronto Website: www.the10spot.com

Company Financials

3-year revenue growth (%): 100 2013 Revenue: $2M-$4.9M Employees: 56
Revenue from Exports (%): 0    

Spotlight

What her company does: Runs a chain of beauty bars ||

Nearly two years ago, Wood decided to start franchising the business to accelerate growth. But it wasn’t a simple process. “I thought that just because I was great at opening and operating spas, I had what it took to guide franchisees to do the same,” she says. “That wasn’t the case.” Wood didn’t fully understand the franchise relationship at first, which led to several pitfalls. She discovered that franchising is an entirely different model, requiring more standardization and more consideration for franchisee needs. “I’ve learned that I have two sets of clients: those who frequent our spas and my franchise partners,” she says.