Are you familiar with the Hollywood Tans franchise opportunity?
If so, please share your experience, opinions or insights with a comment below.
If you are an Hollywood Tans franchise representative or employee, please help us understand why the Hollywood Tans franchise owners have one of the highest loan default rates in the industry.
Hollywood Tans franchise owners have an alarming 37% SBA default rate.
The Hollywood Tans franchise website states:
“We were recently named “Top Tanning Salon Franchise” by Entrepreneur Magazine. The time is right for you to join our rapidly growing company. Contact us now to learn more about our fabulous franchising opportunities.
“Learn about the many ways Hollywood Tans supports its franchisees:
- Our manufacturing facilities, tanning booths, lotions and bulbs.
- Real Estate
- Advertising & Marketing
- Operations & Training
- Hollywood Tans University”
However, according to the Small Business Administration, 37% of Hollywood Tans franchise owners are unable to repay their SBA loans.
Tanning salon franchises as a group demonstrated alarmingly high SBA franchise loan default rates on the 2012 list, including the Planet Beach franchise (57%), Image Sun franchise (70%), Executive Tans franchise (81% ) and Hollywood Tans franchise (37%).
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