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If you have ever walked into one of the major fast food joints or a famous global convenience store, chances are you are already familiar with a franchise setup. According to the data by Statista, there are up to 805,436 franchise owners as of September 2023.
Franchise stores have become one of the most popular and viable businesses worldwide. The success of franchising has been an influential factor in driving success for many entrepreneurs.
According to the U.S. Bureau of Labor Statistics, 18% of independent small businesses close within two years of operation. However, in contrast to this information, FranNet, a franchise consulting firm, has revealed that 92% of franchisees have the mettle to still go strong after two years.
So, what exactly is a franchise? Is it the next best business idea for you? What are the best kinds of franchise opportunities that you can take up in 2024? Let us explore these questions and find out more!
What is a franchise?
A franchise is a type of business model where a larger company allows the use of its trade name, logo, brand, and all kinds of products and services to a smaller company in a key demographic area owned locally by a business provider. According to one report by the U.S. Census Bureau, 11.4% of all businesses are in the franchise business, showcasing the stability of the industry.
A franchiser, for example, McDonald’s, is a bigger company that owns the rights of usage of the name, logo, products, and its unique offerings but sells these rights to a smaller enterprise, for example, ABC Foods, for a cost to providing these services and products in that particular region.
By doing so, the franchiser develops and spreads out its business globally and can earn additional revenue by allowing third parties to open up stores in their name without having to invest in them directly.
For a smaller business, it works as an exciting opportunity to work with a bigger brand that has a good reputation and be able to kick start their business with formal training and with brand recognition in the market.
The best franchise opportunities in 2024
If you are looking for the best franchise opportunities to get started with in 2024, here are the 20 top most preferred franchise opportunities today:
1. McDonald’s
Mcdonald's is one of the most successful fast food giants of the world, with an amazing brand reputation and recognition all over the world.
With the first store that opened in 1954 in California, today Mcdonald's has stores all over the world. This is one of the best franchise opportunities in 2024, with incredible returns thanks to its popularity and high ROI model.
2. Subway
Subway is another popular option in the world for a franchising opportunity. One of the fastest moving fast and healthy food joints, Subway offers quick turnover and an easy restaurant model that comes in two types of setup: Traditional and Non-traditional.
Franchisees can choose to open up a full fledged traditional Subway restaurant or a food joint established within another business such as at a rest stop or within a mall in a non-traditional format.
3. Dunkin’ Donuts
Dunkin’ Donuts and their world-famous donuts, baked goods and coffee is perhaps one of the biggest addictions for those with a sweet tooth worldwide. With an easy-to-run Quick Service Restaurant (QSR) with high ROI, this investment opportunity is excellent for those looking to start a franchise opportunity. They have over 13500 stores in 42 countries currently.
4. Ben and Jerry’s
Ben and Jerry’s is one of the most famous and preferred ice cream vendors in the US and has a huge crowd following.
Ben and Jerry’s has expanded exponentially and become one of the most preferred franchise opportunities in the US for 2024. With a high ROI model with low investment, this is one of the best options in our list.
5. Ace Hardware
Ace Hardware is one of the most popular yet profoundly personal hardware stores that gives people one of the best home care and maintenance shopping experiences.
Ace Hardware was founded in 1924 but now has more than 5000 stores around the world which speaks of its popularity and reputation. This is one of the best hardware store franchise options in 2024.
6. 7-Eleven
7-eleven has been voted one of the best convenient stores across the globe thanks to its turnkey operations and quick setup model. This convenience store is one of the best options for those looking for a retail outlet franchise model in the US.
7-eleven offer 3 kinds of setups namely: Traditional, multi-unit and Business conversion programs.
7. The UPS store
The UPS Store is a printing and packaging service provided in the USA that has become the standard shipping partner globally.
UPS deliveries are one of the most common means of shipping in the USA, and their services extend to other things such as notaries, office supplies, printing and copying, communications including fax, etc.
8. Anytime Fitness
Anytime Fitness is one of the leading fitness and gym chains in the US and was also voted the best fitness chain in the US in 2014.
One of the fastest-growing chains for health and fitness that allows members to access their health centers 24 hours a day, this facility has surely become one of the most profitable and notable franchise chains for health-specific businessmen.
9. Supercuts
Supercuts is one of the most renowned budget-friendly salon establishments that offers haircuts and other styling services from well-trained and professional stylists.
The Supercuts franchise establishment is fully supported using a Training service for stylists at a professional beauty school. This grooming service establishment is a great franchise opportunity in 2024.
10. Jani-King
Jani King is a janitorial service franchise that provides cleaning and sanitizing facilities to its clients, which includes hotels, hospitals, resorts, sports venues, residential areas, schools, and offices.
Jani King was founded in 1968 but today is spread across 10 countries with over 7500 franchise units. It is one of the best low-investment, high-ROI franchise models.
11. Papa John’s
Papa Johns is a pizzeria that every pizza lover recognises. With one of the best tasting pizzas in town, this franchise option is one of the most preferred by those interested in the food and restaurant business in the USA.
Papa John's pizza was founded in 1984 and already has close to 5750 franchise units all over the world.
12. General Nutrition Centers (GNC)
GNC or General Nutrition Center is a world-famous healthy lifestyle supplementing program that helps people with supplements and nutritional products that help them lead a healthy and active lifestyle.
With a wide channel for operating through stores, direct and online sales, this franchise option gives you a scope to expand the business beyond the general parameters. GNC was founded in 1935 and already has 6377 stores worldwide.
13. H&R Block
For those who want to stay away from typical retail models and are looking for service-related franchise options, H&R Block is perhaps the best option.
H&R Block provides tax assessment and filing services for individuals and businesses and also provides many other Tax related affiliate services. Founded in 1955, the company already has 10,000 branches in 11 countries employing more than 100,000 tax analysts.
14. Jersey Mike’s subs
Jersey Mike's Subs is a sub sandwich shop that was founded in 1956 in the Jersey shore. The iconic fresh bread sandwiches baked with succulent Italian and American Cheese and meats has become extremely popular amongst the global population. Today there are more than 1500 stores in operation all over the world.
15. Great Clips
Great Clips is an American Salon and Styling establishment that provides amazing hairdressing services, including haircuts, conditioning treatments, coloring and other hair treatments.
Founded in 1982 in Minnesota, today Great Clips is present in all top countries of the world with more than 4500 salons.
16. Circle K
Circle K is a global convenience store that offers a wide variety of services including refreshments, quick snacks and plenty of other options that you might need on the go.
It is one of the best franchise options for those looking for a successful retail outlet model. Founded in 1951, the company already has 12000+ units worldwide.
17. Denny’s
Dennys is a full-fledged, casual restaurant that allows its customers to have a family dining experience. This restaurant is also available in a non-traditional outlet format called Dan’s. Both these franchise models are excellent for those who want casual dining formats that allow for exponential growth and full sized restaurant experience. Founded in 1953, today there are more than 1500 Denny’s in the world.
18. Culver’s
Culvers is an authentic American Diner that offers everything between refreshments, short eats, fast food and desserts to its customers in the US. Culvers was founded in 1984 and there are more than 500 outlets operational today. Their iconic Butterburgers and Frozen custards are the most popular food items in the US making it a promising casual diner franchise option.
19. Little Caesars
Little Caesars is one of the largest pizza chains just after Dominos and offers Ready to go pizza and other snack options, making them one of the best QSR options in the market.
Little Caesar has some of the best pizza options and signature dishes, making it one of the most popular franchise options today. Founded in 1959, today there are more than 5500 stores worldwide.
20. Cruise Planners
Cruise Planners is one of the most unique franchise models on this list giving businessmen to implement their acumen for travel by helping clients book tours, cruises and vacations. This franchise model is extremely good for those who want a low investment work from home model that helps them earn easy revenue. It is powered by American Express and is the number 1 travel partner in the USA today.
Conclusion
A franchise is a great opportunity to dive into business or to grow your present business by taking on a brand that is well-known and recognised in the market. These 20 franchise options are the best recommendations for the year 2024 for interested businessmen.
