The Fastest Growing Franchises in 2024

In recent years, there has been an extraordinary momentum in the growth of franchises, both in the U.S. and internationally. But, what exactly are franchises? And why do they continue to soar in popularity? 

A franchise is a business model where a franchise owner (often referred to as a franchisee) pays a franchise fee to use the brand and business model of a well-established company (the franchisor). From fast-food chains like Taco Bell to fitness clubs such as Planet Fitness, franchises cover a wide variety of industries. They offer the advantage of operating under a brand that has already gained recognition and crafted a successful operating model. For entrepreneurs looking to run their own business while minimizing some of the risks associated with start-ups, investing in a franchise is a great option.

The pace at which certain franchises are being adopted and are spreading across the country – and even globally – has attracted heavy attention and interest. Rankings have been created to identify the fastest-growing franchises, based on the greatest franchise unit growth, the number of new franchises opened, and the rate of expansion percentage growth. 

Comprehensive Analysis of the Fastest Growing Franchises

Several elements contribute to the popularity and fast-paced growth of franchises. Here, we will analyze those elements, paying special attention to IFA member franchises that have been experiencing the greatest growth in recent years.

Market Demand

One of the primary engines behind the fastest-growing franchises is the shifting and ever-growing demand in various industries. For instance, the fitness industry has been thriving over the past years, making fitness franchises like Planet Fitness some of the fastest-growing franchises. 

Entrepreneur magazine, a reputable publication that provides an annual ranking of franchises, attributes one of the reasons behind the growth of the fitness franchise market to the increased interest in healthy living in the United States and beyond. It's not just fitness franchises that are thriving; franchises that provide solutions in growing markets such as commercial cleaning, like Corvus Janitorial Systems, are also enjoying rapid expansion.

Business Model and Brand Recognition

Another reason why franchises are seeing enormous growth is their business model and brand recognition. When you buy a franchise, you buy into a business model that's already been tested and refined. This significantly reduces the risk of trial and error that occurs when you start a new business from scratch. 

Additionally, a franchise comes with brand recognition, which is a valuable asset in the business world. For example, buying a franchise from the UPS Store® means you're starting your business with a brand that customers already know and trust.

Franchise Support and Initial Investment

Support in the form of training, marketing resources, and ongoing assistance is a crucial feature that differentiates franchises from other business ventures. This support helps a franchise owner to hit the ground running and remain successful in the long run.

The initial investment for a franchise can vary with different factors such as industry, real estate needs, equipment, and more. It is essential to consider the ability to secure funding, the return on investment, and the franchise fee.

Exploring the Fastest Growing Franchise Industries

The franchise industry is experiencing remarkable growth, and this expansion is not uniform across all sectors. Certain industries are emerging as particularly dynamic, spearheading the overall growth of franchising. Let’s take a look at some of these thriving franchise opportunities.

Automotive

In the automotive industry, franchises like Midas International Corporation and Jiffy Lube are accelerating the pace. These brands exemplify success in automotive servicing, offering specialized services that cater to the increasing number of vehicles on the road. Tint World and Big O Tires are other notable mentions, showcasing the diverse opportunities within this sector, from auto detailing to tire services.

Fast Food

The fast food industry remains a powerhouse in franchising, with brands like Taco Bell and Wingstop showing remarkable growth. These franchises, along with others like IHOP®, Daddy’s Chicken Shack, and Marco’s Pizza, illustrate the industry's adaptability and consumer appeal. They succeed by combining innovative menus, strong brand recognition, and an understanding of market trends.

Child Care & Education

Franchises in child care and education, such as Celebree School and Kiddie Academy, are responding to the growing need for quality child care and educational services. Kumon Math & Reading Centers represent the niche of supplemental education, demonstrating the sector's potential for growth and its vital role in supporting early childhood development.

Commercial Cleaning

In commercial cleaning, franchises like Corvus Janitorial Systems, Jani-King, Jan-Pro, and PuroClean are leading the way. These franchises cater to the increasing importance of cleanliness and hygiene in commercial spaces, a trend that has gained significant momentum recently. Their success is attributed to specialized services, sustainability initiatives, and strong franchisee support systems.

Coffee

The coffee industry, energized by franchises such as Beans & Brews Coffeehouse, Bad Ass Coffee of Hawaii, and Ziggi’s Coffee, is brewing up significant growth. These brands showcase the industry's appeal through their unique blends, customer experience, and adaptability to consumer preferences, contributing to the overall rise of coffee franchises.

Technology

In the technology sector, franchises like TeamLogicIT, NerdsToGo, and WSI Digital are at the forefront of innovation. These franchises are tapping into the ever-growing need for IT services, digital marketing, and technology solutions, reflecting the sector's potential for scalability and its alignment with evolving technological trends.

Each of these industries demonstrates unique strengths and opportunities for growth within the franchising world. They are united by key factors: scalable business models, a clear understanding of franchise fees, strong brand recognition, and substantial support for franchise owners from franchisors. These attributes are a pillar of their sustained growth and success in the dynamic landscape of franchising.

The Strength and Value of IFA Membership for Prospective Franchisees

Having gained insights into the dynamics of the fastest growing franchises, it's clear that franchising offers an avenue for entrepreneurial success - a path that is less risky and has an increased chance of profitability. But, navigating the ever-changing franchise marketplace can be a challenging task. This is where the role of an organized community like the International Franchise Association (IFA) comes to the forefront. 

What is the IFA?

The IFA is more than just a franchise association; it represents a community of professionals committed to your entrepreneurial journey's success. It offers a bunch of resources designed to help prospective franchisees understand and successfully navigate the franchise world and its nuances, including the franchise fee, the financial investment, and the ongoing support. 

One key value of IFA membership is the ability to learn from franchises experiencing the greatest growth. Prospective franchisees have the opportunity to engage with success stories from our member franchises like Taco Bell and Planet Fitness. Furthermore, being connected with franchises experiencing the greatest franchise unit growth is particularly motivating and informative.

How the IFA Serves Our Members

The IFA's guiding principle revolves around empowering franchisees with the right resources, educational opportunities, and certification programs. It provides a platform for our members to interact with successful franchise owners, learn from their experiences, and replicate their success. 

Moreover, our events are designed to help you learn, connect, and grow your business. IFA also offers a strong network of professionals who share best practices and strategies for overcoming challenges in the franchise industry. This invaluable exposure will equip you with tips and solutions that are tried and tested. 

In conclusion, preparing for a franchise business adventure is no small task. But armed with the right knowledge, resources, and a supportive community like IFA, prospective franchisees can confidently take the leap into franchise ownership. Remember, there is power in community and strength in numbers. We at IFA are committed to being a part of your path towards franchise success.