Top Franchise Opportunities To Buy & Own In 2024
If you have ever stepped foot in any of the big fast-food joints or any global convenience store, there is a chance that you are familiar with the franchise concept. As per Statista, there were around 805,436 franchise owners till the month of September 2023. Therefore, it is safe to say that there are many franchise opportunities if you wish to look for them.
Franchise stores are some of the most popular business options worldwide. The success of franchising has been impactful in driving success for multiple entrepreneurs.
As per the U.S. Bureau of Labor Statistics, 18% of all independent small businesses close in just two years of their operation. Contrary to this data, FranNet, a popular franchise consultation firm, revealed that 92% of all franchises have the determination to remain strong even after two years.
Despite all of these, franchise opportunities are many, and if you are looking forward to pursuing it in 2024, we give it a thumbs up.
What Is A Franchise?
A franchise is a business model where a bigger company allows a smaller company to use its logo, trade name, brand, and every product or service. As per the report by the U.S. Census Bureau, around 11.4% of all franchise businesses show stability within the industry.
A franchiser, for instance, McDonald’s, is a larger company that owns the rights to use its products, logo, name, and other unique offerings. However, they sell their rights to smaller establishments for a cost to offer these services or products in that region.
By doing this, the franchiser gets to develop and spread their business on a global scale and may earn extra revenue by allowing third parties to open their stores using their name without investing directly in them.
For small businesses, it acts as an impeccable opportunity to associate with a bigger brand that has an amazing reputation and be able to start their business with proper training and brand recognition within the market.
Read More: What Is A Blank Endorsement? What Is It’s Important?
Best Franchise Opportunities In 2024
Now, let us come to the fun part of it. Sorry for making you wait for this long but let us now go through all of the amazing franchise opportunities that you can grab in 2024.
McDonald’s
Without a hint of doubt, McDonald’s is one of the largest and most successful fast food chains in the world. They have the best brand reputation and recognition worldwide.
Their first store was established in California in 1954. But today, they have their stores all over the world.
The fact that McDonald’s is heavily involved in the franchise business is an example of how effectively they could spread their brand throughout the world.
I mean, how else could an American fast food chain establish its stern presence in the Indian markets?
| KEY FRANCHISE DETAILS | |
| CATEGORY | FAST FOOD |
| FRANCHISE FEE | $45,000 |
| OPERATIONAL COST | $1M APPROX |
| INITIAL INVESTMENT | $1.3 TO USD 2.3M |
| ROYALTY | 4 PERCENT |
| TRAINING FROM BRAND | ONLINE AND IN-STORE TRAINING |
| FINANCING | THIRD PARTY LENDERS |
Subway
If you have not spent your money on the most mouth-watering subs from Subway, you have missed a lot, my friend. Also, it is one of the best franchise opportunities you can ever grab. And the best part about Subway is that it is healthy and customizable. So, you get the opportunity to eat the healthiest of foods, which you can craft to your choice.
Subway provides a pretty quick turnover and a very easy dine-in model with two types of setups:
Non-traditional and Traditional.
Franchises may choose to open a well-established traditional Subway set-up or in a small non-traditional format.
| KEY FRANCHISE DETAILS | |
| CATEGORY | FAST FOOD |
| FRANCHISE FEE | $15,000 |
| OPERATIONAL COST | $30,000 LIQUID CASH |
| INITIAL INVESTMENT | $185K TO USD 507K |
| ROYALTY | 4.5 TO 8 PERCENT |
| TRAINING FROM BRAND | ONLINE TRAINING, CLASSROOM ETC |
| FINANCING | THIRD PARTY LENDERS |
Dunkin’ Donuts
Okay, writing about all these franchises is making my mouth water. Dunkin’ Donuts, as we all know, is the dream house for anyone who loves donuts. I mean, if you have a sweet tooth like me, this is where you would go. The only reason I love airports is because you always get to see a Dunkin’ store there. Coming to the business part of it, they have an easy-to-operate Quick Service Restaurant with a high return on investment. Hence, this makes Dunkin’ one of the best franchise opportunities to invest in in 2024. They have more than 13,500 stores across 42 countries.
| KEY FRANCHISE DETAILS | |
| CATEGORY | QSR/COFFEE SHOP |
| FRANCHISE FEE | $40,000 TO USD 90000 BASED ON FACILITY TYPE |
| OPERATIONAL COST | $110,000 APPROX |
| INITIAL INVESTMENT | $110K TO 1.6M USD BASED ON TYPE OF FACILITY |
| ROYALTY | 5-10 PERCENT INCLUDING LOYALTY PROGRAM |
| TRAINING FROM BRAND | PROVIDED (20 DAYS TRAINING PROGRAM) |
| FINANCING | NOT AVAILABLE |
Ace Hardware
It is one of the most famous personal hardware stores, giving people one of the best maintenance and home care shopping experiences.
Founded in 1924, the brand has over 5,000 stores worldwide. This simply speaks about its reputation and popularity. Completing 100 years this year, it is indeed one of the most convenient franchise opportunities you can try out.
| KEY FRANCHISE DETAILS | |
| CATEGORY | HARDWARE STORE |
| FRANCHISE FEE | $5000 |
| OPERATIONAL COST | $250,000 CASH, USD 400,000 NET WORTH |
| INITIAL INVESTMENT | $292000 TO USD 1.6M DEPENDING ON SIZE |
| ROYALTY | NIL |
| TRAINING FROM BRAND | PROVIDED BY FRANCHISOR |
| FINANCING | DIRECTLY PROVIDED BY FRANCHISOR |
7-Eleven
7-Eleven got the votes for being one of the best convenient stores worldwide. Thanks to their effective operations and fast setup model.
This convenience store is among the best franchise opportunities for those looking to start a retail franchise model in the United States.
There are three types of business setups that you get with 7-Eleven: Multi-unit, traditional, and Business conversion programs.
| KEY FRANCHISE DETAILS | |
| CATEGORY | RETAIL STORE |
| FRANCHISE FEE | UPTO $100,000 |
| OPERATIONAL COST | $50,000 APPROX |
| INITIAL INVESTMENT | $54000 TO USD 1.16M DEPENDING ON SIZE/TYPE OF STORE |
| ROYALTY | $50,000 |
| TRAINING FROM BRAND | 8 WEEKS OPERATIONS LEADERSHIP PROGRAM |
| FINANCING | DOWN PAYMENT AND FINANCING FEE ALONG WITH OPEN ACCOUNT |
The Ups Store
This is a printing and packaging service that is there in the United States. It is their standing shipping partner globally.
UPS deliveries are some of the most common methods of shipping in the United States. Their services extend to other things like office supplies, notaries, communication, printing and copying, etc..
| KEY FRANCHISE DETAILS | |
| CATEGORY | PRINTING AND PACKAGING SERVICE |
| FRANCHISE FEE | $29950 |
| OPERATIONAL COST | $75000 |
| INITIAL INVESTMENT | $218K TO $477K DEPENDING ON SIZE/TYPE OF FACILITY |
| ROYALTY | 5 PERCENT APART FROM MARKETING FEE AT 1 PERCENT AND NATIONAL AD FEE OF 2.5 PERCENT |
| TRAINING FROM BRAND | 8 DAYS AT TRAINING FACILITY. 5 DAYS IN-STORE |
| FINANCING | EQUIPMENT LEASE AND LOANS FOR ACQUIRING OR BUILDING FACILITY |
Anytime Fitness
If you are a health freak and love staying fit, there is no way that you have not heard about Anytime Fitness. There are one of the leading gym and fitness chains in the United States. It was also voted as the US’s best fitness chain in 2014.
One of the most rapidly growing chains for fitness and health which allows its members to visit the centres whenever they want, this facility is one of the most notable and profitable franchise opportunities for health obsessed people.
| KEY FRANCHISE DETAILS | |
| CATEGORY | GYM |
| FRANCHISE FEE | $25000 |
| OPERATIONAL COST | $100,000 |
| INITIAL INVESTMENT | $390K TO USD 970K BASED ON GYM SIZE |
| ROYALTY | $599 FOR 1-10 GYMS, $549 FOR 10+ GYM OWNERS |
| TRAINING FROM BRAND | ONLINE TRAINING PROGRAM, 2 TO 6 DAYS DIRECT TRAINING ON JOB |
| FINANCING | 3RD PARTY LENDERS FOR EQUIPMENT LEASE |
| KEY FRANCHISE DETAILS | |
| CATEGORY | GROOMING SERVICES |
| FRANCHISE FEE | $10000 TO 39500 BASED ON TYPE OF SETUP |
| OPERATIONAL COST | $75000 |
| INITIAL INVESTMENT | $150K TO $312K DEPENDING ON SIZE OF SALON |
| ROYALTY | 4 PERCENT 1ST YEAR AND 6 PERCENT CONSECUTIVE YEARS |
| TRAINING FROM BRAND | ONLINE TRAINING PROGRAM, IN-PERSON TRAINING PROGRAM |
| FINANCING | NIL |
Jani-King
This is a famous janitorial service that provides sanitizing and cleaning services to its clients. It includes hospitals, hotels, sports venues, resorts, offices, residential areas, and schools.
Founded in 1968, Jani King is spread across ten countries with more than 7,500 franchise units.
| KEY FRANCHISE DETAILS | |
| CATEGORY | JANITORIAL SERVICES |
| FRANCHISE FEE | $16750 |
| OPERATIONAL COST | $25000 APPROX |
| INITIAL INVESTMENT | APPROX $100 TO 220K |
| ROYALTY | 10 PERCENT OF GROSS REVENUE |
| TRAINING FROM BRAND | TWO WEEK ONLINE COURSE, 40 HOURS SELF STUDY PROGRAM |
| FINANCING | 3RD PARTY LEASE FOR EQUIPMENTS AVAILABLE |
Papa John’s
Papa John’s is every pizza lover’s dream come true. With one of the best collections of pizzas, this franchise is one of the most preferred ones by those who love the restaurant and food business in the US.
Papa John’s Pizza was established in 1984 and has over 5,750 units globally.
| KEY FRANCHISE DETAILS | |
| CATEGORY | QSR/ FAST FOOD SERVICE |
| FRANCHISE FEE | $25000 |
| OPERATIONAL COST | $250,000 APPROX |
| INITIAL INVESTMENT | $130K-844K FOR A STANDARD RESTAURANT, $26,500 TO $388K FOR A NON-STANDARD BUSINESS |
| ROYALTY | 5 PERCENT OF GROSS REVENUE |
| TRAINING FROM BRAND | 6 WEEKS, 50 HOURS/WEEK TRAINING PROGRAM PROVIDED |
| FINANCING | 48 MONTH LEASE OF EQUIPMENT THROUGH PJUSA SCHEME |
General Nutrition Centres
The General Nutrition Center, or the GNC, is a widely recognized lifestyle supplementing program helping people with healthy supplements and nutritious products. Their main aim is to provide people with an active and healthy lifestyle.
With a vast channel for operating via stores, online, and direct sales, this is among those franchise opportunities that give you the scope to expand your business beyond general parameters. It was founded back in 1935 and, to date, has 6,377 stores.
| KEY FRANCHISE DETAILS | |
| CATEGORY | NUTRITIONAL SUPPLEMENTS/HEALTH |
| FRANCHISE FEE | $40000 |
| OPERATIONAL COST | $130K |
| INITIAL INVESTMENT | $188K – $467K |
| ROYALTY | 6 PERCENT OF GROSS REVENUE + 3 PERCENT FOR ADS/MARKETING |
| TRAINING FROM BRAND | 40 HOURS ON THE JOB TRAINING, 5 DAY CLASSROOM TRAINING |
| FINANCING | NOT PROVIDED |
H&R Block
For the ones who wish to stay away from the typical retail models and want to shift towards services, H&R Block is possibly one of the best options.
They offer tax evaluation and filing services for businesses and individuals. They also offer many other Tax-based affiliate services. The company was founded in 1955 and has approximately 10,000 branches across 11 countries. They have more than 100,000 tax analysts.
| KEY FRANCHISE DETAILS | |
| CATEGORY | TAX ANALYSIS AND FILING |
| FRANCHISE FEE | $2500 |
| INITIAL INVESTMENT | $31505 TO $150K |
| OPERATIONAL COST | $2500 |
| ROYALTY | VARIED (DEPENDS ON THE YEAR OF ESTABLISHMENT AND CHANGES FREQUENTLY AS AND WHEN BUSINESS ESTABLISHES) |
| TRAINING FROM BRAND | 35 HOURS CLASSROOM TRAINING, 16 HOURS ON THE JOB TRAINING |
| FINANCING | COMMERCIAL FINANCING THROUGH FRANCHISE PARTNER INC |
Jersey Mike’s Subs
Yet another sub sandwich store that is too popular on the Jersey Shore is Jersey Mike’s Subs. It was established in 1956. Their iconic fresh bread sandwiches, nicely baked with tender American and Italian Cheese and meat, are indeed a foodie’s most beautiful dream. There, they have over 1,500 operating stores worldwide.
| KEY FRANCHISE DETAILS | |
| CATEGORY | QSR/FAST FOOD JOINT |
| FRANCHISE FEE | $18500 |
| OPERATIONAL COST | $100,000 |
| INITIAL INVESTMENT | $215K TO 398K |
| ROYALTY | 6.5 PERCENT |
| TRAINING FROM BRAND | INTENSIVE ON THE JOB AND CLASSROOM TRAINING |
| FINANCING | 3RD PARTY FINANCING AVAILABLE |
Great Clips
If you are into haircare and beauty, this American Salon and Styling brand is the best one for you. Great Clios offers the best hairdressing services, which include normal haircuts, coloring, conditioning treatments, and everything else to do with your hair.
It was first established in Minnesota in 1982. But now, they have more than 4,500 stores in the top countries of the world.
| KEY FRANCHISE DETAILS | |
| CATEGORY | HAIR SALON |
| FRANCHISE FEE | $20000 |
| OPERATIONAL COST | OPERATIONAL COST |
| INITIAL INVESTMENT | $137K TO 260K |
| ROYALTY | 6 PERCENT |
| TRAINING FROM BRAND | SALES TRAINING, GREAT CLIPS ACADEMY TRAINING, FRANCHISEE TRAINING, IN SALON TRAINING |
| FINANCING | 3RD PARTY FINANCING |
Read More: Corporate Service Providers: Your Ally For Growth
The Bottom Line
Franchise opportunities go hand in hand for both the franchiser and the franchisee. While the franchisee gets the chance to establish an already successful business, the franchiser gets the opportunity to enter a completely foreign with the least of their hassles.
The above list provides some of the best franchise opportunities that you can grab this year. But there is no compulsion for you to stick to them religiously. You can take up any franchise opportunity that comes your way. But, if you do choose one from our list, please leave a comment below to let us know how the experience has been for you thus far.
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