10 Best Franchise Opportunities 2024

If you have always dreamed of owning your own company but the thought of starting everything from scratch is too daunting for you, then you can consider investing in a franchise. However, the question ‘Which franchise is the best?’ is the first hurdle that is quite difficult to cross. So, here we are with the 10 best franchise opportunities through which you can start your dream of starting your own business in 2024.

10 Best Franchise Opportunities

Owning a franchise means that you’ll be getting a proven business model with the turnkey operating system, necessary training, and ongoing support from the franchisor.

However, a franchise comes with its own set of rules and regulations that are very crucial to understand. That is why, in this article, we’ll discuss the 10 best franchise opportunities and what things you should look for before investing in the franchise.


10 Best Franchise Opportunities

1. Paul Davis Restoration Service

Paul Davis Restoration Insurance
Founded in1966
Franchising Since1970
Estimated Outlets297
Total Investment$186,390 – $510,700
Franchise Fees$50,000 – $184,000
Liquid Capital$300,000
Royalty Fees4%

Paul Davis Restoration is North America’s leading insurance restoration network. It was started in the year 1966 and has been growing its network since 1970.

Currently, the company has more than 250 Paul Davis Restoration locations in the U.S. and Canada. From hurricanes, leaking pipes, mold infestations, and fire and flood restoration, Paul Davis strives to cater to its customers whenever they need the services.

The franchise network of Paul Davis is uniquely qualified to deliver the best services to its customers as it has been providing the services for almost 50 years now and has helped customers restore millions of properties. It is also one of the 10 best insurance franchises to own.

2. KFC

10 Best Franchise Opportunities-KFC
Founded in1930
Franchising Since1952
Estimated Outlets28,475
Initial Investment$1,852,825 – $3,771,550
Franchise Fees$45,000
Liquid Capital$750,000
Royalty Fees4%-5%

KFC is the world’s most popular chain of restaurants that focuses on chicken, potato and all-American food. Starting as a small diner by Colonel Sanders, KFC quickly gained popularity with its signature recipes throughout the United States.

Growing from a single location to more than 25,000 locations worldwide today, it is no surprise that many aspiring entrepreneurs and business owners are looking into the possibility of owning a KFC franchise.

So, if you want to start a restaurant franchise without having to fight for your place in the market, then KFC is your best option. However, one of the disadvantages of owning a KFC franchise is the lack of absentee ownership. So, you have to be present on the floor to run the franchise.

To know more about the KFC franchise, read our complete guide.

3. The UPS Store

The UPS Store
Founded in1980
Franchising Since1980
Estimated Outlets5,570
Initial Investment$101,819- $476,993
Franchise Fees$9,950-$29,950
Liquid Capital$75,000
Royalty Fees5%

With a rich history of almost 40 years in franchising, The UPS Store is the world’s leading retail shipping, printing, and business service center franchise. It is a unique franchise that offers different products and services to support small business owners.

The company was started in 1980 and began franchising in the same year. Currently, The UPS Store is operating in more than 5,000 locations. The state with the most locations of The UPS Store is California. It has approx 850+ stores of the company.

Read our full article to get more details on The UPS Store Franchise.

4. Gong Cha

Gonga Cha
Founded in2006
Franchising Since1980
Estimated Outlets2,002
Initial Investment$161,700- $593,350
Franchise Fees$30,000
Liquid Capital$150,000-$200,000
Royalty Fees6%

Gong Cha is a worldwide bubble tea franchise dedicated to providing premium bubble tea that elevates the bar for the whole beverage industry in terms of quality.  It is also one of the 10 best bubble tea franchises that you must own.

It is an international beverage franchise opportunity specializing in freshly prepared premium tea, bubble tea, and coffee.

To own this franchise, you need an initial investment ranging from $161,700 to $593,350. You are also required to have a net worth between $300,000 – $4,000,000.

To get more details about the Gong Cha Franchise, read our complete guide.

5. Anytime Fitness

Anytime Fitness
Founded in2002
Franchising Since
Estimated Outlets4,733
Total Investment$94,430 – $523,824
Franchise Fees$42,500
Liquid Capital$100,000
Royalty Fees$8,388

Anytime Fitness is an American fitness club and franchise that was founded in 2002 by Dave Mortensen and Chuck Runyon.

This fitness club has been named as the fastest-growing fitness club in the world by IHRSA for seven consecutive years now and currently, it has a comprehensive market of 5,000 locations in 39 countries, driving in nearly 4 million people worldwide.

Anytime Fitness offers franchise opportunities to individuals without any prior experience in the field. However, they have certain criteria that you must meet in order to qualify.

Read our complete guide to know more about Anytime Fitness Franchise.

6. Express Employment Professionals

Express Employment Professionals
Founded in1980
Franchising Since1985
Estimated Outlets850+
Initial Investment$140,000-$220,000
Franchise Fees$40,000
Liquid Capital$190,000-$250,000
Royalty Fees8%

Express Employment Professionals started to franchise in 1985, only 2 years after they were founded. They now have over 850 outlets across several countries.

It is a leading staffing provider in the U.S., Canada, South Africa, Australia, and New Zealand. Express annually employs more than half a million people across hundreds of franchise locations worldwide.

The company was founded with the aim of providing quality human resource solutions through an international franchising network that benefits associates, customers, and corporate staff.

Read our complete article to get more details of the Express Employment Professionals Franchise.

7. Two Men And A Truck

Two Men And A Truck
Founded in1985
Franchising Since1989
Estimated Outlets350+
Initial Investment$179,000-$585,000
Franchise Fees$30,000-$85,000
Liquid Capital$150,000
Royalty Fees6%

Two Men And A Truck Int’l Inc. is a national full-service moving company. It offers comprehensive services to its customers of local moving, junk removal, storage, long-distance moving, and packing services.

The company was founded by Mary Ellen Sheets after her two sons left the business for college. Moreover, it has a 96% customer referral rate, and the first truck that was purchased in 1985 now has multiplied to 3000+ trucks on the road.

To own this franchise, you require a net worth of $400,000 and liquid capital of $150,000. It is also one of the 10 best-moving franchises that you can own.

8. Floor Covering International

Floor Covering International
Founded in1988
Franchising Since1989
Estimated Outlets250+
Initial Investment$151,400 – $220,100
Franchise Fees$90,000
Liquid Capital$50,000
Royalty Fees5%

Floor Coverings International is a flooring provider that offers a personalized process to design the floor.

It was founded in the year 1988 by an entrepreneur who later built it into several franchises. In the year 2004, FirstService Brands of Toronto acquired the company, and Tom Wood became the CEO & President of the company.

The company mostly uses mobile van showrooms and provides a high-quality experience to its customers. There are more than 3000 styles and colors of products that Floor Covering International offers to its customers.

To get more details about the Floor Coverings International Franchise, check our complete guide.

9. Pet Supplies Plus

Pet Supplies Plus
Founded in1988
Franchising Since1990
Estimated Outlets703
Initial Investment$493,170- $1,804,900
Franchise Fees$49,900
Liquid Capital$200,000
Royalty Fees2%-3%

Pet Supplies Plus was founded in 1988 in Michigan by Harry Shallop and Jack Berry and has been the undisputed leader in the pet retail industry for more than 30 years.

The company promotes its own pet food called Redford Naturals and has remained in the Entrepreneur’s number one pet franchise for 8 years in a row. Its franchise group is also growing at a rapid rate since its inception.

Pet Supplies Plus also provide essential training to the franchisees, which includes 80 hours of training, and if the franchisees have no experience in retail management or the pet industry, they may require up to 160 hours of training.

Get more details about the Pet Supplies Plus Franchise by reading our article.

10. FastSigns

FastSigns
Founded in1985
Franchising Since1986
Estimated Outlets768
Initial Investment$240,080- $310,569
Franchise Fees$49,750
Liquid Capital$80,000
Royalty Fees3%-6%

FastSigns was founded more than 30 years ago when Gary Salomon and Bob Schanbaum started their signage business. Today, the company has grown to over 700 locations in more than 10 countries.

So, if you are looking to own a franchise that offers a high standard of customer service, then FastSigns is your ideal franchise. This franchise creates safety indication banners, posters, complex graphics, outdoor signage, and custom displays.


When Should You Choose A Franchise?

If you are considering owning a franchise but wondering about the right time to start it then let us tell you that there is no right time to start a franchise. You need to check some boxes to see if you are prepared for owning a franchise.

So, here are some checkboxes to ensure the right time for you to choose the franchise:

1. What Industry Interests You?

The very first thing to think about is the industry type that you want to get into. You can own a franchise in almost any industry, so it’s not just fast-food restaurants, cleaning, or the health industry.

However, you’ll have to determine the industry you want to work with, and once you feel confident in your industry preference, pursue the franchisors that align with your interest.

2. Proven Records Of Success

The next thing that you must do is check for the proven records of success of the franchisor. There are various franchise options available in every industry that you can choose from. However, not all franchises are successful and have smooth operating systems.

So, the second checkbox is to check for the track records of the success of the franchise. This will help you determine whether you should own the franchise or not.

3. What Is My Investment Budget?

There are franchises for every budget, and their costs vary greatly by industry and business model. For example, opening a fast-food franchise is much more expensive than opening a home-based B2B franchise because of the equipment and training required.

Therefore, make sure that the industry and the franchise you are selecting also align with your budget.


Factors To Consider Before Investing In A Franchise

Here are 4 factors that you should look into while investing in a franchise:

1. Carefully Evaluate The Cost Of The Franchise

Unlike starting a business, where all the capital amount is invested directly into the operations of the business, a significant portion of the initial investment in a franchise goes directly to the franchisor for your training and equipment.

Therefore, carefully read the Franchise Disclosure Document (FDD) for all the costs and also get the information of any hidden fees such as for advertising, training and special promotions.

2. Get Familiar With What Type Of Training Is Provided

Even if you don’t have any experience running the franchise/business, by owning a franchise, you get a proven business model with sound operational systems. Moreover, many franchisors provide the appropriate training and offer ongoing support to ensure the smooth operation of the franchise.

This training can last from a few days to several months. Therefore, make sure that you invest in a franchise that provides you with proper training and also ensure that you have knowledge of the costs or fees required for the training.

3. Determine The Level Of Restrictions Imposed

Now, one of the disadvantages of owning a franchise is the rules and regulations imposed on the franchisee. Most franchisors require the franchisees to follow every rules and regulations strictly.

In most cases, you won’t be allowed to change these rules and run things in your own way. With this in mind, you have to determine whether you are comfortable running a franchise or not.

4. Research The Competition In The Location

Before investing in a franchise, research the local market and the customer demographics. Get all the information about the clientele and the competition you’ll be getting while running the franchise.

Some of the most reputable franchises will also help you do market research and select the best sites for your business, while some franchisors will help you with negotiating the lease.


Comparison Of Top 5 Franchise

Company NamePaul Davis Restoration ServiceKFCThe UPS StoreGong ChaAnytime Fitness
Founded19661930198020062002
Outlets 29728,4755,5707034,733
Franchise Fee $50,000 – $184,000$45,000$9,950-$29,950$30,000$42,500
Initial Investment $186,390- $510,700$1,852,825- $3,771,550$101,819- $476,993$161,700- $593,350$94,430 – $523,824
Royalty Fee4%4%-5%5%6%$8,388


Conclusion

So, this was the list of the 10 best franchise opportunities that you can start in 2024. Franchising provides a perfect opportunity for you to start a business that has proven strategies and marketing plans.

However, franchising also comes with disadvantages that you have to consider before investing in the franchise. If you are new in the franchise industry, then you must always remember to hire a franchise lawyer who will help you to understand the legal terms of the agreement.


FAQs

What are the 3 fastest growing franchises in the US?

According to the data on the internet, the 3 fastest-growing franchises in the US are Stratus Building Solutions, Jersey Mike’s Subs, and Goosehead Insurance.

Which is the cheapest franchise?

According to the above-mentioned list, the cheapest franchise is Floor Covering International. It requires initial investment between $151,400 and $220,100.

How much do franchise owners make on average?

The salary of a franchise owner ranges from $86,969 to $138,007. However, this amount depends on the location too.

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