Do you think you have the thought of the next big rewards site or a business innovative dream? It can be tough to get started even if you have a great business plan at hand.
You may sell the best steak and cheddar sandwiches on the planet or offer trade-in books in incredible condition at a low cost, but if nobody knows who you are your company may struggle.
A franchise is distinctive on the grounds that customers are already mindful of what the brand is. Acknowledgment, mindfulness, and trust are the central precepts in the corporate world. When you supplement your enterprising abilities and qualities by expanding, your business profits can see a couple of extra zeroes.
Things being what they are, would you say you are interested in seeing what the best franchises to buy and own in 2024 are?
Let’s explore the best franchises to purchase in 2024:
1. McDonald's
Gossipy titbits about the McDonald's brand going south have been enormously misrepresented. Being the most well-known in the budget fast food scene, the organization experienced a down period where the brand's notoriety got hammered and sales declined.
More recently, McDonald's is encountering a resurgence and has turned out to be perhaps the best organization to put investment into, especially in case you're a business visionary searching out food establishment openings.
There is no better time to get on board with Mcdonald's, in light of the fact that the brand is doing everything to remain in front of the challenge and adjust to the market conditions, from accepting Apple Pay to Mobile Ordering and Pay to self-order kiosks, they've made huge strides toward accomplishing its goals.
McDonald's requires candidates to have a minimum of $500,000 of non-borrowed personal resources to be considered. This means you won't be able to take out a startup business loan. And the total investment varies from restaurant to restaurant. However, there is an initial franchise fee of $45,000. Typically, the equipment and pre-opening costs range in the seven figures from $1,263,000 – $2,235,000.
2. Dunkin'
Dunkin' as of late stood out as truly newsworthy by reporting that it would dump the name Dunkin' Donuts for just Dunkin'. Besides, the organization is focusing on refreshments, presenting another coffee alternative, another tap framework for clients and another green-accommodating, non-Styrofoam cup.
While it is as yet selling doughnuts, the organization is developing to get a lot of the coffee fame and be the best option in contrast to the overrated Starbucks items. It is likewise a sensible venture for business-wise people since it requires at least $230,000 to open a Dunkin’ franchise. That isn't terrible as contrasted with other top establishments in the business.
3. Planet Fitness
Opening a Planet Fitness franchise is a great way to get involved in the fitness industry. There are many benefits to owning your own Planet Fitness franchise, including the ability to be your own boss, set your own hours, and make a difference in people's lives.
If you're looking for a business opportunity that allows you to be in control of your own destiny, then a Planet Fitness franchise could be the perfect fit for you. Planet Fitness sells month-to-month memberships for as low as $10. To possess an exercise center in this day and age is similar to an investment account. You put a heap of money into a record and gather profits.
In order to own a franchise here, you'll need to invest a significant amount of money. The company requires a $10,000 franchise fee for a 10-year renewable agreement and a $700,000 to $3.8 Million total investment range.
To open a gym, a franchisee must have $3 million with $1,500,000 in liquid assets. You'll also need to have some experience in the fitness industry, as you'll be responsible for hiring and training staff, managing finances, and marketing your franchise.
Planet Fitness's franchise fee is $10,000 for a 10-year renewable agreement, though the total investment ranges from $700,000 to $3.8 Million. Franchisees must also pay a 5% ongoing royalty fee on all sales to Planet Fitness.
4. Tim Hortons
Tim Hortons is Canada's largest quick service restaurant chain. Tim Hortons has changed from a little shop in Hamilton, Ontario to a national juggernaut that sells premium coffee, flavored cappuccinos, specialty teas, home-style soups, fresh sandwiches and fresh baked goods. The organization has extended past the outskirts of Canada, incorporating into the United States, Saudi Arabia and China.
The facts confirm that the business has encountered a progression of hiccups over the most recent few years, for example, slacking same-store deals and franchisees resentful about expenses and practices.
All things considered, as per different examinations throughout the years, Tim Hortons is one of Canada's most trusted brands. In the event that fast food goers trust your chain, at that point, they are bound to visit your restaurant which makes your investment worthwhile. You'll need a liquid capital of $60,000 and an investment of $298,650 – $1,394,000. This doesn't include the franchise fee of $25,000 to $50,000.
5. Kumon Education Centres
Have you seen test scores recently? They are appalling. The United States is falling behind the rest of the world in academics, and something needs to be done about it. Kumon Education Centers are part of the solution.
Kumon is the largest after-school math and reading enrichment program in the world, with over four million students enrolled in 500 centers in 46 countries.
Kumon was founded in 1958 by a Japanese professor named Toru Kumon. He developed a unique teaching method that is still used today, which involves having students complete small assignments daily to master a concept before moving on. This helps kids retain information better and prevents them from getting overwhelmed.
Franchise opportunities with Kumon does not require an educational background, but you should be great with kids, and be able to handle a lot of paperwork. It is a franchise that requires a lot of attention to detail.
You will also need to be prepared to make a significant investment. It costs between $67,000 and $145,000 to open a Kumon franchise, with a minimum net worth of $150,000 and liquid capital of $70,000.
Despite the high cost of entry, Kumon is a very profitable franchise. The average Kumon center generates $228,000 in annual revenue, and the top 20% of franchise owners make over $400,000 per year. If you are passionate about education and want to make a difference in the lives of children, then Kumon could be the perfect franchise for you.
6. Supercuts
Who wants to spend $100 on a haircut, especially if you're a guy, these days? For men, a simple cut, trim, and style will suffice. That is why Supercuts is probably one of the best hair salons to frequent as a patron and own as an entrepreneur: because it satisfies a demand for simplicity.
All it costs for a quick haircut is $14 to $21, and that is not bad for something that will just grow back.
Looking for one of the best franchise opportunities? A single Supercuts franchise location requires $150,000 liquid cash and $500,000 net worth. The total investment ranges between $151,370 and $321,020. Prospective franchise owners should have the ability to support themselves while starting their new salon.
7. Merry Maids
Founded in 1979, Merry Maids is a franchisor of residential cleaning services. It operates in the United States, Canada, and the United Kingdom. As of 2022, there are 525 independently owned and operated franchises in North America that clean more than 120,000 homes in the United States and Canada alone.
This means that if you're looking for a low-cost franchise that has a proven track record, Merry Maids could be a good option for you. The initial investment for a Merry Maids franchise ranges from $94,480 to $144,425 with a franchise fee of $37,500-$51,000. You must have at least $70,000 in liquid capital.
8. The UPS Store
Another one of the best franchise opportunities for prospective franchise owners is opening a UPS Store. And the people agree, since it is No. 1 in its industry, because of its cutting-edge innovation that encourages its dissemination abilities, shipping reputation and immaculate notoriety.
The drawback, nonetheless, is that it costs more than $1 billion to franchise a UPS Store. For franchisees, there are two essential concerns: benefits and necessities.
To see a benefit, your store should produce more than $30,000 consistently in deals. The UPS Store offers a variety of location-types to fit the needs of its franchise owners. Startup franchise costs vary based on the type of center you’re looking for, the size of the location and where the center is located:
- Traditional Locations: $240,959 – $508,472
- Rural Locations: $206,423 – $459,136
- Store in Store Locations: $80,357 – $216,148
The UPS Store has a very competitive pricing model for franchisees and backs it up with a world-class support system. Even with all the advantages of franchising with The UPS Store, they are still one of the best values among franchise brands.
9. 7-Eleven
Another one of the top franchise opportunities is opening a 7-11 store. 7-11 has been in business for over 80 years and is one of the most popular convenience stores in the world. 7-11 stores are typically open 24 hours a day and offer a wide variety of products and services, making them a convenient option for customers.
For franchisees, 7-11 offers a proven business model and support system to help them succeed. 7-11 stores are a popular destination for customers looking for convenience, and franchisees can benefit from this demand by offering products and services that meet the needs of their customers.
7-11 stores typically offer a wide variety of products, including snacks, drinks, lottery tickets, and other items. Franchisees can also offer services such as ATMs, money orders, and phone. 7-11 stores are typically located in high-traffic areas, as shopping centers and busy streets. This exposure can help franchisees attract customers grow their business.
There are a few prerequisites to owning a 7-Eleven, for example, an initial franchise fee of $25,000. An inventory down payment between $20,000 and $40,000, plus an initial cash register fund. Land and building improvements, which vary by site.
10. Budget Blinds
Everybody realizes how troublesome it very well may be to introduce blinds. This is considerably more so for tenants who bounce here and there and need to raise new blinds after each move. Would someone be able to smell the opportunity?
All things considered, Budget Blinds did in 1992 when it enabled clients to shop at home for window covers, gave free money by handing out in-home conferences and sold a wide range of name-brand blinds and shades.
Franchisees' advantage has been provoked, with units flooding almost 15% in the most recent year. It isn't difficult to tell why:
- Initial fees of $110,000
- a total asset of $100,000
- liquid money of $65,000
- a $20,000 establishment expense
- $300 progressing eminence expense
- $1,000 promotion eminence expense
For whatever length of time that you have some skill in this field, your business can flourish.
11. Taco Bell
With a Taco Bell franchise, you can be your own boss and build equity while working in a fun and rewarding environment. Taco Bell franchises offer a unique opportunity to be part of a brand that is constantly innovating, growing, and changing.
When you become a Taco Bell franchisee, you will receive comprehensive training and support to help you successfully operate your restaurant. You can utilize net 30 accounts with major suppliers, get discounts on food and supplies, and access to a dedicated franchise support team. Taco Bell also offers marketing and advertising support to help you promote your restaurant and attract customers.
This fast food brand has been around for a long time and created money-related steadiness and brand acknowledgment. It has a demonstrated working framework and gives you access to eatery assets and a network of more than 350 franchisees who know the business. It has a fee of $25,000 to $45,000 and an initial investment of $525,100 to $2,622,400.
12. Sonic Drive-In
With a Sonic Drive-In franchise, you won't need to worry about having the best employee lounges. They'll take care of that for you. Franchisees provide a positive, fun and family-friendly work environment in all company-owned restaurants.
In addition, the world-class training program will give you the skills you need to succeed as a Sonic Drive-In franchisee. You'll receive extensive support from the moment you sign your franchise agreement, including help with site selection, restaurant design and construction, grand opening marketing and on-going support from your field consultant team.
This drive-in chain prides itself on operational excellence and its customer service. This brand keeps growing — its franchise owners saw the average gross sales-by-store increase from $1,072,000 in 2012 to $1,252,000 in 2017. It has a fee of $45,000 and an initial investment of $1,073,000 to $2,361,500.
13. RE/MAX
Over its 40 years of business, RE/MAX has developed to more than 100,000 operators in about 100 nations. It's an outstanding brand with a worldwide nearness, solid promoting systems, and well-created center methods of reasoning.
Its franchise opportunities are available in locations around the world. The initial franchise fee is $17,500 – $35,000. And the total investment costs can range from $40,000 to $284,400.
There are many reasons to consider investing in a RE/MAX franchise. As a franchisee, you'll be your own boss and have the opportunity to be part of a global brand. You'll also benefit from the company's proven business model, extensive training and support, and marketing expertise.
Many people choose to invest in a RE/MAX franchise because of the company's global brand recognition, comprehensive training and support, and Proven business model. These are just a few of the reasons that make RE/MAX an attractive franchise opportunity.
14. Great Clips
Want to own your own business as a Great Clips franchisee? Great Clips is the world's largest salon brand, with over 4,500 franchised locations across the United States and Canada. Great Clips franchisees benefit from a proven business model, a large customer base, and ongoing support from the company.
Owning your own Great Clips franchise is a great way to be your own boss, manage a small business budget, and set your own hours. Great Clips has a simple business model that is easy to follow and duplicate. The company also offers comprehensive training and support to help you get your franchise up and running quickly and successfully.
Great Clips has been doing business for a long time and furnishes its establishment proprietors with cutting-edge innovation and preparation. It has worked vigorously in statistical surveying to give clients the best administration and experience. It has an initial franchise fee of $20,000 and an initial investment of $136,900 to $258,250.
15. Hardee’s Restaurants
Hardee's Restaurants LLC is an American fast-food restaurant chain operated by CKE Restaurants Holdings, Inc. with locations primarily in the Southern and Midwestern United States. It extends to employment opportunities, just as help with promoting, online networking, credit card readers, SEO, site improvement, email showcasing, and steadfastness programs.
It has an initial franchise fee of $25,000 to $35,000 and an initial investment of $1,431,500 to $1,949,000.
16. Sport Clips
Sport Clips is developing and demonstrating its quality and strength – it has a high progression pace of 97.6% in the course of recent years. This implies out of the considerable number of stores that opened all through the most recent five years, over 97.6% of them are open today. It ascribes this dependability to generally low start-up costs, a strong emotionally supportive network, and nonstop observation of store execution. It has a fee of $25,000 to $59,500 and an initial investment of $189,300 to $354,500.
17. School of Rock
School of Rock is the biggest music training establishment in the United States and has in excess of 29,000 understudies around the world. This music business was begun in 2007 is as yet developing – somewhere in the range of 2014 and 2018, it added 70 units to its establishment framework. It has a mid-point initial investment of $237,975.
18. Jazzercise
We can't discuss wellness establishment openings without including this pearl on our rundown. Established in 1969, Jazzercise is never again about leg warmers and '80s music. The business that began the move is gathering fever and is making a cutting edge and hip rebound with new moves and exercise classes. Purchasing a Jazzercise establishment includes presenting an underlying venture, finding a perfect area, and cleaning up those moves. With the low establishment charge and introductory venture, Jazzercise is perhaps the least expensive establishment on our rundown. It has a fee of $1,250 and an initial investment of $2,500 to $38,000.
19. Dream Vacations
Dream Vacations is another minimal effort establishment offering travel office benefits that you can come up short on your home. To really sweeten the deal, they offer intensely limited excursions and get-away to their establishment proprietors so they can become more acquainted with the encounters they're selling. It has an initial franchise fee of $495 and an initial investment of $3,245 to $21,850.
20. CChem-Dry
With a normal of 10 billion square feet of floor covering introduced every year, it's no big surprise that CChem-Dry has turned into a fruitful establishment business. CChem-Dry was established in 1977 with the objective of cleaning rugs and keeping them clean, and from that point forward, they've had a steady reputation of supporting their franchisees to assemble flourishing organizations.
Expenses to turn into a CChem-Dry establishment proprietor can change broadly relying on your beginning gear buys—yet some franchisees have started the procedure for as meager as $56,495, including the establishment charge. Luckily, on the off chance that you choose you're keen on opening a CChem-Dry establishment and need assistance with the underlying speculation, this franchisor offers inward financing choices to enable you to begin. It has a fee of $23,500 and an initial investment of $56,495 to $162,457.
21. Stratus Building Solutions
Stratus Building Solutions centers on carrying naturally agreeable answers to meet the janitorial needs of places of business, retail strip malls, cafés, etc. This establishment began in 2006 and expedited 91 units in 2017 alone.
Stratus Building Solutions offers potential franchisees two alternatives for purchasing a minimal effort establishment: unit and provincial or official ace. The two choices are generally moderate, yet for those that have just a limited quantity of cash put aside to put resources into an establishment, the low $5,000 total assets prerequisite for unit-level possession makes this choice particularly engaging.
Keen on beginning at a more significant level of speculation? Stratus offers in-house financing choices to help with the underlying establishment charge, hardware, stock, and other start-up costs. It has a fee of $2,700 to $100,000 and an initial investment of $3,450 to $100,000.
22. Mosquito Squad
The vast majority of us consider mosquitoes to be an irritation, best-case scenario, and, now and again, even a peril to our wellbeing. Be that as it may, could sparing your neighbours from this terrace bug be your pass to a beneficial business?
Established in 2009, Mosquito Squad is one the best-known names in pest control across the nation. Since that time, they have more than 200 establishment areas and $50 million in deals. Their establishment expense is quite low, and Mosquito Squad has outsider loan specialist connections to help encourage financing, making it simple to get into business possession. It has a fee of $15,000 to $32,500 and an initial investment of $17.050 to $79,425.
23. Soccer Shots
Looking for one of the best franchises to own for beginners? For hopeful entrepreneurs who love children, wellness, and nature, a Soccer Shots establishment could be the ideal fit. Established in 2005 by two previous expert soccer players, this national establishment enlisted in excess of 350,000 children in youth soccer projects a year ago. What's more, it's proceeding to develop at a 60% rate year over year.
Soccer Shots offers in-house financing to help with the establishment expense. Chances to turn into a Soccer Shots franchisee are restricted by geographic regions, yet many establishment areas are accessible in the focal and western U.S. It has a fee of $34,500 and an initial investment of $41,034 to $53,950.
24. Property Management Inc.
Over 35% of U.S. occupants lease their homes as opposed to claim. The developing number of occupants and investment properties implies a gigantic open door for the property of the executive’s business.
Working in excess of 200 establishment areas in upward of 40 states, Property Management Inc. offers franchisees the innovation, preparing, and showcasing arrangements that should have been effective. Furthermore, you don't need to be, as of now, a specialist in property since the board of Property Management Inc. will give full-scope of preparing.
Regardless of whether you're a current property director hoping to develop the extension and backing of your business, or you're pristine to the field yet searching for an energizing new profession, turning into a Property Management Inc. franchisee gives you an approved model to manufacture your own flourishing property the executive’s business. It has a fee of $15,000 to $45,000 and an initial investment of $21,250 to $106,800. While it may not be the one of the highest-profit franchises on this list, if property management is your specialty, it's worth looking into.
25. Cruise Planners
Keen on owning a movement organization? At that point consider Cruise Planners, an establishment illustrative of American Express, which is one of the most broadly perceived voyages arranging organizations in the nation. The reward: You can work your Cruise Planners establishment out of your home, making the underlying interest in this open door among the most reduced in the market. It has a fee of $10,995 and an initial investment of $2,095 to $23,367.
FAQs
The answer may depend on who you ask, but according to Forbes, the five most profitable franchises in the United States are McDonald's, 7-Eleven, Subway, Dairy Queen, and Sonic Drive-In. All of these franchises have proven to be extremely popular and have shown consistent growth over the years.
There's no guarantee that you'll become a millionaire by owning a franchise, but it is definitely possible. If you choose a well-established and popular franchise, carefully manage your business, and make smart decisions, you stand a good chance of achieving financial success.
There are a number of very affordable franchises available, but the cheapest option is often going to be a home-based business. For example, you could start a virtual bookkeeping business for less than $1,000. Other low-cost options include pet sitting, tutoring, and some types of cleaning businesses.
The Final Word
There is no one answer to the question of which franchise makes the most money for owners. THowever, certain types of franchises tend to be more profitable than others. If you're looking to make a good return on your investment, it's important to choose a well-established and popular franchise, and to carefully manage your business. Additionally, keep in mind that the cheapest franchise option is not necessarily going to be the most profitable. Consider all of your options and make a decision that makes sense for your unique situation.
