Best Franchises To Own In 2023

The restaurant franchise industry has been booming since the early 2020s. And why not?

According to Zippia, the average annual turnover for a franchise restaurant is around $1.5 million, and franchise owners report higher sales than many independent restaurants. Zippia points to brands like McDonald's, with roughly $2.94 million per location, and Chipotle, with about $2.2 million.

Franchises are a smart and secure way to succeed in the restaurant industry, letting franchisees work in the marketplace alongside top brands. By owning a franchise, restaurateurs gain access to a crowded and competitive market and pick up the resources and experience to stay in business.

When you invest in a franchise business, it pays to do a thorough evaluation. Consider these factors for a smoother entrepreneurship journey.

Key Factors for Franchise Business Success

Selecting a profitable franchise to own is a crucial decision that requires careful consideration. Here are key factors to look into before starting your franchise journey.

Cost of acquiring a franchise

To make the best investment for your business, look at franchises within your investment range. This includes franchise fees and royalties. Make sure they fit your budget before you buy in.

Training and support

A franchisor's obligations should not end once your store is up and running. Look closely at the training programs the franchisor provides. Beyond training, check whether the franchisor offers help with site selection, technology integration, marketing, and operations.

Brand reputation

The primary benefit of owning a franchise is being associated with an established brand. Read online reviews and customer feedback to understand how customers perceive the brand. This tells you whether you and the franchisor are on the same track toward customer satisfaction.

Competition

Low competition in what you sell works in your favor, and that is true for every business. If a fast food franchise selling sandwiches sits on every corner in your area, attracting customers to yet another sandwich outlet is hard.

Contract period

Before signing the contract with your franchisor, read the terms and conditions carefully, including contract length, the clause for termination, and renewal options.

Exit strategy

It might not always go according to plan. Have an open conversation with the franchisor about the exit strategy, including whether you can sell or transfer the franchise over the long term if needed.

Now let's look at some of the well-known restaurant franchises to consider in 2023.

Best Franchises to Own in 2023

Chick-fil-A

Has it ever happened that you walked into a Chick-fil-A and it was not busy? Founded in 1967, this fast-food restaurant has won over customers with its chicken dishes. The menu centers on fried chicken.

Dunkin' Donuts

You cannot go wrong with coffee and donuts, and that is not all Dunkin' offers. You can also buy frozen drinks, sandwiches, bagels, and muffins. What began as a single outlet in the US in the 1950s has grown into a widely recognized franchise.

McDonald's

"I'm lovin' it." People have been saying this since the 1950s whenever they visit a McDonald's, and why not? Burgers, fries, and a Coke have been a staple for Americans for decades.

Taco Bell

This Mexican fast-food chain topped Entrepreneur's 2023 Franchise 500 ranking. The menu is creative, with tacos, burritos, quesadillas, and nachos, and offers a fun twist on Mexican cuisine.

Papa John's

Want to own multiple franchise units and run them at the same time? Look at Papa John's. If you had to pick one food item that will stay as popular in the future as it is today, it would be pizza, which makes Papa John's worth a look.

Firehouse Subs

If you want to be part of a franchise that gives back to the community, Firehouse Subs is worth considering. Founded in Jacksonville, Florida by two former firefighters, the brand directs a portion of its sandwich sales toward life-saving equipment for first responders.

Technology plays an instrumental role in making any business successful, and a franchise business is no different. Growing franchise businesses use Delightree to manage their locations across the United States. With our all-in-one app, franchisees get one-click access to SOPs, training documents, training modules, policies, videos, and FAQs. Franchisors can update these documents in real time, saving time and money across their operations. Book a demo to see how Delightree supports your franchise journey.