Best Franchises To Own In 2024

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

According to a report by Zippia, franchise restaurants tend to post higher annual sales than independent restaurants. Buying into an established brand gives an operator a foothold in a crowded, competitive market.

Owning a franchise lets restaurateurs work alongside top brands in the industry. Beyond access to a busy market, franchisees gain proven resources and operating experience to help them stay in business.

Before investing in a franchise, do a thorough evaluation. Consider these factors for a smoother path to ownership.

Key Factors for Franchise Business Success

Choosing a profitable franchise is a big decision that takes careful thought. Here are the key factors to look into before you start 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.

Training and support

A franchisor's obligations should not end once your store is open. Look carefully at the training programs the franchisor provides. Check whether they also help with site selection, technology, marketing, and day-to-day operations.

Brand reputation

The main benefit of owning a franchise is being tied to an established brand. Read online reviews and customer feedback to understand how people perceive the brand. That tells you whether you and the franchisor are aligned on the experience customers expect.

Competition

Low competition for what you sell works in your favor. For example, if a sandwich franchise sits on every corner in your area, it will be hard to attract customers by opening yet another sandwich outlet.

Contract period

Before signing with a franchisor, read the terms and conditions carefully. Pay attention to the contract length, the termination clause, and the renewal options.

Exit strategy

Plans do not always work out. Have an open conversation with the franchisor about the exit strategy, including whether you can sell or transfer the franchise over the long term.

Now let's look at some of the better-known franchises to consider in 2024.

Best Franchises to Own in 2024

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 chain has won over customers with its chicken dishes. Its menu centers on fried chicken.

Dunkin Donuts

These days 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 US outlet in the 1950s has grown into one of the most recognized franchises around.

McDonald's

People have been saying “I'm lovin it” since the 1950s whenever they visit a McDonald's. Burgers, fries, and a Coke have been a staple for Americans for decades.

Taco Bell

According to Entrepreneur's 2023 Franchise 500 ranking, this Mexican fast-food chain topped the list. Its menu puts a creative, playful twist on classic Mexican fare like tacos, burritos, quesadillas, and nachos.

Papa John's

Want to own and run several franchise units at once? Take a look at Papa John's. If one food item will stay as popular in the future as it is today, it is pizza, which makes Papa John's an appealing franchise to own.

Firehouse Subs

If you want a franchise that gives back to the community, Firehouse Subs may suit you. Founded in Jacksonville, Florida by two former firefighters, the brand directs a portion of its sales toward life-saving equipment for first responders. Its menu centers on sandwiches.

Technology plays a central role in running any business, and a franchise is no different. Franchise brands use Delightree to manage 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 update these in real time, which saves time across their operations. Book a demo to see how Delightree supports your franchise journey.