The Best Franchise Opportunities to Buy & Own in 2023-2024

They say it’s naughty to copy your classmate’s work. With affordable yet profitable franchises to own, this is exactly what you have to do!

As the past several years were challenging for economics and businesses, an evident question arises: what entrepreneurial activity won’t leave its owner bankrupt by the end of 2023? And it seems that owning one of the top franchises in 2023-2024 could be a great way to stay afloat.

 

Why would you want to become a franchise owner, and what are some of the features of a profitable franchise? This is what we are going to break down in this article.

 

 

What You Need to Know About Franchising Opportunities in the USA

Let’s recall what exactly a franchise is. In short, it’s when an established brand sells the rights to its business model to a person or other company. The one who sells the rights is a franchisor, and those who select the best franchise to own and buy it are known as franchisees. 

The buyer has to pay a franchise fee to own these rights. Furthermore, royalty fees are required, which means you will have to pay a certain percentage depending on your earnings.

 

Owning one of the top franchises in 2023 is easier than reinventing a service that successfully exists on the market already. At least half of marketing tasks are solved, and there’s professional support from your franchiser parent.

 

 

How to Choose the Most Profitable Franchise to Own

You may have noticed that not every franchise lasts for a long time. And during the pandemic, we saw growth in some brands and a complete fall in others.

So, what are the best franchises to own? Here’s a checklist to consult before you pay an upfront fee:

 

• New franchise success rate, which means the number of franchises that are still working after a year after opening. Is it above 90%? Excellent!
• Unit growth, or the number of franchises that were opened recently, will hint at which franchises make the most money.
• Financial statements, that is, a disclosure document and the earnings per unit.
• Brand recognition, it’s a really important metric in marketing campaigns.

 

How About You?

Now that you’re armed with the essentials about business opportunities franchise, let’s look at the other side of this deal – you. Are you ready to deal with the following?

 

• Franchise fee – how much you have to pay to own the rights for the brand.
• Initial investment – the sum required to set up a new unit, including the fee.
• Royalty fee – a percentage that you are going to pay to your franchiser regularly.
• Ad royalty fee – another regular deduction for the best franchises to buy for marketing campaigns.
• The support system refers to help from a franchiser along the way.

 

Franchises require full involvement, so stay true to your interests. Isn’t it better to take responsibility for something you like rather than for a boring but profitable niche?

 

What Are the Most Profitable Franchises to Own in 2023

 From year to year, there are repeated names that crop up in the list of the top franchises. And whether you wonder what top franchises were ten years ago or what the top franchises to own in 2023 are, you will likely find some of the same names.

However, the pandemic became a filter that not every business was able to pass through. Here, we will focus on the brands that show steady growth either in units or in sales – and did so even during the uneasy times of lockdown.

 

We also present a varied list of top franchises to own so that within each category, you can spot something that is appealing to you.

 

Food Category

Food franchises were able to survive the pandemic and will be even stronger in 2023:

 

McDonald’s. The king of fast-food, and one of the best franchises to own in 2023, it’s an instantly recognizable brand. Their fees are not as cheap as their burgers, though – $45,000 for a unit.

Dunkin’s. The company strives for innovations and even altered its previous name “Dunkin’ Donuts” to emphasize that they’re extending their menu.

Taco Bell. This spicy fast-food business was one of the best franchises to own in 2023, and today it shows signs of steady growth. It has an excellent training and support system.

Sonic Drive-In. With 3,552 Drive-in units, it is among the best opportunities to buy. However, bear in mind that they prefer dealing with experienced franchisees.

 

Health and Wellness Category

The industry that does well to body and soul offers the most profitable franchises to own in 2023

 

Anytime Fitness. This franchise family helps at every stage of establishing a new unit. For a $42,500 fee, you will be allowed to own a franchise for five years.

Planet Fitness. Planet Fitness is one of the most profitable franchises to own: You’ll pay $20,000 for the right to own it. However, the royalty fee is high at 7%.

Crunch. Become a healthy lifestyle provider through the Crunch franchise. Known as no-judgment fitness, this company was among the most profitable franchises in 2023.

Pearle Vision. The eye care brand offers training, so you don’t have to be a qualified optician. Just make sure you pay the $30,000 to own the name.

 

Retail Franchise Category

Retail never goes out of fashion, and this category may well contain the best franchises to own in 2023 and 2024.

 

7-Eleven. These convenience stores operate in the US and internationally. With a unit number of 81,887, it’s among the most profitable businesses to own.

UPS Store. The UPS team is truly dedicated and provides support on many stages, from SEO to security procedures. The brand is highly recognizable and on the list of top franchises to own.

Pet Supplies Plus. People tend to spoil their loved ones, and pets certainly count as this. As millennials are not in a rush to have kids and often prefer to take care of animals, it’s a good choice for 2023.

 

Define Your Personal Top Franchises to Own

The 2023 Year in Business magazine refers to this period as “volatile.” Even so, don’t suffocate your entrepreneurial impulses. Just go with a rational business decision, which owning a profitable franchise certainly is.

The best franchise opportunities are, predictably, food, health, and retail industries. However, this is a time-consuming business with a high level of responsibility. So, you have to figure out what your personal top franchise of 2023-2024 is, according to your passion.

 

And don’t forget – copying others is not that bad – actually, it’s the ancient survival mechanism of humankind.

If you find yourself in doubt, asking questions like “what is the most profitable franchise to own?” feel free to come back and consult this article!