The Best Franchises to Buy in 2024

For the aspiring business owner, the decision to invest in a franchise represents a thrilling opportunity. It offers the independence of business ownership, backed by the support and structure a successful franchise model can provide. Yet, with a myriad of options available, each seemingly more promising than the last, how do you discern which franchises will shine in the year 2024.

Why Franchising? 

Here's why franchise opportunities are worth considering:

• Proven Success: Franchises operate on established business models, increasing your chance of success.

• Brand Power: Instant customer recognition and a built-in reputation.

• Support Systems: Training, marketing materials, and ongoing franchisor support streamline your launch.

• Reduced Risk: Compared to starting your own business from scratch, franchises have a lower failure rate.

Here are some best franchises to buy in 2024 - 

Taco Bell 

A classic in the Mexican-inspired fast-food industry. Taco Bell's innovative menu and unique offerings keep them a market leader. Owning a franchise of a well-known brand like Taco Bell offers the advantage of a proven business system and brand recognition. However, it's crucial to carefully evaluate the costs and responsibilities involved before making such a significant investment. 

Here's a breakdown of the costs and fees associated with opening a Taco Bell franchise: 

Initial Franchise Fee: $25,000 - $45,000 (one-time payment to gain the right to open the franchise)

Royalty Fee: 5.5% of gross sales

Advertising Fee: 4.25% of gross sales 

Approximate Total Initial Investment: $575,000 - $3,370,000

Marco's Pizza 

Marco's Pizza is an American pizza chain known for its Italian-American cuisine. This rapidly growing pizza franchise is famous for its fresh ingredients and quality offerings.  

Here's a breakdown of the costs and fees associated with opening a Marco's Pizza franchise:

Franchise Fee: $25,000 (this is a one-time upfront fee) 

Royalty Fee: 5.5% of gross sales

Advertising Fees: 7% of gross sales 

Financial Requirements: Minimum Net Worth $400,000 and Minimum Liquid Capital $100,000

Total Estimated Investment: $286,852 - $805,927 (This varies depending on location, construction costs, equipment, etc.)

Chick-fil-A 

Chick-fil-A is a fast food restaurant chain headquartered in the United States. It is known for its chicken sandwiches, waffle fries, and milkshakes. Chick-fil-A is the largest quick-service chicken restaurant chain in the United States, with over 2,500 locations in 47 states. 

The Chick-fil-A franchise is a popular investment opportunity for entrepreneurs. The company offers a variety of franchise options, including traditional restaurants, express locations, and food trucks. Chick-fil-A franchises are typically successful, with high sales volumes and low turnover rates. 

Here's a breakdown of the costs and fees involved in acquiring a Chick-fil-A franchise: 

Franchise Fee: Chick-fil-A boasts an incredibly low initial franchise fee of only $10,000. This is far more accessible than most franchises.

Royalty Fee: You will pay Chick-fil-A a flat 15% of your restaurant's sales.

Profit Sharing: An additional 50% of any remaining profits after expenses go to Chick-fil-A.

The UPS Store 

The UPS Store is a retail chain of stores that offer a variety of services, including packing, shipping, printing, and mailbox rentals. The UPS Store has over 5,000 locations in the United States, Canada, and Puerto Rico.

The UPS Store is a franchise, which means that each store is independently owned and operated. However, all UPS Store locations are required to meet certain standards and procedures set by the franchisor. This ensures that customers receive a consistent level of service at every UPS Store.

Here's a breakdown of the costs and fees involved in opening a UPS Store franchise: 

Initial Franchise Fee: $9,950 – $29,950. This varies based on location. 

Liquid Assets: You need to have at least $75,000 to $125,000 in liquid assets (cash, stocks, bonds, etc.).

Total Estimated Investment (Traditional The UPS Store center): $247,306-$476,993

Anytime Fitness 

Anytime Fitness is a 24-hour co-ed fitness club franchise headquartered in Woodbury, Minnesota, United States. It is the largest fitness club franchise in the world, with over 4,000 locations in 50 states and 30 countries. Anytime Fitness clubs are open 24 hours a day, 7 days a week, and offer a variety of amenities, including cardio equipment, strength training equipment, free weights, and group exercise classes. 

Here's a breakdown of the costs and fees for owning an Anytime Fitness franchise:

Franchise Fee: $42,500 (one-time) 

Additional Startup Costs: This includes items like permits, licenses, insurance, marketing, and initial inventory. The costs can range from $2,000 - $20,000+ 

Monthly Royalty Fee: A flat fee of $699 per month. 

Total Estimated Investment: $94,430 - $523,824

Kumon Math & Reading Centers 

Kumon Math & Reading Centers is a global network of over 25,000 learning centers that provide individualized math and reading programs for children of all ages. Kumon's unique approach to learning is based on the belief that all children can learn, and that every child has the potential to excel. 

Here's a breakdown of the costs and fees for opening a Kumon Math & Reading Centers franchise: 

Franchise Fee: $2,000 (This is one of the lowest franchise fees in the industry)

Training Fee: $1,000 (for your Instructor Development Program materials) - Applied as credit to your franchise fee when you sign the Franchise Agreement.

Total Estimated Investment: $67,428 – $145,640

Senior Care Authority 

The Senior Care Authority franchise is a senior care placement and assistance service that helps families find the best care options for their loved ones. The company was founded in 2009 and has since grown to over 200 locations in the United States and Canada. 

Here's a breakdown of the costs and fees for Senior Care Authority franchise:

Franchise Fee: Ranges from $40,000 to $60,000 

Royalties: A percentage of your gross revenue paid to Senior Care Authority, usually around 6-8% 

The estimated total investment: $75,000 to over $120,000

Molly Maid

Molly Maid is a residential cleaning franchise headquartered in Texas. The company provides cleaning services for homes, including regular cleaning, deep cleaning, move-in/move-out cleaning, and specialty cleaning services such as carpet cleaning and window cleaning.

Molly Maid operates through a network of independently owned and operated franchises. As of 2023, there are over 1,100 Molly Maid franchises in the United States, Canada, and the United Kingdom. The company has a strong brand recognition and is known for its reliable and professional cleaning services.

Here's the costs and fees associated with owning a Molly Maid franchise: 

Franchise Fee: $14,900

Territory Fee: $45,000 - $70,000 

Royalty Fee: A percentage of your gross sales, typically around 5%

Total Estimated Initial Investment: $133,700 - $191,700 

Final Words: 

Investing in successful franchises in 2024 presents an exciting opportunity for aspiring entrepreneurs. Whether you're drawn to fast food, fitness, senior care, or other dynamic industries, there's a franchise option tailored to your budget, interests, and goals. Remember, thorough research and due diligence are essential throughout the process. Consider market trends, your local population, personal passions, and the franchise's support system before making your final selection. The path to successful franchise ownership requires dedication and savvy decision-making, but the potential rewards are significant.