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Tuesday, June 18, 2024

Top 2024 Franchises on the Rise

Are you looking to invest in a franchise, but want to break away from the tried-and-true older brands? Consider the advantages of buying into a new and emerging franchise concept. While there may be higher risks involved, there are also unique benefits such as being able to influence the brand’s development, lower entry costs, and more territory options to choose from.

With approximately 300 new franchise companies launching each year, the market is filled with exciting opportunities for potential franchisees. In the 2024 Franchise 500 ranking, nearly 17% of the franchisors had started franchising in the past five years. So, which new and emerging franchise concepts are making waves in the industry? This ranking evaluates these companies based on various criteria such as costs and fees, size and growth, franchisee support, brand strength, and financial stability.

Investing in a new franchise concept can be enticing, but it’s crucial to conduct thorough research before making a decision. This list serves as a starting point for your exploration, not as a definitive recommendation. Make sure to review the legal documents, seek advice from professionals like attorneys and accountants, and talk to existing franchisees to gather insights.

We spoke with top new and emerging franchisors to understand their motivations for franchising their business and the challenges they faced along the way. From scaling their business quickly to supporting entrepreneurial endeavors, these franchisors shared their unique perspectives on the franchising journey. Despite unexpected hurdles, they found innovative solutions to overcome challenges and drive franchise growth.

To stay competitive in the market against more established franchises, emerging brands focus on setting themselves apart through creativity, unique marketing initiatives, and strong relationships with franchisees. By offering a fresh take on the traditional franchise model and fostering a sense of community engagement, these new brands are carving out their niche in the industry.

If you’re considering investing in a franchise, explore the exciting opportunities presented by new and emerging franchise concepts. With a myriad of options available in the market, there’s never been a better time to embark on a new franchising adventure. Embrace the potential for growth, innovation, and success with a franchise that aligns with your vision and values.

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