These Are the Fastest Growing Franchise Brands Right Now If you want to buy into a brand with momentum behind it, our data shows that these franchises are outpacing the competition.
By Tracy Stapp Herold •
This story appears in the March 2024 issue of Entrepreneur. Subscribe »
If you're looking for a franchise brand to buy, you're surely asking yourself this question: Which brands are worth my time and money? There are many ways to answer that, but here's a useful starting point: Look at the brands with major traction. That's what you'll find on the following pages, where we rank based on the number of franchise units they opened in the U.S. and Canada in one year, using percentage growth to break ties.
Just how fast are these franchises growing? Based on the data submitted for Entrepreneur's 2024 Franchise 500 ranking, which looked at units added between July 31, 2022, and July 31, 2023, these brands are far outpacing the competition. The average brand that applied for our ranking (with 1,389 applicants overall) experienced net growth of just 6.6 franchise units in the U.S. and Canada during that time period. But these 150 fastest-growing franchises grew 10 times that much on average, and the No. 1 company on this list, Stratus Building Solutions, added more than 100 times that many units!
Altogether, these 150 companies added a combined net total of 10,310 franchise units in the U.S. and Canada over one year. As you look over this list, though, keep in mind that it is not intended as an endorsement of any particular brand. Growth may be one indicator of a flourishing franchise system, but it's not the whole picture. Always do your own careful research: Read the company's legal documents, consult with an attorney and an accountant, and talk to as many current and former franchisees as you can.
Related: How Entrepreneur Ranked This Year's Franchise 500, and the Big Trends We Saw
