The Best Up-and-Coming Franchises of 2024

Franchising has long been a popular way for entrepreneurs to start their own businesses with the support of an established brand. While many may opt for well-known, decades-old franchises, there is a growing trend of individuals considering newer franchise concepts. Despite the higher risk associated with new franchisors, there are several advantages to investing in a brand-new franchise.

One of the main benefits of choosing a new franchise is the opportunity to have a greater influence over how the brand develops. Additionally, new franchise opportunities often come at a lower price point compared to more established brands, making them more accessible to aspiring business owners. Furthermore, new franchisors typically have more available territories to choose from, providing investors with a wider range of options.

With approximately 300 companies entering the franchising market each year, there is no shortage of new and emerging franchise concepts to consider. To help potential investors navigate this landscape, a ranking of the strongest new franchise concepts has been compiled based on various criteria including costs and fees, size and growth, franchisee support, brand strength, and financial stability.

While investing in a new franchise can be an exciting prospect, it is important for potential franchisees to conduct thorough research before making any commitments. Consulting with legal and financial professionals, as well as speaking with existing franchisees, can help investors make informed decisions about which new franchise opportunity is the right fit for them.