ENTREPRENEUR REVEALS 45th ANNUAL FRANCHISE 500® RANKING
Wednesday, January 24, 2024
U.S. Franchise Units Spearhead Industry Growth
NEW YORK, Jan. 16, 2024 /PRNewswire/ -- Entrepreneur, the media authority dedicated to helping people become and succeed as business owners, today unveiled its 45th annual Franchise 500. This authoritative ranking offers a comprehensive snapshot of the state of the franchise world, including insights into emerging business concepts and the developing role of AI in driving franchise success.
U.S.-Led Industry Growth: By the Numbers
The 500 companies that made the ranking this year had a total of 618,331 units open as of July 31(st), 2023--a 2.85% increase over the previous year's total. In fact, the number of units has increased steadily each year since the pandemic--8.39% overall from 2020 to 2023-- indicating the vitality of the franchise industry as a road to entrepreneurship.
A noteworthy shift this year is the leading role of business growth in the United States, with franchise unit growth in the U.S. witnessing an increase while international franchise growth experienced a slight slowdown, likely influenced by global instability.
"Every brand on the Franchise 500 has its own unique story, but they all collectively make the same statement: Franchising is strong and resilient, is full of innovation and opportunity, and provides a powerful entrepreneurial path for many people," says Jason Feifer, editor in chief of Entrepreneur magazine. "Our 45th annual ranking is full of companies with fresh ideas, exciting business models, cultural sway, and the kind of business sophistication that will define the next 45 years and beyond."
All-New Survey of New Franchisees
In a companion survey to this year's ranking, Entrepreneur sheds light on the perspectives of 232 new franchisees (in business for less than five years) regarding their journey to becoming business owners.
The survey reveals overwhelming satisfaction among franchisees:
-- 93% said they enjoy operating their business
-- 95% enjoy being part of their franchise organization
-- 57% did not have experience in their current industry before franchise
ownership
-- 71% chose their business for the lifestyle it afforded versus the
financial aspect (29%)
Emerging Business Trends Coinciding with Consumer Interests
New categories added this year, such as Mental Health Services and IV Therapy, highlight evolving opportunities in the market. The rise of health-related franchises indicates a growing trend of individuals taking control of their health and seeking alternative solutions outside the traditional healthcare system.
Categories experiencing growth include Teas (a category added last year), Smoothies/Juices, and Coffee. QSR franchises, particularly beverage-based ones, stand out as viable options, especially as consumers adjust their dining habits for economic or health reasons.
AI Integration Across Franchise Brands
This year's Franchise 500 also explores how franchise brands are leveraging AI in novel ways. from enhancing customer service to refining marketing strategies and ensuring quality control. The industry's embrace of automation is a strategic leap into the future.
2024's Top 10 Franchises
Taco Bell secured the top spot for the fourth consecutive year. The top 10 companies on the 2024 Entrepreneur Franchise 500 list are:
1. Taco Bell
2. Jersey Mike's Subs
3. Popeyes Louisiana Kitchen
4. The UPS Store
5. Ace Hardware
6. Dunkin'
7. Culver's
8. Hampton by Hilton
9. Arby's
10. Kumon
435 Million Social Followers Among 500 Leading Brands
Entrepreneur's 45-year-old ranking formula has evolved with the marketplace and considers more than 150 data points in the areas of franchise size and growth, costs and fees, support, brand strength, and financial strength and stability. One newer measurement taken into account is each brand's social engagement. This year's top 500 brands have a staggering 435 million social followers.
To learn more about these findings and see which brands made the full 500 ranking, visit entrepreneur.com/franchise500 or pick up a copy of the January/February 2024 issue of Entrepreneur, on newsstands now.
About Entrepreneur Media LLC
Entrepreneur is the media powerhouse at the forefront of the culture, mindset, and lifestyle of entrepreneurship. For 46 years, Entrepreneur has helped business leaders start, run and grow their ventures. Entrepreneur.com, Entrepreneur magazine, and Entrepreneur Books provide solutions, information, inspiration and education read by millions of business owners worldwide.
View original content:https://www.prnewswire.com/news-releases/entrepreneur-reveals-45th-annual-franchise-500-ranking-302034004.html
SOURCE Entrepreneur Media
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