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Top 30 Most Profitable Franchises to Start in 2024

Starting a franchise can be an excellent way to jump into business ownership while benefiting from an established brand, proven systems, and ongoing support. But with so many franchise opportunities out there, how do you know which ones are most profitable? Whether you’re looking for a low-cost investment or a business model with high earning potential, this guide breaks down 30 of the most profitable franchises you can start in 2024.

What Makes a Franchise Profitable?

Before we dive into the list, let’s explore a few key factors that make a franchise truly profitable:

  • Brand Recognition: A well-known brand can attract customers right from day one.
  • Support System: Franchises with strong training and marketing support can help you scale faster.
  • Initial Investment vs. Potential Revenue: Low initial costs paired with high demand make for a highly profitable business.

Now, let’s jump into the top franchises that are set to thrive in 2024.

Most Profitable Franchises of 2024

1. McDonald’s

Industry: Fast Food

Initial Investment: $1M – $2.3M

Average Annual Revenue: $2.7M per location

McDonald’s remains a powerhouse in the fast food industry. With one of the most recognized brands worldwide, the profit potential is massive, though the initial investment can be steep.

2. Dunkin’

Industry: Coffee & Donuts

Initial Investment: $120K – $1.8M

Average Annual Revenue: $900K per location

Dunkin’ continues to be a popular choice for entrepreneurs thanks to its strong brand and a menu that caters to coffee lovers on the go.

3. The UPS Store

Industry: Shipping & Business Services

Initial Investment: $138K – $470K

Average Annual Revenue: $500K+ per location

The UPS Store benefits from increasing demand for shipping services in the eCommerce era. With a lower initial investment, it’s a solid franchise with reliable returns.

4. Anytime Fitness

Industry: Fitness

Initial Investment: $107K – $722K

Average Annual Revenue: $400K per location

The fitness industry is booming, and Anytime Fitness offers a 24-hour gym model that appeals to customers seeking flexibility.

5. 7-Eleven

Industry: Convenience Stores

Initial Investment: $53K – $1.1M

Average Annual Revenue: $1M+ per location

As one of the world’s largest convenience store chains, 7-Eleven offers an affordable initial investment with a strong profit potential.

6. Planet Fitness

Industry: Fitness

Initial Investment: $1M – $4M

Average Annual Revenue: $1.5M per location

With its “no judgement zone” appeal, Planet Fitness continues to attract customers in the fitness space, making it a profitable franchise to consider.

7. Subway

Industry: Fast Food

Initial Investment: $150K – $328K

Average Annual Revenue: $416K per location

Subway’s focus on healthy fast food keeps it relevant, and its lower upfront costs make it a solid investment for newcomers.

8. Ace Hardware

Industry: Retail Hardware

Initial Investment: $272K – $1.6M

Average Annual Revenue: $1M+ per location

Ace Hardware benefits from a dedicated customer base of DIY enthusiasts and home improvement lovers.

9. Taco Bell

Industry: Fast Food

Initial Investment: $530K – $3M

Average Annual Revenue: $1.6M per location

Taco Bell continues to lead the fast food industry, appealing to customers with affordable Mexican-inspired menu options.

10. Supercuts

Industry: Hair Care

Initial Investment: $144K – $306K

Average Annual Revenue: $262K per location

Supercuts is a budget-friendly option for those entering the hair care industry. Its recurring customer base leads to steady profits.

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11. Kumon

Industry: Education

Initial Investment: $74K – $156K

Average Annual Revenue: $558K per location

The demand for tutoring and after-school programs continues to rise, making Kumon a highly profitable education franchise.

12. Jan-Pro

Industry: Commercial Cleaning

Initial Investment: $3.5K – $60K

Average Annual Revenue: $1M+ per location

Jan-Pro offers a scalable business model with recurring revenue from contracts, making it an appealing option for entrepreneurs.

13. Mathnasium

Industry: Education

Initial Investment: $112K – $149K

Average Annual Revenue: $350K per location

Mathnasium focuses on tutoring services for K-12 students, tapping into the ongoing demand for supplemental education.

14. Jiffy Lube

Industry: Automotive Services

Initial Investment: $200K – $500K

Average Annual Revenue: $710K per location

Jiffy Lube remains a leader in the auto services industry, with consistent demand for maintenance services.

15. Great Clips

Industry: Hair Care

Initial Investment: $136K – $260K

Average Annual Revenue: $355K per location

Great Clips offers a steady flow of business due to its affordable pricing and frequent customers.

16. BrightStar Care

Industry: Home Health Care

Initial Investment: $105K – $181K

With the growing need for senior care, BrightStar Care is poised for even more profitability in 2024.

17. Sports Clips

Industry: Hair Care

Initial Investment: $224K – $372K

Sports Clips taps into the niche market of men’s grooming, offering a unique twist on haircuts.

18. Snap-on Tools

Industry: Retail Tools

Initial Investment: $169K – $382K

Snap-on Tools is known for its high-quality products, attracting loyal customers and delivering consistent revenue.

19. Servpro

Industry: Restoration Services

Initial Investment: $160K – $230K

Servpro specializes in disaster recovery and restoration, an essential service that continues to grow.

20. Buffalo Wild Wings

Industry: Restaurant

Initial Investment: $2M – $4M

This popular sports bar chain remains a top franchise for restaurant owners seeking big profits.

21-30: More Profitable Franchises to Consider

21. MaidPro – Cleaning services

22. FASTSIGNS – Custom sign manufacturing

23. Merry Maids – Residential cleaning

24. The Goddard School – Early childhood education

25. Smoothie King – Healthy beverages

26. Jazzercise – Fitness

27. Massage Envy – Spa and wellness services

28. Firehouse Subs – Fast food

29. IHOP – Casual dining

30. Big O Tires – Auto repair and tires

Conclusion

Starting a profitable franchise in 2024 comes down to selecting the right brand, understanding the initial investment, and being prepared to put in the effort required to grow your business. Each franchise on this list offers a unique opportunity with varying levels of investment and potential profit. The best part? Whether you’re drawn to fast food, fitness, or education, there’s a franchise that fits your goals.

Frequently Asked Questions (FAQs)

How much money do you need to start a franchise?

The cost to start a franchise varies widely, from as little as $10K to over $1M, depending on the brand and industry.

What are the most profitable franchises in 2024?

Fast food brands like McDonald’s and Taco Bell tend to be the most profitable due to their global brand recognition and large customer bases.

How long does it take to become profitable in a franchise?

The time to profitability depends on the industry, location, and how well the franchise is managed. It could take anywhere from 6 months to 3 years.

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