The competition among franchises can be fierce and the rankings can change in the blink of an eye. A franchise that practically dominated the world can suddenly fall overnight while a new franchise soars to the top. Each year, the Franchise 500 ranks the world’s top franchises and gives us a glimpse into what is happening in this unique business marketplace. Based on the latest numbers, let’s take a look at the fastest growing franchises in 2017 and who is expected to top the charts in next year’s Franchise 500.
Fast Casual Restaurants
Fast food franchises have been around for decades, but there has been a change in the type of food service franchise that finds fast success. The old drive thru fast food models are starting to lose their luster. Though the quick service restaurants still represent nearly a fifth of the Franchise 500 rankings, it has started to shrink down. Today’s hungry consumers want fresh ingredients, gourmet food, and fast service. One of the fastest growing franchises is Burgerim, an US-based franchise that provides gourmet burgers in a fast casual setting. They serve up delicacies like lamb and Wagyu beef, but it’s packaged in a quick service way. Delivery is another key ingredient for the restaurants that make it to the top of the food service category in franchising.
The maintenance sector includes cleaning services, home restoration, and even landscaping services. Over the past decade, maintenance based businesses have boomed in the franchise world, evolving into a lucrative opportunity that requires a much lower upfront investment compared to other franchise sectors. Best of all, this industry seems to be recession-proof. Even when budgets are tight, people will still need cleaning and maintenance services, especially after destructive weather events like hurricanes and tornadoes.
As the second fastest in growth on the Franchise 500 charts, hotels and motels continue to be a lucrative franchise opportunity. The accommodation industry requires much larger upfront investments and it’s certainly not meant for the faint at heart. Some franchises like the Hilton Hotels require buy-in investments in the tens of millions of dollars. However, you’re paying for a name that will blow away the competition and connections in a corporate world that will fast track your success.
Homeowners are starting to recover some nerve as home prices begin to climb again and that means a big opportunity for home improvement businesses. With people willing to spend money on their homes again, remodeling businesses are on the upswing. From carpet installation to bathroom remodeling to window treatments and painting, the home improvement sector is presenting a growing opportunity for franchise success.
Which Franchise is Right for You?
If you’re looking for the right franchise opportunity, these categories are a good place to start your search. Take the time to research every franchisor thoroughly before you decide which one will be the right fit for you. Keep in mind that sometimes it’s worth a higher upfront investment cost to get the support and training that comes with working for an experienced company.