Unstoppable: Meet the Fastest Growing Franchises of 2023
Promising Franchise Opportunities of 2023
If you’re considering starting your own business this year, buying a franchise can be an excellent option. Franchising provides a proven business model, established brand recognition, and ongoing support from the franchisor. However, even after you have made the decision to buy a franchise, before you jump in and make a purchase, it's important to consider factors that will impact the success of your venture. One critical factor to think about is the growth rate of the particular franchise you’d like to buy.
Franchising is all about efficient expansion, and in 2023 the entire franchising industry is experiencing tremendous growth. So how does a prospective business owner decide which franchises to pursue? Read on to meet five of the top franchises with the most significant growth as recognized by Entrepreneur’s 2023 Fastest-Growing Franchises list. These thriving brands experienced the greatest unit growth in North America over the last year based on the net total new franchise units added in the U.S. and Canada, making them promising businesses for prospective new business owners in 2023.
Five of the Best Franchise Businesses to Own in 2023
Stratus Building Solutions (ranked 1st)
Stratus Building Solutions is the industry leader in green commercial cleaning. An innovative franchise model designed for executives, by executives as the most lucrative investment opportunity in the franchise industry. If you are looking for a recession-proof and proven business model with unlimited income potential, become a Master Franchisee today!
Jersey Mike’s Subs (ranked 2nd)
Jersey Mike’s Subs is a submarine sandwich restaurant chain that prepares subs made to order, slicing meats and cheeses as needed, with an emphasis on Italian meats, but also American meats and cheeses. Customers never leave Jersey Mike’s unsatisfied.
Signal (ranked 4th)
SIGNAL is a premier security service franchise that provides mobile patrols, alarm response, dedicated (standing guard) security, concierge officers or front door staff, special event security, asset protection, and more to residential, commercial, and industrial clients nationwide. They use cutting-edge technology and training to ensure that franchisees are fully supported. Military Veterans and Law Enforcement Officers receive a franchise fee discount. Don't miss out on this opportunity, join the team today!
Wingstop (ranked 5th)
Wingstop was founded in 1994 and since then has won the Buffalo Wing Festival 3 times in a row. With their signature wings that are made fresh when you order,and side dishes, Wingstop is ranked #1 by Entrepreneur Magazine for best wing franchise. Wingstop has over 600 locations in 27 states. You don't have to have experience to run the franchise, you will be provided with complete training and support to ensure your success.
Tropical Smoothie Cafe (ranked 10th)
Tropical Smoothie Cafe is a national fast-casual cafe concept inspiring a healthier lifestyle with more than 850 locations nationwide. Serving better-for-you smoothies, wraps, sandwiches, and flatbreads, Tropical Smoothie Cafe also offers upgraded app technology and enhanced mobile ordering capabilities to further elevate the digital and dine-in cafe experience and emphasize the brand's focus on convenience.
Check out Entrepreneur’s 2023 Fastest Growing Franchises List to explore the full list of the fastest growing franchises and take our Franchise Quiz to find out which franchises from the list are a good fit for you!
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Why I Have an Issue with the Forbes Franchise Rankings
The 5-Year Growth Rate and 5-Year Franchise Continuity are both great independent metrics of how a franchise is doing on average. As a potential franchisee both of these statistics are vital for selecting a franchise - you want to select a franchise that will provide you with a high return on investment and which will survive in the long run. I think these are, as FRANdata and Forbes suggested, two of the biggest (if not the two biggest) and most obvious metrics for whether or not a franchise is a “good” opportunity for a franchisee. But how do you use these to determine which franchise is BEST? This is the fundamental difficulty in coming up with a ranking system - it isn’t the difficulty in separating the good from the meh from the bad - it’s separating the great from the good and the best from the great. In the case of these rankings I found it to be pretty difficult to comprehend how they differentiated between the top ranked franchises. For instance, if you look at the difference between Discover Map (Forbes #4), Just Between Friends (Forbes #5), & Seniors Helping Seniors (Forbes #6) they all have extremely close continuity ratings and substantially different growth rates. In fact, in the case of these three, the overall rankings are opposite the growth rate rankings. Seniors Helping Seniors is ranked at the bottom of these three franchises despite having a growth rate that is 31 percentage points higher than Discovery Map and a continuity that is only 2 percentage points lower. This suggested to me that continuity was viewed as the dominant factor. But that logic didn’t hold for the rest on the “Economy Class” Top 10, as BrightStar Care (Forbes #7) had the same growth rate as Pop-a-Lock (Forbes #8) but a continuity rate that was 12 percentage points lower. These comparisons show that these were not the only two factors that went into the rankings, which is understandable, but no other factors that are explicitly listed in their results seem to be major factors.
Getting in on the Ground Floor with an Emerging Franchise Company
In addition to the due diligence that should be performed, be sure that you and your advisors focus attention on:
