For many Americans, entrepreneurship seems like an attractive option. Owning your own business means not having to answer to a boss everyday and often a much higher earning potential than a salaried job. However, running a business is also far riskier than working in an established company.
One way for budding entrepreneurs to minimize the risk is to start a franchise location. Franchisees are entrepreneurs who acquire a license to operate one or many locations of an established brand. Though they typically pay an annual licensing fee, in addition to often high upfront startup costs, franchisees benefit from tried and tested proprietary knowledge and processes, in addition to existing customer brand recognition.
There are dozens of well-known brands that have expanded rapidly in the last several years from franchise licensing alone. Using data from industry advocate, Entrepreneur magazine, 24/7 Wall St. identified the hottest businesses to franchise in America. These 20 businesses reported the fastest domestic franchise establishment growth from 2014 to 2019.
Only companies included in Entrepreneur’s 41st annual Franchise 500 list with at least 500 U.S. franchise establishments were considered. Data on global location count, estimated franchise startup costs, and founding dates also came from Entrepreneur.
The rapid growth among the companies on this list is not only an indication of the popularity of the product or service they provide, but also often the continued viability of the business model. For example, the companies on this list tend to be in industries that will not likely suffer from changes to the consumer landscape brought on by technological advances. These industries include restaurants and fitness centers. Here is a look at the cities that will lose the most jobs to automation.
One of the most striking patterns that emerges from this list is the surge in franchises in the personal fitness industry. Half of the top 10 businesses on this list fall in that category, including the top three. According to the Bureau of Labor Statistics, growing awareness of the benefits of health and fitness is driving growth in this industry. Employment among fitness trainers and instructors is projected to climb by 13% between 2018 and 2028, more than double the 5% job growth across all occupations. Here is a look at the occupations with the best job security.
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