50 Fastest Growing Franchises For 2024 | 50+ Locations Opened in 1 Year!
This article is based on the video featured above, originally recorded for Vetted Biz Youtube Channel.
2022 has been a rollercoaster of a year, filled with twists, turns, and some pretty exciting growth spurts. And we’re here to share all the juicy details in our latest franchise article. We are going to review the top 50 fastest growing franchises for 2023!
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50 Fastest Growing Franchises For 2023
Imagine being more than just another business trying to keep its doors open. Picture yourself at the helm of a franchise that’s cruising the waves of economic change like a pro surfer. Well, that’s exactly what the franchises we’re about to introduce have done! And they haven’t just opened a few new spots. Nope! They’ve gone all out, adding more than 50 new locations to their tally this year. Impressive, right?
As we dive into this piece, we’re taking you on a cross-industry tour. Think sipping on that warm cup of joe from your favorite coffee franchise, or burning some calories at the local gym chain. These franchises have woven themselves into the fabric of our everyday lives, and we’ve got to admit, they’re doing a stellar job!
Are you an aspiring franchisee or investor? Well, get ready to hit the jackpot! This blog post isn’t just a countdown of top performers. It’s your personal guide, your treasure map to the franchising world, helping you unlock new opportunities you might have never considered.
Remember, these franchises are not just businesses. They’re the dreams, the aspirations of real people, brought to life. They’ve braved the stormy seas of the business world, charted their own course, and discovered new lands of opportunities. And they’ve done it with style!
Jan-Pro Cleaning & Disinfecting
- 2021 Unit Growth: 592
- 2022 Unit Growth: 474
- 2022 Unit Openings: 1592
Jan-Pro Cleaning & Disinfecting, an offshoot of Jan Pro Systems International, was born out of the innovative mind of Jacques Lapointe in the city of Providence, Rhode Island, back in 1991. Over the past decades, the company has earned a reputation for its customized cleaning solutions tailored to the specific needs of commercial facilities. Whether it’s healthcare cleaning, office cleaning, or school cleaning, their services are sculpted around the client’s schedule, facility size, and frequency of cleaning requirements.
Fast-forward to the present day, Jan-Pro boasts an impressive network of over 10,000 locations across the globe, with its corporate headquarters nestled at 2520 Northwinds Parkway, Suite 375, Alpharetta, GA 30009. The company’s illustrious history is adorned with numerous awards and recognitions. Among these accolades, the one that stands out is being ranked as the “#1 Commercial Cleaning Franchise in 2022 and for 14 years” by Entrepreneur Magazine. This recognition, among others, serves as a testament to the company’s relentless pursuit of excellence and its unwavering commitment to providing superior cleaning solutions to its clientele.
Crumbl
- 2021 Unit Growth: 185
- 2022 Unit Growth: 363
- 2022 Unit Openings: 363
Born from the innovative minds of Sawyer Hemsley and Jason McGowan in 2017, Crumbl is a renowned franchise chain of bakeries with a focus on crafting a wide array of cookies and serving delectable ice cream. The franchise, with its roots in Logan, Utah, where Hemsley was attending Utah State University, meticulously utilized A/B testing to perfect their signature milk chocolate chip cookie recipe.
Crumbl's rapid expansion can be attributed to its strong and engaging presence on social media platforms. In February 2021, their follower count on TikTok skyrocketed to 1.6 million within a span of just six weeks, and by 2022, they boasted over seven million combined followers across TikTok and Instagram.
The onset of the COVID-19 pandemic did not hamper Crumbl’s growth trajectory. By August 2020, Crumbl had expanded to 100 locations, and by July 2021, they had established a presence in 149 locations across the United States. The company closed the year 2021 with over 300 stores across the country, and by July 2022, it had grown to over 400 locations in 45 states. Continuing their impressive expansion, Crumbl made its international debut in 2023, opening 2 locations in Canada.
The phenomenal growth of Crumbl exemplifies the power of innovation and the potential of franchising. With over 600 stores across the United States as of October 2022, Crumbl’s success story continues to inspire and shape the future of the franchising industry.
Jersey Mike's
- 2021 Unit Growth: 273
- 2022 Unit Growth: 292
- 2022 Unit Openings: 301
Jersey Mike’s Subs is a testament to the power of perseverance and the entrepreneurial spirit. The story begins in 1968 when Peter Cancro, a 14-year-old from Point Pleasant Beach, New Jersey, started working part-time at Mike’s Submarines. The shop, located a few blocks west of Point Pleasant Beach High School, was already on its third owner when it was founded in 1956. A few years later, when the shop went up for sale again, Cancro’s mother suggested he buy it. Backed by a high school football coach who doubled as a banker, 17-year-old Cancro managed to gather $125,000 in three days, and thus, became the owner.
Fast-forward to today, Cancro is still at the helm as the CEO, and Jersey Mike’s has grown from a single shop to a franchise powerhouse. The franchising journey began in 1987, and by 2014, the brand had spread its wings with 750 locations, with an additional 650 locations in the pipeline. The franchise expanded rapidly, and by 2015, the total number of Jersey Mike’s locations had crossed the 1,000 mark. With a significant presence on the West Coast, especially in Southern California, Jersey Mike’s continues to make waves in the food industry. The original location on Trenton Avenue, where it all started, now serves as a training center for the company, passing on the legacy of Jersey Mike’s to new generations of franchisees.
Goosehead Insurance
- 2021 Unit Growth: 307
- 2022 Unit Growth: 215
- 2022 Unit Openings: 504
Goosehead Insurance is the brainchild of real estate investor Robyn Jones and her husband Mark Jones, a senior partner at Bain & Co. With its inception in 2003, the duo has revolutionized the insurance industry by providing clients with unprecedented information, thereby empowering their choice. The company’s ethos centers on transparency in pricing by shopping hundreds of insurance companies on behalf of their clients, enabling them to select the plan that offers the right protection at the most valuable price point.
Mark Jones, a co-founder and the CEO of Goosehead since its establishment, has a decorated career. Before his stint with Goosehead, he served as a Senior Partner and Director of Bain & Company, the global management consulting firm. He also has experience working in the audit and mergers-and-acquisitions practice groups for Ernst & Young. An alumnus of the University of Alberta and Harvard Business School, Mark Jones’ leadership has led to Goosehead’s inclusion among the largest and fastest-growing personal lines insurance brokers in the country.
The journey of Goosehead Insurance is a testament to the visionary leadership and innovative spirit of the founders. The company has an A+ rating with the Better Business Bureau (BBB), further strengthening its reputation as a reliable and customer-centric business. The impressive growth in unit numbers from 2021 to 2022 indicates a promising trajectory for this dynamic company in the insurance industry.
Domino's
- 2021 Unit Growth: 195
- 2022 Unit Growth: 215
- 2022 Unit Openings: 253
Born out of a single store in Ypsilanti, Michigan in 1960, Domino’s has since risen to prominence as one of the most renowned pizza brands globally. Over six decades, what started as a local pizza joint has grown into a pizza empire, delivering delight to customers worldwide. The journey hasn’t been easy, but Domino’s has shown remarkable resilience, thriving even in the face of adversity.
The brand’s adaptability was notably tested during the COVID-19 pandemic. As the industry grappled with unforeseen challenges, Domino’s navigated the turbulent waters with grace and tenacity, emerging stronger than ever. Its first quarter of 2021 bore testament to this resilience. The company reported revenues of $1.03 billion, marking a 12.2% increase over the previous quarter. The sales also soared, with an almost 20% rise in the first quarter of 2021, and an impressive 6.8% growth in delivery sales alone.
Domino’s continues to evolve and innovate, driven by the commitment to deliver more than just pizza – a commitment to delivering joy. It stands as an inspiring example of growth, adaptability, and unyielding dedication to customer satisfaction, making it an unmissable inclusion in our list of the 50 fastest-growing franchises for 2023.
Hissho Sushi/Oumi Sushi/Sushi with Gusto
- 2021 Unit Growth: 148
- 2022 Unit Growth: 206
- 2022 Unit Openings: 278
From the heart of Charlotte, North Carolina, Hissho Sushi has been rolling up a storm for over 25 years. They’ve made it their mission to elevate the sushi experience and make premium sushi accessible and approachable to everyone. From their humble beginnings, they’ve grown into an industry leader, known for their creative and innovative flavors that consumers just can’t get enough of.
As a company, they understand that their mission extends beyond simply providing incredible sushi to their customers. They’ve committed to being responsible community partners, sourcing all their seafood from suppliers that prioritize the long-term well-being of marine species and our oceans.
At the core of their operations are their franchisees, who they see as integral to their vision of cultivating success and innovation. They’re more than just a part of the team; they’re at the heart of what Hissho does. This focus on their franchisees, combined with their dedication to quality and innovation, has helped Hissho Sushi become one of the fastest-growing franchises in 2023.
Taco Bell Traditional
- 2021 Unit Growth: 184
- 2022 Unit Growth: 186
- 2022 Unit Openings: 229
An iconic name in the fast-food landscape, Taco Bell started its journey in 1962, planted firmly in Downey, California, by the visionary Glen Bell. Bell, an entrepreneur at heart, initially ventured into the food business with a humble hot dog stand in San Bernardino, California, in 1948. He was, however, intrigued by the long queues at a nearby Mexican restaurant, the Mitla Café. Inspired by their hard-shelled tacos, Bell embarked on a mission to recreate the recipe, leading him to open a stand serving his version of the dish in 1951. After a series of rebranding, the name finally settled on Taco Bell.
The first Taco Bell franchise opened its doors in 1964 in Torrance, California, and by 1967, the 100th restaurant was operational. A significant milestone came in 1978 when PepsiCo acquired Taco Bell from Glen Bell, giving it a substantial boost. Through the years, Taco Bell has evolved and adapted, introducing Taco Bell Express in 1991 and co-branding with giants like KFC, Pizza Hut, and Long John Silver’s. The brand eventually came under the umbrella of Yum! Brands in 2002, following PepsiCo’s decision to spin out its restaurant chains.
In the present day, Taco Bell Traditional is recognized worldwide with more than 6,300 franchise-owned restaurants in the US alone. It enjoys unparalleled brand recognition and customer loyalty, making it a great franchise opportunity. The average investment to open a Taco Bell restaurant stands at $1,684,000, inclusive of the initial franchise fee of $45,000. The brand exhibits robust financial performance with average annual sales reaching up to $1,339,000. Considering its stellar growth and the legacy it carries, Taco Bell Traditional has secured its spot among the fastest-growing franchises of 2023.
Wingstop
- 2021 Unit Growth: 163
- 2022 Unit Growth: 180
- 2022 Unit Openings: 187
Firing up the grills in Garland, Texas in 1994, Antonio Swad launched Wingstop – an international chain of restaurants, which, as the name suggests, has a knack for chicken wings. The eatery’s decor, reminiscent of the pre-jet aviation era of the 1930s and 1940s, adds a unique charm to the dining experience. The company started to franchise in 1997, and by 2002, they were claiming to have served a whopping two million wings.
In 2003, Wingstop was acquired by Gemini Investors, only to be sold to Roark Capital Group in 2015. The same year, Wingstop went public at an initial public offering price of $19 per share, and their profits impressively more than doubled. Between 2014 and 2016, the company was the third-fastest-growing restaurant chain in the US in terms of both system-wide sales and unit growth.
In 2019, Wingstop coined the catchy tagline “Where Flavor Gets Its Wings.” The following year, Wingstop partnered with DoorDash to offer delivery services in Dallas, Texas. The company also established the Wingstop Team Member Foundation, an employee-funded nonprofit that assists employees facing financial hardships due to emergencies.
Wingstop’s evolution didn’t stop there. In 2021, they announced a digital-only spin-off restaurant named ThighStop, selling chicken thighs as a cost-saving measure. As of 2022, Wingstop boasts over 1,400 restaurants, demonstrating that their wings are indeed taking flight.
Hotworx
- 2021 Unit Growth: 80
- 2022 Unit Growth: 172
- 2022 Unit Openings: 172
Created by the accomplished entrepreneur Stephen P. Smith, Hotworx is a fitness franchise that has redefined the wellness industry. Smith, an alumnus of the University of Mississippi and the University of Phoenix, began his entrepreneurial journey in 1986. His ventures span from Bodyplex Fitness Centre and Gold’s Gyms to Planet Beach Franchising Corporation, each a testament to his innovative spirit. Smith’s most recent venture, Hotworx, was born in 2014 out of the invention of a unique infrared fitness sauna.
The success of Hotworx has been truly remarkable, with franchise revenues consistently on the rise. In 2021, the average total revenue of all Hotworx franchises was a remarkable $341,000, marking a significant growth from the franchisor revenue of $1.3 million in 2018. This success has not only been beneficial to the company’s bottom line but also led to a growth of employee numbers by 38% in 2021, with the average revenue per employee standing at $337,500.
Popeyes Louisiana Kitchen
- 2021 Unit Growth: 143
- 2022 Unit Growth: 169
- 2022 Unit Openings: 195
A brainchild of Al Copeland, Popeyes Louisiana Kitchen first flung open its doors to the public on June 12, 1972. Back then, it was known as “Chicken on the Run,” a humble establishment nestled in the heart of Arabi, Louisiana. Its inception was Copeland’s ambitious endeavor to challenge the reigning Kentucky Fried Chicken. But success didn’t come overnight. After a few rocky months, Copeland bounced back, reopening his establishment as Popeyes Mighty Good Chicken. The small restaurant rapidly transformed into a renowned franchise, with the name evolving to Popeyes Famous Fried Chicken by 1975.
The path to success was laden with obstacles. A financial crisis in 1990 led to the creation of a new parent company, America’s Favorite Chicken Company (AFC), in 1992. The financial woes persisted, and Copeland’s creditors were compelled to step in. The following years saw Popeyes continuing to license its seasonings, recipes, and techniques from Diversified Foods & Seasonings, a company that remained under Copeland’s control. It was not until 2014 that Popeyes re-acquired full control of its recipes and other proprietary food preparation techniques, consolidating its brand’s identity.
In 2017, Popeyes found a new home under Restaurant Brands International after a $1.8 billion deal. Today, Popeyes is an international fast-food chain with more than 3,705 restaurants spread across the globe. The franchise, which started as an attempt to compete with Kentucky Fried Chicken, is now a fast-food giant in its own right, with a unique flavor profile that has garnered a dedicated fan base worldwide.
The next 40 - Fastest Growing Franchises For 2023
Here are the next 40 franchises on the list:
| Franchise Name | 2022 Unit Growth |
|---|---|
| Tropical Smoothie Café | 160 |
| Dog Training Elite | 160 |
| Servpro | 154 |
| Scooter’s Coffee | 146 |
| La Quinta by Wyndham | 141 |
| EOS Worldwide | 136 |
| StretchLab | 135 |
| Cruiseone | 127 |
| Rosati’s Pizza | 123 |
| Good Neighbor Pharmacy | 122 |
| Kona Ice | 121 |
| Motel 6 | 117 |
| Signal | 112 |
| Chick Fil A (Franchise Program) | 108 |
| UBREAKIFIX | 106 |
| The Patch Boys | 105 |
| Smash My Trash | 103 |
| The Joint Chiropractic | 102 |
| QC Kinetix | 102 |
| The UPS Store Traditional | 101 |
| Papa John’s | 94 |
| European Wax Center | 90 |
| Club Pilates Franchise | 89 |
| Ace Handyman Services | 80 |
| Koala Insulation | 78 |
| Dunkin’ | 77 |
| Charleys Philly Steaks | 75 |
| Marco’s Pizza | 66 |
| Nexthome | 65 |
| Mochinut Restaurant | 65 |
| House Of Colour | 65 |
| Budget Blinds | 60 |
| Restore Hyper Wellness + Cryotherapy | 60 |
| Wendy’s | 56 |
| Ace Sushi | 56 |
| Dave’s Hot Chicken | 56 |
| Pet Supplies Plus | 55 |
| Culver’s | 55 |
| Mosquito Shield | 54 |
| Kung Fu Tea | 54 |
Conclusion
In conclusion, 2022 has been a year filled with triumphs and innovations in the world of franchising. From Jan-Pro Cleaning & Disinfecting’s meticulous attention to client needs to Crumbl’s inspiring use of social media for rapid expansion, each franchise offers a unique success story.
The year bore witness to Jersey Mike’s Subs’ persistent growth and Goosehead Insurance’s revolutionary approach to transparency in the insurance sector. Domino’s continues to inspire with its adaptability and commitment to customer satisfaction, whereas Hissho Sushi shines as a brand that emphasizes the integral role of franchisees in driving success.
Taco Bell Traditional, with its extensive history and brand recognition, and Wingstop, with its unique charm and robust growth, both mark their places among the fastest-growing franchises of 2023. Hotworx’s distinct infrared fitness sauna and Popeyes Louisiana Kitchen’s flavorful offerings complete our diverse list of the fastest-growing franchises for 2023.
As we have explored these remarkable franchises, it becomes evident that the right blend of innovation, adaptability, and a deep understanding of customer needs can pave the way for extraordinary growth in the franchising world. With these success stories as our guide, we eagerly look forward to what 2023 has in store for the franchising industry.
