Underwhelmed by your current career? Ready to satisfy your craving for positive change? Explore this year’s Top Food Franchise opportunities. Owning a food and beverage franchise can be both a smart financial move and a rewarding experience. With a mix of established brands and proven business models—brick-and-mortar, mobile food trucks, dine-in, and drive-through—jumping into the food franchise game has never been more enticing. Before looking at this year’s Top Food Franchise award winners, let’s break down the sweet and savory perks of joining this vibrant and ever-evolving sector!
Grab Your Piece The Food Franchise Pie
Franchised businesses are thriving. According to the IFA’s 2024 Economic Outlook, the number of franchise establishments in the United States will increase by 1.9% in 2024, or more than 15,000 units. The total number of franchise establishments in the U.S. will increase to 821,000 units. Franchising is expected to add approximately 221,000 jobs in 2024. The total franchise output will increase by 4.1%, from $858.5 billion in 2023 to $893.9 billion in 2024, and franchises’ GDP will continue to grow, rising at a pace of 4.3% to $545.8 billion. So, why not grab your piece of this tasty trend?
5 Reasons to Own a Top Food Franchise
Food franchises are sizzling hot right now. Here’s why you should consider owning a Top Food Franchise on your entrepreneurial journey:
1. Brand Recognition: Instant Clientele!
Owning a food franchise means you’re not starting from scratch. You get to ride the wave of a well-known brand that’s already earned a following in your community. With popular food franchises’ logos and names already recognized, you’ll attract customers without the heavy lifting. It’s like walking into a party where everyone cheers your name!
2. Proven Business Model: A Recipe for Success
Want to know the secret sauce? It’s simple. Follow the franchise business model! When you buy into a food franchise, you’re getting a tried-and-true system that’s been seasoned to perfection. You’ll benefit from established supply chains, comprehensive training, and effective marketing strategies. This means you can focus on what really matters: delighting your customers and running a smooth operation.
3. Recession-Resistant: Food is Always in Demand
Let’s face it: people are obsessed with food! Even during economic downturns, food franchises tend to hold firm. With a wide variety to suit every taste under the sun, affordable meal options, and quick service, food and beverage franchises can thrive when others struggle. Many have embraced innovative strategies like minis, drive-throughs, and delivery to keep cash flowing. Adaptability is the recipe for success!
4. Consumer Demand: Feeding the Need
In our fast-paced, instant-gratification culture, convenience is key. Whether super cool food trucks, dine-in restaurants, or healthy fast-casual spots, food franchises know how to cater to diverse tastes and preferences. Food franchisors have done their homework! With solid market research backing your business, you can serve what consumers crave, building loyalty and fulfillment along the way.
5. Emerging Trends: Stay Ahead of the Curve
The food and beverage franchise scene continually evolves. This year’s Top Food Franchises are at the forefront of innovation. From plant-based options to tech-driven ordering, franchisees can pivot quickly to meet changing consumer preferences. This adaptability ensures you stay relevant and competitive in the dynamic food franchise market.
Ready to Satisfy Your Entrepreneurial Cravings?
Eric Stites, CEO and Managing Director of Franchise Business Review (FBR), notes that franchise owners often fare better during challenging economic times than independent businesses. “The food franchise sector delivers a tremendous return on investment for many. You can buy into a reputable brand with a proven business model and have an executive leadership team and a community of fellow franchisees to lean on,” he said. “The key is to compare franchise opportunities and choose the right brand for you.”
The 30 award-winning brands on FBR’s 2024 Top Food Franchises awards list were identified based on feedback from over 10,000 food franchise owners across 75 of today’s leading brands. These brands have an average franchisee satisfaction rating of 20 to 35 percent higher than other food franchise brands. That insight—direct from the franchise owners—is undoubtedly motivating for someone considering investing in a food franchise.
Key findings in FBR’s food and beverage franchise research show:
- 60% of food franchise owners surveyed are multi-unit owners (and over half are planning to purchase additional locations).
- 81% said they enjoy being part of their franchise organization
- 81% enjoy operating their franchise business
- 78% respect their franchisor
- 74% would recommend their franchise to others
“The data also shows the median total investment for a food franchise business is $700K, with a median cash required of $200K. The range of investments starts under $100k and exceeds $4M. The awards list represents an array of brand segments,” said Stites. “This year’s list includes fast food, quick service, fast casual, full-service restaurants, mobile and retail food concepts, ice cream, and craft coffee. There’s something for everyone.”
Investing in a food franchise is a tasty opportunity that offers financial benefits and the chance to build something amazing that fits your unique lifestyle and goals. If you’re ready to step up to the counter and explore opportunities, check out this year’s Top Food Franchises list and indulge in your new entrepreneurial journey!