What are the Best Franchise Opportunities in 2024?

The best franchises of 2024 combine proven business models with ongoing franchisor support. Franchise opportunities come in all shapes and sizes, and contemporary franchise trends suggest substantial returns on investment.

It may be tempting to wonder, 'What is the hottest new franchise?' - but there are a few contenders. When looking for a franchise for sale, it's crucial to research the franchise's history, financial health, and support system offered by the franchisor.

Let's unpack the emerging franchises - ranging from AI-powered and tech-driven franchises all the way to harnessing non-traditional franchise locations.

New and Upcoming Franchises: Exploring Trends

The world of franchises is always evolving, but here we'll condense five notable trends from new franchises in 2024. If you're interested in discussing any of these trending franchise opportunities, book a free call here.

1. Online Franchise Opportunities

Since ChatGPT garnered international attention in November 2022, major financial services sectors have been figuring out the best way to integrate AI's benefits into their tech stacks. The result? Tech-driven franchise opportunities with longevity and an innovative approach. Franchisors are now exploring how to streamline franchise operations using the latest technologies, combined with the expertise and enthusiasm of their franchisees.

Another consequence of the technological rise of the 2020s is a surge in online franchise opportunities. With tools like video conferencing and customer relationship platforms, non-traditional franchise locations and flexibility are on the rise (more on this below). Online franchise opportunities can take many forms - e-commerce, financial brokerage, digital marketing, and so forth.

You don't have to be a technology expert to explore online or technology franchise opportunities. Even in non-technological franchises, new and accessible technologies can make operating franchises quicker and more economical.

2. Non-Traditional Franchise Locations

The days of having to use in-store franchise locations are over. Highly successful franchises can be operated anywhere, including remote franchises (such as consulting, HR, accounting, professional development, etc.) Mobile franchising opportunities, like cleaning and pet care, also offer flexibility.

Additionally, franchisors have begun exploring the unique benefits of different spaces - for example, co-working spaces, airports, campuses, etc. Non-traditional franchise locations can offer benefits like reduced overhead costs, higher customer traffic, and targeted access to demographics.

So, if you think running a franchise means being stuck in an office or restaurant all day - think again.

3. International Expansion 

Franchisees have increasingly been looking beyond domestic markets for target markets. In domestic markets, the market for franchises in competitive industries (such as food or fitness) may be saturated. Positioning your franchise towards international markets may allow franchisees to tap into new customer bases and growth opportunities. Operational costs (like labor and rent) can be lower in some non-domestic markets, potentially boosting bottom lines for franchisees. Plus, international recognition makes it easier to attract local business.

4. Health and Wellness Franchises

An increased consumer interest in health and wellness has created a wealth of business opportunities - such as personalized fitness training, boutique fitness studios, and healthy meal delivery services, to name a few. Even if you don't have direct expertise working within the fitness industry, a health and wellness franchise can offer significant profits.

Another key benefit of health and wellness franchises is the opportunity to upsell goods and services with a high-profit margin, such as nutritional consultations, personal training, and merchandising, all of which can boost the bottom line.

• Interested in exploring gym franchises? Find out more here.

5. More Comprehensive Franchisee Support

Franchisors have realized the benefits of providing complete support to their franchisees. 

This support can take many forms, including training programs, dedicated mentorship, marketing and advertising strategies, supplier discounts, accounting support, and so on. Franchisors will ideally advise on navigating the business's financials, such as the specifics of financial reporting and benchmarking data. Another key facet of franchisee support includes leveraging buyer relationships to secure competitive contracts for goods and services.

Higher-quality franchisee support is a quid pro quo - franchisors can grow their profits and monitor their brand reputation, while franchisees can access faster growth and avoid common pitfalls and mistakes. Franchisors supplying more complete franchisee support is a trend that's likely to stay beyond 2024.

The Top Franchises to Own in 2024: A Summary

What is the future of franchises?

Key factors suggest that the future of business franchising may be influenced by technological and wellness trends, plus a non-traditional approach - all bolstered by better-quality support from franchises. Another trend is international expansion, but it's also important to note that domestically there is a diverse range of franchise opportunities in Texas, for example, particularly in the thriving food and beverage and health and wellness sectors. 

In 2024, it's never been easier for interested investors to unlock the lifestyle and financial benefits of franchises. However, having a franchise consultant by your side can help you identify and reap the benefits of the best franchises 2024 has to offer. In Guerrilla Franchising, innovative and creative strategies are used to create a significant impact in the market.

Guerrilla Franchising, founded by Big 4 investment consultant Dan Lorenz, has enabled clients across North America to discover how franchises can fulfill their entrepreneurial ambitions. Discover our testimonials here.

Do you have any questions or want to explore how to take advantage of upcoming franchise trends? Claim your free 15-minute consultation (worth $1,367) here.