The world of franchising might be incredibly competitive, with 1000’s of brands across a wide selection of industries competing for each franchisees and customers. So what does it take to grow to be a leading franchise brand in a given industry, from automobile washes to childcare, pizza to pest control? Our annual Best of the Best list, consisting of franchisors that ranked at the top of their industry categories in the 2024 Franchise 500, may provide some guidance.
More than 1,300 franchises entered this yr’s Franchise 500 rating, then were evaluated and scored based on greater than 150 data points in the areas of costs and fees, system size and growth, franchisee support, brand strength, and financial strength and stability. The 500 highest-rated firms made the Franchise 500—and only 158 of them earned the top spot in their categories, making them truly worthy of the “best of the best” designation.
Please note that when reading this list, it shouldn’t be considered a suggestion of any particular brand. It is vital to do your individual due diligence to seek out the best franchise opportunity for you. Always read the company’s legal documents, seek the advice of with a lawyer and accountant, and refer to current and past franchisees before investing.
We asked franchisors
What characteristics do you think distinguish the best franchisors?
“The best franchisors continually challenge the status quo and push the boundaries of what’s possible. They understand that the world is evolving rapidly, driven by technological advances. Embracing innovation means encouraging experimentation within the team and cultivating a culture where mistakes are acceptable.” — Marissa Frois, CEO, The Entrepreneur’s Source
“The best franchisors are those who treat people as real people, not just as potential profits. They strive to create a sense of unity with their franchisees and create spaces where franchisees can get to know each other personally, share best practices and ask questions. Franchisors need to see their franchisees as their greatest asset because of who they are, not the fees they pay.” — Jonah Erbe, president of Leadership Management International
“The best franchisors see change as an opportunity and have the mindset that challenges are a window to rethink, reposition, and reinvent. The most effective innovations have always emerged from times of change.” —Cory Vasquez, Co-President and Chief Marketing Officer, Realty One Group
What does your organization do to remain at the top of the industry?
“In 2021, we launched the Emerging Entrepreneur Program, an 18-month professional development program designed to provide candidates with the tools, expertise and strategies to be effective leaders while working as full-time employees at our international headquarters. The program drives innovation in the industry and has proven to be a successful model among prospective franchisees, with many new owners emerging from it.” — Vinny Provenzano, Senior Vice President, Global Franchising, Express Employment Professionals
“We’ve introduced new technologies and operational protocols to enhance the customer experience and streamline operations. For example, we’ve added self-service kiosks in many locations. After we’ve been operating for a while, we typically see more than 50% of all transactions go through the kiosk, and the average order at the kiosk is $1 to $2 higher.” —Geoff Henry, president of Gong cha Americas
“We recently launched our newest store design, which saves space, allows for more play space and a faster build, so franchisees can open their doors in less time. We also transitioned to a new, state-of-the-art system in our nurseries, making it even easier to manage and run our business.” —Neil Gill, CEO of Dogtopia