Best Restaurant Franchises: Top Established Restaurants of 2024

The U.S. restaurant industry is expected to pass the $1.1 trillion mark this year, and it’s likely to continue growing. Given the diversity that exists in the restaurant space, entrepreneurs looking to grow a portfolio in the industry have what can feel like endless choices. While this is a perk for some, if the sheer range of options in front of you feels overwhelming, there is a great way to begin the selection process.

Focusing specifically on established restaurant brands gives franchisees additional confidence. Any franchise should offer a business model, support team and network of other owners, but with established names, franchisees get the added benefit of a system that has had plenty of opportunities to work out any kinks in its models and systems, wide-reaching brand awareness and, often, a group of fellow franchisees with a higher level of industry knowledge. With this, owners can be a part of some of the most objectively successful brands in the industry and trust that, as the industry as a whole continues to grow, their brand and business should, too.

Of the thousands of franchise brands available in the U.S., these 15 are some of the largest, oldest and most well-known restaurant brands worth considering.

McDonald's

• Initial Investment: Not publicly available, though the brand does note that it generally requires franchisees to have liquidity of at least $500,000.
• Unit Count: 41,000+

McDonald’s is synonymous with franchising for many people across the U.S. Since opening the first McDonald’s restaurant in 1940, the brand has become a major player in the fast food space and an aspirational investment for many entrepreneurs due to its size, notoriety and past performance. In 2023, the brand saw a system-wide revenue of over 25 billion U.S. dollars, and it continues to offer both go-to classics and new, innovative flavors consumers love.

Subway

• Initial Investment: $229,050 - $522,300
• Unit Count: 36,000+

While Subway has seen its fair share of challenges, including a reported investigation by the Federal Trade Commission, it continues to be one of the most well-known franchise brands out there, and plenty of franchisees see ongoing loyalty from local guests who love the quick, fresh sub sandwich model. With new leadership at the helm, the brand is working to turn its image (and possibly practices) around to create “a better Subway.” Under new leadership, it is possible Subway will reclaim its status as the largest fast-food chain, knocking McDonald’s out of first place.

KFC

• Initial Investment: Not publicly available, though KFC requires franchisees to have a net worth of at least $1.5 million and $750,000 in liquidity.
• Unit Count: 24,000+

KFC notes it opens a new restaurant somewhere in the world every six hours. With eight consecutive years of same-store sales growth (boasting $5.1 billion in sales throughout the U.S.) and a clear ability to scale, KFC offers a strong opportunity. For franchisees, the opportunity with KFC can be especially compelling given that 99% of the system is made of franchised locations, meaning the corporate team has thoroughly developed and remains committed to a business model that puts franchisees first.

Burger King

• Initial Investment: Not publicly available, though Burger King requires a net worth of at least $1 million and $500,000 in liquidity.
• Unit Count: 19,000+

Burger King has established over 19,000 restaurants across 100-plus countries and U.S. territories in its five decades of growth. The brand’s “Have It Your Way” promise extends to team members, guests and anyone else interacting with the restaurants, promising both fresh food quickly and a great experience every time. Recently, Burger King announced its “Reclaim the Flame” initiative, which is intended to support the modernization of hundreds of restaurants in the system, further demonstrating its commitment to both the franchisee and guest experience.

Dairy Queen

• Initial Investment: $1,516,200 - $2,542,250
• Unit Count: 7,500+

Though it’s best known for its soft-serve Blizzards, Dairy Queen offers a range of food and frozen treats. In 2002, the brand re-envisioned its model to be what it now calls the DQ Grill & Chill concept, striking a balance between its timeless legacy and the modern tastes of today’s guests. While Dairy Queen requires a substantial initial investment, like many major restaurant brands, it does offer more flexibility in real estate, highlighting four key build-out models that cater to different market sizes and franchisees with varied capitalization and growth goals.

Wendy's

• Initial Investment: $2,000,000 - $3,700,000
• Unit Count: 7,200+

Known for its fries, burgers, chili and Frosty dairy desserts, Wendy’s is a mainstay in the American restaurant space. While the brand has its iconic traits, it also leaves space for franchise owners to choose the menu prices, restaurant hours, staff wages, interior decoration and other options that best work for them. Because of this, the business is more customizable than many franchise models, but that hasn’t hindered Wendy’s growth. With five decades of experience under its belt, the brand has built an incredibly successful model for entrepreneurs to grow.

Pizza Hut

• Initial Investment: $40,600 - $2,063,500
• Unit Count: 6,500+

For entrepreneurs looking to get into the pizza space, an investment in Pizza Hut can be a great option. After all, “No One OutPizzas the Hut.” As one of the multiple high-performance brands under the Yum! Brands umbrella, Pizza Hut is part of a strong — and continuously growing — franchise ecosystem, and it’s also one of the most affordable established restaurant brands to get into. With an initial investment starting around $40,000 for non-traditional models, Pizza Hut offers an accessible way for entrepreneurs to get established with a major brand.

Papa Johns

• Initial Investment: $188,615 - $975,415
• Unit Count: 5,500+

Papa Johns promises guests “Better Ingredients. Better Pizza.” Founded in 1984 in Jeffersonville, Indiana, the pizza franchise has since grown to establish a global presence, but it remains loyal to its commitment to quality. In addition to pizza classics, Papa Johns offers unique limited-time-offers like the Cheesy Burger Papadia or Bacon Cheesy Burger Papa Bites, as well as longer-term menu items including other Papadia and Papa Bites flavors, Papa Bowls, wings and desserts to maintain variety and novelty for guests.

Popeyes Louisiana Kitchen

• Initial Investment: Not publicly available.
• Unit Count: 3,700+

Popeyes Louisiana Kitchen has nearly 4,000 restaurants worldwide. Founded in 1972, the chicken brand has built a strong fan base around its Cajun and Creole flavors and continues to honor its Louisiana roots as it grows globally. Though it has a well-established model, Popeyes has also demonstrated its willingness to evolve in line with the needs of the business and its owners. Earlier this year, it began working toward a new, more modern kitchen that incorporates new equipment, streamlined layouts and better technology.

Arby’s

• Initial Investment: $861,950 - $2,451,000
• Unit Count: 3,400

As part of the Inspire Brands family, Arby’s is one of multiple high-performing restaurant brands. The legacy quick-service brand boasts a proven model, winning menu and strong marketing support to boost franchisees’ success. Though it is a big name in the restaurant space, Arby’s does not require franchisees to bring prior restaurant experience — a unique flexibility compared to the stringent requirements of many other major restaurant names.

SONIC Drive-In

• Initial Investment: $699,200 - $3,370,900
• Unit Count: 3,000+

SONIC is a fast-food restaurant known for its drive-in model, but many locations also offer a drive-thru. With a varied menu and ongoing innovation to address changing consumer interests, the brand offers an efficient way to capitalize on steady demand. While SONIC does maintain a menu of go-to items like cheese sticks, tater tots and milkshakes, it has also become widely known for its range of specialty beverages and customizations including slushes, coffee, lemonades, energy drinks, dirty sodas and flavored waters, as well as its iconic 44oz “Route 44” cups.

Jersey Mike's

• Initial Investment: $209,449 - $1,347,580
• Unit Count: 2,800+

Jersey Mike’s is a sub sandwich franchise that prides itself on offering “the freshest, highest quality sub sandwiches available.” As consumer demand for fresh, convenient options continues to grow, Jersey Mike’s notes that it is positioned to capture “a quick moving, affluent customer base” that has money to spend and is seeking an elevated experience beyond typical fast-food or quick-service restaurants. With this baseline, franchisees who maintain strong operations and a great guest experience have an opportunity to build long-term relationships with guests who will create steady recurring revenue as the sub shop becomes a part of their regular routine.

Jack in the Box

• Initial Investment: $1,810,600 - $4,207,500
• Unit Count: 2,100+

Jack in the Box is a fast-food franchise that offers a bit of everything. From burger classics to tacos, Jack in the Box has diversified its menu to cater to a remarkable portion of the market. And, with a reported average unit volume of nearly $2 million, the brand has proven its strength. The brand has also built a strong network of multi-unit and multi-generational owners, noting that most of its 110-plus franchisees are multi-unit operators with an average of 15 restaurants each.

Wingstop

• Initial Investment: $315,310 - $948,080
• Unit Count: 2,000+

If you want to be part of a celebrity-backed franchise, Wingstop might be the one for you. In addition to its iconic wings — a favorite of many — the brand benefits from the ongoing involvement of and endorsement by rapper Rick Ross. In addition to its strong history in chicken wings and strong visibility through celebrity connection, Wingstop has consistently proven its ability to both continue delivering on the classics and adapt when necessary, like when it launched its virtual Thighstop brand to provide franchisees and guests a bit of relief from soaring chicken wing costs.

IHOP

• Initial Investment: Not publicly available, though IHOP generally requires a net worth of at least $1.5 million and substantial liquidity.
• Unit Count: 1,750+

IHOP, or the International House of Pancakes, has been around for nearly 70 years, serving as a go-to place for guests to connect over breakfast. While breakfast is IHOP’s primary focus, many restaurants open early and close late, serving breakfast, lunch, dinner and everything in between. Having expansive offerings without sacrificing the quality of its main focus — breakfast foods — has allowed IHOP to build a strong global presence of locally owned restaurants.

Creating about 4% of the United States’ gross domestic product, the restaurant industry is a mainstay for both franchise industry professionals and everyday Americans. Toast even reports that 45% of diners eat out multiple times a week, and another 20% eat out at least once a week. Clearly, investing in the high-demand, growing restaurant industry is an attractive option in 2024, and doing so with an already established brand only boosts your chances of success.

Every great franchisee had help buying a franchise. Want to learn more about how 1851 helps franchisees find the right franchise opportunity? Visit www.1851growthclub.com and start your journey.