10 Franchise Brands Primed for Growth in 2024

With the new year comes new opportunities. This coming year, the opportunities, especially in franchising, are looking pretty appealing.

Nick Powills, CEO of Mainland* and publisher of 1851 Franchise, recently spoke with Yahoo Finance about how attractive franchising will be in 2024.

“The franchise industry tends to work opposite that of the economy,” he said. “So when the economy goes down, franchising goes up. As we head into potential turbulence in the early parts of 2024, that's positive. And the other side of that is the presidential election, which creates more turbulence. So for those looking to get into franchising, 2024 will be quite attractive to those that are looking to make a career change.”

This has proven true in previous years, as many businesses struggled to remain through the pandemic and to rebuild after closures. However, the franchising model remained resilient, with franchise establishments increasing by 15K units in 2023.

Additionally, established and new franchise owners may want to prioritize technology, including social media, even more next year. Proven to be the number one most popular advertising tool, social media is more effective and affordable than traditional methods, with 7% of small business owners finding it more successful than paid ads. AI has entered the scene too, allowing franchisees to streamline processes and simplify routine tasks.

So what should aspiring franchise owners be ready to promote on social media in the new year? Which industries will they want to devote their time to? 

If you are an entrepreneur looking for your next business venture, the following industries are expected to grow substantially in 2024: wellness, pets and education. These 10 brands, situated within these booming industries, are likely to benefit from the increase in demand and guide franchisees toward success. 

Wellness Concepts

The world was forever changed by the pandemic, and the aftermath has led to a heightened awareness of health and wellness. Now more than ever, people are prioritizing their mental health and seeking services for assistance. Not only that, but with raised awareness of the impacts of an unhealthy lifestyle on one’s longevity and links to chronic illnesses, people are signing up for gym memberships and looking to improve their physical fitness. 

In other respects, the aging population is growing, with baby boomers reaching their senior year, and senior care franchise services seeing an increase in demand. Emerging brands are seeing to it that seniors’ wellness, both mental and physical, is a priority as well. 

Planet Fitness

Unit Count: 2,400+

Initial Investment: $1,625,600 to $4,921,000

Planet Fitness, known for its unbeatable low-cost membership, is one of the largest and fastest-growing operators of fitness centers in the world. The brand continues to grow, offering gym-goers a “judgment-free zone” and access to a large variety of fitness equipment.

Ellie Mental Health

Unit Count: 125

Initial Investment: $168,279 to $331,550

Franchise brands that focus solely on mental health are on the rise. Ellie Mental Health offers therapy services for individuals, couples and families, as well as specialist guidance for those who have been diagnosed with anxiety, depression or grief. In 2022, the brand sold 100 units in 100 days and has seen continued growth ever since. 

Orangetheory Fitness

Unit Count: 1,500+

Initial Investment: $179,075 to $392,475

Orangetheory Fitness specializes in group sessions that aim to increase daily energy and productivity, stamina, and cardiovascular health. Group fitness allows individuals to follow a process determined by professionals. 

Right at Home*

Unit Count: 700+

Initial Investment: $88,719 to $157,669

Right at Home offers in-home care to seniors and adults with disabilities who want to live independently. Families are seeking in-home care services for their aging loved ones as an alternative to care facilities. 

Pet-Centered Brands

Millennials are pet lovers, and this is evident through the swarms of emerging pet-centered franchise brands. Whether the focus is pet care, pet nutrition or pet waste cleanup services, the general population is keen to seek out services that suit their lifestyle, which is largely centered around their beloved pet. In fact, pet owners are spending more on pets than in previous years, with an average of $4,512 spent annually per dog.

Central Bark

Unit Count: 34+

Initial Investment: $552,769 to $934,172

Central Bark is a dog day care franchise. The brand offers a variety of services and streams of revenue through boarding, grooming and training. All franchisees also partner with local dog shelters or rescue groups to give back to their community. 

Pet Wants

Unit Count: 150

Initial Investment: $131,350 to $202,500

Not only are people more concerned about their own wellness and nutrition, but they are more concerned about that of their pets. Pet Wants is the only national provider of pet food freshly delivered to customers’ homes. The products consist of fresh, natural ingredients enhanced with vitamins and minerals. 

Scoop Soldiers

Unit Count: 20+

Initial Investment: $68,300 to $118,300

Scoop Soldiers is a pet waste removal service brand that is available at residential and pet-friendly commercial residences. With people spending more time at home and remote jobs becoming the norm, pet owners are increasingly interested in keeping their spaces clean and outsourcing less desirable cleaning tasks. 

Tutoring and Education

The school closures during the pandemic left kids without formal educational instruction for a period of time. It also left parents concerned about their kids’ future academic achievements. Supplemental education brands are booming as a result. Both traditional tutoring in core subjects, with 116% increase in math intervention in 2021 as one example, and after-school educational entertainment brands are beneficial to a child’s academic progress.

Mathnasium*

Unit Count: 1,100

Initial Investment: $112,860 to $149,155

Mathnasium provides individualized instruction, meeting kids exactly where they are in their math educational journey. The brand prioritizes making math engaging and helping students build a positive relationship with learning. 

Sylvan Learning*

Unit Count: 710+

Initial Investment: $85,525 to $186,930

Sylvan Learning provides personalized learning for students in grades K-12 in a variety of subjects. The supplemental education brand integrates technology into learning with iPads to make it engaging and inspiring for all students.

Funtastik Labs

Unit Count: 2

Initial Investment: $257,250 to $352,250

Funtastik Labs is a science, technology, engineering, arts and mathematics (STEAM) entertainment center that provides hands-on experiences in science, art and engineering. This new, emerging brand offers STEAM-themed walk-in sessions, birthday parties and camps.

Do any of these brands listed above interest you? While keeping industry trends in mind is important, it is vital to your success that you choose a concept you feel passionate about as well. This will give you the motivation you need to build your franchising empire.