In this article we are going to list the 15 fastest growing franchises. Click to skip ahead and jump to the 5 fastest growing franchises. Capitalism is thriving more than ever in today’s day and age.
With the modern advancements that our society is experiencing, Private businesses are booming. Although much of the left side of politics might talk against capitalism, it is hard even for them to ignore its advantages. Milton Friedman, the American economist famously said, “A society that puts equality before freedom will get neither. A society that puts freedom before equality will get a high degree of both.”
According to EconomicsHelp, the core values of a capitalist economic system are lack of government intervention, means of production owned by private firms, and goods and services distributed according to price mechanism (as opposed to government price controls). Capitalism helps generate competition between firms which in turn produces high efficiency rates. Because of the competition, businesses also tend to move towards more innovation to set their brand apart which generally is healthy for a good business environment. The thriving business sphere adds to overall economic growth for the country. Of course too much of anything is bad but a healthy competition only makes for a better business environment. Private ownership thrives under the right conditions and can be very fruitful for the owners. More and more people are moving towards entrepreneurship and opening up successful businesses. But due to the competition, many of these startups don’t do as well as their counterparts. But there is another way where one can become their own boss with a comparatively less risk. This is where franchise ownership comes in.
Investing in a franchise means becoming a part of an already successful business model. Franchise organizations offer a tried and tested structure for launching, operating and growing a business. They usually work with the franchise owners to create operation manuals and programs that cater to all the needs of operations, technology, marketing and accounting amongst other particular areas. The franchise owner will therefore spend less time and effort and have a better chance at success than if they were operating on their own with a business of their own. Becoming a franchise owner also comes with perks that would be hard to come by for otherwise first time business owners. For example, they get access to advertising resources through the parent company. They also get to work with already under the guidance of already successful individuals. There is also a ready market of consumers so getting customers would be relatively easy. The risk of failure or loss is also lower. Another big advantage is the support a franchise owner receives. Because of the system, there is already the support of the franchise owner rooting for the franchise to become successful. Most companies offer training programs that ensure the efficient running of the business which eliminate common mistakes that new business owners generally face.
The franchising business also has a plethora of advantages for the franchisor. It gives them a method to expand rapidly and more easily. It creates an impressive brand awareness network through the franchise owners. It also improves testing and input and promotes innovation because of the diverse samples provided by the expanded network. It enables a steady cash flow for the overall growth of the company. Branching out also helps the brand gain recognition nationally and globally.
Here we have compiled a list for the 15 fastest growing franchises. The date and rankings have been taken from Entrepreneur.com. They are ranked keeping in mind their number of units, and their percentage of growth between the years 2018 and 2019. So let’s take a look at the franchises most likely to appear in your locality, starting with number 15:
15. Kona Ice
Based in the city of Florence in Kentucky, USA, Kona Ice is a mobile, Hawaiian style shaved ice franchise. It has been operational since 2007 when it was founded by Tony Lamb who is also the CEO. Its mascot is a penguin named Kona. The company has more than a thousand franchise locations in 43 states of the United States and across Canada. It is marketed as a slightly healthy alternative to most shaved ice as it has 60 percent less sugar and in some locations, customers also have the option to have it made using 100 percent fruit juice. The initial fee for a franchise is $15,000.