Franchise Industry Facts
Quick Statistics
Did you know?
- There are over 3,000 different franchise concepts in the United States.
- More than 780,000 franchised units operate in the United States (over 23,000 in Michigan).
- The franchising industry and businesses employ nearly 8.3 million people in the U.S. (247,000 in Michigan).
- The franchise industry accounts for 40% of all retail sales in the United States.
- A new franchise business opens approximately every 8 minutes, every business day.
- Approximately 1 out of every 12 businesses in the United States is a franchise business.
- Average of royalties paid by Franchisees range from 3% to 6% of monthly gross sales.
- Most franchise companies have fewer than 100 units.
- The average length of a typical franchise contract is 10 years.
- The top franchise industry is fast foods.
- Franchising by those 55 and older is up 40% since 2007.
- 80% of Michigan residents polled had a favorable view of family-owned businesses in their community.
Top 10 Fastest Growing Franchises in 2024
Amount in (parentheses) indicates initial investment range.
See the latest from Entrepreneur Magazine
- Stratus Building Solutions ($4k-$80K)
- Crumbl ($368K-$1.4M)
- Jersey Mike's Subs ($204K-$1.3M)
- Dream Vacations ($3K-$22K)
- Jan-Pro ($5K - $58K)
- Corvus Janitorial Systems ($8K-$33K)
- Stroll ($1K-$9K)
- Kona Ice ($173K-$222K)
- Taco Bell ($611K-$4M)
- Scooter's Coffee ($895K-$1.4M)
2024 Top Franchises
Amount in (parentheses) indicates initial investment range.
As ranked by Entrepreneur Magazine
based on costs/fees, size/growth, support and brand strength
- Taco Bell ($611K- $4M)
- Jersey Mike's Subs ($204K-$1.3M)
- Popeyes Louisiana Kitchen ($471K-$3.9M)
- The UPS Store ($101K-$496K)
- Ace Hardware ($602K-$2M)
- Dunkin' Donuts ($436K-$1.8M)
- Culver's ($2.8M-$6.9M)
- Hampton By Hilton ($15.2M-$25M)
- Arby's ($645K-$2.5M)
- Kumon ($740K-$166K)
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