Looking for the best franchises to own in 2023? In this article, we’ll look at several unique franchise opportunities and share thoughts on which ones are most worthy of your investment.
For those pressed for time, here’s a bird’s-eye-view of our top picks for best franchises to own in 2023 in the United States.
Use the table of contents to find the section you need:
Up first on our list of best franchises to own in 2023 is our pick for the best restaurant franchise.
When it comes to restaurants, there are tons of great options, but none were as sweet for us as Dunkin’.
Dunkin’ is an established brand with a lengthy history dating back 72 years to 1950.
The company actually started two years prior in 1948 under the name “Open Kettle” and was later rebranded as “Dunkin’ Donuts.”
The first Dunkin’ Donuts franchise launched in 1955 and within 10 years, the company had grown to over 100 locations.
In 2018, Dunkin’ Donuts dropped the word “Donuts” from its name in order to refocus the brand, expand its product lines, and open up new sales opportunities.
So what do we like about Dunkin’?
01. The Initial Investment
When you invest in a Dunkin’ franchise, you can expect to put in less than $500k depending on the location and other factors. This makes it a more affordable option compared to many name-brand restaurant franchises.
02. Brand Recognition
Whether you call them Dunkin’ or Dunkin’ Donuts, the brand has 72 years of recognition behind it. Virtually everyone knows Dunkin’ and its products which means you don’t have to spend boatloads educating customers about what kind of food products you offer.
03. Product Simplicity
Ask anyone what Dunkin’ is and they’ll tell you donuts, followed closely by coffee. Dunkin’ may be expanding its product lines, but things don’t get much simpler than coffee and donuts.
In short, you’ve got a proven restaurant model with extremely strong brand authority and raving fans all over the world.
Plus, the initial investment is much less than other franchises like Mcdonald’s where you need to roll out 1M to 2M (or more) just to get started.
With Dunkin’, you get a powerful brand at a reasonable price and you can expect a strong sales volume with almost any location.
Personal services isn’t the first industry people think about when it comes to franchises, but there are great opportunities in the space.
As far as best franchises to own in 2023 is concerned, we’ve dialed in on Merry Maids home cleaning services.
Merry Maids started as a small cleaning business in 1979 in Omaha, Nebraska. In 1988, ServiceMaster purchased Merry Maids for its collection of home services businesses.
Today, Merry Maids boasts over 485 locations within the United States and has strong brand recognition across the country.
What do we like best about Merry Maids?
01. Low Investment Price
To get started with a Merry Maids franchise, you can expect to invest $90k to $130k. That places the initial expense much lower than a restaurant franchise. This is partially due to the nature of personal services being less popular in comparison to other franchise models.
02. High Gross Sales
According to Merry Maids’ franchising site, top earners see gross earnings of over $2.8 million annually. That’s a pretty return on investment considering the low entry price.
03. Awards & Recognition
Merry Maids has won a number of awards. Not only are they ranked in the Franchise 500, but they’re ranked as the #1 Residential Cleaning Service by Entrepreneur magazine. They also recently won the Women’s Choice Award.
Merry Maids is an excellent opportunity for those looking to break into the service industry.
They offer a low entry investment, an established model, brand recognition, ongoing training and support, and proven marketing methods.
Continuing forward with our list of best franchises to own in 2023, we come to the fitness space.
Fitness is booming, and fitness franchises are on the rise. This year, there were several great options to choose from, but ultimately, one came out on top.
For the best fitness franchise, we chose Orangetheory. Orangetheory offers total-body group workouts that combine science, coaching, and technology.
Orangetheory opened its first location in 2010. They’re one of the youngest franchises on our list, but don’t discount them. Their programs are incredibly popular, and they have over 1,500 locations around the world.
What do we like best about Orangetheory?
01. Unique Fitness Model
Orangetheory isn’t a traditional gym where you show up and work out alone. It also isn’t hardcore HIIT training like CrossFit. Instead, Orangetheory brings groups of people together for heart-rate-based interval training.
02. Middle-of-the-Road Investment
When it comes to fitness franchises, the options are all over the place. On the high-end, you’re looking at millions to get started. A few smaller franchises have investments below $200,000 but those aren’t as reputable. Then you’ve got Orangetheory right in the middle with an initial investment of around $500k.
03. Strong Branding and Not Oversaturated
Orangetheory has recognizable branding, but it isn’t Anytime Fitness or Planet Fitness. What we mean is, many people haven’t heard of Orangetheory, which means the opportunity to build a profitable location is ripe for the picking.
If you’re interested in a fitness franchise, you can’t go wrong with Orangetheory. That said, they’re pretty selective on who they award franchises to.
The final franchise type on our list of best franchises to own in 2023 is education.
The education sector is constantly evolving, so the best education franchise has to be highly adaptable.
That’s why our choice for the best education franchise is iCode.
iCode schools focus on science, technology, engineering, and mathematics (STEM) learning topics.
These are high-interest topics among parents who want their kids to do well in life and who are prepared to pay for additional training to help them get ahead in our tech-driven world.
iCode’s core focus is on coding (computer programming) and robotics, and they teach children starting around six years of age all the way through their teens.
What we like best about iCode:
01. Future Focused
STEM is a top priority for employers worldwide. The demand for STEM-trained workers has grown exponentially and shows no sign of slowing. iCode trains the workforce of tomorrow and parents in the know are taking advantage. iCode’s curriculum positions children to hit the ground running with the best careers and the highest salaries once they’re ready for employment. As the workforce continues to shift, parental awareness will only increase creating more demand.
02. Multiple Revenue Streams
One of the most essential features of iCode franchise is that it comes with nine unique revenue streams built into the model. This is accomplished through various on-campus classes and camps, virtual classes, partnership programs, clubs, and more.
03. Reasonable Investment Price
The cost to start up an iCode franchise is more affordable than many modern franchise opportunities. It isn’t the lowest on the list, but it might present the most lucrative opportunity since there is no cap on what you can earn. To get started with an iCode franchise, you can expect to invest around $200k to $400k depending on the specifics of your location.
04. Ongoing Training & Support
iCode helps franchisees get up and running with high-value training in marketing, business, and other important areas. They also have support systems to ensure your questions are always answered quickly.
If your idea of a great franchise opportunity is one with low startup costs, and a highly adaptive business model that positions you for rapid growth, then an iCode franchise is one of the best options on our list.
Check out iCode franchise here to learn more today.
