You can find a franchise in pretty much any industry, but according to the 2024 Future of Franchising Report by FranNet, personal service franchise owners are expected to lead the growth among franchise establishments. Pet franchises, like Central Bark franchise, are part of the personal service category. However, we’re not the only ones on the rise. Quick Service Restaurants (QSR franchises) and lodging franchises are also set to expand significantly in 2024.
This growth is part of a larger trend. The International Franchise Association’s 2024 franchising economic outlook reports that there are over 821,000 franchise locations in the U.S., which will add around 221,000 new jobs by the end of the year. Franchises are a cornerstone of the American economy, with the IFA estimating total franchise employment at about 8.9 million people. Additionally, the total output of franchised businesses — measuring total economic activity in nominal dollars—is expected to rise by 4.1% to $893.9 billion in 2024, especially in key growth markets like Texas, North Carolina, South Carolina, Tennessee and Georgia.
Finding the best franchise fit for your passion
So, what types of franchises are out there, and how do you know if they are a good fit for you? Well, when considering the best franchise to own, think about your interests and hobbies and how they can translate into a business that benefits your community because franchise options are endless, and there’s likely a franchise that matches it. From QSR franchises like McDonald’s to home-based, beauty, health and wellness, pet, automotive, child enrichment and business services franchises, there really is a franchise for anyone and everyone.
If you’re feeling overwhelmed by the variety of choices and categories , you can start comparing and ranking top franchise options rated by their franchisees using a resource like the Franchise Business Review. This will help you find a franchise that not only matches your interests but also provides the support and profitability you’re looking for.
The reality of QSR franchises
QSR franchises remain a popular choice for multi-unit owners due to their high demand and established brand recognition. However, they come with their own set of pros and cons:
Pros
- High demand: Food is a necessity that brings a steady stream of potential customers.
- Established brand recognition: Many QSR franchises, like McDonald’s, have strong brand recognition, which can drive customer traffic and loyalty.
- Proven business model: QSR franchises often come with a tried-and-true business model, providing franchisees with comprehensive training and support.
- Multi-unit franchise opportunities: QSR franchises offer the potential for multi-unit ownership, allowing franchisees to expand their portfolio.
- Quick revenue turnaround: With fast service and high customer turnover, QSRs can generate revenue quickly.
Cons
- Higher investment/buildout costs: Depending on the location and type of service (e.g., drive-thrus, walk-ups), the initial investment and buildout costs can be significant.
- Hiring and training needs: The need for a larger workforce to manage meal preparation, customer service and cleanliness requires ongoing hiring and training efforts.
- Minimum wage costs: Wages in California for QSRs start at $20.00 an hour, which could affect your margins and minimize your profits.
- Specialized labor: QSRs often require specialized labor for meal prep, which can add to training costs and complexity.
- Food spoilage/supply chain issues: Managing inventory to minimize food spoilage and navigating supply chain disruptions can be challenging.
- High competition: The QSR category is highly competitive, requiring constant innovation and marketing to stay ahead.
Understanding these pros and cons can help you make a more informed decision if you’re considering investing in a QSR franchise.
Own a Central Bark franchise
If you love dogs, and are a multi-unit franchise owner who doesn’t want to manage a restaurant, a Central Bark franchise might be the perfect choice for you. With an impressive average unit volume (AUV) of $1.09 million,* Central Bark stands strong in a recession-resilient industry and, unlike many QSR franchises, Central Bark franchise cost is competitive. You’ll benefit from five strong revenue streams — boarding, day care, grooming, training and retail — all while fostering human connection, caring for beloved fur babies and keeping tails wagging.
With an experienced executive team by your side offering franchise industry know-how, we’re here to help you grow and keep both dogs and their humans coming back for more. By owning a Central Bark franchise, you can create a positive impact in your community, providing valuable services to pet owners while building a business for yourself and your family. Fill out the form below to speak with our Franchise Development team.
*The top tercile for the 2023 Sales Group includes 11 CENTRAL BARK facilities. The median Gross Sales for the top tercile of the 2023 Sales Group was $1,094,861. Five of eleven (or 45.5%) CENTRAL BARK facilities met or exceeded the average Gross Sales. AUV based on Item 19 of 2024 Franchise Disclosure Document. Your results may differ. There is no assurance that you will do as well.