The Franchise Times recently published its Fast & Serious list for 2022. According to the publication, the list “identif[ies] fast-growing franchise systems that also have staying power, as an antidote to multiple other rankings that include too many one-year wonders.” If you are thinking about buying one of these franchises, we encourage you to inquire about a franchise business review before you make your buying decision.
About the Franchise Times’ Fast & Serious List
The Franchise Times refers to the brands on its Fast & Serious list as the “smartest-growing” franchises. It further explains that the list is based on a “proprietary 10-point formula” that takes into consideration factors including percentage sales growth, percentage unit growth and unit growth over the past three years. Only franchise systems in the Franchise Times Top 400 received consideration, and the candidate pool was further limited to brands with systemwide sales above $40 million.
In other words, the “winners” were selected from a relatively small pool (there are now thousands of franchisors), and the list certainly does not represent all of the franchise systems that merit consideration when evaluating franchise opportunities. With these caveats in mind, here are the top 10 “smartest-growing” franchises in 2022 according to the Franchise Times:
- Circle K
- Tommy’s Express
- Scooter’s Coffee
- Asurion Tech Repair & Solutions
- Teriyaki Madness
- Clean Juice
- Chicken Salad Chick
- The Joint Chiropractic
- Mosquito Joe
- Wingstop
As you can see, the list covers a handful of industries, although five of the top 10 are food concepts. Broadly speaking, it makes sense that food, automotive, home services, health and tech repair brands would be at the top of the list since these are all high-demand industries that offer necessary (as opposed to discretionary) products and services.
What are some other brands that made the list? Here are the franchisors the Franchise Times ranked 11 through 20:
- Tropical Smoothie Café
- Realty One Group
- Nothing Bundt Cakes
- Jersey Mike’s Subs
- College Hunks Hauling Junk & Moving
- Burn Boot Camp
- Slim Chickens
- Restoration 1
- Take 5 Oil Change
- Walk-On’s Sports Bistreaux
Here, too, the theme seems to be necessary products and services—fast casual food, real estate, hauling and moving, fitness, automotive and home services. While franchises in these segments have historically performed well, the economic impacts of the COVID-19 pandemic have helped to spur these segments’ growth while other segments have suffered.
So, should you consider a Fast & Serious franchise? This article is not an endorsement of any of the franchise concepts listed above, and whether you should pursue a particular franchise opportunity is a decision you need to make based on your own abilities, interests and finances. If you decide to pursue one of these franchises (or any other franchise), we can help you evaluate the opportunity and make an informed buying decision.
Inquire about a Fixed-Fee Franchise Business Review
We offer four tiers of fixed-fee franchise business review programs for prospective franchisees. To discuss your options with national franchise lawyer Jeffrey M. Goldstein, call us at 202-293-3947 or get in touch online today.
