Twenty-four New Jersey-based franchises are among the 500 fastest growing franchises in the country, according to Entrepreneur Magazine.
While Kumon Math & Reading Centers in Ridgefield Park and Jersey Mike’s Subs in Manasquan made it into the top 10 at No. 6 and No. 7 respectively, 10 out of 24 were part of the Wyndham hotel family, headquartered in Parsippany.
Super 8 (No. 179), LaQuinta (No. 217), Baymont (No. 220), Days Inn (No. 282), Travelodge (No. 338), Ramada (No. 386), Microtel (No. 250), Wingate (No. 455), Wyndham Garden (No. 483), and AmericInn (No. 487) are all subsidiaries of the hotel giant.
“In spite of the many challenges faced by the franchise industry in 2020, many existing franchisors continued to grow (and evolve), and new companies even continued to enter the franchise arena, resulting in a record-breaking number of applicants from an ever-wider variety of industries,” the website said.
The remaining franchises hailed from multiple industries, with heavy representation from the education (Huntington Learning Centers in Oradell, No. 60; Lightbridge Academy in Iselin, No. 143; Eye Level Learning Centers in Ridgefield Park, No. 407) and real estate (Better Homes and Gardens Real Estate in Madison, No. 189; Coldwell Banker Real Estate in Madison, No. 278; Weichert Real Estate Affiliates in Morris Plains, No. 337; and Century 21 Real Estate in Madison, No. 362) industries.
Lawn Doctor in Holmdel (No. 81) and HouseMaster Home Inspections in Somerville (No. 464) represent the home services industry, tax franchise Jackson Hewitt Tax Service of Jersey City ranks No. 250, sporting goods and apparel screen printing outfit Destination Athlete in Lebanon ranks No. 211, and burrito slinger Bubbakoo’s Burritos of Wall Township ranks No. 280.
The five pillars of Entrepreneur’s Franchise 500, not listed in any order, include costs and fees, support, size and growth, brand strength, and financial strength and stability.
To be eligible, a franchisor must be seeking new franchisees in the U.S. and Canada and must have had a minimum of 10 units open and operating as of July 31, 2020, with at least one franchise located in North America. Franchisors were scored on more than 150 data points, and those with the highest cumulative scores became this year’s Franchise 500.