Of the 23 New Jersey-based franchises included in Entrepreneur Magazine’s ranking of the 500 fastest-growing ventures in the country, two businesses made the top 10.

Now in its 45th year, the annual list offers a snapshot of what’s hot in the franchise marketplace. It also serves as a competitive measure for franchisors and research tool for those interested in franchising.

Topping the list for a fourth consecutive year was Taco Bell. Coming in behind the Mexican-inspired restaurant chain for second place was Manasquan-based Jersey Mike’s Subs in its highest-ever ranking by Entrepreneur, followed by Popeyes Louisiana Kitchen, The UPS Store and Ace Hardware.

Rounding out the top 10 were: Dunkin’ (No. 6), Culver’s (No. 7), Hampton by Hilton (No. 8), Arby’s (No. 9) and Rutherford-headquartered Kumon Math & Reading Centers (No. 10).

Food continues to be the largest category in the list, according to Entrepreneur. Of the top 500 franchises, 104 are quick-service restaurants, compared with 101 last year. Additionally, five of the top 10 and 35 of the top 100 ranked companies are quick-service brands.

However, full-service restaurants are gaining ground. The number rose from 10 ranked brands in 2023 to 16 ranked in the latest list, with breakfast/brunch establishments doing particularly well, Entrepreneur said.

The magazine also flagged several new franchise subcategories as ones to watch, including mental health services, IV therapy, fencing and laundromats.

Entrepreneur Editor in Chief Jason Feifer said, “Every brand on the Franchise 500 has its own unique story, but they all collectively make the same statement: Franchising is strong and resilient, is full of innovation and opportunity, and provides a powerful entrepreneurial path for many people.”

“Our 45th annual ranking is full of companies with fresh ideas, exciting business models, cultural sway, and the kind of business sophistication that will define the next 45 years and beyond,” he added.

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For the Franchise 500, Entrepreneur said it evaluates factors including costs and fees, support, size and growth, brand strength, and financial strength and stability.

To be eligible for the 2024 list, 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, 2023, with at least one franchise located in North America.

Paris Baguette Chief Development Officer Eric Lavinder said the bakery café chain is “incredibly proud” to be among other industry giants in such a “widely respected and highly competitive evaluation of franchise opportunities across the country.”

“With thousands of locations worldwide, Paris Baguette is offering a French-inspired neighborhood bakery café experience like no other,” added Lavinder. “This recognition from Entrepreneur is a celebration of all the team members who have worked diligently to build and support a model that is positioned to continue along an impressive growth trajectory in the coming years.”

Gigi Schweikert, chief executive officer of Lightbridge Academy, said her team “is honored to be recognized, once again, as one of the leading franchises.”

“Our proven business model remains economically resilient and organizationally nimble for franchisees who seek reoccurring revenue, flexibility, collaboration, and continued innovation in a high value, high demand market. As we build momentum in 2024, Lightbridge Academy and its growing community of franchisees look forward to welcoming new communities and families into our trusted Circle of Care,” she said.

Playa Bowls Chief Executive Officer Dan Harmon reflected on 2023, describing it as a “momentous year” for the brand.

“We’ve substantially increased our national presence, surpassing over 200 locations across the nation. The growth isn’t slowing down any time soon. Playa Bowls has signed numerous development commitments that have set the brand up for a strong start in 2024. Along with new shops, we’re also looking forward to launching new menu items and partnerships this year to continue providing our customers with fresh and exciting superfruit creations,” he said.

Anne Huntington Sharma, president and board member of Huntington Learning Center, credited Entrepreneur’s recognition to the brand’s continued focus on “investing in people, fostering growth and strengthening our foundation from within.”

Looking ahead to changes in the industry, Sharma said, “Innovation and ongoing success will be made possible by our nationwide network of franchisees with the tremendous experience of the talented individuals at the helm of the Huntington organization.”