Of the 28 New Jersey-based franchises included in Entrepreneur Magazine’s ranking of the 500 fastest-growing ventures in the country, two businesses cracked the top 10.
Now in its 44th year, the annual list seeks to offer a snapshot of the ever-changing franchise marketplace, as well as a competitive measure for franchisors and a research tool for those interesting in franchising.
Topping the list for the third consecutive year was Taco Bell. Coming in just behind the Mexican-inspired restaurant chain for second place was Popeyes Louisiana Kitchen, followed by Manasquan-based Jersey Mike’s Subs in third, the UPS Store in fourth and Dunkin’ as fifth.
Rounding out the top 10 was: Rutherford-based Kumon Math & Reading Centers (No. 6), Ace Hardware (No. 7), Culver’s (No. 8), Hampton by Hilton (No. 9) and Wingstop (No. 10).
Over the past year, QSR brands continued to show strong growth, according to Entrepreneur. Of the top 500 franchises, 101 are quick service restaurants, compared with 97 last year. Additionally, six of the top 10 and 29 of the top 100 are quick-service brands.
For Jersey Mike’s Subs – which is up a slot from its No. 4 ranking in 2022 – the continued climb shows that the chain is making good on its promise to be “A Sub Above,” said Hoyt Jones, president, Jersey Mike’s Franchise Systems Inc.
“We send huge gratitude to our customers, franchise owners, and team members for making it possible. Having a strong team in place across the country helps us ensure quality and consistency at the store level. Overall, maintaining Jersey Mike’s company culture has helped us grow. We continue to be driven by the mission statement created by our founder and CEO Peter Cancro: Giving … making a difference in someone’s life,” he told NJBIZ.
This year, the subcategories of coffee, sandwiches, smoothie/juices and teas also moved up in the ranking. The magazine flagged health and wellness-related franchises as ones to watch as well, particularly ones in the subcategories of assisted stretching, eye care, CBD and chiropractic services.
Additionally, franchises in the maintenance category grew from 72 to 78, while pet franchises increased from eight to 12.
Entrepreneur Editor in Chief Jason Feifer said, “The past year underscores the extraordinary opportunities that the franchise industry presents for entrepreneurs of all levels. The companies named to our 44th annual Franchise 500 list represent some of the most innovative, creative, and trusted brands across many industries and highlight what it takes to build the kind of momentum that drives long-lasting success.”
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, 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, 2022, with at least one franchise located in North America.
New Jersey’s Top Franchises
3. Jersey Mike’s Subs – Manasquan
6. Kumon Math & Reading Centers – Rutherford
75. La Quinta by Wyndham – Parsippany
79. Lawn Doctor – Holmdel
104. Huntington Learning Center – Oradell
114. Coldwell Banker Real Estate – Madison
118. Paris Baguette – Moonachie
125. Century 21 Real Estate – Madison
178. Travelodge by Wyndham – Parsippany
186. Super 8 by Wyndham – Parsippany
192. Lightbridge Academy – Iselin
232. Wyndham – Parsippany
237. ERA Real Estate – Madison
238. Bubbakoo’s Burritos – Wall Township
239. Corcoran – Madison
253. Jackson Hewitt Tax Service – Jersey City
297. Trademark Collection by Wyndham – Parsippany
300. Wingate by Wyndham – Parsippany
314. Weichert Real Estate Affiliates – Morris Plains
320. Baymont by Wyndham – Parsippany
325. Days Inn by Wyndham – Parsippany
329. AmericInn by Wyndham – Parsippany
344. Destination Athlete – Lebanon
408. Ramada by Wyndham – Parsippany
418 . The Vitamin Shoppe – Secaucus
443. Better Homes and Gardens Real Estate – Madison
456. PrimoHoagies – Westville
500. Eye Level Learning Centers – Ridgefield Park