Franchise Ownership is Different State-By-State.
Here’s What You Need to Know.
The numbers are in, and franchising in the U.S. is booming. According to the 2023 Franchising Economic Outlook report, the number of franchise establishments will increase by nearly 15,000 units to 805,000 units in the U.S. Additionally, franchising will add approximately 254,000 jobs, making the total of workers it employs to over 8.4 million. But as an aspiring entrepreneur considering franchise ownership, you may be wondering how this breaks down on a state-by-state basis.
The 2023 Franchise Economic Outlook’s data shows that franchise opportunities by state differ due to disparities in business climates, migration trends, the labor market, and more. It is projected that the states with the most franchise growth in 2023 will be in the Southeast and Southwest. The top 10 states with the most growth potential are: Texas, Illinois, Florida, Georgia, Tennessee, North Carolina, South Carolina, Arizona, Colorado, and Indiana.
Considering opening a franchise in the Southeast? Not only does this region have the highest concentration of franchises in the country, but it is expected to have 234,079 total establishments by 2023, employing 2.5 million workers and contributing $250 billion in output.
No matter which state you choose for your next franchise opportunity, check out the chart below to maximize your potential for success.
Franchise Opportunities By State
State-Specific Franchise Success: A Guide to Maximizing Franchise Opportunities
As you can see, franchising is a worthwhile endeavor that has led to the success of countless business owners. Before investing, consider the state(s) you'd like to operate in since the business climate, migration pattens, and labor market differ.