Top Up-and-Coming Franchises in 2024, Including One Under $5K

People interested in franchising have a choice of many established, decades-old brands, but investing in a brand-new franchisor can be appealing. Although newer concepts may carry higher risks, they often offer perks like greater influence over the brand’s development, lower entry costs compared to future franchisees and broader availability of prime territories.

But which new and emerging franchises stand out? To answer that, Entrepreneur evaluated brands based on the same rigorous criteria used in the Franchise 500 process. We analyzed more than 150 data points in areas like costs and fees, growth potential, franchisee support, brand strength, and financial stability. This list includes only brands that began franchising in 2019 or later.

Although joining a fresh franchise concept can be exciting, it’s essential to proceed with caution. This ranking is a starting point for your research — not an endorsement. Before committing, thoroughly review the franchise’s legal documents, consult with an attorney and accountant and speak with current franchisees to ensure it’s the right fit for you.

#1. Koala Insulation

Founded: 2018
Franchising since: 2020
Overall rank: 147
Number of units: 447
Change in units: +109.9% over 3 years
Initial investment: $184,000-$219,000
Leadership: Cory Lyons, Brand President
Parent company: Empower Franchising

Koala Insulation is an insulation contractor franchise that offers residential and commercial insulation services. The company caters to various jobs and applications, such as new construction, retrofitting and repairing properties compromised by natural disasters. It also offers all types of insulation, from blown-in cellulose to batt insulation and more, with the mission of saving its customers money on energy costs.

Koala Insulation was founded in Melbourne, Georgia, in 2018 and has expanded faster than its original goal. Today, it has opened more than 400 territory locations across the U.S. in line with its goal of building a stronger national presence.

To learn more about franchising with Koala Insulation, click here.

#2. Jeremiah’s Italian Ice

Founded: 1996
Franchising since: 2019
Overall rank: 157
Number of units: 159
Change in units: +231.3% over 3 years
Initial investment: $351,000-$721,000
Leadership: Michael Keller, President & CEO
Parent company: Jeremiah’s Italian Ice Holdings LLC

With various gelato, ice cream and Italian ice, Jeremiah’s Italian Ice believes it is a demonstrated expert in frozen treats working to conquer the southern United States. Jeremiah’s Italian Ice is known for its gelati, which combines Italian ice and smooth ice cream in rich layers.

Founded in 1996, Jeremiah’s Italian Ice started its journey thanks to founder Jeremy Litwack’s college studies in marketing, coupled with his high school job as an ice cream vendor. Litwack sold his first franchise in 2019, and with more than 150 franchises in many states, your Jeremiah’s Italian Ice franchise could be next.

To learn more about franchising with Jeremiah’s Italian Ice, click here.

#3. Randy’s Donuts

Founded: 1952
Franchising since: 2019
Overall rank: 197
Number of units: 40
Change in units: +207.7% over 3 years
Initial investment: $297,000-$1,200,000
Leadership: Mark Kelegian, President
Parent company: Quad Queens LLC

Randy’s Donuts, a Southern California staple since 1952, is as famous for its giant rooftop donut as it is for its delicious baked goods. Known for its high-quality donuts and creative flavors, Randy’s has expanded its iconic brand to new markets.

The brand’s franchising journey began in 2019, bringing a piece of Los Angeles history to donut-lovers across the U.S. With over 40 locations and growing, Randy’s Donuts offers franchisees a chance to join a beloved and instantly recognizable brand.

To learn more about franchising with Randy’s Donuts, click here.

#4. Your CBD Store

Founded: 2018
Franchising since: 2020
Overall rank: 228
Number of units: 231
Change in units: +2.7% over 3 years
Initial investment: $96,000-$151,000
Leadership: Marcus Quinn, CEO
Parent company: SunFlora

Your CBD Store is a large retailer of organic hemp products and the exclusive retailer of the SunMed and Sunflora range. It has outlets in many states and uses domestically grown hemp. CBD stands for cannabidiol, which many people believe is effective in treating anxiety, cognition complaints, difficulties in movement and pain. However, Your CBD Store offers more than medicinal products; it carries a wide range of skincare items, edibles, books and even treats for pets.

Your CBD Store is a young company — it started business in 2018 and began franchising in 2020 — but it has quickly grown to more than 225 franchises across the U.S.

To learn more about franchising with Your CBD Store, click here.

#5. Mighty Dog Roofing

Founded: 2018
Franchising since: 2019
Overall rank: 245
Number of units: 111
Change in units: +326.9% over 3 years
Initial investment: $184,000-$236,000
Leadership: Josh Skolnick, Cofounder
Parent company: HorsePower Brands

Mighty Dog Roofing, founded in 2018 and franchising since 2019, has seen remarkable growth in just a few years. The brand, specializing in roofing and home exterior services, now operates 111 units as of 2024 — a 326.9% increase over three years. Mighty Dog’s rapid expansion showcases its success in the competitive home services industry.

To learn more about franchising with Mighty Dog Roofing, click here.

#6. KidStrong

Founded: 2015
Franchising since: 2019
Overall rank: 246
Number of units: 126
Change in units: +740% over 3 years
Initial investment: $343,000-$691,000
Leadership: Josh Patrick, VP of Franchise Development
Parent company: KidStrong Franchising LLC

KidStrong, founded in 2015 and franchising since 2019, has experienced remarkable growth. As of 2024, the company operates 126 units, marking a 740% increase over the past three years. This rapid expansion reflects the brand’s success in the children’s fitness industry.

To learn more about franchising with KidStrong, click here.

#7. Sign Gypsies

Founded: 2014
Franchising since: 2020
Overall rank: 278
Number of units: 661
Change in units: -10% over 3 years
Initial investment: $4,000-$10,000
Leadership: Jason Hess, Chief Development Officer
Parent company: Sign Gypsies LLC

Sign Gypsies, founded in 2014 and franchising since 2020, has grown into a prominent brand in the yard signage industry. With 661 locations as of 2024, the company offers entrepreneurs a unique opportunity to deliver personalized signage for birthdays, graduations, anniversaries and other special occasions. By combining creativity with a strong support system, Sign Gypsies has become a go-to franchise for those looking to start a business in the event and celebrations market.

To learn more about franchising with Sign Gypsies, click here.

#8. Shoot 360

Founded: 2012
Franchising since: 2019
Overall rank: 289
Number of units: 44
Change in units: +214.3% over 3 years
Initial investment: $637,000-$2,200,000
Leadership: Bernie Doering, VP Business Development
Parent company: Shoot360 Nation LLC

Shoot 360, founded in 2012 and franchising since 2019, has expanded to 44 units as of 2024, reflecting a more than 200% growth over the past three years. Specializing in technology-driven basketball training facilities, Shoot 360 combines interactive gaming with advanced training techniques, offering franchisees a unique opportunity in the sports industry. The initial investment ranges from $637,000 to $2.2 million, with a franchise fee of $60,000. Prospective franchisees should have a net worth between $1 million and $1.5 million and liquid assets of at least $500,000.

To learn more about franchising with Shoot 360, click here.

#9. QC Kinetix

Founded: 2017
Franchising since: 2020
Overall rank: 302
Number of units: 193
Change in units: +777.3% over 3 years
Initial investment: $250,000-$600,000
Leadership: Mark Montini, CEO
Parent company: QC Franchise Group LLC

QC Kinetix, founded in 2017 and franchising since 2020, has experienced significant growth in the regenerative medicine industry. As of 2024, the company operates 193 units, marking a sharp increase over the past three years. This rapid expansion reflects the growing demand for non-surgical pain management therapies. The initial investment for a QC Kinetix franchise ranges from $250,000 to $600,000, with a franchise fee of $55,000. Prospective franchisees should have a net worth between $500,000 and $5 million and liquid assets of at least $100,000.

To learn more about franchising with QC Kinetix, click here.

#10. Ellie Mental Health

Founded: 2015
Franchising since: 2021
Overall rank: 307
Number of units: 276
Change in units: +2,200% over 3 years
Initial investment: $290,000-$509,000
Leadership: Erin Pash, Founder and CEO
Parent company: N/A

Ellie Mental Health, founded in 2015 and franchising since 2021, has experienced remarkable growth in the mental health services sector. As of 2024, the company operates 276 units, reflecting a 2,200% increase over the past three years. This rapid expansion underscores the rising demand for accessible mental health care. The initial investment for an Ellie Mental Health franchise ranges from $290,000 to $509,000, with a franchise fee of $60,000. Prospective franchisees are required to have a minimum net worth of $500,000 and liquid assets of at least $100,000. Ellie Mental Health’s innovative approach and commitment to quality care make it a compelling opportunity for entrepreneurs passionate about mental health services.

To learn more about franchising with Ellie Mental Health, click here.