So you want to start a franchise in 2022. That’s fantastic! But where should you open your business? What states?
I’ll show you.
10 Best States To Start Your Franchise
Before I share the top 10 states that are the best to start a franchise, I need to let you in on something.
I didn’t come up with the list of states to start your franchise. Christina Niu did.
Christina is a Senior Research Analyst at FRANdata, and holds an M.A. in Applied Economics from Georgetown University and a B.A. in Economics from the University of Colorado, Denver, with a minor in Mathematics.
Notably, she authored the 2022 Franchising Economic Outlook for the International Franchise Association (IFA).
And just so you know, my CV is quite similar, except I majored in mathematics at NYU.
I’m kidding! I couldn’t get past PRE-Algebra in high school.
But I do know franchising.
With that in mind, here are the 10 best states to start a franchise* this year according to the report I referenced above).
*Based on projected franchise business growth in 2022.
The Top 10 States For Franchising In 2022
1. Texas
How Do You Determine The Best Franchise To Start?
Start by making a good choice in a franchise business to own.
2. Florida
3. Arizona
4. South Carolina
Read: “How To Buy A Franchise”
5. Idaho
6. Tennessee
7. North Carolina
8. Montana
9. Nebraska
10. Nevada
Do you live in one of those states?
Were you planning on moving to one of them?
There Are No Guarantees
While I absolutely trust the math, there are no guarantees that the projections listed in the 2022 Franchising Outlook will come to fruition. A lot of factors can come into play. Like:
A freaking pandemic.
A major economic downturn.
A war, and other unpleasantries I’m sure you can come up with on your own. My point?
Stuff happens.
Projections are well…projections.
But if was looking to open a franchise business in the U.S., I would certainly start with the 10 states listed above.
What do you think?
What are your thoughts on the Southern Utah region (St. George/Cedar City) for 2022-23?
Brian-while I’m not an expert on your region of Utah, I do know that (according to the Paragon Adventure website, the region has had an 8% growth rate, year after year. In addition, the community looks to be attractive to retirees, so any services or products you can offer through franchising should prove valuable. TFK
This is good advice for those looking to become franchisees though, as you said, it’s not a guarantee that one will become their own business owner based on location alone. There are other factors to consider.
For sure, Michael. I wouldn’t buy a franchise only because I lived in one of these 10 states. But if the economic conditions were above average…I may! TFK
Just wanna state that this is very useful, Thanks for taking your time to write this.
Thanks for your compliment! JL