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The best burger franchises of 2024

September 6th, 2023 By Emily Norwood

Burger franchises are everywhere – and it’s little wonder, since they have some of the best brand recognition and strongest customer bases out there. These features also make the  businesses increasingly popular with franchisees and investors.

In this article, we’ll cover:

  • What makes a great burger franchise
  • Reasons to consider investing in burger franchises
  • The overall benefits of the food service industry 
  • The best burger franchises of 2024

Let’s start with understanding what makes these franchises successful.

What makes a great burger franchise?

In terms of burger franchises, there are many options to choose from – but not all franchise networks and opportunities are equal.

While the information you’ll need in order to make decisions about your franchise business can be found in the Franchise Disclosure Document (FDD), that can be a formidable challenge. FDDs are often hefty documents, and sifting through and comparing the information contained in one can be overwhelming. Also, not every franchise network discloses its complete financial information within the FDD.

Keeping that in mind, here are some key factors to look for when considering a burger franchise:

Strong margins

Healthy financial margins are crucial for financial success in any franchise; revenue must cover business costs and allow for reinvestment in growth. When considering a burger franchise, it’s important to consider factors such as the performance of existing locations and how your potential franchisor expects you to handle the books. You’ll want to take into consideration your forecasted cash flow and how that balances against staff compensation, resource updates, and marketing initiatives. Without strong financial margins, any business can face trouble.

Proven systems

The best franchise investment opportunities have proven systems that produce predictable, replicable results, as well as provide franchisees with the resources they need to be successful. This includes comprehensive training programs, marketing materials and strategies, and a proven system for running an effective business. With these resources in place, franchisees can focus on providing quality services rather than struggling with operational challenges.

Network availability (domestic and international)

Being available in many locations is also a boon for a franchise, as this shows a proven ability to expand and grow. It also reinforces our point in the previous paragraph: this company has proven systems that work and that have allowed them to operate in different cities, states, countries, and even continents. Of course, it’s also a good indicator of healthy brand and revenue growth.

In addition, a franchise with a strong network presents opportunities for franchisees to grow as business leaders. The right network can provide access to recruiting opportunities for industry professionals to build your business. An established franchise will have the ability to connect budding entrepreneurs with mentors and other knowledgeable individuals.

Why invest in burger franchises?

We like franchise investments in burger restaurants for several reasons:

1. Burgers are big business right now – and probably always will be: The market for burgers was valued at $161.4 billion in 2022 and has grown 5 percent on average every year since 2017. In fact, the burger market experienced positive growth even during COVID, when many sectors were contracting or doing their best to hold steady. 

2. You have the power of some of the world’s strongest brands: Burger brands are among the most recognizable out there, so investing in a burger franchise carries with it the security of that powerful brand.

3. There’s less volatility compared to other types of investments: The franchise’s business operations determine the growth in value and disbursements from franchise investments, which is different from other investments that are subject to market fluctuations. Furthermore, as burger franchises have such strong brand appeal and loyalty, and since the sector is growing, the investment is an easy choice to make. 

Benefits of food service businesses

Here are some of the biggest benefits of a franchise investment in food service businesses:

1. Revenue tends to be high: But don’t take our word for it – even the SBA agrees. As long as you have a steady stream of customers and business, revenue (along with dividends from the resulting net profit) will not be an issue.

2. Sector growth projections are phenomenal: The fast casual market alone (which includes burger franchises) was valued at $125.6B in 2019 – pre-COVID – and is estimated to be worth $209.1B by 2027. That’s explosive growth.

3. Food service franchises are the bedrock of the industry, so they’re a proven model: According to Frankart Global, 37 percent of all franchises are considered food-related. The food service industry has the most practice – and success – in franchising, so these brands tend to be popular among investors.

The best burger franchises of 2024

Here are some of the best burger franchises to invest in right now:

MOOYAH

MOOYAH Burgers, Fries & Shakes is a fast casual chain that specializes in delicious burgers, hand-cut fries, and ice cream shakes. Founded in 2007 and franchised that same year, the company is committed to serving mouthwatering 100 percent Angus beef burgers, all-natural turkey burgers, and Dr. Praeger’s black bean vegan burgers. MOOYAH is headquartered in Plano, Texas.

Fast facts

  • Locations: 78
  • Founded: 2007
  • Franchised: 2007
  • Franchise fee: $40,000 
  • Initial investment: $495K–$1.17M 

Fatburger

Fatburger is a fast casual chain that refers to itself as The Last Great Hamburger Stand. It specializes in made-to-order burgers and other sandwiches as well as wings, sides, shakes, and beverages (some locations have liquor licenses and serve alcohol). The company is headquartered in Beverly Hills, California, and has focused on international expansion, with locations in 19 countries outside the United States.

Fast facts

  • Locations: 191
  • Founded: 1952
  • Franchised: 1990
  • Initial investment: $500K–$1.5M
  • Franchise fee: $50,000

Elevation Burger

Elevation Burger is a fast casual chain that serves organic (including plant-based) hamburgers and other classics like (free range) chicken sandwiches, fries (“cooked in heart-healthy olive oil”), and milkshakes. The company operates in the U.S. and the Middle East and is headquartered within the DC metro area in Falls Church, Virginia.

Fast facts

  • Locations: 33
  • Founded: 2005
  • Franchised: 2008
  • Initial investment: $500K–$1.5M
  • Franchise fee: $50,000

Killer Burger

Killer Burger is a fast casual chain founded in Portland, Oregon, with locations concentrated in the Portland-Vancouver metro area. It is part of a generation of fast casual restaurants that promise high levels of service and better ingredients, and that serve alcohol. Killer Burger’s future expansion targets include more density in the Pacific Northwest, states along the Rockies, and territory as far as the west bank of the Mississippi River. 

Fast facts

  • Locations: 16
  • Founded: 2010
  • Franchised: 2017
  • Initial investment: $327K–$732K
  • Franchise fee: $40,000

BurgerFi

BurgerFi is a Fort Lauderdale-based burger chain that targets the “better burger” section of the market. To win over that sector of the population, BurgerFi restaurants have sleek, modern interiors that might remind patrons of upscale bars or coffeehouses. The company’s promises to create better burgers hold true for the quality of its beef, as a survey found BurgerFi to be one of just two burger chains to source beef that was raised without the routine use of antibiotics.

Fast facts

  • Locations: 113
  • Founded: 2011
  • Franchised: 2011
  • Initial investment: $609K–$1M
  • Franchise fee: $45,000

Leverage burger franchises with FranShares

If you’re an investor who wants to incorporate restaurant franchises into your diversification strategy, investing fractionally with a FranShares franchise portfolio offers high earning potential in a completely passive investment model. Along with high-performing burger franchises, you’ll also gain access to a portfolio of other franchises across strong, recession-resistant industries.

To learn more about FranShares and this unique opportunity, sign up for our platform on our home page.

Explore More Profitable Franchise Opportunities

If you’re considering expanding your business horizons, read on to learn about the most profitable franchise opportunities in each industry. Whether you’re a budding entrepreneur or a seasoned veteran in the franchise world, our curated selection will guide you toward making an informed decision. 

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