Investing in growing companies can help you achieve your financial dreams. But it's important to choose stocks wisely and maintain a long-term mindset. As long as the companies of which you hold shares demonstrate profitable growth over the long term, the stock will take care of itself.

There are great opportunities as we close the page on 2024 and look ahead to a new year. Here are two fast-growing businesses serving the restaurant industry that have a long runway of growth ahead.

1. Dutch Bros

Those who were fortunate to invest in Starbucks or Chipotle in the early stages of their growth would be sitting on a handsome gain by now. Identifying up-and-coming restaurant growth stocks can be a very rewarding strategy, and Dutch Bros (BROS -4.41%) could be the next one up.

The stock recently broke out of a two-year slump as it continues to report robust revenue growth. In the most recent quarter, the top line grew 28% year over year. It can maintain strong growth for several years since it is operating a relatively small store footprint of less than 1,000 shops in 18 states.

"We are making major investments in our development and construction teams and our 2025 pipeline is strong, positioning us to accelerate new shop growth," CEO Christine Barone said.

Management is targeting more than 4,000 shops over the long term. What's important is that Dutch Bros is not being aggressive in chasing growth, which can get a smaller restaurant business in financial trouble. Dutch Bros is opening more locations while reporting a profit. Its adjusted net income improved from $22 million in Q3 2023 to $27 million in Q3 2024.

Dutch Bros has successfully expanded its menu over the years from coffee to other specialty drinks like smoothies, which is a sign that the brand is resonating. The company continues to invest in efficient service and personalization that should win over more customers as it expands across the U.S.

Analysts expect the company to grow earnings at an annualized rate of 35% in the coming years, which could spell wealth-building return potential for long-term shareholders. Starting with a small investment and dollar-cost averaging over time should work well with this growth restaurant stock.

2. Toast

Toast (TOST -1.78%) is a leading software provider for a growing number of restaurants. It's like Shopify but tailored specifically for the complex needs of one industry. The stock has rocketed higher over the last few months, but the company's business performance and opportunities ahead could send the stock to new highs in 2025 and beyond.

The stock tanked in 2022 along with the broader market, but Toast's intuitive and easy onboarding process continues to win over thousands of restaurant operators, which is why the stock is climbing again. In Q3, it added 7,000 net locations, increasing its total to 127,000 -- a year-over-year increase of 28%.

"With the disciplined investments we're making to further differentiate our platform and expand into new verticals and geographies, our vision is to serve multiples of that number over time, delivering durable, efficient growth over the long term," CEO Aman Narang said.

After operating at a loss for the last few years, the company's margins are starting to show significant improvement. The company turned its year-ago loss into a profit of $56 million in Q3. Management has implemented new pricing adjustments, which are expected to drive more revenue growth and help expand margins over the long term.

The stock is expensive relative to competing restaurant software providers. However, Toast's price-to-sales ratio of 4.8 is appropriate if it continues to show high double-digit revenue growth and increases margins. The stock's recent jump reflects recent improvements in profitability and where the company is headed.

With an addressable market that is multiples of its annualized recurring revenue, Toast stock could deliver monster returns to long-term investors.