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5 Things You Can Do With $30,000

$30,000

Believe it or not, now that 2015 has come, the economic woes that began of 2008 are seven years old! Although the economy hasn’t recovered as quickly as we all would hope, Americans are finally to the point where things are looking up. (In December of 2014, the government announced that the economy is growing at a rate not seen in over a decade!)

Since the economy has recovered, more and more people are finding that they have a little disposable income.

So here are the five things you can do with $30,000:

  1. Buy a car – According to Truecar.com, the average price of a car in the U.S. is $31,252. If driving is something that’s important for your personal or professional life (i.e. you don’t live in New York City), then you should consider buying a new or used car. ()
  2. Pay down your credit card debt – According to CreditCards.com the average American household with at least one credit card has around $16,000 in credit card debt. Now, having a little bit of debt is ok but $16,000 is outrageous. Take some of your cash and get back in black.
  3. Go on a very nice vacation – Think back to when you were young, dreaming about traveling around the world. Well do it! Airline companies like the Star Alliance offer “Round the World” fares where you can visit everywhere you’ve always wanted to see
  4. Nothing – Ok. This may be a little cheating, but honestly, it’s what most of you are going to do. Nothing. It’s very easy to let money sit somewhere safely. No one is ever going to question your decision, as the decision not to spend money is often hailed as “fiscally responsible.”
  5. Open your own small business – There’s a myth in this country that you need hundreds of thousands of dollars to open your own business. That statement has never been true and it certainly isn’t true in 2015. This country is full of small business owners who have made a lot out of a little. Now, I’m not recommending the “start a business in your garage” route as those businesses fail at an exceptionally high rate. I’m talking about taking some savings and opening up a location of a well-established turn-key business that has proven economic success.

If you’re interested learning what it takes to open a franchise, then we
have developed a brief quiz that helps us understand what you’re looking for. We then figure out which franchises are looking for new owners in your area and provide you a set of customized results. If you have a few minutes, click here to take the quiz.

Franchise Financing Options

Recently I've received a few questions from our users about what their options are when it comes to financing their franchise. So I figured it might be a good idea to put together a quick post outlining some of the options out there for financing your new franchise.

Social Media Will Sell Your Next Franchise. Just ask the Former VP of Marketing at the IFA

Franchisors need to have guidelines for franchisees when it comes to using social media, but to date, most have not put together formalized play books for franchisees to follow. There are plenty of things you can do so your franchisees can create innovative marketing strategies using Twitter, Facebook, location based networks, blogging, etc., as long as they understand the guidelines of the franchisor first.

Why I Have an Issue with the Forbes Franchise Rankings

The 5-Year Growth Rate and 5-Year Franchise Continuity are both great independent metrics of how a franchise is doing on average. As a potential franchisee both of these statistics are vital for selecting a franchise - you want to select a franchise that will provide you with a high return on investment and which will survive in the long run. I think these are, as FRANdata and Forbes suggested, two of the biggest (if not the two biggest) and most obvious metrics for whether or not a franchise is a “good” opportunity for a franchisee. But how do you use these to determine which franchise is BEST? This is the fundamental difficulty in coming up with a ranking system - it isn’t the difficulty in separating the good from the meh from the bad - it’s separating the great from the good and the best from the great. In the case of these rankings I found it to be pretty difficult to comprehend how they differentiated between the top ranked franchises. For instance, if you look at the difference between Discover Map (Forbes #4), Just Between Friends (Forbes #5), & Seniors Helping Seniors (Forbes #6) they all have extremely close continuity ratings and substantially different growth rates. In fact, in the case of these three, the overall rankings are opposite the growth rate rankings. Seniors Helping Seniors is ranked at the bottom of these three franchises despite having a growth rate that is 31 percentage points higher than Discovery Map and a continuity that is only 2 percentage points lower. This suggested to me that continuity was viewed as the dominant factor. But that logic didn’t hold for the rest on the “Economy Class” Top 10, as BrightStar Care (Forbes #7) had the same growth rate as Pop-a-Lock (Forbes #8) but a continuity rate that was 12 percentage points lower. These comparisons show that these were not the only two factors that went into the rankings, which is understandable, but no other factors that are explicitly listed in their results seem to be major factors.