The beauty of investing in a franchise business is that someone else already did the dirty work for you; the business plan, the sales strategies, the advertising, etc. have already been thought out, set up, tested, and obviously shown positive results.  The owner of the original concept is likely swimming in money, but can you personally make millions yourself on franchise income?

As with most things in life, the answer depends on a number of different variables.  Your first task is to choose a franchise that sells a product or service that you are or could be passionate about.  This will make it easier to stick out the start-up phase while you wait for your investment to turn into profit.  Do some research to find which franchises have been the most profitable recently and see if the one you’re thinking of ranks high enough for you to want to move forward.

Are you able to set up your franchise in a profitable area?  In other words, will you be located in a place where customers are likely to patronize your services?  If not, you may have to work a little harder to bring in the business, despite the proven advertising set up at corporate.

Most research dictates that you should expect to see a 10-15% return on your investment over time, and that’s if you’re a passive franchise owner.  The theory is that the more active you are in your business, the higher your potential income can be.  One thing to be cautious about is the idea that a high-investment franchise should bring the highest return.  That’s not always true.  This also depends on your location, your overhead, your personal involvement, etc.

You can likely bring in a comfortable income with a franchise, but the real money can start rolling in if you open multiple locations.  Many people find that that’s the best way to reach their desired income potential.  Of course, you want to make sure your first franchise succeeds to the point where you can realistically take a stab at another.

Most importantly, don’t treat franchises like a free ride.  If they were immediately profitable, I’d bet that the only existing businesses would be franchises.  Despite the fact that the initial planning has been done for you, you still need your own personal plan on how to make the existing principles work for you.  As always, do your homework, and remember that the more time and effort you put in, the better your return can be.

When you’re considering a home improvement project, it’s tempting to follow the do-it-yourself path in order to save money.  It only seems to make sense to buy the materials yourself and not have to pay someone else to do the labor, where the real costs can add up.  But sometimes, it’s just not worth it, and hiring an expert can save you money and time.

You can decide the best route by asking yourself a few key questions.  The first one is: do you have enough time to do the project yourself?  Depending on what is going to be out of commission, and for how long, you might be better off paying an expert who can get the job done quickly.  If your only free time is after work and potentially on the weekend (who knows what else might come up or lure you from your project), it could take longer than you really want to complete.  For example, if it’s the bathroom that’s going to be unusable, even two days can create an annoying hassle.

Do you have the right tools to get the job done?  Most tools are pretty expensive, especially ones you might need for a big project.  Consider what it would cost you to fill out your tool collection.  Would it cost more time and money to buy what you don’t have than it would to pay an expert that already owns them?

And even if you do happen to have the right tools, do you know how to use them for your project?  Is the project relatively simple or do you find yourself doing research to learn how to do it?  If your knowledge base is pretty extensive, it might be relatively easy for you to learn the right way to complete your task by building on your past experience.  If the information you’re finding seems a little confusing or out of reach for you, the time spent trying to understand it might be better used researching the right expert to come and do the project for you.

It all boils down to your experience and your time allowance.  Sometimes paying a little extra for an expert is worth the time you’ll save by not having to do it yourself.  But if you feel confident in your skills and you know you can save money if you do it alone, go for it!

Does your credit card company offer a rewards program?  If not, you might want to consider a different credit card if you really want to get something more for your money.  Many companies offer some sort of rewards program, and customers that take advantage of them report feeling more satisfied with their creditor.

American Express can be a good place to start.  Their rewards programs are continuously ranked at the top of the list when compared to others, and there are different levels to choose from so that your available rewards are customized to you.

Rewards With Annual Fees

Some cards require an annual fee, anywhere from $95 for the Green Card, $125 for the Gold Card, and $450 for the Platinum Card.  Depending on your income and your spending habits, these may be well worth it for you in the rewards.  Many of their cards offer travel rewards, and the restrictions seem to be getting looser with most programs: no blackout dates, no expiration on miles or points, no booking fees, choose your airline and flight class, etc.  If you rack up enough points (usually 1 point for every $1 spent, not counting introductory offers and bonuses), you could almost cover an entire vacation with your points.  Use them on your hotel, car rental, restaurants, etc.  The catch with these cards is that you must pay your balance in full every month.

Rewards Without Annual Fees

If you’re not a big spender and/or refuse to pay an annual fee on a credit card, or simply could never afford to pay your entire bill every month, you still have options.  Cards like Blue and Blue Cash don’t have an annual fee, and you start off with 0% APR for your first year.  With Blue, you earn points for spending and can redeem them for travel, entertainment, and gift cards to stores like amazon.com, Home Depot, and GAP.  With Blue Cash, you get a $25 American Express gift card for $2500 you spend on your credit card.

Be sure to choose the one that fits your lifestyle.  If you’re not a traveler, don’t choose the card whose rewards are mostly travel-related.  If you are a traveler, don’t pick the card that offers mainly entertainment rewards.  Whichever one you go with, no matter the company, read the fine print, watch for expiration dates or changes in terms, and squeeze every last drop you can out of the program.  Even if you’re not paying an annual fee, you’re still handing your money over to the credit card company.  Make sure they’re giving you something back.

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