The following is a guest post.
If you are looking for ways to retire young, don’t get discouraged. If you make some smart choices with your finances and do a little preparation, you can position yourself to be retired while you’re still young enough to enjoy it. One way to achieve early retirement is to find good investments that will allow you to create compounding interest. This will make your money multiple quicker than just saving. Another option is to generate passive income by purchasing a franchise business that can continue to run even when you’re ready to step away.
There are hundreds of choices when it comes to purchasing a franchise. Fortunately, Entrepreneur has listed the top picks of the year. Their picks run from hotel chains to automobile oil changing places, and they also share what startup costs average. These picks include:
- Hampton hotels- $3.7+ million.
- Subway restaurants- $85.2+ thousand.
- 7-Eleven Inc.- $30.8+ thousand.
- Anytime Fitness- $56.3+ thousand.
- Servpro- $134.8+ thousand.
- Miracle-Ear Inc.- $122.5+ thousand.
- Papa Murphy’s- $216.43+ thousand.
- The Maids- $93.55+ thousand.
- Great Clips- $108.35+ thousand.
- Jiffy Lube Int’l. Inc.- $196.5+ thousand.
By investing in one of these, or another top franchise you could build a solid business that will continue to give you income for as long as you want.
Popular with Consumers
Liberty Tax franchise business was started in 1972 and has built a solid reputation for itself as a professional tax service. Consumers have come to know the brand and trust Liberty preparers year after year with their taxes. It only costs about $56,000 to start up but it has unlimited earning potential. In the last 5 years it has consistently ranked on:
America’s Top Global.
There is training provided as well as ongoing support through:
- Toll-free phone lines
- Grand Openings
- Internet Security/safety procedures
- Field operations/evaluations
- Purchasing cooperatives
- Lease negotiations
MSN Money has also done their homework to find the 7 fastest growing franchises. Their focus was on franchises that had a growth rate of about 70% or more since 2006. They interviewed experts and consultants and found franchises where,
“All have demonstrated solid growth despite the harsh business climate—and none of them require exorbitant startup fees.”
- Synergy HomeCare- $150,000 buy in and a 5% gross revenue.
- JumpBunch- $75,000 investment, and 8% gross revenue.
- FocalPoint Coaching- $1,800 a month royalty with a $100,000 investment.
- Signal 88 Security- $50,000+ investment, 4% typical roi.
- Expedia CruiseShipCenters- 9% growth, with a $250,000 buy in.
- MaidPro- $50,000 investment, with 5% average royalty.
- U.S. Lawns- Up to 4% gross revenue with a $50,000+ investment.
Okay, so you realize that starting up your own business can be a great way to be financially independent and retire early, but you can’t afford to invest a lot of money up front. There are franchises out there that are very cost-friendly to start up. Yahoo Small Business reveals 5 money-making franchises that have a startup cost less than $35,000.
- Cruise Planner/American Express: less than $10,000 startup costs; home based.
- Jan-Pro Cleaning Systems: commercial cleaning services for only $1,000 investment.
- Jazzercise: fitness franchise that can be started for $3,000 and they have two different types of exercise franchises.
- Proforma: A business-to-business printing service franchise. Home based and started for about $20,000.
- Disaster Kleenup International: with a total investment of about $33,000.
Generating passive income with a small business can help your early retirement dream come true. Buying into a proven franchise with their support, help, and reputation gives you a huge leg up as a first time business owner. If you want to say good bye to your day job sooner rather than later, check out a franchise for an investment choice.
Photo credit: flickr by (vincent desjardins)