Having some extra cash available, especially at a time when inflation is negatively affecting many Americans, is a wonderful position to be in. Obviously, the first priorities with this money should be to take care of any high-interest debt and set aside a small emergency fund. But then, a focus on investing should be the course of action. 

If you find yourself with $1,000 lying around, then take a closer look at these two successful businesses. An equal investment in each of these sounds like a good idea right now.

Nike 

First on this list is Nike (NKE -1.62%). The sports apparel juggernaut reported revenue of $12.7 billion in its fiscal 2023 first quarter (ended Aug. 31), a 4% rise from the same period last year. Diluted earnings per share (EPS) fell 20% year over year to $0.93. 

Nike's business looks strong in North America, but in the company's Greater China region, which is usually its fastest-growing, revenue declined 16%. COVID-related restrictions have seriously hurt demand in the world's most populated country. 

While Nike is certainly facing some macroeconomic headwinds, particularly relating to soaring inflation and stretched consumer budgets, there are reasons to remain optimistic. Nike has consistently increased its top and bottom lines over the long term, and I see no reason this won't continue if we look out over the next five years. 

According to Statista, the global activewear market is valued at $380 billion right now, giving Nike a 12.4% share based on its trailing 12-month revenue of $47.1 billion. This means there is a ton of growth potential that investors can get excited about. 

Bolstering the company's competitive positioning is a strong digital ecosystem. Nike counts hundreds of millions of members on its various apps, and these interactions help to inform product and marketing decisions. What's more, they allow the business to develop deep connections with its most loyal customers. 

With shares down 33% in 2022, Nike is currently trading at a price-to-earnings (P/E) ratio of 32, substantially cheaper than its average valuation over the past three years. A dividend that has increased for the 21st straight year should also entice prospective investors. 

Starbucks 

Starbucks (SBUX -1.83%) is next on the list. The world's leading coffeehouse chain, with 35,711 locations, posted sales of $32.3 billion, up 11% year over year, for its fiscal 2022 (ended Nov. 3) . And same-store sales, a key performance metric for any retail-based enterprise, jumped 8%. But because of investments in wages and other inflationary pressures, EPS dropped 20%. 

Like Nike, Starbucks has a huge presence in China. And because of the pandemic lockdowns there, Starbucks reported a huge same-store sales decline of 24% in the country during the latest fiscal year. Management is still optimistic, however. The business plans to open 3,000 new stores in China over the next three years, good for a 50% expansion of the footprint there. 

While Starbucks is unsurprisingly known for its ubiquity, the leadership team isn't resting on its laurels. By 2030, they expect the chain to have a whopping 55,000 locations open worldwide, an outlook that was reiterated by CFO Rachel Rugger at the recent Investor Day. Pushing for growth overseas, especially in China, and testing out new retail formats to further penetrate existing markets, is the strategy. This means that shareholders can expect a company that is generating far greater sales and profit in the years ahead. 

Despite climbing 41% over the past six months, Starbucks stock has still fallen 13% this year. The shares are now selling at a P/E multiple of 36. This doesn't scream cheap, but considering the company's long and successful operating history, coupled with a powerful consumer brand and solid growth prospects, I think long-term investors would be wise to consider being buyers today.