Owning your own business can be an exciting challenge and a liberating venture. However, starting a business can also be very expensive. That is why most entrepreneurs want to make sure they recover their start-up costs by entering a profitable industry.
Sometimes people talk about ‘millionaire’ business ideas, and although the definition of this term is unclear, some businesses undoubtedly have more millionaire potential than others. Consider the following ideas if you want to start a business with considerable earning potential.
How to find a million-dollar business idea
When it is time to come up with your million-dollar business idea, you will need to think carefully about the industry and the type of business you want to start. Below are some of our favourite ideas, but you should also do some soul-searching to see what kind of ideas appeal to you.
Perhaps you have valuable skills that you want to exploit. Or perhaps you have identified a gap in your industry that needs to be filled. If you can find a way to turn an outdated industry around, you can make a lot of money, just as you can join a newer industry that is on the verge of explosive growth. Trends can be profitable if you start early and find a way to stand out from the crowd. Regardless of the type of business you want to start, it is important to research the market, create a solid business plan and, of course, be enthusiastic about the idea.
The 9 best million-dollar business ideas
If you’re looking for inspiration, check out one of these amazing million-dollar business ideas. With a little hard work and business acumen, you might be able to turn your business into a seven-figure success.
- B2B products and services
Starting a consumer brand may seem like more fun at first and the quickest way to become a household name, but starting a B2B business can be one of the best ways to make big money. By targeting companies with large budgets that have a constant need to buy, you can generate much more revenue than by convincing consumers to make one-off purchases.
For example, if you open an ice cream parlour, you need to be able to count on customers to keep coming back for your ice cream, even in winter or when another dessert trend arrives. In B2B companies, on the other hand, it is often possible to organise large monthly orders or pre-orders. A doctor’s office will always need medical supplies and will place regular orders every month for its basic needs.
A company that does not have the budget for an in-house technical team will rely on a company that offers affordable IT support services. B2B companies often rely less on trends and more on practicality, which can be good for entrepreneurs looking to start a stable business.
- online training
If you have a skill that others would like to learn, capitalise on it by offering online educational resources that teach that skill. Especially nowadays, more people than ever before are turning to virtual training, whether for practical purposes or to pursue a hobby or passion. Experts predict that e-learning sales will grow to $325 billion by 2025, which means you should join this education gold rush before the market becomes too saturated with competitors.
By selling e-learning guides, online courses, e-books or virtual tutoring sessions, you can build a multi-million dollar business with little upfront cost. Since online training does not require physical materials or even an office, if you are just a team, overheads are low and profits high.
- wellness offers
Speaking of trends, one of the biggest trends seen in the US and many other parts of the world in recent years is the increased emphasis on wellness. In fact, in 2018, it was estimated that the wellness and health industry is worth a whopping $4.2 trillion worldwide.
Starting a fitness business, opening a health food shop, offering wellness services or selling other wellness-related products or services can be extremely profitable. If you can also offer these products and services online, in the form of virtual training or meditation courses, or by setting up an online shop to sell products, you can reach more people and make more money.
- food delivery services
Even before the coronavirus pandemic forced many restaurants to offer only takeaway or delivery services, more and more people were opting for food delivery services, in the form of ready-made meals or meal kits. In fact, in 2016, 27% of Internet users purchased meal kits online, and these kits are becoming increasingly common.
Whether you are opening a restaurant with robust online ordering options, or you want to deliver specialty products such as gluten-free, vegan or paleo, there are many options. From baked goods to full meal plans, think about what foods you need and what would make your life easier and tastier, then offer a solution to like-minded customers. Today more than ever, consumers want food delivered to their doorstep. If you can find a way to provide a unique offering, this multi-million dollar business idea could really take off.
- wedding services and products
First comes love, then comes marriage, and finally comes big spending. True, many couples are willing to spend tens of thousands of dollars to realise their dream wedding day. And usually their guests follow them in buying gifts, making travel arrangements and changing into formal attire. With the average wedding costing more than $30,000, there is plenty of room for your wedding business.
You can offer wedding planning or floral design services. You can open a wedding venue or host outdoor bachelorette parties. You can opt for tradition or creativity. Food, flowers, decorations, music, stationery, photography, honeymoon and more: the perfect wedding day can come at a high cost that companies can capitalise on.
- dropshipping business
To become a multi-million dollar business, you need to keep your expenses low. One way to do this is to start a dropshipping business. This means that you can start an e-commerce business that outsources product development, material procurement, inventory, shipping, and production to an external party. When you run a dropshipping business, you sell your products to customers via an e-commerce website, but an external manufacturer takes care of order processing and shipping.
You receive a commission on each sale, but you do not have to buy stock (unless you need a small initial quantity), which means you do not have a warehouse full of goods that will cost you money if they are not sold. Incidentally, dropshipping is more widespread than you might think. About 23% of online sales are handled by dropshipping. By working with large manufacturers, you can utilise their valuable resources and expert processes without having to invest too much time, energy or cost in setting up your business.
- food trucks
Even before the COVID-19 changed the restaurant landscape, running a restaurant was hard and expensive work. Today, with fewer and fewer people able or willing to eat in person, but still looking for a way to avoid cooking for themselves, food trucks are a unique way to bring people the food they want while keeping employees and customers safe. Food trucks usually have a simple menu, which means you only have to master a few selected dishes and are much more flexible. Working days, opening hours and where to park the food truck may vary.
Experts predict that the food truck industry will reach a value of USD 996.2 million. It is therefore time to secure a share of these millions. Be sure to advertise where and when your food truck will be through your social media channels, e-mail newsletters and your company website, so that your customers know where to find you.
- subscription-based business model
It is well known that retaining customers is cheaper than acquiring new ones. This means that if you can tie your customers to the purchase of a weekly, monthly or annual subscription, you have a much better chance of retaining them. In 2017, websites with subscription models recorded around 37 million visitors, which shows that consumers are fascinated by this business model.
E-commerce giant Amazon seems to be capitalising on this fact, as its subscription services earned over $1.4 billion in a single quarter. Entertainment, food, clothing and virtually any type of product or service can be turned into a subscription model from which to profit. Even toothbrushes and razors have found success with a subscription model, taking one more task away from the consumer so they can focus on other things.
- consulting services
If you have valuable expertise that others would like to use, replace your 9-to-5 office work with consulting services. When you offer consultancy services, you can decide how much to charge to share your experience and knowledge with others. Consulting can be part of B2B services, which, as already mentioned, can be very profitable if you attract large corporate clients. If you do not want to do all the work yourself, you can also start a consultancy business where you hire other experts to help you with the work and manage more clients.
Moreover, working remotely has become the new normal and you no longer have to limit your search for potential customers to your area. You can consult with companies all over the country or the world.