Unless you win the lottery, becoming a millionaire takes hard work and patience. However, if you’re looking to start your own business, and don’t wait to wait until your retirement, then consider the following 25 business ideas that are bound to make you a millionaire in just five years.
1. Financial Services
Financial services, which includes services ranging from accounting, bookkeeping, and tax preparation, are constant in-high-demand – even when the economy isn’t doing that well. In fact, according to 35.7% of respondents to the World Wealth Report, financial services was one of the sectors most likely to create millions.
With around 75 million Baby Boomers in the U.S. alone, and with the Gen X population projected to outnumber the Boomers in 2028, launching a business that aids the elderly will be in demand – which means there’s a lot of money to be made. While this bodes well for the nursing industry, not all elder services require medical training. Eldercare could involve anything from running errands, doing household chores, paying bills, transportation, and just keeping people company.
3. Business Consultancy
With so many entrepreneurs looking to launch their own business they need advice from someone who’s been there and done that. If you fit that bill and have experience with successfully starting and running a business, then you should definitely start your own business consultancy where you can provide these aspiring business owners with your knowledge and experience.
4. Investment Firm
There’s no shortage of investing and trading opportunities out there. With an investment firm, you could invest in anything from commodities like oil, gold, and bitcoin, as well as stocks and bonds. Another profitable business idea is forex trading. It’s risky, but if you’re careful and tactical, you can easily work your way up to millionaire status.
5. Education and Training Service
What’s appealing about starting an education or training service is that it’s a broad industry where you can apply your previous knowledge and expertise. Whether if it’s tutoring high school students or starting an instructional school, like a dance academy or driving school, this one of the fastest growing sectors in the world.
“It was only a matter of time before the world of insurance welcomed its own wave of technological disruption and it’s arrived with its own contraction; Insurtech (insurance technology),” writes Henry Williams for Startups.co.uk. “In a similar way to fintech and proptech firms, many of the new start-ups in the insurtech space aim to introduce some transparency into the market and reconnect with disenchanted customers.” Investors have already poured $2.65bn into insurtech and customers are demanding “a more transparent and equal relationship with their insurer.” Both of these are good signs that this is a solid business opportunity.
7. Cleaning Business
It doesn’t cost much to start a cleaning business, your monthly expenses are incredibly low, and there’s always a need for cleaning homes or office. In fact, the cleaning industry pulled in $51 billion in 2015.
8. Healthcare Consultancy
This was always a money-maker. But, with so many questions surrounding the Affordable Care Act and it’s possible replacement, people will be clamoring for a healthcare consultant to help them locate the best plan possible.
9. Employee Recruitment Service
Employers realize that it costs them a lot of money to hire new employees. That’s why they want to retain top talent that fits their organization, In fact, the turnover for a salaried employee making $60,000 can cost a company between $30,000 to $45,000. Instead of doing this themselves, they turn to a recruitment agency, which is also known as a staffing agency or employment agency.
10. Real Estate Brokerage Firm/Construction
As the global population continues to rise, China is expected to reach 1.5 billion people by 2030, these people are all going to need somewhere to live. This makes the real estate and construction sectors serious money-makers.
Like with real estate and construction, the growing world population is going to need for to eat. Whether if it’s growing fruits and vegetables, raising livestock, or starting a fish farm, the agribusiness is primed to explode.
Thanks to the growing freelance generation and opportunities for remote workers, there’s serious money to be in the communications industry. Whether if it’s building a tool like Slack, selling or repairing smartphones, or starting a call center, there are a wide-range of communication business ideas.
13. Automotive Rental and Leasing
With the emergence of ride-sharing and on-demand services like Uber, Lyft, and Zipcar, more and more people are looking to rent and lease vehicles instead of purchasing them.
14. Press Release/Copywriter Service
Organizations of all sizes are in need of talented writers to either compose press releases or content like blog posts. If you have these skills and a strong portfolio, writers can make a very comfortable living.
15. Exporting and Importing
As we live in an increasingly global marketplace, an importing/exporting business can be extremely profitable and fairly easy to start if you’re aware of regulations and global markets. Anything from produce to vehicles to clothing can be a successful import/export business.
Consumers are more eco-friendly than ever. And, they want to support environmental friendly businesses. Ideas can range from a retail business that only sells eco-friendly and organic products, repairing bicycles, cleaning air ducts, or a local produce stand.
17. Legal Services
There will always be a need for legal services, which includes everything from lawyers, notaries, title search agents, and settlement officers. Legal services aren’t cheap, which is great when you’re the business owner, and operating costs are typically low. And, if you excel at your job, you’ll have a steady stream of recurring clients.
18. Mobile Restaurant/Food Delivery
This industry has been booming the last couple of years as customers are looking for affordable and quality food while on the go or delivered to their home or office. For those who have always wanted to start their own restaurant, this is a more profitable business since it eliminates the high cost of starting and maintaining a restaurant. FYI, the average food truck can generate close to $300,000 in one year.
19. eCommerce Website
20. Web Design Agency
Having a website isn’t a luxury anymore. It’s a necessity. While there are plenty of free website templates, organizations still want a website that fits their brand – which is why they’re willing to invest in a web designer. If you really want to make some cash, though, consider targeting emerging markets where the competition isn’t as high, but the demand is steadily growing.
21. Cybersecurity Vendor
With the uptick in security breaches, businesses – both small and enterprise-level – are making cybersecurity a priority. As S. Kumar states in Fortune, “This presents a promising opportunity for vendors who can educate and help smaller firms in cyber security security defensive measures, such as setting up firewalls, intrusion prevention and management tools, user roles and policies, and communication and data encryption—at an affordable price.”
22. Mobile App Developer
With almost 5 billion mobile users in the world, mobile app development can be a profitable business venture since demand has been skyrocketing for years – whether if it’s a game or app that provides a useful function, such as a budgeting tool. And, as mobile usage continues to grow, this is a business that should be profitable for years to come.
23. Pet Services
Did you know that Americans spend close to $60 billion a year on their pets? Regardless of the economy, pet services is an extremely profitable business that includes everything from pet sitting, grooming, boarding, training, and distributing gourmet pet food.
24. YouTuber/Instagram Celebrity
You’ve probably heard of social media stars like PewDiePie, who raked in $15 million in 2016, and Instagram celebrity Jen Selter. Through these social media channels, these individuals have been able to earn a large gathering of fans, which in turn has lead to them becoming influencers. As influencers, they can make money from ad space or endorsement deals.
25. Franchise Ownership
As I mentioned in an article for Entrepreneur, one of the most overlooked, and profitable, business ideas is by purchasing a franchise like Jimmy John’s, Anytime Fitness, or MaidPro. Unlike starting from scratch, you already have a proven, brand-name business with all of the research and customer-base built-in.
Coming Up With a Millionaire Dollar Business Idea
Not a fan of the suggestions listed above? Then follow these tips for developing your own millionaire business idea.
- Think ahead by paying attention to upcoming trends and technologies.
- Change something that bothers you.
- Look for the goods or services that other companies don’t provide.
- Innovate a stale industry.
- Sell products cheaper than anyone else through outsourcing and reducing expenses.
- Talk to potential customers and listen to their complaints.
- Bring in a new product or service to any area that’s currently not available in your geographic location.