November 16th, 2024
It’s proven. Again and again.
Almost all self-made millionaires that started with little or no money, made their fortunes through a startup business. Unless you are expecting to inherit money, or you already have a very successful business, or may be even win the lottery, the only proven way to become a millionaire is to start a business.
But many people do just that, and don’t make millions. It’s not easy or fast, but it is certainly doable if you choose a high-in-demand business.
So, how do some startups become millionaires but others don’t?
It’s all about the business you choose.
Some businesses make millions in the first few years, because of demand and the value-derivative of the business. Many others simply don’t.
What businesses can make you a millionaire?
Here’s the list of businesses that continue to grow in demand and make good profit margin. As the business grows, it offers residual income and when you sell the business after a few years, it has real tangible value and new owners are willing to pay good money for it.
1. FINANCIAL SERVICES
One of the highest value-derivative services/businesses are everything associated to “financial services”. Services ranging from accounting, bookkeeping, tax preparation, and personal financial investment services offering a constant in-high-demand business service that make millions over the course of a few years. Financial services on average make $200k/yr in service fees in the first 2 years and closer to $400-$500K/yr in the 4th and 5th years in business.
2. CYBERSECURITY
Security is fast becoming a booming industry. There are countless numbers of security breaches, both small as well as enterprise-level and this makes cybersecurity a major priority for most firms. This is also a very promising opportunity for businesses who offer both education, training, consulting and solutions such as firewalls, intrusion prevention, management tools, encryption tools for data protection and secure data communications tools. The next millionaires and perhaps billionaires will come from cybersecurity industry.
3. ECOMMERCE WEBSITES
In a global marketplace and ever expanding digital economy, ecommerce sites offers an incredible opportunity to build a global business offering high-in-demand products or services through a low-cost online storefront. Ecommerce websites are thriving making new millionaires and new market makers.
4. MOBILE RESTAURANTS AND FOOD/CATERING DELIVERY
An average food truck makes about $350,000 per year. There is also the further benefit of having such low starting and operating cost, compared to running a restaurant in a retail park. The business can go to the customers, rather than waiting for them to come to them, you can deliver to customers at home or at the office, and the lower operating costs result in more affordable pricing and hence more sales. Catering offers flexibility and higher earnings, and there is always a huge demand for this service.
5. ELDERCARE
It is without a doubt that launching a startup offering elderly care services is a booming business. With nearly 100 million Americans reaching the retirement age or already there, there is huge demand for business services that offer aids to the elderly including nursing and medical care and home services.
7. CLEANING SERVICES BUSINESS
A $60 billion industry in 2019, expecting to grow to more than $80 billion by 2028, this is indeed where many self-made millionaires have started from. The monthly expenses are incredibly low and there are always staff ready to work on a part-time or flexible-shift basis. Offices pay the highest if cleaning is done in the evenings or early mornings. Good profits are available.
8. INVESTMENT FIRM
With a $23 trillion in cash management and bank savings accounts, everyone needs an investment firm to manage their money for highest possible return. Many of the self-made millionaires in this county originally started from investment services.
9. EMPLOYEE RECRUITMENT SERVICES
Every company that hires staffing will need to spend a lot time and money for recruitment. They often have to hire a personnel manager and/or HR manager for hiring if managed internally. Recruitment services and head hunters make life much easier and often more cost effective for companies and businesses that want to find, hire, and retain top talent. A $50,000 salaried employee, could end up costing an employer somewhere between $25,000 and $40,000. It may be well worth paying a recruitment agency to find staff they need.
10. EDUCATION AND TRAINING SERVICE
It is incredibly appealing to start a training course as an educational service in a very broad range of offering for people who want to learn new skills and change their careers. Most Americans after the age of 40 are finding it harder to get a job in the area of their current experience level. So they need to learn new skills, get into new careers that offer more jobs and even better salaries. Tutoring is one of the fastest growing sectors all over the world where people are learning new skills through online courses, online podcasts, and through instructional tools. This sector will continue to grow for many years to come.
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