You don’t need to break a bank to create wealth but with million-dollar ideas, you can find your roots and sustain success as an entrepreneur.
Some of the businesses that make millions are the ones you’d never expect to succeed. Stay glued to your screen as we take you through the most unique business ideas that follow a proven formula for success.
When it comes to a million-dollar business idea, you’ll need to strategically choose what industry and type of company you want to pursue.
We have outlined some of our favorite ideas in this article, but you have to look inward as well to see what type of ideas suit you.
How To Find A Million Dollar Business Idea
Starting and growing a business can also be very costly. That’s why most business owners want to ensure they recoup their startup costs by entering a lucrative industry. Here is how to find a million dollar business idea.
How to build a Million Dollar Business
There are many different ways to get ideas but finding the one that can convert to millions of dollars isn’t easy at all. However, the primary ingredient for scaling an idea is execution; nothing more! Here is how to get started:
#1. Choose a Business Idea
The first step toward business ownership is deciding what kind of business to start. Look for an idea that suits your interests, your personal goals, your natural abilities, skills, and the reason why you want to form the business.
You should also evaluate the likelihood of success based on the interests and needs of your community. This will help you stay motivated when the going gets tough and will greatly improve your odds of success.
#2. Plan Your Business
You know what they said, “if you fail to plan, you plan to fail.” Successful businesses are built through careful planning.
To gain proper guidance through each stage of starting and managing your business, you need a business plan. It is a written description of your business’s future. it contains the goal of your business and tells what to plan to do and how you plan to do it.
When you create a plan, you will have a better idea of the startup costs, your competition, and strategies for making money. Investors and lenders will ask to review your business plan before providing financial assistance.
When planning your business, take into consideration the following:
#3. Decide on the Legal Structure
Setting up a legal structure for your business helps increase credibility and protects your business from personal liability in the event your business is sued.
The most common legal structures for a small business are:
Choose the business entity structure that offers the type of liability protection you want and the best tax, financing, and financial benefits for you and your business.
#4. Choose a Name
For limited liability companies (LLCs) and corporations, you will need to check that your name is distinguishable from the names of other business entities already on file in your State.
You can check for available names by doing a business name search. You can reserve an available name for 120 days by filing a name reservation application There are certain name requirements for LLCs and corporations (like including a word such as “LLC” for LLCs or “Company” for corporations).
If you plan on doing business online, you may want to register your business name as a domain name. Ensure you check online to see if your business name is available as a web domain. Even if you don’t plan to create a business website today, you may want to buy the URL in order to prevent others from acquiring it.
#5. Apply for Licenses and Permits
Application for licensing and permits covers the following procedures.
Will your business have employees? You must register with the DOR for employer withholding taxes. You can register for both types of tax, as well as other business taxes, by submitting Form BT-1, Business Tax Application, online through the Business Tax Application section of the DOR website.
If your business is taxed separately from you or has employees, you must obtain a federal Employer Identification Number (EIN) from the IRS. Even if you are not required to obtain an EIN, there are often business reasons for doing so.
Banks often require an EIN to open an account in the business’s name and other companies you do business with may require an EIN to process payments. You can get an EIN by completing an online application on the IRS website. There is no filing fee.
Regulatory licenses and permits
Some of the main categories covered by these licenses and permits are:
- Health and safety
- Contractor services
- Daycare services
- Financial services
- Transportation, and
- Professional licensing.
Professional and occupational licenses
This type of licensing takes care of people who work in various fields. The state’s Professional Licensing Agency (PLA) oversees many(not all) of the state’s regulatory boards and commissions.
Those boards and commissions are in turn responsible for regulating the various licensed professions and occupations. The Professions section of the PLA website lists the many professions and occupations that the PLA oversees.
#6. Pick a Business Location and Check Zoning
Choose a location for your business and check local zoning regulations. Before you commit to a location, review the costs of running your business in the desired spot, including rent and utilities.
Refer back to your business plan to evaluate whether you can afford your desired location during your company’s early months.
Also, verify that the spot is zoned for your type of business. You might find zoning regulations for your town or city by reviewing your local ordinances and contacting your town’s zoning or planning department.
#7. File and Report Taxes
Whether you are starting a new business or purchasing an existing one, you will need some basic information about the Tax Law and regulations in your location.
There are a Tax Guide for Businesses that outlines the procedures to follow. This publication also contains valuable information for those purchasing an existing business or purchasing assets from an existing business.
#8. Create business banking and credit accounts
Using dedicated commercial bank and credit accounts is essential to protecting personal assets.
When your personal and business accounts are mixed, your personal assets (your home, car, and other valuables) are at risk in the event your business is sued. In business law, this is known as piercing your company veil.
Additionally, when you learn how to build business credit, you can get credit cards and other finance on behalf of your business (instead of yours), better interest rates, higher lines of credit, and much more.
There are two steps you can take to protect your business:
1. Opening a commercial bank account:
- Separates your personal assets from the assets of your company that are necessary for the protection of personal assets.
- Facilitates bookkeeping and tax returns.
2. Get a business credit card:
- Helps you separate personal and business expenses.
- Creates your company’s credit history, which can be useful for later raising capital (such as small business loans).
#9. Join Professional-Associations
Joining professional organizations will give you a chance to network- you never know where a business leader will come from. So you have to be open to exchanging services with other professionals.
You also may be able to receive discounted insurance rates for being part of one of these organizations.
#10. Create an Online or Social Media Presence
Creating an online presence that highlights the type of services you are offering is one of the best ways to attract potential clients in today’s world.
Social media can play a huge role in overcoming that industry problem by giving you an outlet to point out the good your company is doing. Remember,` social media reviews are the new word of mouth.
Most Successful Million Dollar Ideas- Business
Any business idea can be great and successful if it’s solving a specific audience’s core problem and creating value.
Every graphic designer has the capability of becoming a millionaire through various business opportunities.
Businesses need talented creatives to tell their story through branding. People are willing to pay graphic designers to create logos, advertisements, newsletters, magazines, flyers, or information sheets for their businesses. You can make a cool million dollars selling them online.
In today’s world, people prefer to rent rather than purchase new items especially when they need to use them just once or at most twice. You can rent pretty much anything you own like a garage, wedding dresses, parking space, and even household items like furniture or yard equipment.
eCommerce is a popular million-dollar business that doesn’t require huge start-up capital. You can start your online trading business on platforms like Amazon and eBay but you must have something awesome to sell at an amazing price to succeed in the business.
Affiliate marketing is when an online retailer pays you a commission for promoting the products of other people.
Amazon is one of the most popular platforms for affiliate marketing, but there are alternatives that you can consider like Commission Junction.
Since affiliate marketing is typically combined with blogging in order to create a seamless mix of content and promotion, you’ll need to get your own blog up and running first.
Blogging is another million-dollar business idea that only costs a couple of dollars to get started. To become a successful blogger, you need to be able to create quality content and have a basic knowledge of SEO.
You can join the top bloggers who earn high six figures. If you’re charismatic and have some knowledge to share, then you can start a YouTube channel for next to nothing. People, like PewDiePie, are seriously making six-figures doing this.
Do you already have knowledge or experience in a specific area?
Being a consultant means you’ll be providing expert opinions, analysis, and recommendations to organizations or individuals, based on your expertise. It could be advice on how to use new technology or providing legal advice.
Since you already possess the knowledge and experience, you can start your own consulting agency. The main costs involved are going to be marketing business and networking, specifically purchasing a website and business cards.
The furniture business continues to boom as the demand for home and office accommodation grows.
When people move into a new home, they need a bed to sleep on, wardrobes for their clothes, chairs, a dining table, sofas, kitchen cabinets and all kinds of furniture. Like households, offices also buy a lot of furniture too.
Anyone considering a furniture business has a great potential of becoming a millionaire in a short time.
Real estate is considered to be one of the most profitable and growing businesses. Starting your own real estate business is a good carrier option that comes with a lot of difficulties and challenges.
Real estates are properties attached to the land. They include land along with properties like water, trees, minerals, buildings, homes, fences, and bridges.
Million Dollar Business Success Story
One of the easiest ways to prove that a business idea is worthy of your attention is to learn from inspiring success stories. That’s why we decided to compile inspiring success stories from multi-million dollar business owners from all around the world. I hope this inspires you.
Melyssa Griffin, 28, is a graduate of the University of California at Irvine. Griffin started her career as an English teacher and taught at several schools in Japan after getting her B.A. . Not long, she soon realized that though the work was rewarding, it wasn’t her true calling.
By 2014, she decided to try another direction and opened her own graphic design shop, tapping into talents she’d developed while creating her own blogs over the years.
To her surprise, a blog, The Nectar Collective that Griffin launched to attract her ideal graphic design clients, would help her grow her business to $2.8 million in annual revenue by 2017.
Her experience in creating her own classroom curriculum in Japan helped her, in August 2015, to launch a popular online course called Pinfinite Growth, where she shared what she’d learned about Pinterest marketing and catapulted her business well beyond the revenue-level of a typical professional services firm.
Her approach was streamlined and straightforward, though executing it took time and effort: “What you want to do—and I ended up doing—was providing informational content that solves problems for people,” she says. Source– forbes.com
Anton Ivanov is a real estate investor and an entrepreneur. He has built a 35-unit rental portfolio that’s spread out across four states.
Anton inherited a condo and became an accidental landlord but then saw that turnkey investments are great for starting investors who want to go out of state. Now he owns 35 rental units across four states that generate passive cash flow. Source- passiverealestateinvesting.com
Hieu Nguyen is a Vietnamese affiliate marketer who was working as a software developer before he took the plunge into selling affiliate products.
He has had a ton of success by building niche sites that target specific Amazon products. One of the first sites he built he sold for $17,500 profit and he continues to make money with niche sites and promoting Amazon products as an affiliate. Source- topoffers.com
Million-dollar ideas, aside from the start-up fund, require quality services, innovative ideas, marketing skills, credible business structure to implement. It is not for the faints of heart.
Take advantage of every opportunity to minimize costs while maximizing the value you add for customers- don’t jump into any business without doing thorough research, crafting a solid business plan, and considering your financing options.