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16 Million-Dollar Business Ideas

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Published on August 26, 2022

Updated on September 17, 2022

16 Million-Dollar Business Ideas

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16 Million-Dollar Business Ideas

You’ve most likely heard about the success stories of Apple, Starbucks, and Subway. They’re all million-dollar businesses that started with little startup money. With innovation and creativity, you can become a millionaire and build your own empire too.

How? Think of a product or service that consumers need. It’s a good idea to focus on booming industries. Among the fastest-growing businesses in the US now are software development, digital marketing, and event planning. Here are some million-dollar business ideas for you to consider. Take a look.

1. Consulting Service

Consulting Business

Business is revving back up as the pandemic recedes, and one of the industries best positioned to take advantage is consulting, which is worth more than $250 billion in the US and recorded strong growth in 2021. If you have an area of expertise — finance and budgeting, technology, operations, or management — you could start up your own consulting firm and help businesses improve their efficiency and profitability while also making a good living. 

Starting a consulting business is difficult, and will require hard work and determination, as well as a decent amount of red tape. Beyond building up a strong network and reliably providing value to your clients, a key element of your success will be understanding what sets you and your firm apart from your competitors and finding ways to promote that message to your target market and deliver on your promise. Accomplish this and you’ll soon build a reputation and, with a bit of luck, seven-figure revenues.

2. Blog

Blog

In the podcast era, you might have thought that blogs had gone out of style. You would be wrong. The internet is home to more than 600 million blogs, more than 2 million blog posts go online every day, and after years of steady growth, the US is home to about 32 million blogs. Substack, the blog and newsletter platform, recently passed one million subscribers. As a result, there is real opportunity for a bold entrepreneur looking to start a blog business and get in this massive market. 

It requires minimal investment. All you really need is a reliable computer and decent wifi. The major hurdle is coming up with a concept, an objective or mission for your blog business. You might choose generating funds to feed hungry children or delivering crucial news to the people of your city or state. Once you’ve found your niche, you’ll need to reach out across your network, LinkedIn, Facebook, Instagram and beyond, looking for all those who write on related subjects and asking them to get on board. You could offer discounts, incentives, or rewards to sweeten the deal. 

Once a couple of accomplished bloggers sign on, the paid advertisements will start rolling in and you’ll be on the road to success in the blogging business.

3. Affiliate Marketing

Affliate Marketing

Barely 15 years old, affiliate marketing is one of the hottest segments of the advertising industry and used by 80% of leading businesses. The affiliate marketing industry is worth more than $6 billion and still seeing strong growth, so the opportunity is there to enter the market with a new business and do well. 

So what, exactly, is affiliate marketing? Basically, an affiliate marketer earns a commission for successfully promoting another company’s product or services. For instance, if you were an affiliate marketer for Amazon, you might post a link to an Amazon book on social media. You would then receive a small portion of any purchases made by customers who clicked that link. 

Starting an affiliate marketing business is relatively easy. You can do it from home, and work when you wish. You could commit to it full-time or keep it as a side hustle revenue stream while developing your own startup. Either way, be sure to track the results of your marketing efforts so you can see how your click rates and success increase over time.

4. YouTube Channel

YouTube
Sutipond Somnam / Shutterstock.com

So you want to start a YouTube business? Great idea! The opportunities for online businesses are endless these days, and video platforms like YouTube are one of the best places to start. YouTube’s ad revenue increased a stunning 25 percent in 2021, which means now is a great time to get in on the action. 

There’s no doubt that YouTube is a powerful business tool. But it can be a little tricky to know the best way to start a YouTube business. If you have some expertise or skill that is in great demand, you’ll want to create a series of videos and start your own YouTube channel. From there, you’ll need to generate visitors, and a great way to do that is to post about your videos and expertise across all social media, and tell your family and friends. 

As you keep delivering quality content, you should be able to start generate subscriptions, and that’s when the ad dollars start rolling in.

5. Dropshipping

Dropshipping

Dropshipping is an increasingly popular business model in which online stores sell products without carrying inventory. Instead, when the shop owner receives an order, she simply contacts the supplier and relays the product order, which is then shipped directly to the customer. Already, advanced dropshipping apps like Oberlo have begun to emerge, allowing business owners to simultaneously offer a variety of products from several different suppliers. 

The market is growing fast and offers great opportunity for the bold entrepreneur. Yet because a dropshipping business is relatively easy and inexpensive to launch and operate, the competition is getting intense. In order to stand out, your dropshipping business will need to offer either uniquely appealing products or, more likely, a one-of-a-kind customer service experience, from order placement through delivery. 

It’s not easy becoming the next Jeff Bezos, but right now is a great time to give it your best shot.

6. Podcast

Podcast

The number of Americans who listen to podcasts is seen to increase by around 5 million each year through 2024. Most of the podcast listeners are millennials and their most preferred podcast providers are Apple iTunes and Spotify. Podcasts are digital audio files that are used mostly for entertainment. These can also be used for educational purposes as well as for branding and raising awareness of major issues. 

Starting your own podcast can be daunting, but if you can get your podcast on iTunes or Spotify, you can immediately engage millions of people not only in the US but also worldwide. Podcasts on iTunes may be streamed or downloaded on Apple devices while those on Spotify are available on both Android and iOS, desktops, smartphones, smart TVs and even gaming consoles. 

Submitting your podcasts for upload on iTunes or Spotify is easy, but the challenge is getting an audience to listen to you since you’ll be competing against popular podcasters with tens of thousands of loyal listeners.

7. Instagram Influencer

Instagram Business
Worawee Meepian / Shutterstock.com

Are you always on social media? If so, you might consider starting an Instagram business. Instagram is not only the world’s most popular social media platform, with over 1 billion regular users, but influencer marketing is now a $14 billion industry and growing fast. More than 90 percent of marketers plan to use Instagram in their campaigns, so if you’re able to generate a sizable following on the social media platform, you could soon see well-funded marketers sliding into your DMs. 

But getting there is not as easy as snapping a selfie. You’ll need to generate strong content and build a brand identity. You could focus on your super-cute pet dog, your wild party-filled nightlife, your travels around the world, or your impressive skills in the kitchen. Taking great photos and videos will be key, but you’ll also want to connect with your followers and build relationships with other influencers, who could in turn boost your following. 

Once you’ve got those first 10,000 followers, you’ll be on your way to establishing your brand, and your Instagram success!

8. Graphic Design

Graphic Design

Strong graphic design is a crucial element of nearly every business’s branding and marketing strategy, which is why it’s always in great demand. After years of steady growth, the US graphic design industry is worth nearly $14 billion and offers real opportunity for the bold entrepreneur. You could start your own graphic design business from home and work with clients around the world, generating good money and turning your creative passion into a successful career. 

You will, however, need to have a strong creative streak and some skill and experience with graphic design software and tools. If you don’t have a related degree, you could brush up on your graphic design skills by taking courses at an online platform like Udemy. Next, it’s a good idea to research the market, see what sort of graphic design is trending lately, and keep an eye out for a market gap that might fit your skillset. 

Understanding and clarifying what you will offer, which businesses you are targeting and how you’ll stand out from the competition will be crucial elements to your success.

9. Social Media Management

Social Media

Social media is among the world’s fastest-growing industries, with its 20% annual expansion in the last five years expected to increase to stunning 25% annual growth through 2026. By then it will be nearly a trillion dollar industry, which means that now is a great time to get in on the action and ride this wave.

Starting a social media business can be as simple as starting a blog about the media industry on LinkedIn or as complex as creating a fully-fledged Instagram business with lots of people using your content and products. With any social media business, the marketing will be absolutely crucial. The primary goal will be to connect with your target audience on the relevant platform. This means that before you even get started, you should do some research and experimentation to decide which platform and its user profile best fits you and your interests. From there, you’ll just need to find your niche to start building a respected brand.

10. Venue Rental

Venue Rental

If you’ve been thinking about starting your own venue rental business, now is the time! The events industry is poised for growth as the US economy opens up and bounces back from the pandemic. The US events market is predicted to grow 13% per year and reach at least half a trillion dollars in revenues by 2030. 

You can start small by converting an idle space into a venue for birthday celebrations or weddings, parties for a good cause, or a simple gathering of friends and family. As you gain more clients and your business grows, you can invest in a structure in a good location and start catering to corporate events. An ideal event venue is accessible to guests, offers ample parking space and fast internet connection, among others. You will need to find out the permit and zoning requirements in your chosen location before launching your business. It’s also a good idea to scope out the market to see what the competition has to offer, and promote your venue to attract more clients.

11. Wellness Center

Wellness

If you’re passionate about health and want to help other people improve their lives, a wellness business might be best for you. It can be financially rewarding, too. As the world emerges from the COVID-19 pandemic, the global wellness industry is expected to recover from the slowdown and projected to grow nearly 10% annually to approach $7 trillion by 2025. This presents an opportunity for you to start a wellness business. 

Before you get started, it’s a good idea to decide on your niche market. Are you thinking of simply selling health and wellness products? Perhaps you could focus on providing health and wellness services. Would you open a massage or yoga studio? How about a retreat center or treatment spa? Find the answers to your questions as you research more on the subject. Keep in mind that every business is different, so you’ll need to tailor any tips to fit your specific situation.

12. Delivery Service

Delivery Service

The couriers and local delivery services industry in the US was unsurprisingly among the economic sectors that continued to perform strongly during the pandemic lockdowns. Demand for courier services and restaurant and grocery delivery surged because of the closure of non-essential businesses, stay-at-home orders, social distancing and isolation policies, and work-from-home arrangements, says market analyst IBISWorld. The industry has grown more than 5% yearly since 2017 and is predicted to expand further to nearly $135 billion in 2022. If you’re looking for business opportunities, look no further than the delivery service industry. 

A delivery service can be run from your home, but you’ll need to invest in a van if you don’t have one yet. Keep in mind that you’ll be competing with Instacart, Amazon, Walmart, and other big companies so it’s a good idea to come up with a business plan first. Your plan should include a creative and aggressive marketing strategy. Once you’ve established your brand of service, your delivery business can be highly profitable.

13. Wedding Planning

Wedding Planning

Who doesn’t love a big wonderful wedding? Of course, everything has to be absolutely perfect, which is why so many Americans choose to hire a wedding planner. Wedding planning is a nearly $900 million industry in the US, and poised to do well as many couples are finally able to put their long-delayed nuptials on the calendar. If you’re well organized and enjoy making grand plans, you could start your own wedding planning business and create magical memories for countless couples and their loved ones while grabbing a share of this major market. 

The first decision is to choose what type of wedding planning you’d like to offer: full-service, partial service, or event coordination. Full-service planners take care of absolutely everything, from the flowers to the table placements and even the weather (they wish!). Partial service planners provide assistance with key aspects of the wedding, such as outfits or location, and event coordinators just keep an eye on the details for couples who’ve done most of their own planning. You might want to offer all three services, and optimize your chance of success!

14. Subscription Box Business

Subscription Box Business

Who doesn’t love package deliveries? That’s why Amazon’s grown’s so fast, and why subscription box services, which entail the recurring delivery of niche items like organic fruits or handmade clothing, have emerged so quickly. A decade ago the fledgling subscription box industry took in about $57 million in revenue. Today it’s worth nearly $20 billion, and its spectacular growth is expected to continue through 2027. 

You could start your own subscription box business and provide excellent products to customers who appreciate them while grabbing a share of this booming market. You could offer a wealth of products, from food and drink, to grooming, hygiene and fitness, clothing, books, pet supplies and more, and then let customers curate their own deliveries. Or you could focus on a single product line, such as New England jams and jellies, and fill each delivery box with a surprise gift. 

To get started, research the subscription box market, find out what’s doing well and keep your eye out for a market gap to fill. Once you’ve found a fantastic supplier, you’ll be on the road to subscription success!

15. Law Firm

Law Firm

If you’re a lawyer, starting your own law firm will provide you with flexibility you can’t enjoy if you’re just working for another company. With your own law practice, you can decide on the extent of your services, focus on a niche market, and be your own boss. 

Demand for legal services from businesses has remained strong from the start of the pandemic. It’s predicted to rise further as many businesses affected by the pandemic are expected to seek legal advice. Competition is going to be tough, though, as there are nearly 440,000 law firms in the US, according to market analyst IBISWorld.

You’ll need a significant amount to set up an office, hire some staff, purchase office supplies, and promote your services. An option is to start with a virtual office and save on overhead and operating costs. A virtual office can provide you with a business address and administrative services. If you stick to a solid business plan, your law firm should be able to get off the ground in no time.

16. Computer Repair

Computer Repair

Businesses stand to lose customers and important data whenever their computer systems are down. Properly maintaining computers through regular cleaning, hard drive updates, and virus prevention can prevent breakdowns and extend a computer’s shelf life to up to eight years, computer security firm Norton says. 

That’s why demand is high for computer maintenance and repair services. The US computer and electronics repair industry is valued at $19 billion. If you’re knowledgeable about computers and have troubleshooting skills, consider starting a computer repair business. 

This type of business can be run from home, with minimal startup and overhead costs. But you’ll still need to register your business and comply with applicable regulations. Obtaining certifications on top of a bachelor or associate degree will increase your value and attract more clients so it’s wise to apply for these. Computer repair technicians mostly study computer science, IT, or computer information systems. It’s also important to be abreast of the latest trends. With your impressive skills, you’ll be making big profits in no time.