Are you looking for some million dollar business ideas that you can actually implement? Well, you’re not the only one.
Many beginner entrepreneur look for the so called “magic bullet” that will take them from 0 to 100 as soon as possible with no effort.
If you’re looking for the “magic bullet”, please know this doesn’t actually exist. Building a business takes time and effort and if you expect easy money, you will probably give up before you see any real results.
It’s important to have realistic expectations in order to push forward and win in the long run. So, if you’re looking for the best million dollar business ideas that you can actually implement, you’re in the right place!
By the end of this article, you will know what options you have in terms of building a long term business.
Best Million Dollar Business Ideas
If you ask me, the best business ideas are online. That’s because you will need significantly less money to start, as opposed to building something in the physical world.
For example, if you want to buy a franchise you will need to invest hundreds of thousands of dollars or more. If you want to open a Burger King franchise, you would need to invest almost $ 3.4 Million.
However, there will be some cool ideas in regards to physical products as well. With that being said, let’s jump right into it.
1. Become A Social Media Manager
If you’re the type of person who loves social media, becoming a social media manager can be a very good idea.
This is something you can start in your free time and build up as time passes. You can start by helping companies and individuals manage their accounts.
Getting your first clients is really not that hard. Reach out to your friends or acquaintances that have large followings and let them know that you are willing to help them.
Once you start making some money, you can outsource some of your workflow and scale your business up.
This business model is attractive to beginners because they don’t really need to invest money in the beginning. Therefore, if you love social media and want to build a scalable business, becoming a social media manager is a good option for you.
2. Become A Social Media Influencer
Speaking of social media, influencers are very popular right now. Obviously, this will work much better if you are an attractive girl.
But that doesn’t mean that being a male social media influencer is not an option. If you feel creative and unique, you might want to give this a shot.
Influencers with a large audience make very good money. You can literally promote a different product every day and get paid for shoutouts.
As you can imagine, it’s not easy in the beginning. You need to choose a niche and start posting cool pictures.
There are millionaires in every niche, so don’t be worried about the income potential. You should choose something you are somewhat passionate about so you also enjoy the process.
3. Start A Cleaning Company
This might not seem like a very good idea but hear me out: It’s very affordable to start a cleaning company.
Not only that the cost of your employees will not be high, but you can also use your client’s cleaning products. Also, you will be able to create recurring customers.
Let’s be honest: the people who want to hire someone to clean their house only want to deal with 1 company. It’s not like they hire someone different every week.
Also, it’s a big demand for cleaning companies, especially in the United States. People work long hours and they prefer to pay someone to clean their house, as opposed to doing it themselves.
After you scale your business up to a certain level, you will even be able to outsource most of your work, build an authoritative brand and even sell a franchise.
4. Start A YouTube Channel
YouTube is the second biggest search engine in the world. Video is now the most popular way to consume content and it will likely stay like this for a long time.
For example, Mr. Beast made more than $24 million last year. Obviously, it’s not easy to produce good content on a consistent basis, but the potential is definitely there.
You don’t need fancy equipment in order to make cool videos. Actually, you probably have a good camera in your pocket right now.
If you think about it, the smartphone camera is better than a high end professional camera from 15 years ago. If you feel comfortable on camera, there is no reason not to start a YouTube channel.
Start by talking about what you enjoy and you can expand when you get the ball rolling. If you’ve told someone that you can become a YouTube millionaire 10 years ago, he would have laughed in your face.
It’s safe to say that things are different now.
5. Become an Online Teacher
Online education is one of the highest growing markets right now. Especially after the pandemic, people realized they can educate themselves from the comfort of their own house.
The biggest advantage of online education is the possibility of passive income. You can create an online course and sell unlimited copies.
Also, the costs of doing this are very low. Therefore, if you want to share your knowledge with other people, becoming a teacher can be a very good idea.
Whatever your expertise is, you will be able to find a niche and sell information.
6. Start A Blog
Blogging is one of the most popular ways to make money for beginners. There are a ton of reasons why you should consider starting your own website.
For example, it allows you to travel the world and make passive income. Also, it’s very affordable to start.
You will just need a cheap and reliable hosting like Bluehost, and you’re good to go. Also, there are a ton of ways to monetize your blog like affiliate marketing or display ads.
If you build your blog up to a certain level, you will even be able to sell it for a nice profit. Usually, websites sell for about 40x the monthly income.
In case you’re a beginner, starting a blog is a very good choice and I highly recommend you give it a try.
7. Build Sales Funnels
Sales funnels are the go-to method to make money online for most entrepreneurs nowadays. That’s because they convert really well and it’s very affordable to get started.
You will be able to collect email leads, sell cool products, do upsells, offer bonuses and convert your traffic in the most efficient way.
There are a ton of sales funnel millionaires out there. For example, the 2CommaClub is a community whose members made at least $1 million with only 1 funnel.
If you want to learn how to build profitable sales funnels, I highly suggest taking the OFA challenge. It’s really good value for money and it will teach you everything you need to know about building an online business with funnels. You can thank me later.