To begin with, I will honestly state there’re no million dollar business ideas. None whatsoever. If you simply dive into the history of any successful business- from that neighborhood bakery to a large corporation, it would be clear they all had humble beginnings.
Some started with no money while others were launched with an investment less than $100. Today, these businesses are worth millions if not billions.
In simple words, I mean that a business idea is like any other idea. Whether or not it becomes a million dollar business depends on various factors. These factors include your skills and business acumen, market conditions, pricing of products or services and ability to innovate regularly.
Take the example of KFC. Today, this American chain of quick service restaurants is worth $6 billion dollars. The founder, Colonel Harland Sanders launched this small business of selling fried chicken in 1930s, with a loan of $87 only. However, in those days, $87 had a lot of value. KFC owes its success to the efforts of Colonel Harland Sanders.
Similarly, you can launch a business with just $100 today and it could grow to be worth millions or even billions of dollars over a span of time.
Therefore, I won’t discuss any ‘million dollar business ideas’ in this article, since it can be misleading. Instead, I will discuss top 10 business ideas that you could start with minimal investment. Should you exert the necessary efforts and succeed, that small business could be worth millions after a few years.
Top Business Ideas for 2024
Here’re some of the top business ideas that could help achieve your goals of becoming a millionaire. At the same time, I will state clearly, there’re no guarantees of success since these aren’t ‘get rich quick’ ideas.
Instead, these are genuine business ideas that millions of persons across the world have used to get rich.
Here we go.
1. Real Estate Business
Dealing in real estate is one of the quickest ways to earn a lot of money. That’s because people are always looking for new houses to rent or buy a house. You could learn a few ropes of the trade by working with a real estate company or brokerage and launch own when you have enough working knowledge.
Also Read: How to Save for a House While Renting?
2. Amazon Handmade
Amazon Handmade is a superb service from the world’s largest online retailer. It allows craftspersons to showcase and get orders for exclusive creations from top and wealthy clients. Apply to Amazon to get entry into this exclusive seller program and offer your handicrafts for sale.
Also Read: 16 Best Places To Sell Handmade Items
3. Shopify Stores
One more sure way to get rich is by opening own marketplace on Shopify. You can sell anything you like, from trinkets to brocade items or even ordinary lingerie, clothing and foodstuff.
There’s no limit to what you can sell from your Shopify marketplace. Many people have become millionaires by selling on Shopify. Visit Shopify and check some of the marketplaces to identify the niche or area you would love to enter for your business.
4. Online Tutoring
Did you know that foreign students want to learn subjects from the US school syllabus? If you’re a teacher, you can teach these students and earn a lot of money. There’re as many as 25 websites where you can enroll as an online tutor. Some tutors are famous and have earned millions of Dollars already.
5. Affiliate Marketing
Over 46 percent of Amazon’s orders worldwide come from affiliate marketing. You too can become an affiliate marketer for Amazon and other online sellers and try to earn millions. Affiliate marketers get commissions for every sale made using their links from a blog, social media page or YouTube. Its free and easy business.
MLM or Multilevel Marketing is a sort of business where you promote products and services to your social circle and expand it further. This can be a very profitable business with zero to low investment. It requires superb social skills. Tie up with a good MLM company in the US or abroad as associate and enter this business.
If you’re interested in starting own online store, consider dropshipping. Here, you don’t need to keep stocks or manage packing and shipping. Simply sign up with suppliers, open a website to showcase your products and automate the process.
When anyone orders, your software keeps aside your commission and pays the amount to the supplier who ships the good directly to the buyer.
8. Car Detailing
Car detailing is a superb business to launch if you have the necessary skills and some space in your garage. Americans are fond of keeping their cars shiny and new looking. Hence, they go for car detailing periodically. It involves complete wipe and wash of the car to give it a spanking new look. This is a year-round profitable business that doesn’t need much investments.
9. YouTube Channel
People love watching videos. If you have excellent ideas on making videos, shoot real life stories or create short documentaries about something that interests a lot of people, open a YouTube channel.
While the YouTube channel itself doesn’t pay, it’s always possible to monetize it using Google AdSense. You can also do affiliate marketing and sponsored videos with your channel to earn more money.
Nowadays, paintings are becoming hot business. If there’s an art school in your city, find when they have exhibitions of works of their students. People invest on buying paintings made by budding artists and sell them later for a higher price.
You can do the same with a small investment. A painting by budding talent won’t fetch you millions like a Picasso or Van Gogh. But you could make good profits, if you invest enough on many paintings.
Starting a business is difficult for most since they don’t have the skills or the money it takes. These above business ideas require few skills and little or no money to launch. With some extra efforts, you can surely succeed at these small businesses and possibly, see them grow into million dollar enterprises over a span of time.