Having life options whenever you want is the goal of being wealthy, not just having a lot of money. It does not take skill to make a lot of money. The average lottery winner loses all of their winnings in less than 5 years. Wealthy people make money, keep their money, grow their money, and sometimes even create generational wealth for their children and future descendants. You must adopt the right mindset to become wealthy – no one becomes a millionaire or billionaire by accident or alone. Ever. To become a millionaire, you must change your mindset about money and strategically brainstorm millionaire business ideas to realistically manifest.
Do you want to become a millionaire? What do you think you will have to do to attain such a status? According to a recent CNBC poll, over 44% of Americans aspire to become a billionaire in their lifetime. In the same poll, respondents expressed a dislike for the rich and failed to express how they would reach their billionaire goals.
It is easy to say that you want to become a millionaire, but how would you do it?
Millionaire Business Ideas and Starting a Business
You have to radically change your mindset about money, seek counsel from financial experts, and incrementally learn about starting a business. Most millionaires made their money from a business and investments.
Most millionaires in the digital age are self-made and didn’t inherit their fortunes. The average age of a millionaire is a person in their 50s; young millionaires are the rare outliers relative to statistics.
Changing your mindset about money and taking control of your financial future is something that won’t happen overnight.
Here are 4 tips on how to achieve your millionaire business ideas. You could launch many businesses for anywhere between $5,000 to $50,000. Launching a business is not as important as having a realistic business plan and a millionaire’s mindset about money.
Every dream needs plans, financing, and the execution of realistic steps to achieve goals.
If you’re struggling with your finances currently, the first thing you need to do is to change your mindset about money.
Millionaire Business Ideas – Change Your Ideas About Money
Before you embark on manifesting your millionaire business ideas, you need to first improve yourself mentally and financially. Always remember that money is a tool, not a means to an end. Having a lot of money means that you will always have options when emergencies arise.
“Beggers can’t be choosers,” is probably a cruel saying now in the PC era of the 21st century, but it is apt. When you have no money, you don’t have options. When you don’t have options, the last thing you should be prioritizing in the present is trying to be a millionaire and launching a business.
Before your millionaire business ideas become a reality, you first need to assess your lifestyle and personal finances. Start living below your means. Save money every week or with every paycheck. Your online bank has apps that will auto-save predetermined portions of direct deposit pay.
Eliminate your debt, improve your credit score, and religiously keep to a regularly updated budget. It could take years to accomplish that, so start now. Millionaires don’t have debt.
Make a list of business ideas relative to your skills, access to resources, potential demographics, and local connections. Does your product or service solve a problem, offer something people want, is scalable, profitable, and can you realistically launch it without incurring more debt?
Consult with a financial advisor to brainstorm a debt-elimination strategy that suits your circumstances.
Selling on-Demand T-Shirts
A 32-year old entrepreneur made headlines in 2018 over $120,000 by passively selling T-Shirts. In 2016, two entrepreneurs started a t-shirt with $3,000 and turned it into a $4 million business. The passive, on-demand t-shirt industry is worth over $3.7 billion.
This is very lucrative small business that can make millions, but it isn’t a given. You have to make connections with an artist who makes designs to press on the shirt. You have to make connections to a t-shirt company and coordinate with Amazon to press and ship the product on demand, Those designs have to be marketable to a demographic that will respond to it.
You also need to have a marketing and promotion plans to advertise your services. T-shirts don’t sell themselves, you need a marketing plan and hook that would be irresistible to your demographic.
Any idea can become one of the best millionaire business ideas with the right vision.
Launching a Food Service Company
About 60% of restaurants fail within the first year of operations. However, restaurant and hospitality businesses are recession proof businesses. Businesses like restaurants fail because the owners don’t know what they are doing, don’t know their own market or demographic, and don’t focus on profits.
Who are the people in your city and region? What do they like to eat? In some states a large Big Mac or Quarter Pounder meal can cost as much as $18. What type of food can you source that is cheap to prepare in a delicious form, sell affordably, and still make a profit?
Can you source the cheapest cuts of meat, pork or fish and use your own recipes to create a menu that will connect to your demographic? If you sold vegan food, is there a large vegan demographic near you that would buy it?
The larger your menu, the money and space you will need to operate. You need to pick the best location to launch as well. With enough planning, you can brainstorm the best millionaire business ideas to suit your needs.
Franchising
Opening a franchise gives you name recognition and access to resources to help you launch your food service sooner. However, when you open a franchise, you have made an agreement to pay franchise fees from your parent company for as long as you run it. You also have to pay additional fees and buy all of your equipment from the parent organization.
Franchise fees can cost hundreds of thousands or even millions of dollars for the most popular companies. If you want to launch a McDonalds, Culvers, KFC, Denny’s or any big name restaurant as a franchisee, then be prepared to pay big bucks.
However, if you’re willing to work hard on a business plan, create a local advertising campaign, scout premium small-scale locations, and identify your demographic, you could open a franchise for as low as $12,000. Could you start from a food truck, or small physical location with a plan to expand later?
There are franchise companies that need cruise ship planners, travel agents, grass maintenance specialists, mobile car detailers, and more. You could take your millionaire business ideas a long way with the right focus.
Could you grow an unknown franchise brand in your area and make it a success?
Selling Used Items
Did you know that thrift store prices are becoming just as expensive if not higher than traditional clothing retailers? In mid-2023, thrift stores like Goodwill started selling its inventory of used items at prices that were higher than Target and Walmart. Consumer industry experts believe that inflation, the rising cost of living, and higher operating expenses is the reason why this is happening.
Still, if simple thrift shop owners can find a way to charge higher prices than traditional stores, and keep their clientele, why couldn’t you?
You can source used items from estate sales and public auctions. Many legal authorities and public auctioneers might be willing to give away items for free or sell for a low price if they can’t get rid of the estate items they fail to sell.
Goodwill made selling used items into one of the best millionaire business ideas – could you do the same?
Prepare and Research
Consult with a financial advisor. Talk to local people and entrepreneurs who own businesses. Read articles and books that focus on successful people and how they made their millions.
Take the time to get your life in order, make business plans, study the local market, identify demographics, secure financing, and consider all contingencies. Don’t rush into starting a business for its own sake to manifest your millionaire business ideas.
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Allen Francis was an academic advisor, librarian, and college adjunct for many years with no money, no financial literacy, and no responsibility when he had money. To him, the phrase “personal finance,” contains the power that anyone has to grow their own wealth. Allen is an advocate of best personal financial practices including focusing on your needs instead of your wants, asking for help when you need it, saving and investing in your own small business.