Millionaire Business Ideas – Where the economy slows down. This is much more. This is a period of change. The goal of this article is to, first of all, give you more perspective on how important this change is, what trends are here to stay, and also, how you can adapt to them. I will also explain to you why this pandemic and recession is different from the past ones, and finally, I’ll give you important information on the businesses that are going to explode.
The Info Race I want you to imagine what society looked like 15 hundred years ago. We’re at the beginning of the middle ages, and we have two people. The first is a nobleman, and the second person is a regular craftsman, who produces and sells swords for a living. So, which one do you think has more influence? The noble figure has more power right, and that’s simply because he was born into the right family. And that’s the key factor, even in this present time: having lots of assets, can make the difference between living a good or a miserable life.
Now, in the middle ages, society was composed of three orders of people: the noble, the clergy, and the peasants. They also believed that it was very important they preserve this division and remain in the social class where they were born to maintain the general equilibrium. Therefore it was almost impossible for an individual to go from a low ranking in society to a higher ranking. If you were born a noble, you would live and enjoy the privileges of a noble, and likewise, if you were born a peasant, you would live your entire life as a peasant.
In those times, your status for the rest of your life was dictated by the class you were born into. However, that’s not the case in these times. Now it is easier than ever to become wealthy and an influential person, even if you start with nothing. And that’s the case with almost all millionaires in our society. In the US, for example, according to Credit-Suisse, there are 18.6 million, millionaires.
And according to Investopedia, 80% of them are self-made, first-generation millionaires. So only 20% of millionaires in the United States inherited their wealth; the rest of them built their wealth by themselves. So unlike in the middle ages where land and title deeds played a massive part in determining the wealth of an individual. In our century, information is the real money maker. The person with the best knowledge and information and who takes action will win, that’s simply how it works.
So, even during worldwide adversities, some people will profit immensely just because they have better information than most people, and if you understand and use this concept, you can become one of those people. But where do you get all that information? (now isn’t that the million-dollar question) Well, there are many sources you can and can not trust, but your goal should be to look for unbiased information that you can then act upon.
Why People Buy business success is met by fulfilling a need or want. No matter what industry or specific niche someone’s in if they’re successful, they are fulfilling a demand. In other words, businesses that have many clients solve a problem that many people have, and the more critical that problem is, the more demand there’s going to be. So, the reason why people buy is simple. They do it to fulfill their desire or need. If you want to watch a movie, you have to buy a ticket. If you want to make delicious milkshakes at home, you’re going to want to buy a blender, and so on.
For you to understand why the businesses that I’m about to list will boom up next year, you need to understand one of the most important principles of economics: the principle of supply and demand. This is something thought in school, but unfortunately, many professors make it extremely boring and long, so I’m about to explain to you in minutes what my teacher explained to me in weeks.
The Principle of Supply And Demand Supply is what businesses are willing to OFFER at a certain time and a certain price. While demand is what people are willing to BUY at a certain time and a certain price.
For example, if you are a writer and you want to sell your first book for $39, you’re on the supply side. While the people that are willing to buy your book for that price are on the demand side. Now, the principle is relatively simple. I want you to imagine that you are a writer and a lot of people want to buy your book because it’s fantastic. So many want to buy your book that you might not have enough to meet all that demand. And, since there is such a huge demand for the book and you also want to maximize your profits, you bump the price by $10 and now it’s selling for $49.
But ever since you increased the price, many people stop desiring the book, because they now think it’s overpriced, so demand goes down. In business, usually, when demand goes up, so does the price, since businesses want to make more money. But when price and supply go up, the demand also falls.
Ideally, there has to be a balance between demand and supply, and that’s the sweet spot that everyone tries to get to, but that rarely happens. So usually, before a business releases a product, they do a lot of research and testing, to understand what’s the highest price they can charge, and still have a decent demand for that specific product. If you think about it, it’s the same with the stock market. When a lot of people want to buy a stock, its value raises. And Obviously, many other factors influence stocks, price, demand, and supply. But understanding this basic concept and keeping it in mind when making business decisions can make a huge difference.
Millionaire Business Ideas and Most Profitable
1. Logistics and Parcel Delivery
According to Valuates Report, the logistics market is projected to reach 12.2 Trillion Dollars by 2022. Logistics and parcel delivery is a big industry, and it’s only going to get bigger, and yet not a lot is said about it here on YouTube. The business model is delivering goods and receiving a fee for items delivered. Carrier businesses largely rely on economies of scale, so if 100 items are delivered to the same area, the income to expenditure ratio is much better than if there was just one. Clients might be a business that needs those goods to operate or regular citizens that buy products online.
This is a niche that will boom despite the pandemic it will grow even faster. This will happen because more and more people are purchasing things online over buying them via traditional channels such as stores and malls. Before the pandemic, not a lot of people trusted online shopping, but due to new health regulations brought about by the pandemic, businesses were forced to turn to the internet to service and find clients. Most people only had two options:
Go out and possibly risk getting infected. OR -Stay at home and trust online shopping. And since most people chose the second option, they discovered the convenience of online shopping and thus haven’t gone back to traditional shopping. And actually, this is a trend growing all over the world. Because more and more businesses are closing down traditional brick and mortar retail stores and choosing instead to focus on servicing their clients via the internet.
The fact that you can buy almost anything they want and have it delivered to your doorstep with just a bunch of clicks is amazing, and that’s the inevitable future. The lockdown has only made the transition from old-school shopping to online shopping faster.
If you are thinking of getting into this industry here are a few things to consider. You will face fierce competition, and you have to know your customer. Are you going to deliver from business to customer (B to C), or from a business to business (B to B)? Also, competition is fierce, so you will have to find a way to innovate. So, instead of being just a regular delivery business that does business the same old way. Try something new. Take a look at businesses like Delta Airlines; they’re launching a new project called “Delta Clean”. The slogan says it all, “a new standard of airline cleanliness, now and always”.
All aircraft will undergo special measures to ensure sanitizing and health safety friendliness. So if you’re willing to work extra and provide a delivery solution that has this kind of safety as the main benefit (along with fast delivery, obviously), you’re going to win, both now and next year. But if delivering goods doesn’t quite do it for you, then check out the next one.
2. Health & Hygiene Related
Before the pandemic, it was perfectly normal to shake hands with strangers, hold hands, or hug friends. Now, however, people are very concerned about having physical contact with anyone. Everyone (well, at least most people) observe social distancing rules and ensure they stay sanitized at all times. With all this going on, it’s no big surprise that many businesses use “safety” as the main selling point to convince people to use their services or buy their products.
For example, if you’re a restaurant, I’m pretty sure you want to follow government guidelines to be safe, and you want your tables to be perfectly clean and sanitized. You do all of this to ensure that people aren’t anxious when they walk into your restaurant. At this point, you might even want to advertise that you’re safer and cleaner than all other restaurants, to get a competitive edge. Well, if a restaurant wants all this to happen, they’re going to need some help, and that’s when you pop out of nowhere with a nice phone call that tells them why they should use your cleaning and sanitizing services.
When you start such a business, it’s important to remember what businesses are looking for. They’re not just trying to be clean, they’re also trying to be seen as clean by potential clients, especially in the tourism sector. So, along with cleaning services, you also need to provide businesses with a strategy for opening safely and advertising the new changes. Many businesses are still looking for this service (not only in tourism), and with the right innovation, this is a huge need in the market that still needs to be addressed properly. Will you be the problem solver?
3. Social Media Marketing Agency
A social media marketing agency is nothing more than an advertising company that focuses on generating sales for businesses with various techniques and campaigns on the leading platforms. They’re also called SMEs. Since many businesses would like to transition to the internet due to the pandemic, all these agencies have popped up! There are so many, that I’d even call it a trend.
So, right now, it probably isn’t a great time to start a Social Media Marketing business, simply because there’s an insane level of competition. But the industry truly has potential, and it doesn’t even take that much of an investment to get started. So, what I would do if I were interested in starting such a business is, I would wait until the trend fades out.
Most of these newly born businesses will fail for two main reasons:
- They don’t have any experience and skills. And
- They aren’t motivated enough and will give up early.
Marketing really is the future, and if you are serious about this, you should get into it ASAP, learn the necessary skills, and then start the agency when the time is right.