The Million Dollar Idea
Million dollar ideas are not the problem if you want to have $1,000,000 in the bank. Implied in the million dollar idea statement is that you are inventing or developing some new and innovative product or service.
As I have repeated often in my blog and in my book, you do not need that kind of an idea to be very successful in your own business. Most tried and true businesses will work with good execution and founded on good research. So the question if your goal is to have the best chance of accumulating $1,000,000 in the bank is what tried and true business is best for me. Forget your passions, or at least do not overweigh them. You should consider your interests of course, you do not want to do something you hate-life is too short. But when you get involved in any business, it is the execution and mechanics of being successful that take over, not necessarily the specific product or service. So instead of just thinking of your passions or interests, expand your search to almost anything. Start your research on anything that may be even remotely interesting to you and let your research help you define your final business concept. Here a few examples from people I have interviewed and how they got their business idea.
A Tried-and True Business Is The Million Dollar Idea
Here is a list of some tried and true businesses; these were million dollar ideas for their owners. But these are most usually what people think of with a million dollar idea. You need to rethink what can make you a million dollars, there are businesses all around you making millionaires every day.
A List of Some Businesses That Made Their Owners Millionaires
-She always wanted a ladies clothing boutique. She studied the business for a year, did extensive research, even worked in the evening for a ladies clothing company, and did a very detailed business plan. Her motivation was not to own a business necessarily, it was to have more family time. She kept her full time job for a year while she prepared and researched.
-He was not looking for a business, it was just offered to him. He was a yard man.
– He did not love roofing and had no real big interest in roofing. He had helped a builder once put a roof on. He had no money, he thought he could get started very cheaply, with hammers, nails, and having friends help him do the work to be paid when done. In other words it just made sense. He sold in in a few years for $300,000, but could have easily grown it to a million dollars business if he had not had to move. He kept his night shift job and ran his roofing company in the daytime.
– They were watching TV one night, the show was profiling businesses that make $1,000,000. One of the businesses profiled was a cupcake business. Because the husband had been an ARMY cook for 20 years and liked to bake, they decided on the sofa that night to open a cupcake shop and they did.
-I have a few stories about people who started gyms, most revolve around people already in the fitness industry and they took it to the next level with a gym.
– She had been a tour guide when she was young. Now much older and unemployed she creatively started her own tour company by going slowly.
– She loved to do ceramics and decided to start a shop to appeal to the whole family. It grew, she got two more shops. It has really done well for her.
-I have interviewed the owners, ice cream shop, restaurant, funeral home, candy company, bread company, selling wristbands, paper company, laundry service, hair salon, yoga studio, consulting, and more. These are only the businesses I have interviewed the owners.
Continued Research-The Million Dollar Tried and True Business
The list will grow as I continue my research. Some of the businesses I list here I have written up, and others I have not yet written up, or are in my book exclusively. But the point is that none of these businesses are really high tech, innovative, or new ideas. Yet they have or on the way to making their owners millionaires.
After you consider that almost any business can make you a millionaire with execution and scaling, then you need to look around. You need to read up on different types of everyday businesses, select a business that might work for you, then start your research. You can do this.
Is There A Business You Would Like Profiled ?
If there is a business you would like to see profiled, make a comment, tell me the type and I’ll see if I can find that story.