There are countless opportunities for entrepreneurs to start profitable businesses, but, (ask any entrepreneur), we’ve all learned along the way that not all ideas are created equal.
In this article, I will share with you some of the best 7-figure business ideas that I believe can help you achieve financial freedom.
From e-commerce stores, online courses, and personal finance consulting to online business, there’s room for everyone on the business niche list! So let’s dive in and discover which business idea is right for you.
E-commerce and digital marketing offer opportunities for personalized customer experiences and cost-effective marketing strategies.
Mobile app development and SAAS, event planning, and real estate investing are lucrative business opportunities with the potential for long-term wealth.
Online education, health and wellness coaching, and podcasting are growing industries with the potential for income generation through coaching, sponsorships, and advertising.
Dropshipping, pet services, wedding photography, cleaning services, and home renovation and design offer unique business opportunities with varying levels of startup costs and potential for growth.
You may ask yourself “Why on earth is he writing about the benefits? Surely it is obvious?!”
Well, yes, and no! I’ve recently read a lot about people who came into a lot of money and lost it really quickly. I realized that there really isn’t a lot of information out there that highlights the different areas that wealth can benefit you and propel you forward and awareness of that is essential.
Some of this will be obvious, but I’m writing it anyway in case there is even one that you have not thought of!
Having a 7-figure income, which typically means earning at least a million dollars annually, can offer several benefits, although it’s important to note that these advantages can vary greatly depending on individual circumstances, lifestyle choices, and financial responsibilities:
1. Financial Security: provides a high level of financial security. It allows individuals and families to cover their basic needs, save for the future, and create a significant financial cushion.
2. Comfortable Lifestyle: you can afford a comfortable lifestyle that includes upscale housing, luxury items, fine dining, travel, and other experiences that may not be accessible to those with lower incomes.
3. Retirement Planning: High earners can contribute more to retirement accounts and investments, potentially allowing them to retire earlier and maintain a comfortable standard of living in retirement.
4. Debt Management: It becomes easier to manage and pay off debts, including mortgages, student loans, and credit card balances, with a larger income.
5. Philanthropy and Giving: A substantial income provides the means to make significant charitable donations and support causes that are important to you.
6. Investment Opportunities: High earners have access to a wider range of investment opportunities, including private equity, real estate, and venture capital investments.
7. Education and Skill Development: You can invest in further education, skill development, and personal growth opportunities to enhance your career or pursue new interests.
8. Entrepreneurship: A high income can provide the capital needed to start and grow an online business or invest in entrepreneurial ventures.
9. Travel and Experiences: You can explore the world and enjoy unique experiences that may be out of reach for those with lower incomes.
10. Legacy and Generational Wealth: enables you to create generational wealth and leave a legacy for your children and future generations.
11. Reduced Financial Stress: High earners often experience less financial stress, as they have the resources to handle unexpected expenses and emergencies.
12. Better Health and Well-being: Financial stability can lead to reduced stress and better mental and physical health.
It’s important to note that while this income offers many advantages, it also comes with its own set of challenges, such as increased tax liabilities, greater financial responsibilities, and potential lifestyle inflation.
Additionally, not everyone with a high income necessarily experiences all these benefits, as individual financial goals, priorities, and decisions vary widely. Responsible financial management and a well-thought-out financial plan are essential to make the most of a high income and achieve your financial goals.
Running an e-commerce store can be challenging, but it’s a worthwhile venture for those who want to tap into the growing online market. With the constant rise of online shopping, there are plenty of opportunities for entrepreneurs to create their own customized products and cater to niche markets that may not have been accessible before.
I recently sold my e-commerce store that our family had worked on together. We found a space in the market and filled it with our niche product. We learned so much and though it didn’t make us a million dollars when we sold it we provided a valuable service to our target customers as well as us realizing that we didn’t have a passion for e-commerce!
We successfully ran a home business with a great monthly income and were productive in creating brand awareness. This all came in very handy when we decided to sell up 4 years in and re-invest in a different project.
There is nothing wrong with trying something, learning and growing, and then pivoting – all great-seven figure income entrepreneurs do it 🙂
One benefit of running an e-commerce store is the ability to reach customers worldwide. With a well-designed website and targeted marketing strategies, you can attract customers from all over the globe who are interested in your unique offerings.
By tapping into niche markets, you’ll be able to offer something truly special that meets the needs and desires of a specific group of people. (We still have a great network of friends and fellow e commerce owners to this day)
Overall, running an e-commerce store allows for flexibility and creativity in business ownership while tapping into a growing market.
(This second business idea is really my joint “1st Place” idea) By offering SEO services, you can skyrocket your business’s online presence and attract more potential customers.
With the right SEO strategy and keyword research, you can help businesses optimize their websites for search engines like Google, increasing the chances that they will appear at the top of search results.
If you’re looking to break into the world of mobile app development, there are countless opportunities waiting for you! With the increasing use of smartphones and tablets worldwide, creating a successful mobile app has now become one of the most lucrative businesses. Here are some tips that can help you get started:
Do your research: Before diving into developing an app, conduct thorough market research to identify what people need and what kind of apps are currently doing well in the market.
Focus on User Experience: Make sure your app is user-friendly, visually appealing, and easy to navigate. This will keep users coming back and recommending it to others.
Monetize Your App: Consider different ways to monetize your app such as in-app purchases or ads, but ensure that it doesn’t interfere with the overall user experience.
Optimize Your App Store Listing: Make sure your app is easily discoverable by optimizing its title, description, keywords, and screenshots on the app store.
Keep Up with Updates: Continuously update your app with new features based on feedback from users. This will keep them engaged and interested in using your application.
Overall, mobile app development can provide a great opportunity for success when done correctly. By keeping this business idea in mind and continually adapting to changes in technology and consumer behavior, you can create an innovative product that stands out among competitors.
If you’re interested in sharing your knowledge and expertise with others, online education can be a fabulous business idea! You could create your own course and teach students all over the world.
There are many online coaches the world over making 7 figures. Online education is a billion-dollar business (with a 9.48% projected growth in coming years) and if you believe your ideas are strong and unique enough – you may just have what it takes to build the business revenue that you dream of.
If you want to take things to the next level, look into using a learning management system to streamline your teaching process and make it easier for students to access your materials.
You can easily create an online course that not only helps others but also generates income for you. With the rise of online education, creating a course has never been easier. You don’t need to be an expert in your field, just have enough knowledge and passion to share with others.
Here are some tips to get started:
Choose a topic that you’re knowledgeable and passionate about.
Create video tutorials using your smartphone or computer.
Determine your course pricing based on market research and the value you’ll provide to students.
Use online platforms such as Udemy or Teachable to host and sell your course.
Creating a course is a great way to share your skills and knowledge with the world while generating income from home. Not only do you have the freedom to work at your own pace, but you also have the potential to reach thousands of students globally. So what’re you waiting for? Start brainstorming ideas for your next course today!
Create a group coaching membership in addition to (or instead of) an online course. A mastermind group will allow you to scale up high-ticket coaching without maxing out your schedule. It’s a great way to add more value to your course and help people who are struggling to implement what you teach.
Use Kajabi to build your entire coaching and online course business. It’s THE best online course platform out there in 2023!
Is it the 90’s?! Am I really listing this here? I sure am.. The market has shifted and changed with world events these last few years but there is more need than ever for housing and creative community spaces. House flipping, rental properties, and commercial real estate are all great options to consider.
Rental properties offer a steady stream of income while commercial real estate can provide long-term investment opportunities.
Flipping houses can be a lucrative way to turn a profit, but it requires careful planning and attention to detail. Before you start buying properties, you need to have investment strategies in place. Here are 3 things to keep in mind when flipping houses:
Location matters – Look for properties in desirable neighborhoods that have good schools, low crime rates, and easy access to amenities like shopping centers and restaurants.
Time is money – The longer the renovation takes, the more money you’ll lose on carrying costs like taxes, insurance, and utilities. Plan your renovations carefully so that they’re done quickly and efficiently.
Don’t over-renovate – It’s tempting to go all out on renovations to make the property look perfect, but this can eat into your profits if you overspend on unnecessary upgrades. Stick to simple cosmetic changes that will add value without breaking the bank. (I’ve been guilty of this, don’t so it, trust me!)
Owning rental properties can be a great source of passive income, but it’s important to carefully screen tenants and maintain the property to ensure long-term success.
Property management plays a crucial role in this process, as it involves everything from finding and vetting tenants to handling maintenance requests and collecting rent payments.
With proper planning and management, owning rental properties can offer a reliable source of passive income while also building equity over time. While there may be some challenges along the way, staying organized and proactive can help ensure success in this type of investment venture.
If you’re considering expanding your investment portfolio, commercial real estate can offer a unique opportunity for diversification. Real estate development and property management can be lucrative ventures, especially if you have a keen eye for identifying profitable properties and the ability to manage them effectively.
Commercial real estate refers to any type of property that is used for business purposes – from office buildings and retail spaces to warehouses and factories. As an investor in this market, you have the option of either developing new properties or acquiring existing ones.
Property management involves overseeing the day-to-day operations of these properties, including leasing arrangements, repairs and maintenance, tenant relations, and financial reporting.
With careful planning and execution, investing in commercial real estate can provide significant returns on investment while also helping you build long-term wealth.
You can’t resist the mouth-watering aroma of freshly cooked food wafting from a food truck parked on the side of the road.
The idea of starting your own food truck business has been on your mind for a while now, and you know that it’s an excellent opportunity to showcase your culinary skills.
With the growing popularity of food truck festivals and unique menu items, you can create a loyal customer base while also being mobile and flexible with your schedule.
Starting a food truck business requires careful planning, but once everything is in place, it can be incredibly rewarding.
You have the freedom to choose when and where you set up shop, which means that you’ll never get bored or tied down to one location. With some creativity and hard work, you can develop a menu that showcases your signature dishes and attracts customers from all over town.
To scale this business up to 7 figures you’ll need to think about developing systems and hiring qualified managers who can carry your vision. Alternatively, franchising might be the perfect fit for you.
If you’re looking for a business idea that can provide you with plenty of opportunities to interact with adorable animals while also earning good money, then the pet services industry might just be perfect for you!
This field includes everything from pet grooming and dog walking to pet sitting and even dog training. With so many different types of services available, there’s sure to be something that suits your interests and skills.
One popular area of the pet services industry is pet grooming. This involves providing basic hygiene care for pets like dogs and cats, including bathing, trimming nails, cleaning ears, and brushing teeth.
Another common service is dog walking – this can involve taking pets out for exercise or even offering a more comprehensive service where you take them on hikes or runs in scenic areas.
In addition to those mentioned earlier (pet grooming and dog walking), other options include pet sitting (where you stay at someone’s house while they’re away)
The earning potential for each of these services varies depending on factors such as your location, experience level, and the demand for your services.
However, in general, pet services can be quite lucrative – especially if you’re able to build a strong client base and establish yourself as a reliable and trustworthy provider.
So if you love animals and are looking for a flexible business idea that allows you to work with them on a daily basis, be sure to consider starting a pet services business!
Can you get to 7 figures with this business? Yes! Think about different ways to monetize products, grow your business with a team, and ultimately franchise.
Ready to start your own online store without worrying about inventory or shipping? Dropshipping might be the perfect business model for you!
With dropshipping, you can focus on niche selection and supplier research without having to handle physical products. This means less risk, lower startup costs, and more time to devote to growing your business.
When it comes to choosing a niche, think about what interests you and what products are in demand. Do some market research and look for gaps in the market that you could fill with unique products.
Once you’ve found your niche, it’s time to find reliable suppliers that offer quality products at competitive prices. Look for suppliers who have good reviews, fast shipping times, and excellent customer service.
With careful niche selection and thorough supplier research, dropshipping can be a profitable and fulfilling business venture.
This business idea does require an initial skill! but, if you are a good photographer then there is still a lot of money to be made in business niche of wedding photography.
Your target audience are clear and if you can book three a month it is highly likely you will be making 6 figures in a year with the ability to grow that income as the business grows.
Establishing a loyal fan base on social media is key to building a following for your business. Building a community around your brand can help you gain traction and attract more customers.
One way to do this is through influencer marketing. Collaborating with influencers in your niche can help you reach new audiences and gain credibility.
To build a following, it’s important to engage with your audience regularly. Respond to comments, ask questions, and share behind-the-scenes content. This will make your followers feel like they are part of the brand and encourage them to share your content with their own followers.
Remember that building a following takes time and effort, but it’s worth it in the end when you have a loyal customer base that supports your business.
Sponsored content involves partnering with a brand or company to create content that promotes their products or services. It can take many forms – blog posts, social media posts, videos, etc. – and the key is to make sure it fits seamlessly into your existing content so it doesn’t feel like an ad.
There are several benefits of sponsored content:
It can provide a new source of income for you
It allows you to form relationships with brands you believe in
You can introduce your audience to products/services they may be interested in
It can lead to more opportunities down the line
Finding sponsors for your content takes some effort and research, but it’s worth it if done correctly. Start by brainstorming brands that align with your values and niche. Reach out to them via email or social media and pitch them on why working together would be mutually beneficial.
Don’t be afraid to negotiate rates or ask for specific terms in the contract. With time and persistence, sponsored content could become a significant part of your revenue stream while also providing value for both you and your followers.
Now, let’s dive into how product reviews can be a valuable tool for both you and your audience. As a business owner, it’s important to provide your customers with detailed information about the products you offer. One effective way to do this is by publishing honest product reviews on your website or social media platforms. Not only will this help your customers make informed purchasing decisions, but it can also improve their overall experience with your brand.
If you’re considering starting a business in this industry, there are options to buy into a cleaning franchise. This can provide support and guidance as you navigate the world of commercial cleaning, giving you access to established systems and branding. When you go on to launch your own franchise, you will have learned how the industry works and be able to build on that skill set.
With the high demand for clean workspaces, owning a commercial cleaning franchise could be a lucrative venture that allows you the freedom to run your own business without having to actually clean anything yourself!
To start a food truck business, you’ll need to obtain the necessary permits from your local government. The health department regulations for food safety must also be met. Don’t worry, with proper planning and preparation, you can get started on your entrepreneurial journey!
To develop a unique brand identity for your digital marketing agency, start by identifying your target audience. Then, focus on brand differentiation through creative messaging and visual branding. Be personable and engaging to appeal to online businesses that need a little help from a trusted vendor.
Developing a mobile app can be challenging, but using Agile methodology and prioritizing user experience design can help. Stay positive and personable, keeping your audience’s desire for freedom in mind throughout the process.
To manage vendor relationships in event planning, effective communication is key. Use negotiation strategies to ensure a mutually beneficial partnership. Be personable and polite, while maintaining boundaries to achieve your desired outcome.
An obvious but sometimes understated piece of advice to ‘hire well’. Make sure anyone you employ to represent you at an event carries on your brand values and is personable.
Investing in real estate can have tax benefits such as real estate depreciation and rental property deductions. It’s important to consult with a tax professional and keep accurate records to maximize these benefits.
From ecommerce business to investment banking, and everything in between – if you want to make seven figures and see fantastic business growth you are going to have to put the hours in… it will not stay as a one person business for long as you get more sales and develop a strong brand.
you have to spend money to make money, but we know that right? As entrepreneurs, we know the deal and tahts why we are here.
Creating a daily routine that balances health, family and work is the best foundation for any six figures plus business venture.. I’d love to hear your thoughts on this and how you achieve that balance!
Any thoughts or questions, I’d love to hear from you in the comments.
Whatever path you choose, remember that success doesn’t come overnight – it takes patience, persistence, and determination to build a successful business. Good luck on your entrepreneurial journey!
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