Top 10 Businesses That Can Make You a Millionaire

Top 10 Businesses That Can Make You a Millionaire: Becoming a millionaire now is more possible compared to years back. Today both young and old are joining the list of the richest depending on the demand of one’s products and services. Below we look at Top 10 businesses that can make you a millionaire.

Top 10 Businesses That Can Make You a Millionaire

1. Manufacturing

Unlike many service-related businesses, manufacturing is more capital incentive hence it will likely attract fewer people and therefore less competition. In the world, some of the businesses that have made billions of money in the manufacturing industry produce products like foodstuffs, household goods and construction material. Although one will need to market the new products, once the products are accepted in the market then return on investment is assured.

Business That Can Make You a Millionaire

2. Value addition to agricultural products

Did you know that Agriculture can be one of the Top 10 businesses that can make you a millionaire? If your answer is no then read carefully: A good number of farmers mostly sells their products in the primary form which means they sell at a very low price. For instance, a litre of milk from the farmers is bought by the milk processing companies at a very cheap rate. The milk process company sells the same milk packaged in bottles or packs at 100 per litre. Further value addition like the making of yoghurt means a litre of the same milk goes at a higher price. If you decide to produce yoghurt you will probably make double the profit.

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3. Entertainment industry

Some of the richest people in the world are those that own entertainment business like a television station, radio station or well-branded entertainment services. The good thing about the entertainment industry is that it is wide. We have areas in comedy, video and movie production, music production etc.

4. Banking, SACCOs and micro-finance

The richest people are mostly those who have ventured in the banking sector.  Most parts of the world to venture in banking, many organizations start as micro-finance, building society or a SACCOS. Currently, there are microfinance and SACCOs which are allowed by the central bank to involve deposit-taking. Well managed SACCOs and microfinance can be a good way to make that million as long as one observes all the regulation from the related regulatory bodies.

5. Hotel Industry

Tourism has encouraged the development of the hotel. Depending on your location you can make good money and become a millionaire in no time.

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6. Exports and Imports

Not every country produces what it needs. You can do Exports and Imports and you will be on your way of becoming a millionaire. A number of governments have several incentives to encourage more people to exports such as tax exemption and tax holiday. To be an exporter, you dong have to be a manufacturer, all you need is to source for the market, look for reliable supplier locally and know the correct procedures to follow in exportation.

You can also import products and sell them locally.

7. Online market platform

Online marketing platform like Amazon, eBay and others have become the modern way of marketing that making more millionaires.

8. School and University

A well established and equipped school or university is also another top 10 businesses that can make you a millionaire. A country’s population generally constitutes the young people which mean more young people are likely to give birth hence increasing future demand for education. Since the government cannot meet all the demand,  having a good school/university especially for the middle class will bring in substantial income.

9. Contractor/ Consultants

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Another way to become a millionaire is by becoming a contractor or consultant. Contractors/ consultants working for both government and private companies have made millions by constructing roads, building and even by offering consultancy in finances, human resource or marketing.

10. Land resell/Real Estate

Everyone has the urge to own a home or land. More and more people are buying land to build their dream home. You can get into real estate, buy land and resell.

Conclusion

Looking at the top 10 businesses that can make you a millionaire makes it clear that there is a difference in working hard and working smart. There are people who have been involved in some of the business mentioned above but they have never become a millionaire. On the other hand, some have become millionaires by doing the same thing. It’s important to understand the approach you will use, know your target market and above all stay focused.