Top 5 Business To Become A Millionaire As A [Soloprenuer] Self Employed Business Owner!
Reports show that there are 25 million one-person-owned businesses operating without any employees, and only about 36,000 of them, or 0.14%, make a million dollars a year or more.
Only about 9% of businesses reach a million dollars a year, but achieving it on a shoestring budget without any employees is even harder, with only 0.14% able to achieve this.
There is a difference between traditional businesses and one-person-owned businesses in that these types of businesses tend to be lifestyle businesses. A lifestyle business supports the owner’s lifestyle and provides the freedom to be at home with their families or travel more, etc.
However, what matters is not what helped certain people become successful but what will give you the best odds of success.
The businesses with the most million-dollar businesses are:
- Real Estate
- Real Estate Related Services
- Automotive Dealers
- Medical Offices
- Restaurants
However, the businesses that have the greatest advantage of being a millionaire as a single owned business owner are:
- Real Estate
- Personal/Professional Services
- Info Products
- Manufacturing
- E-commerce
Many of these one-person businesses that make a million dollars use multiple strategies because the average millionaire has seven streams of income.
For example, Arnold Schwarzenegger became a millionaire long before his first movie, and he did not get rich as a bodybuilder. As the winner of Mr. Olympia, he was only paid $750, so he needed to find another way.
As a broke bodybuilder under the mentorship of Joe Weider, he started creating bodybuilding books and doing seminars. He then leveraged the followings of other experts and companies to sell his books and seminars, avoiding hefty advertising costs. The profits he made were reinvested into real estate, which is how he made his first million. This financial stability gave him the freedom to pursue acting.
Real Estate: 43.2% of the richest Americans own rental property, and 25.2% of the richest Americans are involved in real estate-related services, which would include being real estate agents and mortgage brokers. According to a 2014 NAR report, 87% of all new agents fail after five years in the industry, with only 13% becoming successful.
The average real estate agent makes around $40,000 per year; however, Jim Fleck made $3 million dollars in his first 9 months in real estate by combining real estate and info marketing, establishing himself as the most credible expert in his field.
Personal/Professional Services: This includes anything from accounting, business coaching, doctors, joint venture brokers, nutritionists, personal trainers, to working as a travel agent.
Operating in these fields as a one-person business limits your time. Many business owners combine their business with info marketing, which helps establish them as the most credible experts in their field, enabling them to charge premium prices.
Doctors and medical professionals are among the top five businesses with the most millionaires; however, selling books and courses helps them establish credibility.
If you are a startup with little or no financial resources, you may not have the means to advertise your products or services. However, the smartest entrepreneurs use joint ventures instead of spending money on advertising, leveraging influencers’ social media followings or other companies’ customer bases to build their own.
Joint ventures are how John Reese, as a one-person business owner, went from a profit of $5,500 to $100,000 in a 7-day period, then achieved a million dollars in a 24-hour period, ending the year with several million dollars. Jeff Walker, a stay-at-home dad, made no money for 6 years. After 9 years, he made a total of $210,000; then, after using someone else’s following to build his customer base, he made $3.5 million over a 35-hour period.
Info Marketing: People spend a billion dollars a day on finding information through books, courses, and coaching programs to solve their problems. Many traditional businesses underestimate the power of books and courses; however, info marketing establishes these businesses as the most established experts in their field.
You may be familiar with Robert Kiyosaki of the Rich Dad Poor Dad books, Dave Asprey raised $60 million for his coffee brand because of his book The Bulletproof Diet, and Alexa von Tobel’s website was acquired by a major investment firm for $250M partly because of her book that helped establish her as an expert.
Manufacturing: If you have an idea for a product, you can hire a company to manufacture it for you. There are what are called white-labeled products where a company will manufacture the products for you and can stick your label on them, selling them under your brand.
In many cases, these businesses start with information marketing. Bill Phillips started his newsletter with a $180 investment and, as he became more successful, started recommending products in his newsletter. He then improved his company’s image, transitioning from writing a newsletter to creating a magazine, then releasing different books. From there, he began manufacturing his own protein powder and nutrition products, ultimately selling his company for $300 million.
E-commerce: In years past, setting up a store required significant capital and resources. With technology becoming more affordable, it’s easier now, but with paid advertising, costs can still rise.
Network marketing is often looked down upon but is one of the best businesses for single business owners to become millionaires because the company has invested in the infrastructure, and the marketing systems are all you need to do is sell the products.
With Network Marketing, this is often done through friends and family, which can make a person feel uncomfortable.
The purpose of advertising and building a customer base is that when someone has built a large enough following, they can send out a message to their followers via email, social media posts, or mail campaigns. Only a small percentage of their following needs to respond to reach their income goal.
However, building a following large enough to reach your income goal may require a lot of time, effort, and financial resources.
But just think how much easier it would be to find someone who is already successful to send out a message to their following endorsing you and what you have to offer.
The first time I did this, I made a deal with Joel Broughton, who sent out an email endorsing my new weight loss product to his customer base. Within the next 6 hours, after sending out that email within my first 24 hours, I made $14,100.
The next time I did this, I put a project together with Al Nin. We landed a deal with his dentist and partnered up with several beauty salons, providing them with marketing material that turned into 3200 new patients in the first 90 days at $2000 per patient for a total of $6.5 million over the next 12 months.
People love the idea of using someone else’s following to build their customer base, but going from idea to action may still raise many questions. So, we created a special website to answer your questions and explain how this all works at GetClients.AlphaLifestyleAcademy.com.
