Virtually everyone desires to be rich in varying degrees. There are those who are so bent on becoming millionaires. Well, becoming a millionaire is not something that is going to come through being an employee. You have to purpose in heart that you will venture into entrepreneurship. You have to start your own business and not only that; you must know what type of business to start. Whereas that is a very broad subject I will, in this article, discuss 9 industries that are most likely to pay off. I am talking about industries in which if you start a business the prospects of becoming a millionaire are sky-high.
Technology is a buzz, no doubt, and is central to this new age we are living in. Think of businesses like Tesla, Uber, social media platforms (e.g. Facebook) and Google, for instance. How about companies like Huawei, Apple or Microsoft – these global tech titans. If you closely study what led to the emergence of tech companies it is the use of technological advancements to introduce new ways of doing things. That is the crux of starting a business in technology – think of an innovative and creative way to use technology in any field and monetize that. Some of the cutting edge applications of tech are artificial intelligence (AI), robotics, augmented or virtual reality (AR/VR) and the like. It does not need to necessarily be that complex though. Coming up with software, automated systems or streamlining manual ways of doing things by leveraging on tech are some of the approaches.
This is a much-diversified field that wields so many business opportunities. Here we are talking about areas like insurance, brokerage, banking institutions, money lending firms and so on. There is even an interesting area now which is financial technology (Fintech) – things like mobile money. Think, here, about aspects to do with the management of money or monetary assets. There is a lot of money to be made from that.
Real Estate And Construction
This is an industry that will always be lucrative to venture in. One metric to premise this on is the projected surge in global population. It is projected that by the end of the next 6 years there will be at least 8 billion people on earth. In around 30 or so years from now, the world’s population will be a whopping 10 billion people. This must make you stop for a moment and think. There will be a need for more houses, more buildings (for various amenities) and also other related services and so on. So if you invest and start a business in this industry you will surely have a timeless business.
This is most definitely a hit industry because people want to live healthy and long. Thus people will be more than willing to pay for goods or services that are central to health care. Health care facilities and pharmaceuticals are part of the list of businesses one can think of. You can also think of areas like natural medicines or herb-based medicines and the like. Domains like wellness and fitness services can also come in here because they are mainly aimed at helping people live fit, healthy and long lives.
In case you have not noticed the times are changing. The continued rise of the internet and social media use is necessitating the need for acquiring new knowledge and skills. This means there is so much money to be made from offering education services especially tailored for this fourth industrial revolution (4IR) and beyond. Already there are people I know that have become millionaires by coming up with online courses for entrepreneurship knowledge areas. We are looking at things like tutoring, e-learning and a whole range of education-related fields. Think of new required skillsets like social media management, digital marketing, search engine optimization (SEO), and so on. People are now in dire need of such indispensable 21st-century skillsets. You can make money from rethinking education to tailor it for the digital age we are in.
Entertainment And Recreation
If you want to know how huge this is just to look at how big global companies are diversifying into this domain. Virtually any global tech titan you know is or has introduced a service in this regard. We are looking at things like video production, movie production, and animation, amongst others. Another interesting angle to look at it from is that the businesses being birthed from this e.g. YouTube is also giving birth to millionaires – imagine that! Draw inspiration from services like Netflix – generally video-on-demand services. Social media influencing also comes to the fore here. Stuff like sound engineering, events management, tourism and so on are other focuses.
This is yet another huge industry to invest and start a business in. Areas like mass transportation (taxis, shuttles, long-distance coaches and so on), haulage and logistics or vehicle production or sales. There are infinite angles to approach this industry. Think of the supporting goods and services required for transport-related domains. Examples are spares, repairs, sales, maintenances, services and so on.
If you want to make money here you must look at renewable energy. That is where the money is because traditional energy sources like coal, hydro and the like are becoming unsustainable. Then you realize that there is solar energy, wind, geothermal and so on.
Food And Agriculture
This industry will never go out style because food is a basic human need. The number of businesses that can be started here is limitless. In fact, in Africa, it is said that the next generation of millionaires will be from agriculture.
These are the 9 industries to consider if you are so intent on becoming a millionaire. Obviously I just did a rundown of the industries without going into much detail. If you take time to go through other articles I have written you will get more in-depth information.