Top 5 Proven Industries to Become a Millionaire 2021April 11, 2022
Imagine a little known industry where a single commission check could make you a millionaire! 5 Real industries and action steps to entry.
We are just at the beginning of the APP revolution and people are making good money in apps. At the high end Markus Persson developed Minecraft -now worth $1.75 billion. Snap Chat Evan Spiegel turned down a $3 billion offer from Facebook. And Jan Kourn, who was on welfare and food stamps created Whatsapp and sold it to Facebook for $22 billion. Top 200 apps generate on average $82,500 daily, top 800 around $3500 daily. Building apps is becoming much easier with services like AppyPie, and ibuildapp, where even with minimal coding skills you can build an app, or convert your existing website into an app. How to get started – either improve on an existing app or crate a brand new one. If you lack any skills you can hire app builders on sites like Fiverr or odesk quite reasonably.
2: Real Estate
I believe we may be seeing a reversal in housing prices in the not too distant future, there are a lot of people behind on mortgages, behind on rent, so speculating, which is buying and holding, in certain markets may be increasingly risky.
And is buying and holding real estate really going to make you rich? According to the National Council of Real Estate Investment Fiduciaries in 2021 the average 25-year return for private commercial real estate properties held for investment purposes had average returns of around 10% Residential and diversified real estate investments also averaged returns of 10.3%. That is around what you would have seen investing in the S&P and stocks are a lot easier than owning a rental property!
Flipping real estate, earning money on improvements is generally still an option even when the bubble pops. The average return on flipping is arond 15-20%, but if you improve your game you can earn 50% or more. If you lack capital you can find partnerships, no money down deals, and loan rates are lower now than ever. The key in flipping is when you take in significant chunks of money in any business, for example a 100k profit on a flip, it is much easier to save a million, than taking small amounts from a weekly paycheck.
We recently created a detailed video outlining how to *market real estate to command higher asking prices, this works for flippers, agents or anyone selling a house Il post the link above and at the end.
3. M&A Mergers and Acquisitions.
Imagine an industry where a single commission can be $250,000, or even as high as a million dollars. A regular business broker sells businesses much like a real estate agent sells houses, representing businesses under a million dollars, and will generally receive a 10% commission. $100k commission is not bad although you dont necessarily keep all of it if you are in a brokerage. An M&A intermediary handles business sale transactions over a million dollars, and commissions are typically on a declining scale starting at 10% on the fist million and reducing from there, commissions in M&A can e significant. How to enter? You can start working for a brokerage or buy a franchise like Sunbelt.
4: Online Business.
Never in history has the barrier to entry been so low to start a business. You can start a website for under $100, advertise to a very specific target demographic for pennies per click, grow your business and once you reach a certain benchmark there is a huge existing demand from buyers looking for acquisitions. If you look at websites like Digital exits or Flippa you will see hundreds of examples of people who started a website, built the business and are now selling. Most online businesses sell for a multiple of its revenue. So if the business has $100,000 profit and sells for a 2.5 multiple, that is $100 X 2.5 = $250,000 and there is a huge demand for decent business now so selling prices are at a premium. Types of business you can start – lead generation, Amazon FBA, drop shipping, blogs with ad revenue and many more.
5: Master Franchising
MF has been called one of the best kept secrets in franchising. Instead of buying one single franchise location, you buy the rights to sell franchises within an entire territory. So you might buy the license rights to 15 locations in your city. You then sell those franchises, maybe opening up one or two yourself, but you keep 50% of the franchise fee, and 50% of the royalties for all those locations in your territory. Its a lot of work at first getting your franchisees ramped up, but once you are operational it can be relatively passive income. Most companies dont advertise their master franchises so you can contact a Broker – like Franchise City – to see what s available.
https://youtu.be/khSJWVYtJh4 Make Millions in Real Estate
https://youtu.be/dsHB2FgKB04 Six profitable Home Business ideas