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Businesses with millionaire potential
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Tanapiko Offline
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Businesses with millionaire potential
In 2019, when most people talk about opening a business, they are likely going to talk about the following

FBA amazon, shopify, social marketing, online education ( Tai Lopez and others, udemy courses, etc...), Saas ( software as a service), processing payment solutions

I do not have a problem with these, the reality is that these are all very saturated markets, and the reason is that they have a low entry barrier, anyone with couple of dollars can have a shopify or FBA ready by tonight and start selling stuff by tonight.

I see these businesses as quick fixes, especially if you want to make thousand of dollars/months.

Yet when we look at the really wealthy people, real money is made in the finance industry(banking, investments), real estate, construction, transportation, government contractors and others...

Those are businesses with high entry barrier and solving the different needs in those areas can result in millions and billions in revenue.

The goal of this thread is to provide ideas about high barrier entry businesses for those not only interested at killimg it with women but money too.

For example, coming from Canada, when I travel to a beautiful city like NYC, it seems that nobody has yet found a solution for recycling, the city is dirty, now I am not sure how they manage waste ovet there, but it could be an opportunity?
02-10-2019 10:45 AM
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worldwidetraveler Offline
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RE: Businesses with millionaire potential
How do you plan on getting past these barriers of entry in order to compete?

You will need a lot of money to deal with competition and regulations which is why many people hit up items in list of "Low Barrier". They either don't want to deal with all the bullshit or don't have the capital to get past the endless hurdles.

Quote:I do not have a problem with these, the reality is that these are all very saturated markets, and the reason is that they have a low entry barrier, anyone with couple of dollars can have a shopify or FBA ready by tonight and start selling stuff by tonight.

Opening up a Shopify store doesn't mean success. You still have to get customers and compete with other vendors. These people have more money to throw into actual sales than putting huge amounts of money into just getting a company ready to compete in many of those larger barriers of entry markets.

A Shopify or FBA store is not a market. It may be created to serve a market but it isn't the same thing.

I'm still trying to figure out how SaaS is grouped with Shopify.

Many businesses will have millionaire potential. Even those that can be started with little money. I suggest looking at what market you want to serve first and foremost. This is like the cart before the horse.

Edited to add: The problem some of these companies in low barrier markets tend to run into is not continuing or unable to continue innovation. That is where they run into copycats stealing sales. The higher barrier of entries markets may stop some of that, but I don't see it stopping the people with access to a lot of capital. That is if the profits are there to warrant them to allocate resources.
(This post was last modified: 02-10-2019 03:06 PM by worldwidetraveler.)
02-10-2019 02:53 PM
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Tanapiko Offline
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RE: Businesses with millionaire potential
^^^^ I grouped Saas with shopify because as a software engineer, nowadays it is easy to see just about anyone with a computer background open a Saas business. You have an impressive amount of options for one problem.
02-10-2019 03:04 PM
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worldwidetraveler Offline
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RE: Businesses with millionaire potential
(02-10-2019 03:04 PM)Tanapiko Wrote:  ^^^^ I grouped Saas with shopify because as a software engineer, nowadays it is easy to see just about anyone with a computer background open a Saas business. You have an impressive amount of options for one problem.

I added a edit to the original post that I would say goes towards software companies in general.

The problem some of these companies in low barrier markets tend to run into is not continuing or unable to continue innovation. That is where they run into copycats stealing sales. The higher barrier of entries markets may stop some of that, but I don't see it stopping the people with access to a lot of capital. That is if the profits are there to warrant them to allocate resources.

SaaS falls into that category. That is why you see many of them seeking large investment rounds. Those investments rounds isn't what I would consider low barrier.
02-10-2019 03:11 PM
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RoadTo100 Offline
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RE: Businesses with millionaire potential
First off: are you raising money or self-funding? The businesses you listed sound like the classic make-money-online self-funded business models.

If you want to tackle something big you’re almost certainly going to need funding. Unless you can figure out how to chip off a small piece of the problem to solve first. Is that what you’re looking for?

If so — consider a PhD in a technical field in an area of your interest. Studying recycling state of the art for a PhD will get you a lot closer to coming up with a relevant biz idea than sitting at your laptop working a 9-5 coding gig and dreaming.

For stuff like this, I don’t think there’s a shortcut. Just need to spend time (many years) in the trenches learning an industry inside and out to find original opportunities.

Relevant article from the founder of Y Combinator:

http://www.paulgraham.com/schlep.html

You should read the rest of his blog, he’s got a lot of gems related to coming up with big-potential business ideas.
(This post was last modified: 02-11-2019 02:11 AM by RoadTo100.)
02-11-2019 02:07 AM
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Mig Picante Offline
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RE: Businesses with millionaire potential
(02-10-2019 10:45 AM)Tanapiko Wrote:  For example, coming from Canada, when I travel to a beautiful city like NYC, it seems that nobody has yet found a solution for recycling, the city is dirty, now I am not sure how they manage waste ovet there, but it could be an opportunity?

Buy realestate on every block, build a rear laneway, and then let people put their garbage in the laneway rather than in the street.

It has a high barrier to entry because real estate in NYC is expensive.
02-11-2019 05:44 AM
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TheMaleBrain Offline
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RE: Businesses with millionaire potential
Here is a thought:
Make a business plan for it.
Pick your industry/business. Write it down carefully and look at how to grow it. Take your time thinking about it, reading and interviewing people.

I noticed that the highest return on assets (long turn) is in utilities (power, i recall). That's because there is an extremely high barrier of entry. Read this on one of ‏Michael Porter's articles (he had a list of long turn best ROA industries).

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02-11-2019 06:44 AM
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RE: Businesses with millionaire potential
This is right in the wheelhouse of a book I recently re-read named the FastLane Millionaire by MJ Demarco! He goes on about ideal businesses needing to respect the N-E-C-S-T law attributes to vastly increase the chances of Millions coming your way. These attributes are Need Entry Control Scale and Time! The potential is humongous, especially if they respect Control & Scale.

Myself I will dabble in lead generation this year... which has a low entry level... but from my experience on blackhatworld.com... even bizness minded peeps suffer from Money Making approach anxiety by wanting to make huge money without connecting or talking to anyone & spending no money on ads and celebrating about making $10 on Porn uploading! That's the bulk of your competition on Shopify guys!

I've crushed my Women gettin approach anxiety way back in 2012... and I've got a fantastic mentor... so I'm hoping to jump the line of success in 2019 beside the easyness of Entry & time consuming scaling!
02-11-2019 06:50 AM
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RE: Businesses with millionaire potential
Lead gen or affiliate marketing is THE BEST entry business because it shows you where the money is. Plus it allows you to move onto higher cost of entry businesses like becoming a merchant, traffic source, or network
(This post was last modified: 02-13-2019 02:18 PM by Prince Charming.)
02-13-2019 02:17 PM
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C-Note Offline
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RE: Businesses with millionaire potential
Patent jumping, especially on medical devices. If you patent a device that a medical technology company eventually wants to market either as a stand-alone device or part of a larger product, you can make hundreds of millions of dollars. There are a number of multi-millionaires in the US who did this. I first learned of this when reading the book about Elizabeth Holmes of Theranos. She was sued because her company marketed a product that someone (who happened to be an acquaintance of her parents) had patented years before even though he had no intention of ever manufacturing it himself.
02-13-2019 02:30 PM
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RE: Businesses with millionaire potential
(02-13-2019 02:30 PM)C-Note Wrote:  Patent jumping, especially on medical devices. If you patent a device that a medical technology company eventually wants to market either as a stand-alone device or part of a larger product, you can make hundreds of millions of dollars. There are a number of multi-millionaires in the US who did this. I first learned of this when reading the book about Elizabeth Holmes of Theranos. She was sued because her company marketed a product that someone (who happened to be an acquaintance of her parents) had patented years before even though he had no intention of ever manufacturing it himself.

Agree, but the problem with this is that the up front cost of filing a bunch of solid patents internationally can run into the hundreds of thousands, especially if you don't know what you're doing.

There a many companies with millionaire potential. The guy that owns the company that paints the lines on the road in my town just bought a new Lambo.
02-13-2019 04:10 PM
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Savonarola Offline
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RE: Businesses with millionaire potential
Drycleaning.
Buy a franchise and work sixty hour weeks. Invest maybe $30,000 total.
Supposedly this has made more millionaires than any other field.
02-13-2019 10:28 PM
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Laner Offline
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RE: Businesses with millionaire potential
One of the wealthiest men I know started out by finding under serviced product manufacturing. He started with dumpsters as they are universal and get shit kicked so are always needed to replace current ones. This got him some tooling and he eventually expanded into chrome tubing for things like tractor units. From there he bought his industrial land, bought other cash flow real estate, developed multi family, got into automation and robotics, then golf courses to sell his real estate on the golf course that he built, and on and on.

But millionaire status is not that hard to do. I know plenty of welders, plumbers or even small scale industrial electricians who make $500k a year and worth well over a million before 30. But these take a lot of hands on work. 5am wake ups and seven days a week which not many 'men' are willing to do these days.
02-14-2019 04:38 PM
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Tanapiko Offline
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RE: Businesses with millionaire potential
@Laner that is some good intel bro, the fact is almost every industry is prone to make millions, and I feel like most people want to be in "sexy" businesses. Not everybody would be down to start out with dumpsters as a business
02-14-2019 04:57 PM
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RE: Businesses with millionaire potential
(02-10-2019 10:45 AM)Tanapiko Wrote:  For example, coming from Canada, when I travel to a beautiful city like NYC, it seems that nobody has yet found a solution for recycling, the city is dirty, now I am not sure how they manage waste ovet there, but it could be an opportunity?

You're correct in identifying some very saturated markets. Even at its peak being an Amazon affiliate was never going to make anyone a millionaire; ditto for YouTube and other online hustles that too often amount to e-begging.

As for your idea about recycling, this probably isn't a NYC-specific situation. Where have you identified anyone making millions off of recycling? If you mean waste removal generally, that market is pretty much cornered already in every city. It would take some serious political weight as well as capital to get involved there.

Recycling is usually about politics of a different sort since most of what gets recycled isn't worth recycling, with the exception of aluminum and maybe a few other items. Glass is already cheap to make and newspaper is working its way out of existence with each baby boomer obituary. Sure, we will all hear about the benefits of recycling as a matter of social conditioning, but the question is whether the metrics demonstrate that recycling is more cost effective than raw production, absent tax incentives or artificial inducement.

If you're looking for ideas, you need to identify genuine demand versus what seems like a good idea. Check Google Trends to see what people are searching for and go from there.

To be sure the best paths will involve female consumers and anything that spins their hamster, speaks to their vanity or paces their conditioned social interests. This is what the recent Gillette ad was trying to tie into, although it backfired miserably.

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02-14-2019 05:50 PM
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worldwidetraveler Offline
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RE: Businesses with millionaire potential
(02-14-2019 05:50 PM)SlickyBoy Wrote:  You're correct in identifying some very saturated markets. Even at its peak being an Amazon affiliate was never going to make anyone a millionaire; ditto for YouTube and other online hustles that too often amount to e-begging.

Those aren't markets. They are distribution channels.
(This post was last modified: 02-14-2019 05:56 PM by worldwidetraveler.)
02-14-2019 05:54 PM
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SlickyBoy Offline
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RE: Businesses with millionaire potential
True, but they've pretty much cornered the markets they distribute.
Amazon with respect to retail consumer goods, and YouTube with respect to video content.

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(This post was last modified: 02-14-2019 06:17 PM by SlickyBoy.)
02-14-2019 06:16 PM
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worldwidetraveler Offline
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RE: Businesses with millionaire potential
(02-14-2019 06:16 PM)SlickyBoy Wrote:  True, but they've pretty much cornered the markets they distribute.
Amazon with respect to retail consumer goods, and YouTube with respect to video content.

Right, but Amazon and Youtube shouldn't be looked at as businesses themselves. I understand people are selling those types of ideas and maybe that is why people consider them businesses. It's marketing bullshit.

Amazon and Youtube are big search engines now. I wouldn't discount them just like I wouldn't discount Google.

It all depends on who you are selling too and what you are selling. Use them to access customers and get those customers into your sales funnels.
(This post was last modified: 02-14-2019 06:47 PM by worldwidetraveler.)
02-14-2019 06:46 PM
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the.king Offline
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RE: Businesses with millionaire potential
(02-10-2019 10:45 AM)Tanapiko Wrote:  Yet when we look at the really wealthy people, real money is made in the finance industry(banking, investments), real estate, construction, transportation, government contractors and others...

A lot more of the world's current billionaires generated their wealth in traditional fields (finance, retail, fashion, food & beverage etc) than technology.

I think people are obsessed with the idea of earning big money/value with limited upfront effort, eg make an 'online business' without leaving your home. Or 'fuck your boss, make a 'startup' and be a billionaire by age 22'. Learn this secret PUA technique and be able to attract any girl you see in seconds etc. Its why casinos, theft etc are so common for centuries. Short term thinking by the sheep.

I see a lot of kids obsessing with 'innovating', 'disrupting', becoming an 'entrepreneur' etc and more often than not there is no business sense in what they're saying.

I think the most likely path to being a millionaire is to go for an established industry, and try to outperform existing competition, through technology or otherwise.

Of course like you say this path has high barriers of entry, ie you'll need to pay upfront - either your time or money.

Examples would be to study law, pass the bar, gain 5 years of experience, and open your own law firm. Or accounting practice/consulting firm. Or open a restaurant/furniture store etc.

A good real life example is the Dollar Shave Club. It was founded in 2011, as a company selling razors. In 2016 they were acquired for over 1b USD. Selling razors for me is as basic an idea as it gets.


An idea I want to pursue when I have the cash is to invest in apps. Pay developers to create apps (which I will own) and sell them in the apple/samsung app stores. I like this idea, it seems pretty neat/clean and extremely scaleable. Of course up front cash needed would be significant.
(This post was last modified: 02-15-2019 06:00 AM by the.king.)
02-15-2019 05:56 AM
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RE: Businesses with millionaire potential
(02-15-2019 05:56 AM)the.king Wrote:  A lot more of the world's current billionaires generated their wealth in traditional fields (finance, retail, fashion, food & beverage etc) than technology.

I don't disagree with the bolded, I'd like to point out though that tech catapults those billionaires to the highest end of the spectrum. Just look at the top 10 companies, how many are tech vs traditional?

We are digressing really, most people would be happy with a few million never mind a few billion.

But getting back to the topic, it isn't that difficult really. Just buy RE in a major Western city somehow and hold for 50 years. Boom millionaire. That's not what most guys are aiming for though.
02-15-2019 11:49 AM
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RE: Businesses with millionaire potential
Online Tai Lopez & Keala Kane surfing on Google, Facebook and Amazon waves with affiliate online marketing with their competitors eBay, BestBuy and Walmart are attractive but these guys are raking in millions saturating the markets with new disciples - so their biz model is to constantly find new LBE low barrier to entry biz models to teach their minions to exploit until the next new thing emerges - lately Tai has shifted from pushing his SMMS Social Media Management Service for small businesses and high profit cosmetic medical/dental services - to Credit Hacks Secrets to raise millions in Credit Lines and bouncing Cards for best bonus points and travel the world living a luxe lifestyle on free bonus points.

Things that will always be in local demand and pay quite well...

Upscale Market Painting Services Interior and Exterior - the typical job is $10K to $50K high end residential... avoid developers(crooks) who want you to wait till they sell the home and you have to chase them to be paid. I worked in an upscale area with a guy who did excellent work but wanted to sell the company so he could go smoke pot on his sailboat with his FWBs.

Home-owners Pay 50% down before work starts and then he gives an invoice that the job is half done another 25% and then final payment (25% Profit) due upon completion. You need to be meticulous and keep the job sites pristine when you leave every day - he had a lockable Motorcycle enclosed trailer for all of his gear that he used a heavy motorcycle style lock to a tree on the job site. You start as lead painter project mgr and pay yourself by the hour as Sr Painter at least $25 to $50 per hour depending upon your markets... You only buy new equipment as you get new jobs. His best workers were college kids and single women who like to paint and work with their hands - some females specialize in high charge skills like Wall stencils and wallpapering as well as they are more time-consuming lining up stencil and paper seams.

This is easy work and as you get good with lucite water based and also oil-based paints, sprayers, and tools you get more work - dirty secret is the best way to get new work is to network in the various protestant churches in these upscale neighborhoods as all the Milfs and Gilfs all have "honey do" work they want to be done BUT DO NOT WANT People they do not trust on their properties (Illegals) as they do not want all their heirlooms (Antiques, Paintings, Silver and Coin Collections or Jewelry boxes Stolen). If you can be honest and hire college kids and women from the area and not illegals you can knock down $250 to $300K per year he almost always had a waiting list backlog of $200K to $300K - a lot of guys get into sundecks etc and use local check cashing services to keep their cash outside the system and buy gold and silver, stash fresh blue benjamins and ran "Pot/Weed" delivery service to the Chruch ladies in the winter time when things were slow and he had some milfs that needed a pump. He claimed he had not paid taxes nor withholdings in more than 10 years and every one of his workers were subcontractors paid cash under the table. So no employees - no witholdings.

You can stash a few million in 10 to 20 years - not get rich quick but better than mind-deadening cubicle commando work.

Pot Weed delivery service to Country Club Church Ladies (C3Ls) - he was friendly with most of his painting customer Country Club Church Ladies who all liked to get high and many phock him silly - surprising how many have husbands with mistresses and do not want to divorce their high powered exec/lawyer husbands so find their own man-toys handymen who do "honey do" tasks and get paid cash and a bang bonus - bishes that do not want to be seen as Winey Clotch Drunks prefer their high-end Pot to be delivered to them discreetly for double/3X what he paid and it is now LEEGAL. Again these are all Cash up front and cash talks and bull shit walks businesses - rarely would he be stiffed by a bad divorcee who wanted their house painted to sell it and then he would file a mechanics service persons lien and they could not sell the house until he got paid and signed a release for the title company and often charged 10%+ interest for making him wait to be paid - as he NEVER started a job unless he was paid 50% up front this rarely happened - also many women would pay 50% upfront to get on his waiting list as he sometimes had 3 or 4 months work scheduled in advance so if you are presentable and respectful and do painstaking work this is a lucrative. Keep your secrets to yourself and do not network with local competition as they will be the first to underbid you and rat you out to gov agencies.

Sherwin Williams shop owners are super knowledgeable and will front you paint and supplies on credit and wait to get paid when you finish the job rarely more than 2 to 4 week. It is an old cliche most painters are alcoholics or drug addicts so if you can stay straight and get your work done on time you will become a millionaire in 10 years or so.

Another business is painting working-class homes and firewood delivery in middle/upper-middle class neighborhoods - again paid up front even with a square credit card reader on your smartphone - here is where you drive to the local Lowes or Home Depot with a clipboard and raise 2 3 or 4 fingers to hire illegals day laborers to strip paint and prime and finish paint and or split/stack firewood and pay them cash UTT the end of everyday $15 to $20 hour and charge $40 to $50 per hour plus or more padded into the cost of the jobs for the services provided. Again 50%/25%/25% upfront cash flow and as you find a reliable crew of illegals some folks buy a rental house and house their crews with fair rents and have a long term cash flow and since you are on different job sites on an unknown schedule except to you then it is hard for ICE to raid you as long as you do not get drunk at the bar and brag about your rackets...

This is how the average guy really gets rich slowly in Socialist Phuck You Whitey Predatory Taxation America - it is what it is.

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(This post was last modified: 02-15-2019 04:54 PM by Deepdiver.)
02-15-2019 04:39 PM
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DonnyGately Offline
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RE: Businesses with millionaire potential
The best two are probably money mgr or auctioneer, but those require skills not everyone have but many of them can be learned.
02-15-2019 04:42 PM
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RE: Businesses with millionaire potential
(02-13-2019 10:28 PM)Savonarola Wrote:  Drycleaning.
Buy a franchise and work sixty hour weeks. Invest maybe $30,000 total.
Supposedly this has made more millionaires than any other field.

This is because it's not only clothing they are laundering.
02-21-2019 11:26 AM
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RE: Businesses with millionaire potential
(02-15-2019 05:56 AM)the.king Wrote:  Examples would be to study law, pass the bar, gain 5 years of experience, and open your own law firm.

I'm assuming you just listed a bunch of ideas in areas where you have no experience.

Ok, brainstorming is fine, but I think he's asking about millionaire potential in terms of potential revenue, not debt. In America at least, going to law school and hanging a shingle is an unbelievably inefficient (read: impossible) way to make any money at all, let alone become a millionaire. This is particularly true when student loans are factored into the plan.

Whoever told you this was a good idea graduated three or four decades ago and probably didn't start without some kind of a leg up. Even then they're probably exaggerating whatever success they managed to earn as a true solo practitioner.

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02-22-2019 07:52 PM
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RE: Businesses with millionaire potential
(02-22-2019 07:52 PM)SlickyBoy Wrote:  
(02-15-2019 05:56 AM)the.king Wrote:  Examples would be to study law, pass the bar, gain 5 years of experience, and open your own law firm.

I'm assuming you just listed a bunch of ideas in areas where you have no experience.

Ok, brainstorming is fine, but I think he's asking about millionaire potential in terms of potential revenue, not debt. In America at least, going to law school and hanging a shingle is an unbelievably inefficient (read: impossible) way to make any money at all, let alone become a millionaire. This is particularly true when student loans are factored into the plan.

Whoever told you this was a good idea graduated three or four decades ago and probably didn't start without some kind of a leg up. Even then they're probably exaggerating whatever success they managed to earn as a true solo practitioner.

I live outside of the US.

To be honest with you I don't see how starting a law firm in the US can put you in significant debt? The main expense of an advisory firm is salaries (variable cost). It's not a capital intensive business, ie you don't need the kind of up-front capital you'd need to start a real-estate business or even something like a restaurant. I understand someone opening his own firm and not earning enough, but I don't see any huge risk of going under?

Starting your own law firm (at least where I come from) requires minimum starting capital - monthly rent of office space, a laptop, business cards, relevant licence costs, and thats about it.

I don't know anything about tuition fees in the USA but getting a law degree from a UK university is not a big deal.
(This post was last modified: 02-23-2019 08:22 AM by the.king.)
02-23-2019 07:47 AM
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