The following businesses have the potential to make $1 million the first year of operation. Location and dedication play a part in the success.
1.Cash in Collectibles: The franchised Vintage Stock stores sell new and vintage music, DVDs, comics, game cards and more. Many frnachisees exceed sales of $1 million. See vintagestock.com to learn more.
2. Handyman Agency: You can start a business linking homeowners with home repair and remodeling contractors. Handyman Connection’s average franchisee generates sales of $766,000 a year and 18 franchisees make more than $1 million a year. Check out handymanconnection.com.
3. Become A Franchisee: Franchises provide more than a trillion dollars a year to the economy and many first-time franchisees generate revenue or sales greater than $1 million a year. Visit franchise.org (the website of the International Franchise Association) to learn more about franchising and to check out more than 5000 franchisors.
4. eBay PowerSellers: PowerSellers are those who consistently make $20,000 a month and more through eBay sales and auctions. There are PowerSellers who make $150,000 a month. Check out eBay Strategies by Scott Wingo, (Prentice Hall), eBay PowerSeller Secrets by Debra Schepp and Brad Schepp (McGrawHill/Osbourne) and Skip McGrath’s How To Start and Run an eBay Consignment Buisness (McGrawHill).
5. Buy and Sell Homes.
Two brothers from Tucson, Arizona, have made more than $12 million in one year buying and selling more than 140 homes. They are part of a franchised network, HomeVestors, that invites you to start your own business in real estate.
6. Real Estate: Deborah Niles made $1.5 million her first year out and started with $0. Her company, Key 2 Chicago, is now a leading corporate housing company. Visit key2chicago.com to learn more.
7.Visual Communications Franchise: Check out alphagraphics.com. Their franchisees have average annual gross sales of more than $1 million a year.
8.Import / Export Empire: If you find the right product to import from a cheapie source, you can make a mint selling it to shops, flea markets, online, etc. Looking for information to start your import/export empire? Don’t forget the U.S. Small Business Administration. Visit www.sbaonline.sba.gov or call 800-827-5722 to learn about their many programs in International Trade and the Export Working Capital Program. You should also contact the U.S. Department of Commerce via their site: www.doc.gov or call 202-482-2000 to learn more about their U.S. Export Assistance Centers.The Export-Import Bank (EXIMBANK) is an independent federal government agency that provides export financing to large and small businesses. Call them at 202-565-3900. For more on specific EXIMBANK programs call their hotline at: 800-565-3946.
9. Buy A Business: Check through opportunities listings and consider buying a business that already generates sales of more than $1 million a year.
10. Market Your Invention: Do you have a million-dollar idea? If you think you do, conduct your own due diligence search to find out if anyone is doing something similar. If no, consider going for it. There are dozens of books to help you. We like everything from Nolo on inventing, especially The Inventor’s Notebook. Check it out at nolo.com.