5 Business that will make you millionaire in 5 years
Almost everyone has this question in their mind how to become a millionaire? Becoming millionaire is not an easy task but there are certain businesses that can help you to fulfill this dream. In this article, we will discuss some proven method and case studies where people became millionaires in very short span of time.
We will not only discuss the businesses but also help you to find out which business you should go for. After reading the article you would be able to decide which one is good for you.
1. Investment in Cryptocurrency:-
What is Cryptocurrency:-
Cryptocurrencies are decentralized digital money which runs over the Internet. It is peer to peer money transfer system which is based on blockchain technology and there is no third-party involved like banks in fiat currency. As per experts sooner or later Digital currency will replace the fiat currency. So If Cryptocurrency is a new word for you please read our other blogs. Digital Currency.
It is an evolving industry which has immense potential to grow your income from $1 to $1000 in overnight. We will show you proof where income has not only grown 500% but 5000% in a just couple of months. Total market cap of this industry has crossed 100 Billion Dollars so far. Now you can imagine how much Scope this business has. We have seen how people became a millionaire in just 5 Months.
Look at this graph it growing like crazy from 15 to 100 only in just 4 months. It seems that you missed the golden opportunity. But that is not true because there is still some currency which will grow more than 1000% in next 2 to 3 years.
The first requirement is that you should know in which cryptocurrency you need to invest. And the second is you need to have enough capital to reach your goal. If you take these two steps correctly then we assure you that you can reach your goal within 5 years or maybe earlier.
1. Case Study
The first case which we are going to discuss is about Ethereum. This coin was initially launched at the cost of .7 cents in the year 2015. And it’s current price is $389 it has grown almost 50000% in just two years. That means if we had invested $2000 at that time we would become the millionaire by now.
Look at this Graph it tells the whole story and the next target for this coin is $2000 in next two years. So if you think you missed this amazing journey you can board now. As per our analysis, this could be the best platform to become a millionaire.
2. Case Study:-
The second coin which we are going to discuss is Stratis. This coin was introduced in the year 2016 and its initial value was .01 cents and its current value is $10. So the total grow is almost 100000%. Have you ever seen such type of grown in any other industry? In this only $1000 was enough to become the millionaire.
3. Case Study:-
The third study is for Ripple a coin which is currently used for the banking sector. This coin helping the bank to transfer fund faster and at the cheaper cost. This coin was launched in the year 2014 at price of .004 cents and it’s current price .32 cents whereas in month May it reached .39 cents. So total growth of this coin is 8000% which means in order to reach 1 million dollars we should have invested $14000.
Here is the growth chart of ripple
4. Case Study:-
Last but not least Bitcoin which is the first decentralized currency. Grown more than any other Altcoins. Bitcoin value in the year 2010 was only .003 cents. But its current value is around $2700. So total grow is around 900000%. So in this coin, only $1.2 was enough to become a millionaire. It takes 7 years but looks at the amount of investment only $1.2. We have never seen any industry which can give you so much high returns in this short term period.
How to review cryptocurrency?
This needs lots of experience your interest and some good websites that will help in your study. In order to figure our which cryptocurrency you should go. Look at the following things.
1 Market capital: – This gives an idea how much capital is invested in the coin. Usually higher the market cap safer would be the coin to invest. But this is not true all the times because now due to too many investors market cap does not give the true picture if the coin is new in the market.
2 Coin Road Map: – This basically provides an idea what is the coin plans and targets. what deadline they have given to their specific task. Until we don’t know the road map it can be quite risky. Because in cryptocurrency there are lots improvements which need to be done gradually. So if road map is there you can estimate the coins growth.
3 Team Management and Developers: – Highly recommended to review before investment. If management and developers are renowned and experienced then it very safe to invest in the coin.
4 Coin Objective: – We should also look at the objective of the coin. E. g Ripple was introduced for faster and cheap fund transfer. Which is pretty obvious if it reducing the cost of fund transfer for the bank. They will definitely opt this technology. if more and more banks opt this then price of this coin will go higher.
5 List of Websites:-
(A) CoinmarketCap: – This is a good website which provides complete statistics of coin including historical price graph, listed exchanges, forum discussion and much other information.
(B) Cryptocompare :- This website provides all the information like coinmarketcap but it also provides vital information like mining and crypto wallets.
(C) Coindesk :- This website keeps you updated related to bitcoin and altcoin news. As we know cryptocurrencies have lots of fluctuation depending on their news.
(D) CoinTelegraph:- It is same as coindesk
How to Invest?
If we want to invest in cryptocurrency the easiest method is to buy through the trading exchange. First, you need to create an account on any of the given exchanges. But we would recommend going for Poloniex.
Now you need to transfer bitcoin from your wallet to the exchange account. Please ensure before investing in Altcoins you must have a bitcoin wallet. Without bitcoin, it would be quite difficult you to buy the altcoins. Because we can not buy all altcoins in other currency but this is possible with bitcoin. If you don’t have bitcoin wallet please read our other blogs to know about bitcoin wallet. And exchanges only deal in Bitcoins.
Select your coin in which you want to invest. Like in this picture we have selected Ripple XRP which is yellow in color.
Once you select the coin. Then you will get the buy and sell price of a coin along with your bitcoin amount. Check out this screen shot.
Now simply enter the number of coins or the total amount for which you want to buy. You can also use this platform for daily Digital Coin Trading.
This business can make you a millionaire in a year with the least investment. Which business has potential to make you a millionaire with $1.2. And Investing is much more profitable than day trading. And in long run profits are inevitable. So I believe this study has answered your question how to become a millionaire? with statistics and proof.
2. Set up e-commerce website:-
What is E-commerce Website:-
A place where buying and selling of goods and services or fund transfer take place over the website through the internet is known as an e-commerce website. Sellers can register their profile and products which they want to sell. On other hand, buyers can create their profile and can buy goods and services.
E-commerce total sales have reached $1.9 Trillion in the year 2017. And as per the experts in next three years, it will surpass 4 trillion. So numbers are enough to understand it’s growth, scope, and future. Due to this competitions are also huge. Now there are too many e-commerce websites in the market. But the interesting thing is that even average website making Millions of dollars.
Look at this Google trend graph how e-commerce has grown in last 12 Months.
Almost 20% growth in last 12 months which is a good sign for business perspective.
1. Market Research and Niche Selection: – it is very important to do a research of the desired market. Because there are too many areas where competition is already high. E.g In retail goods and services there are tons of website which are selling physical products. So if you are moving in this market you may need to face higher competition. Which means you need to be superior in all aspects. Whereas choosing a market which has lower competition can provide you better returns. If you look at Amazon and Alibaba they were started at that time when there was no competition in the market. If they had started their business now they might not have reached this position.
A significant capital is required in this business. Choosing a product, building a website and cost which you need to approach your buyer and sellers. All these expenses come under capital. But as compared to other business here the capital requirement is less.
3. Trade Licenses and Legal Documents: – we need all trade licenses and legal documents which are necessary to run an e-commerce business.
1 Case Study Amazon
Here we are going to see the last 12 years data of Amazon. The graph has an upward trend since 2004. There is not a single dip in an entire decade.
Sales of Amazon have gone from 6.92 Billion to 135.99 Billion Dollars. which is quite surprising. And we will see more in upcoming years. This graph answer our question how to become a millionaire?
2 Case Study Alibaba
The graph is completely positive and has an upward trend. Started from 6.6 Billion Yuan it has reached 158.3 Billion Yuan in the year 2017. So these studies answer itself how to become a millionaire in 5 years.
How to set up an e-commerce business?
1. Decide a Business Structure:-
First, you need to decide the business structure will it be a sole proprietor, Partnership, or a Limited Liability company (LLC). On basis of this, it will be established how the tax would be calculated. And how profit and liabilities will be shared among the partners.
2. Choose a DBA Name:-
“Doing Business As ” or the business name both are the same thing. You need a legal company name which you have to legally register. This is required in your all legal documents and formalities.
3. Apply for Federal Tax ID Number:-
Sole proprietorship with no employees does not need Federal Tax ID. Whereas all other businesses need this through IRS. This ID is also known as Employer tax identification (EIN). This gives business a separate legal identity in state and country.
4. Get Operating Licenses and permits:-
This is basically for upfront stores but this is also mandatory in E-commerce. You need to take the operating license and permit from the government. There lots of forms involved in this process.
5. Set up a website:-
For an e-commerce business, online presence is very important so you need to have a good website where the product can be visible to the customers. This work can be outsourced and they will guide you better in this.
6. Reach Seller: – At the initial stage try free listing but it does not mean that you have to bear any kind of cost. Instead of charging any commission or profit try not to charge the additional cost. There are many ways through which you can reach your seller. Most of the sellers are already listed with other e-commerce companies and they all are connected with one common source which is courier service. It could be illegal but the truth is every company sells the data including Google.
7. Optimize your website: – Outsource this to the third party to optimize your website so that it ranks on Google first page. Once you have sufficient numbers of customer site will rank automatically.
8. Payment Gateway: – Get a trusted payment processor so that your customer and you don’t have to face any problem. Check out the list of payment gateway for e-commerce
9. Sign up with Courier Services: – connect with all the local courier services so that you can make the delivery on time.
So you have seen the growth and opportunity in this industry. If you plan well and have substantial capital than this would definitely help you to become a millionaire.
3. Set up Import and Export Business:-
It is not billion but Trillion dollars industry. Alone USA exports approx 200 billion dollars of goods every month. It’s one of the biggest business which has the highest contribution in Millionaires. Export has a higher hand as compared to import but imported goods are also a higher profitable business.
There is tremendous growth in this industry. Every country had certain goods in which they are leading. E.g China is good in Electronics, Machines, and Furniture. You can go for those goods which have demand in other country and easily be produced in your home country.
This is the export data of US from last 1 year and you can see the exports are around $200 billion.
We were doing the research on coffee import in the US. And results were amazing we found there is huge scope to make money. 90% of the total consumption is being imported outside the country.Look at this statistic These countries are top in coffee exports around the world.
And Columbia is one number one with 1.18 Billion dollars of exports. So if you live in Columbia coffee export can be a good business whereas if you are in the USA then the import will be a better option.
How Start an Import and Export Business?
The legal process for all the business is almost same. so we are not going to cover that part again. you can refer the above case for reference. In import and export, you need an additional license which is called import and export code (IEC). Rest all process remain same.
1. Find your Product:-
First, we need to decide which product we want to go. We should go for that product which we can scale. Like if we can’t bear the cost of manufacturing then we should go for finished goods. And in this case, the import will be the better option.
Don’t forget to do the market research of your product. Check out some vital information in order to ensure that you are not pushing yourself towards hassle and losses. Here are some checklist to avoid any mistake
- How much the demand and supply we have currently for that product?
- How much is the cost involved in importing?
- Is there any restriction in importing these goods?
- Do we need additional certification and license? Like we need in Powerbanks
3. Find a Supplier:-
Once you finalized the product the next step is to find the reliable supplier. For that, you don’t need to visit the other country. Now import and export business has become safe and secure. Following are the website which deals globally.
3. Find a Right Freight Forwarder:-
In this business, a good freight forwarder is very important. Because there are two things which make a lot of difference in holding the clients. First, you make the delivery on time and the cost of goods should be reasonable. And these two can highly affect due to a wrong freight forwarder.
4. Trade license and legal documents:-
To run the business smoothly we should have all trade license and legal documents. This not only allows you to do business but also set up your legal status in the market.
Every business needs capital to start and import and export usually need more than other. Because here you not only need to bear the cost of set up but also the cost of the goods which are going to import. If you are importing and then reselling then required capital would be too huge. But if you are doing only on client’s order then it would be less. Because in that case, you can take 50% advance from the client
6. Online Presence:-
The website gives business a global presence where all the important details are mentioned. like payment terms, delivery times, company terms and policy. It facilitates to the client to get all the details without any interaction. And optimized website gives additional feature where you don’t need to search the client but they search you.
7. Find clients:-
Finding client can be a tough task. There are many things you can do in order to target the clients. Find some import areas to approach the client.
- Participate in the business fair.
- Join all Facebook groups which are related to your niche
- Optimize your website (SEO)
- Run Facebook and other social media ads
- Leaflets distribution
- Join business association
8. Connect with local couriers:-
For domestic delivery, you need to join with all the local couriers. Please ensure to connect with reputed brands only. Timely and faster delivery makes lots of difference in business.
9. Payment Method:-
Incorporate most of the safe payment methods. Because if you provide multiple options to the client then it would help you to increase the rate of your sales. Most of the client has it’s own favorite payment method or in other words, they feel much safer and comfortable with a specific payment method. Following are the payments options
- Letter of Credits
- T/T Wire Transfer
- Documents against Payment (DP)
- Documents against acceptance (DA)
- Cash in Advance
- Open Account
- Documentary Collection (DC)
This business is quite stable and highly profitable but needs a good amount of investment, intense market research, and strategy. But once set up correctly it will give you immense profit. This business must have answered your question how to become the millionaire in 5 years?
4. Affiliate Marketing:-
So far we have discussed many ideas just to find the only answer how to become a millionaire? And almost everyone needs a substantial amount of investment but this one needs lowest of all. And if you know how to drive traffic to a blog and to do sales conversion becoming a millionaire is not a difficult task.
What is Affiliate Marketing?
Selling products and services on behalf of the third party for which they pay you a predefined commission is called Affiliate Marketing. This is the best way to make money through the internet. Neither you need any license nor any physical place or products to sell. And most interesting part of this business is you can make more than you make with physical products.
There is immense opportunity to grow in fact there is no limit of earning. It depends up to you how much you can scale. A professional marketer can make $10000 to $25000 in a month which is not possible in any other business. And if you work hard it takes only one and half year to become a professional affiliate marketer.
This chart gives an idea of last 12 months. The industry has grown almost 35% and chart behavior is upward. Which is a positive sign for future growth? So future is quite bright in this industry and as per experts people who are searching the answer how to become a millionaire? can start their journey from Affiliate Marketing.
We have taken Amazon for our study because they are the top in Affiliate marketing. almost every marketer start his career of affiliate marketing with Amazon.
Growth has almost got doubled in last 12 months. In July 2016 it was on 45 whereas now it is on 99. It’s not only with Amazon but with other affiliates partners too.
How to start Affiliate Marketing:-
Like other business here you don’t need to do any legal registration. And startup cost is also very low. You can start your affiliate marketing business with $500. We will discuss step by step how to set up the business of affiliate marketing.
1. Finding Niche:-
Niche based Affiliate is highly profitable as compared to multiple products website. So first you need to find which product you should go for. Health, Wealth, Relationship, and entertainment these are highly profitable niches which you can go for. But before you select your niche to make sure you should have an interest related to that niche. Because people don’t visit that website where they don’t find interesting content and proper solution. And you can only provide a solution if you have the interest in that field. So highly recommended before selecting a niche.
2. Hosting A website:-
Please ensure to select a domain name related to your niche. E.g we have selected Moneymakingway as we are running a money making website. It gives advantage while optimizing your site in Google ranking. Following things need to check while hosting a website.
- Take hosting from a reputed company only
- The domain name should be niche related or close to that.
- For affiliate marketing, we would recommend going for WordPress. It is very convenient and easy to customize and easy to optimize as well.
3. Content and Problem Solutions:-
Once you host the website you need put some great content. Which provide the solution to the people who look over the internet. If your content is unable to engage the audience changes are you will have lower traffic and probably no sales. Before writing content please ensure to refer Google keyword planner it will help you to understand what people are trying to find over the internet and what best you can deliver them.
4. Website optimization:-
Only great content is not enough you need to optimize your website. For that either you have to higher a professional SEO expert which would be an additional cost. Or you can also do this on your own. But that will take lots of efforts and time. Following are things you have to do
- Link Building
- Keyword research
- Directory Submission
- Guest posting
- Social Bookmarking
5. E-mail capturing and Affiliate links:-
E-mail capturing is altogether a different business strategy but now marketers are incorporating this into affiliate marketing. Because it is a powerful tool which provides you multiple opportunities to promote same or other products of the same niche to the same customer multiple times. whereas this is not possible with the traditional marketing. In email marketing, there is an additional step instead of providing the direct link we offer an Opt-in page to the customer to leave their name and e-mail address. Instead of providing the direct affiliate link. So you can do both ways. If any customer who buys a product from your link you will get a commission.
As we discussed above all points this area is for those who have good learning skills and have a low budget to start their business. Innovative people have a greater chance in this field. And the bottom line is that you need to work only on two things first Drive the traffic and second convert those into sales. If you are able to do these two things we can assure you that you have found the answer to your question how to become a millionaire?
5. Mobile App Development
Developing an app won’t cost you much but you definitely need a great idea to develop a better app. A single app can make you a millionaire in a couple of months. But for that, you need to find an app which your audience needs. There are millions of apps being developed but the only handful are able to grab the markets. Because now people are trying to build the app without even doing a proper study. Check out following points to build and better App.
1. Find the problem of your Audience:-
You first need to study what are current problems mobile users are facing. because that will give you the idea to built a better App. Let us take an example of WhatsApp it actually solves the problem of communication between people across the globe without spending money on expensive calls. So if you know the problem you may build a good app.
2. Structure your Idea into Design:-
Once you know the problem next step is to structure a better design which provides total solution to the problem. Because partial solution means limited growth of your app. Anything which solves one problem and creates second won’t survive in the market too long. So here design should be impeccable. Or to the extent where it can further improve.
3. Hire a Developer:-
When you have all plans are already it’s the time to higher a developer. Please ensure to go this process legally or on a contract basis. Because this way you can protect your plans and idea. Or you can also check how to take copyright of an Idea?
4. Sign-up with Developer Accounts:-
When App is ready then we need to find our audience. For that, we need to register on Google and Apple accounts. Annual Charges are $25 and $99 respectively. But it is the easiest way to get your mass audience. And Registration allows both as a business or individual.
5. Install Analytics:-
This will track total downloads and audience engagement with your app. On basis of the feedback, you can further take action or improve your app. It is very important at the initial phase of the business.
So we have discussed all the five businesses ideas some need huge startup capital and other needless. But the opportunity is available for almost all the 5 ideas. Now you need to review yourself which one is suitable for you. We hope at the end of this article everyone would have found the answer to their question how to become a millionaire within 5 years?