Here’s how 12 entrepreneurs have leveraged recent changes in technology, consumer behavior, and the growing influence of social media marketing to build multi-million dollar companies.
Learn from their success and adopt their strategies to increase your profits beyond the coveted million mark.
12 Ideas for the Million Dollar Business
- Rely on products with the golden trifecta
- Optimize an existing product
- Start a brand made for social media
- Build your business around a purpose
- Dropshipping trendy products
- Start a home business and scale it
- Start an AI-powered business
- Sell products with private label
- Package your skills into an online service
- Create an online course
- Start a YouTube channel
- Ideas for the million-dollar business with subscription revenue
1. Use products with the golden trifecta
Starting a million-dollar business isn’t a matter of luck; it’s about developing a growth strategy.
This is also demonstrated by the example of Emily Chong and Nathan Chan, turkey email list the founders of the lifestyle brand Healthish . They created an elegant water bottle with hydration reminders at time intervals – a simple but innovative product that has generated thousands of sales and positive reviews.
As founders, Emily and Nathan advocate a careful selection process when choosing products before launching your business. They recommend looking for a “golden trifecta” of product features that will enable you to grow quickly.
This is what the trifecta looks like:
First, the zuckerberg family find a lightweight product that is easy to handle and inexpensive to ship. This lowers operating costs and makes the product accessible to a wider customer base. For Healthish, choosing a water bottle fit this criteria perfectly.
Second, choose products with high perceived value but affordable production costs. This balance is critical to maintaining healthy profit margins . After conducting customer and competitive research, Healthish found that many people are willing to pay a higher price for water bottles with design elements that set them apart from the average bottle.
Third, look for products that are trending on social media . A visually appealing product can significantly increase your online presence and sales. Healthish describes visual appeal as a “game-changer” for selling on social media.
When these three factors come together, burkina faso leads you have a product that is not only easy to ship and cost-effective to produce, but also appeals to customers.
2. Optimize an existing product
As Healthish’s water bottle shows, innovation doesn’t always mean creating something completely new. Sometimes it’s about improving an existing product. That might mean adapting a design to suit a target audience or introducing a product to a new market segment.
For example, City Seltzer began as a promotional drink designed to provide non-alcoholic beverages to festival-goers at a craft beer festival. After the non-alcoholic seltzers became so popular, brewery owner Josh McJannett realized that creating a non-alcoholic product offered access to a “whole new world of customers.”
Alice Kim, on the other hand, used her personal experiences to identify a gap in the lingerie market. She founded PerfectDD , a specialized clothing brand, after she was unable to find a comfortable and flattering bra.
“When I learned that the average bra size in the US is 34DD [75E in European size] and millions of women struggle with the same problem, I was inspired to create a solution,” she says.
3. Start a brand that is made for social media
Direct marketing channels like social media, email, and SMS can drive significant growth for your business at an affordable price. Check out how Vitaly Jewelry , a Toronto-based brand, used direct marketing to build their reputation and gain the attention of celebrities like Grimes, Post Malone, and Billie Eilish.
After experimenting with paid ads, Vitaly redirected his budget to organic social media marketing campaigns, such as a sweepstakes that generated 55,000 email signups and $500,000 in sales.
Joe Cornfield, President of Vitaly, attributes his success in direct marketing to using conversational commerce tactics and collaborating with niche influencers:
“[We] really position ourselves in a niche and find the influencer or content creator who has a strong affinity in that area and work directly with them.”
Vitaly asks qualitative questions to assess the success of his direct marketing content:
- Do customers tag us on social media with the logo that represents the brand?
- What is the feedback from engaged members of the social media community?
- What is the feedback from customers?
4. Build your business around a purpose
A business can thrive when it’s focused on supporting something that people already care about. Could you capitalize on the demand that already exists around popular events like sporting events or family gatherings?
The wedding industry, for example, is worth over $ 175 billion globally . Take advantage of consumer spending by opening an e-commerce website that sells trendy wedding products. Even if you capture just a small portion of the market, you can build a multi-million dollar business.
Companies can not only use events for their own benefit. Aligning your company with ethical or moral obligations can also resonate with consumers.
SendAFriend, for example, has built its business around spreading love and positivity.
Founder Tyler Macke started with the idea of creating a company that would allow people to surprise their loved ones and developed his plush toy care package service. The brand’s bright blue boxes are designed to create a moment of joy when customers receive them.
5. Dropshipping trendy products
Dropshipping is a business model that offers the opportunity to create a website that can generate millions of dollars in business with a small investment. Instead of paying upfront for inventory, your dropshipping supplier charges you for products when they are sold. Then it is the supplier’s responsibility to pick, package, and ship the items to customers.
Once you’ve found a dropshipping supplier, the goal of your business is to reach potential customers. You can do this through an online store or through social media.
Let’s take the example of eBike Generation, a successful dropshipping company. Founder Jason Kraft took advantage of the growing trend of e-bikes and built a thriving online store in an e-bike niche. He started by dropshipping products from various suppliers. As the business grew, he decided to focus on high-priced items. This turned his idea into a million-dollar business with a relatively small number of sales.