The idea that most small business owners are millionaires or that most millionaires are small business owners is not confirmed by the facts. In reality, only a small percentage of small business owners would be affected by the change in the tax rate of millionaires. Knowing how to get rich is an essential component of being a wealthy business owner, and it is important to invest the time in learning how to manage your company's money to increase your profit margins and keep more money for yourself. Financial services, such as accounting, bookkeeping and tax preparation, are in high demand, even when the economy is not performing well.
According to 35.7% of respondents to the World Wealth Report, financial services were one of the sectors most likely to create millions. With around 75 million Baby Boomers in the U. S., and with Generation X projected to outnumber the Boomers by 2028, there is a lot of money to be made in businesses that help the elderly. Caring for the elderly can include anything from running errands, doing household chores, paying bills, transportation, and just keeping people company.
If you have experience in successfully starting and managing a business, then you should consider starting your own business consulting where you can provide aspiring business owners with your knowledge and experience. Investment and trading opportunities are also plentiful. With an investment firm, you could invest in anything from commodities like oil, gold and bitcoin, to stocks and bonds. Forex trading is another profitable business idea, although it is risky.
It takes determination, trust and commitment to become a millionaire, but the rewards are well worth it. According to the book The Next Millionaire Next Door, business owners tend to have a higher net worth than those who work for others. Entrepreneurship is a manifestation of the American dream; anyone with the right idea and hard enough work can succeed. However, it is not reasonable to think that you have a great chance of becoming one of them as well as a billionaire; 90 percent of startups fail (although this number misrepresents actual statistics). Even so, it is true that most companies fail, even if they barely constitute the majority.
Entrepreneurship can make you rich in more ways than just materially. Some qualities and abilities can be acquired if you are a conscious person who is willing to change and take action. Melissa Houston, CPA, is a financial strategist for CEOs who helps successful business owners increase their profit margins so they have more money in their pocket and increase their net worth. You can use your judgment to see which business idea and which management team are likely to succeed; legal services don't come cheap and operating costs are usually low. Sure, becoming a millionaire is possible for some entrepreneurs out of 28 million small business owners in the United States; however it's not the only way to get rich. Communication businesses are also profitable; building tools like Slack, selling or repairing smartphones or starting a call center are all viable options.
Small Business Trends is an award-winning online publication for small business owners, entrepreneurs and those who interact with them. Your company could go extinct tomorrow so be aware of your company's vulnerabilities and continue to evolve as conditions change. However, if you're looking to start your own business consider the following 25 business ideas that are sure to make you a millionaire in just five years: financial services; caring for the elderly; business consulting; investment firms; forex trading; legal services; communication businesses.