10 New Business Ideas With $1M Potential

Only half of all small businesses survive past the 5 year mark and under a third of them survive past the 10 year mark. How can you be in the top 30%? The key is a sustainable and profitable business idea that will carry you through the ups and downs of the economy.

Explore 10 business ideas with the potential to earn $1 Million a year all in growing industries with large markets. These are not the typical ideas you have heard before. This is fresh innovative thinking to help you launch a business that can stand the test of time.

Every Business Needs Three Core Elements

Every successful business needs three core components:

1. A problem
2. A solution to that problem
3. A way to monetize Solution

Lets break down each idea using these three elements so you can start planning your next move.

1. Financial Services for Digital Nomads

Problem: Digital nomads who live and work all over the world often struggle with taxes bank accounts and financial planning while moving from country to country. Managing finances across borders can be overwhelming.

Solution: You can offer services that help digital nomads manage their financial needs including tax management expense tracking retirement planning and banking tips. This could be in the form of an app agency or service where you hire financial experts to assist.

Opportunity: There are about 40 Million digital nomads worldwide. Even if you are not an expert you can build a system and outsource the expertise.

2. AI Spreadsheet Solutions for Data Preservation Companies

Problem: Data companies handle vast amounts of complex information daily. Managing this data manually using spreadsheets can be both time consuming and prone to errors.

Solution: Develop AI tools that automate the creation and management of spreadsheets. You can also offer done for you spreadsheet services or provide courses teaching businesses how to automate their data management processes efficiently.

Opportunity: This is a $349 Billion industry and businesses in this space need to streamline their data handling processes.

3. Accountability Coaching for Solopreneurs

Problem: Solopreneurs have many tasks to juggle and often struggle with self discipline.

Solution: Create a coaching service that helps solopreneurs stay on track. Offer coaching habit tracking and a supportive community to keep them accountable. You can offer coaching packages that span six months or more.

Opportunity: You can get certified as a coach online at a very low cost and start building a profitable coaching business. Coaches can charge significant fees, just look at successful examples like Brooke Castillo who makes around $35 million annually.

4. Lead Generation for Agencies

Problem: Agencies need a constant flow of clients which can be difficult to generate.

Solution: Develop a lead generation service that helps agencies find new clients using methods like targeted ads, social media referrals and lead magnets.

Opportunity: If you master lead generation for other businesses you can apply the same principles to grow your own agency. Lead generation is a critical need for every business.

5. Community Management for Online Businesses

Problem: Since 2020 there been a massive shift to online business with many entrepreneurs and coaches needing help managing their communities on platforms like Facebook, Discord and Shopify.

Solution: You can step in and help businesses grow and manage their online communities. Services could include member support, event planning, community moderation and growth strategy development.

Opportunity: With the rise of online businesses community management is in high demand.

6. Client Acquisition Agency for Home Service Businesses

Problem: Home service businesses like plumbers, electricians and landscapers struggle to find a steady stream of clients.

Solution: Help these businesses acquire clients through local SEO, paid ads, phone call outreach and other marketing techniques. This can lead to long term contracts and a predictable income stream for both you and your clients.

Opportunity: Home service businesses are always in demand and you can scale this business easily by operating remotely with low overhead costs.

7. High Ticket Tutoring for Competitive College Admissions

Problem: Wealthy parents want their children to get into prestigious universities but often their kids need extra help to ace standardized tests and write impressive application essays.

Solution: Become a specialized tutor for college admissions focusing on standardized test prep and application essay coaching. As you grow you can hire additional tutors under your business.

Opportunity: High ticket tutoring can generate substantial income especially when you begin scaling by hiring other tutors.

8. 20 Day Habit Change Concierge

Problem: Many people struggle to create and maintain new habits.

Solution: Create a concierge service that offers customized plans to help people change specific habits such as diet ,exercise, productivity or hygiene. Offer ongoing support through check-ins, progress tracking and coaching.

Opportunity: If you are a life coach or someone skilled at motivating others this business could be a great fit helping people achieve their personal goals.

9. DMCA Takedown Business

Problem: Artists creatives and businesses often face difficulties protecting their digital assets from copyright infringement.

Solution: Start a business that monitors the web for copyright violations helping clients request the removal of infringing content. You can offer monthly Digital Millennium Copyright Act takedown services for clients like photographers, ecommerce, businesses and musicians.

Opportunity: This is an essential service for anyone whose intellectual property is at risk of being stolen and many will pay to protect their creations.

10. Eco-Friendly Children Toy Subscription Service

Problem: As children grow they constantly need new toys but there are limited sustainable eco friendly options available.

Solution: Provide a subscription service for eco friendly nontoxic and educational toys. You can rotate toy selections to keep children engaged while promoting environmental responsibility.

Opportunity: As awareness of environmental issues increases parents are seeking sustainable options for their children.

BONUS IDEA: Remote Customer Service Support for E-Commerce Businesses

Problem: E-commerce businesses struggle with customer support and hiring inhouse staff can be both costly and time consuming.

Solution: Provide remote customer support services with a team of real people who handle inquiries process orders handle returns and offer basic troubleshooting.

Opportunity: Customer service is a critical need for ecommerce businesses. By offering this service remotely you can scale the business easily focusing on platforms like Shopify.

Find Your Motivation to Succeed

As Mark Cuban said "The first million is the hardest." Once you hit that milestone the process becomes easier because you know what works. The key to success is scaling operations and finding the right motivation behind your business idea.

Whether one of these ideas resonates with you or you come up with your own get clear on your why. That motivation will drive you when the going gets tough. These ideas represent viable opportunities to make your first million in a year. What are you waiting for? Its time to start building a business that can change your life!