Are you looking for where to invest $1,000,000 for guaranteed income? If YES, here are 50 best businesses to invest 1 million dollars for guaranteed income.
Starting a business is one sure way of becoming wealthy and if you are already wealthy, then for you to maintain your wealth and grow it means that you must be ready to start a business, if you don’t have one already.
No doubt, if you have 1 million dollars, you are considered to be rich even if you won the money in the lottery. As a matter of fact, if you have one million dollars in your account, you are qualified to become an accredited investor, and that of course will open more business cum investment doors for you.
According to Wikipedia, an accredited or sophisticated investor is an investor with a special status under financial regulation laws. The definition of an accredited investor (if any), and the consequences of being classified as such, vary between countries.
But generally, accredited investors include high-net-worth individuals, banks, financial institutions and other large corporations, who have access to complex and higher-risk investments such as venture capital, hedge funds and angel investments.
There are loads of high yielding businesses that you can start with 1 million dollars and here are 50 best businesses to invest 1 Million Dollars on;
50 Best Businesses to Invest 1 Million Dollars for Income
One good business you can start with million dollars especially if you are interested in the hospitality industry is a bed and breakfast. A typical bed and breakfast is a small lodging accommodation that offers overnight accommodation and breakfast to guests that lodge there.
Asides from breakfast, they usually do not offer other meals. Normally, people that run bed and breakfasts make use of their private homes or their family homes. The average bed and breakfast has 6 rooms, but generally, bed and breakfasts operate 4 to 11 rooms within a facility.
A biotech company is another business idea that someone with one million dollars can successfully start in the united states of America. Companies that operate in the Biotechnology industry make use of living organisms or molecular and cellular techniques to provide chemicals, food and services that meet human needs.
It is indeed a profitable venture to invest in as there are several fields that need the input of biotech companies like; medicine and pharmacy, agriculture (hybrid food production, hybrid bird production and hybrid animal production et al.); and non-food industries (the production of biodegradable plastics and bio – fuels et al).
- Start a Car Dealership Business
Another good business that an entrepreneur with one million dollars startup capital should consider starting is a car dealership business. Car dealership companies sell both brand new and used cars and they may fall in any of the following niche areas; brick and mortar car dealerships, online used cars dealerships, locally produced car dealerships, imported car dealerships, luxury car dealership business and multi – brand car dealerships. With 1 million dollars, you are sure of having some of the finest brands of cars in your garage.
- Start a Chemical Manufacturing Company
One the businesses you can start if you have one million dollars is a chemical manufacturing company. Chemicals both organic and inorganic are major raw materials in many manufacturing companies; and there are loads of products and manufacturing plants that depend on different types of chemicals. The petrochemical, pharmaceutical and food processing industries can safely be classified under the chemical industry. It is important to state that the chemical industry is a very delicate industry hence proper training is required if you want to start a business there. You would need chemical handling permits and other relevant permits before you can be legally allowed to go into the production of chemicals and chemical related products.
- Start a Cosmetics and Beauty Products Manufacturing Company
A cosmetics and beauty products manufacturing company is yet another viable business idea that an entrepreneur or investor with one million dollars can successfully start in the United States. Cosmetics and beauty products are used in all parts of the world and those that are in the business of manufacturing these products are known to generate sales year in year out if the business is properly managed. As a matter of fact, economic downturn hardly affects the consumption of cosmetic and beauty products because it plays a major role in our daily living.
If you have a million dollars, then one of the training related businesses you can start is to open a flight training school. Before launching a flight training school business, you should consider how to obtain the different types of aircrafts you need to run the school. The options available are outright purchase or leasing; outright purchase is usually more expensive than leasing. You will also have to decide how many crafts you should start with, bearing in mind that the higher the number of aircrafts and professional flight instructors your business owns, the more earnings your business makes. The aircrafts have to be well maintained, so that you could enjoy a high turnover. You could decide to contract the maintenance out, or hire your own maintenance staff, which could prove more expensive for your start-up business initially.
A holding company is one good business idea an investor or entrepreneur with one million dollars can successfully start. A holding company is a company whose interest is to buy and own the stocks (shares) of other companies with the aim of getting returns on their investment and also controlling the affairs of the company. As a matter of fact, holding companies serve as investment vehicles for investors. Holding companies do not go through the stress of starting a business from the scratch, they are specialists in buying over a company that they know has the potential to make profits not only in the short run but also in the long run. Please note that You will need a large financial base (working capital) if you truly want to successfully run your own holding company and you will also need investment experts to be part of your team.
- Start an Internet Services Provider Company
With one million dollars, you can successfully start a standard internet service provider company. Internet service providers (ISPs) make use of wired infrastructure to provide clients with internet access and related services such as web hosting, web page designing and hardware or software consulting related to internet connectivity. Aside from telecommunication companies, ISP companies may also lease out capacity on their networks to support the network infrastructure of other companies (i.e. backbone services). This is a profitable business to invest in because there is a huge global market for the services rendered by Internet Service Provider (ISP) companies.
- Start a Limousine and Town Car Service
A limousine and town car services company is no doubt one profitable business that someone with one million dollars can start. Limousine and town car services provide an array of specialty and luxury passenger transportation services, usually on a reserved basis. This type of business is considered capital intensive, and you may not breakeven within a short period of time, but it is indeed a business that you can be rest assured will continue to fetch you steady income.
- Start a Medical Device Development and Manufacturing Company
Another good business idea you can invest your one million dollars in with a guarantee of getting good returns from your investment is a medical device development and manufacturing company. A medical device development business manufactures various devices that are used in the healthcare industry. They develop electro – medical and electrotherapeutic apparatuses such as magnetic resonance imaging equipment, medical ultrasound equipment, pacemakers, hearing aids, electrocardiographs and electro – medical endoscopic equipment. They also engage in the manufacturing irradiation apparatuses and tubes for applications such as medical diagnostic, medical therapeutic, industrial research, scientific evaluation and amongst others.
- Open a Family Entertainment Center
Opening a family entertainment center is no doubt one good business idea you should consider if you have one million dollars to invest in a business. It is important to state that building a standard family entertainment center can be expensive but you can be rest assured that you will make your money within a few years of launching the business. The fact that you are going to secure a facility big enough to accommodate the activities and services you intend offering means that you must truly be prepared for this business. If your family entertainment facility is of high standard and it is located close to a residential estate with loads of growing families, you will attract loads of people especially on weekends and special holidays.
- Open a Mineral Water Production Plant
With one million dollars, you can comfortable open a mineral water production plant that has the capacity to distribute its products across various cities. It is a known fact that mineral water is one commodity that is consumed in all parts of the world and of course those that are in the business of producing mineral water are known to generate sales and profits frequently. As a matter of fact, economic downturn hardly affects the consumption of mineral water because it is a commodity that is as important as the air we breathe in.
- Start a Construction Company
Another good business idea you should consider starting if you have a startup capital to the tune of one million dollars is a construction company. Starting a construction business is capital intensive because of the type of heavy duty equipment that are required to carry out a construction projects and also the cost of managing a large workforce. Despite the fact that the construction industry requires huge startup capital, the industry is highly profitable especially if you have the expertise and capacity to deliver quality jobs. The major clients for construction companies are governments and the private sector.
- Open a Standard Cooking Gas Plant
Opening a standard cooking gas plant is yet another good business idea someone with a million dollar should consider starting. A cooking gas plant is a place where both individuals and small businesses go to refill their cooking gas cylinders. It is usually more organized and bigger than the average small scale gas shops that you can find around street corners. In essence, businesses in this industry retail cooking gas to individuals and small businesses.
- Start a Non-Bank Foreign Currency Exchange Company/Bureau De Change Company
Starting a foreign currency exchange/bureau de change company is one of the businesses that an entrepreneur cum investor with one million dollars can successfully start in any part of the world. If you are interested in starting a business in the financial industry in any part of the world, you can start a foreign exchange/bureau de change firm; a business where people can exchange one currency for another. A non-bank foreign currency exchange company also known as bureau de change is in competition with other financial related businesses that make profit from selling currency at a higher exchange rate than a rate at which it buys the same currency, as well as any commission or fee it may charge. In setting its exchange rates, they ensure that they keep an eye on the rates quoted by competitors, and they may be subject to government foreign exchange controls.
- Start a House Flipping Company
Another fantastic and profitable business idea that someone with a million dollars can invest in is a house flipping company. House flipping is all about purchasing a property that is put up of sale, renovating the property and then reselling the property with the aim of making profit. Usually, house flippers sell their homes at a price that will cover all the expenses incurred and provide enough profit to compensate for the time invested in the deal. The profit could be big and it could be small; it all depends on the how good you are able to makeover the property and the location of the property.
- Open a Micro-Brewery Plant
A micro-brewery plant is yet another good business idea that an investor with a million dollars should consider starting. A microbrewery or craft brewery as it is called in some quarters is a brewery that produces a small amount of beer per time; it is indeed a small scale brewery that can’t be compared to conventional brewery plants. Any brewery that produces less than 15,000 barrels of beer annually is considered a microbrewery in the United States of America, which is why most people who venture into the beer production business start microbreweries because it requires very minimal startup costs.
- Start a Property Development Company
Starting a property development company, no doubt is another money making business that an investor with a million dollars can invest in. The property development industry is a many-sided business that covers activities ranging from acquiring land to selling or renting or leasing of fully finished and furnished properties. In essence, developers are responsible for turning ideas into real properties; i.e. they acquire land, they finance real estate deals, they engage in building projects and they sell, rent, lease and manage properties on behalf of their clients.
- Invest in a Solar Farm
Investing in a solar farm is one of the many businesses an investor with one million dollars can conveniently launch in the United States of America. A solar farm is a large land area where multiple ground – mounted solar tracking towers are installed. Usually it can be on a working farm or other open and mostly unimproved land. The Solar Farm Developers industry is made up of companies that mainly install and construct solar power grid systems, which is known as solar farms, on a utility scale. The work executed within the industry includes new work, reconstruction, rehabilitation and repairs.
- Start a Payday Loan and Check Cashing Firm
A payday loan and check cashing firm is yet another profitable business idea that an entrepreneur that has one million dollars should consider starting. Payday Loan and Check Cashing firms offer payday loans, installment loans and other related financial services. They may also cash checks, drafts or money orders for the general public. Please note that you would need to have a good working capital in order to maximize profits from this line of business.
- Open a Pharmaceutical Production Company
If you have one million dollars and you are a pharmacist, and you are certain that you have a winning formula when it comes to producing effective generic drugs; then you should consider launching your own generic pharmaceutical manufacturing company. This business is still open for investors to come and compete for the available market in the country. Generic pharmaceutical and medicine manufacturing companies primarily develop prescription and over-the-counter drug products that are used to prevent or treat illnesses in humans or animals.
- Start a Private Ambulance Services Company
A private ambulance services company is of course one of the many businesses that an investor with one million dollars can successfully start in the United States of America. Private ambulance service operators provide transportation alongside medical care for patients either by ground or air. These services most often than not are provided during a medical emergency, but they are not restricted to such instances; they are also used for non – emergency medical transportation. Please note that running this type of business requires that you should be trained and it is indeed a very lucrative business in the United States, Canada, Australia and The United Kingdom
- Rice Farming and Exportation Business
The fact that rice is a staple food that is consumed in all parts of the world including places where it is difficult for farmers to grow rice or perhaps process and package rice makes it a profitable business that an entrepreneur cum investor with one million dollars who is looking towards starting a business can successfully start. Even though there are loads of market for companies who are into rice farming and exportation, but it is important to state that rice farming and exportation is not a business that requires little startup capital.
- Open a Recreational Vehicle (RV) Park
Opening a Recreational Vehicle (RV) park is yet another profitable business idea that an investor with one million dollars should consider starting. Please note that the real deal in starting a RV Park (Recreation Vehicle Park) business is securing a facility that is large enough to contain the recreational vehicles (RV). You must choose a location that can attract the kind of clients that would pay to make use of your RV park. It might take you months to get an ideal facility, so it is better you inform your real estate agent in advance to help you with the search.
- Start a Toy Manufacturing Company
A toy manufacturing company is no doubt one business that an investor with a million dollars can start in the United States of America. It is a fact that toys are used by the children of the rich as well as the children of the poor. Toy manufacturing business is indeed a profitable business that an aspiring entrepreneur with the required startup capital can successfully launch and grow to profitability. As a toy manufacturing company, you are expected to manufacture dolls, doll accessories, action figures, toys, games (including electronic), hobby kits and children’s vehicles (except metal bicycles and tricycles).
- Start a Serviced Office Rental Business
If you have a million dollars and you are looking towards starting a business, one of the business ideas that you can leverage on is a serviced office rental business. Serviced office leasing companies primarily rent or lease fully furnished office spaces to businesses on a part-time or as-needed basis. Those that operate this business provide the professional office address (physical office facilities and meeting rooms) where mails are received, meetings are held and visitors received when necessary.
- Start a Voice Over Internet Protocol (VOIP) Company
If you are IT inclined and you have the startup capital (a million dollars) and you are looking towards starting a business in the IT industry, one of your best bet is to start a voice over internet protocol (VOIP) company. There is indeed a large global market for the services offered by voice over internet protocol (VOIP) companies. A voice over internet protocol (VoIP) technology converts voice signals into digital data that is transmitted using the internet.
- Start a Waste Management Company
If you have one million dollars and you decide to start a business in the waste collection industry, you are sure of making huge returns from your investment. This is because reliable statistics show that the waste collection industry in the United States of America rakes in about $45 billion dollars annually. If you want to partake in this thriving industry, then you would need to obtain all the necessary licenses and then launch your own waste management company. Although there are competitions at various levels in the industry, but if you are able to come up with a good business strategy, then you are sure of getting your own fair share of the market in the industry.
- Start a Wheat Flour Production Company
A wheat flour production company is another money spinning business idea that an investor with one million dollars can successfully start in any part of the world. Wheat flour is consumed in all parts of the world either as flour or the flour is used in the production of bread and other baked foods. This goes to show that there is indeed a large market both locally and internationally for wheat flour. Wheat flour production companies engage in milling wheat grains into flour and then packaging and selling them to wholesale distributors, grocery wholesalers or other food-related businesses.
- Open a Gas Station
A gas station is obviously one of the many profitable businesses that an investor with a million dollars can successfully start in any part of the United States. A gas station which also called a petrol station, filling station, fueling station, or service station is a business facility that retails gasoline (petrol), diesel and lubricants for motor vehicles. Gas stations offer one of three types of service to their customers: full service, minimum service or self-service.
- Open a Sports Complex
Opening a sport complex is another viable business idea that an investor with one million dollars should consider starting. Please note that building a sports facility can be expensive but you can be rest assured that you will make your money within a few years of launching your sports complex. The fact that you are going to secure a facility big enough to contain a normal soccer pitch, spectator’s seats, changing room and parking means that you must truly be prepared for this business. If your sports complex is of high quality and it is located close to hotels, you will attract people including local and international soccer clubs that are in your city to play soccer matches or other sport clubs.
- Open a Boarding School
If you have a million dollars and you are interested in the education industry, one of the businesses you can start is a boarding school. It is a known fact that the demand for boarding schools is driven by the fact that most public schools cannot accommodate every student in a given geographical location hence the need for boarding schools. Setting up a boarding school requires hard work and serious planning. You are expected to apply and obtain permits and licenses from the government, and your facility must meet the required health and safety standards before you can be allowed to operate. Starting a boarding school is indeed capital intensive, but at the same time it is a lucrative business. You are rest assured to make good returns on your investment because there will always be need for your services.
- Open a Call Center
Opening a call center is another money making business idea that an investor with one million dollars should consider starting. A call center is a centralized office facility that is used for the purpose of receiving or transmitting large volumes of requests by telephone; it could be inbound call center, outbound call center or both. An inbound call centre handles incoming calls from clients while and outbound call center is all about making calls to clients and potential clients for the purpose of marketing. The services of outbound call centers revolve around telemarketing, soliciting for charitable or political donations, debt collection and market research et al.
- Start a Car Rental Business
A car rental business is yet another money making business that an investor with one million dollars can successfully start. The car rental business is a competitive business and any entrepreneur who intends to go into this business should plan rightly and research thoroughly so that the risks in the business can be greatly minimized. The first thing to consider when starting this business is the type of car rental you intend to operate. You will have to know the types available – contract hire and daily hire, and decide which you want to go on. Contract hire is usually for business customers who hire the vehicles for a set time, while daily hire is for individual customers who hire the vehicles usually for a shorter period of time.
- Start a Cash Advance Company
Another high – turnover business that an investor with one million dollars can invest in is a cash advance company. A cash advance business involves giving out quick loans to people who can’t approach the bank because they don’t have the required collateral, or those who need the money urgently and can’t wait for the full circle of processing loans from the bank. The interest rate for cash advance varies, but it is often higher than what one can get from the bank. This is because of the risk involved in this type of business. No doubt, starting a cash advance business requires huge startup capital, but the fact remains that it is a profitable venture. It is important to state that cash advance business is a highly risky venture, because you stand the chance of getting your money trapped by those who are not able to pay back the loans.
- Start a Hotel Business
Starting a hotel business could eventually be one of the best things you can do with your one million dollars. This is because of the lucrative nature of the industry. Every day foreigners, as well as local migrants and business people travel from one point to the other and they need to stay in hotels. There are different categories of hotels like the 5 star, 4 star and even 3 star hotels. Some of the things that are unique to each category of hotel are the facilities that make up each. Please note that starting a hotel business is capital intensive and it is considered a long-term investment because it takes a while for the owners to breakeven and starts making profits.
- Start a Laundry Detergent Production Company
If you have a million dollars and you have what it takes to run a business, then you should consider starting a laundry detergent production company in your city. The fact that laundry detergents are used in all homes, laundromats and laundry businesses makes the product an essential household commodity and the business a competitive business. Any entrepreneur who intends to go into this business should plan rightly and research thoroughly so that the risks in the business can be greatly minimized. The first thing to consider when starting this business is the capacity of the production plant you intend to operate and the necessary machines and supplies needed. You will have to know the types of permits you must have in place, and how to go about securing them.
- Start a Freight Packing and Logistics Services Company
A freight packing and logistics services business is a business that provides consolidation of freight consignments, trade document preparation, packing, crating and otherwise preparing goods for transportation and logistics consulting services. With this type of business, you can choose to operate from any part of the country as long as there are businesses and people who will patronize your services. The truth is that starting a freight packing and logistics services business is a profitable and easy business to start even though it is capital intensive. Getting the right medium (motor cycles, drones, delivery vans and trucks) and good tracking devices are some of the secrets of running a successful freight packing and logistics services business.
- Open a Mini-Crude Oil Refinery
Starting a mini-crude oil refinery business is indeed one of the means of owning a business portfolio in the oil and gas industry. This is for sure one business that has made a lot of people millionaires or even billionaires. It is true that playing in the oil and gas industry might require loads of funds, but in the long run it sure does pay. A mini – crude oil refinery is a modular refinery that has the capacity of processing from 2,000 Barrels Per Day (BPD) of any stream of Light or Heavy Crude Oil within API Gravity of 29°- 42.8°, into Naphtha, Diesel, Kerosene and Fuel Oil.
- Open a Radio Station
A radio station is another interesting and no doubt money spinning business idea that an investor with one million dollars can start. If you are looking towards starting your radio station in the United States of America, you would need a license and a permit from the FCC. It is illegal to run a radio station without following due process. It is important to state that in the United States, applicants for radio licenses are always much. It is safe to say that the radio industry is saturated, but that does not stop more entrepreneurs from venturing into the industry. The truth is that if not for the advent of the internet, there would have been a sharp decline or stagnancy in the growth of radio stations in the United States of America.
- Open a Standard Vocational School
A standard vocational school is yet another good business idea that someone with one million dollars can start. In case you didn’t know, there are loads of opportunities for those who run vocational schools in the United States of America and in all the countries of the world. There are countless numbers of people out there who are trying to acquire skills that will enable them put food on their table, pay their bills and ultimately become their own boss and vocational school is just an ideal place they can get the journey started. You can be rest assured that your services would always be in demand not only by young people or old people who could not make it to the university, but also graduates who would want to start a skill based business of their own. The truth is that if your vocational school has loads of courses (trades) and it is government approved, then you may not have to struggle to persuade students to enroll in your school.
- Open a Weight Loss Clinic
A weight loss clinic is another good business idea that an investor with one million dollars can start. A weight loss clinic is a clinic that provides non – medical services to clients and primarily assists their clients with losing or maintaining a desired weight. Weight loss clinics offer both individual and group counseling, menu and exercise planning and weight and body measurement monitoring et al. When it comes to starting a weight loss clinic just like any other healthcare related business, you are required to first look at the existing laws in the country or the State you reside in.
- Build a Wind Farm
If you have the capital and also technical capacity and you are looking towards starting a technical related business, one of your options is to go into wind farming business. Power especially power from renewal energy that does not harm our environment is the most preferred option in our world today hence the world is going green to save the world. A wind farm is a group of wind turbines in the same location used to generate electricity. A large wind farm may be made up of several hundred individual wind turbines and spreading over an extended area of hundreds of square miles, but the land between the turbines may be used for agricultural or other purposes.
- Start an Inland Waterway Transportation Company
An inland waterway transportation company is yet another good business idea that an investor with one million dollars con comfortably start howbeit on a moderate level. An inland water transportation company primarily engages in providing waterborne transportation of cargo and passengers along the nation’s lakes, rivers and other inland waterways. It is important to state that, the startup capital for this type of business could be intensive or moderate, depending on the level you want to start. But one thing is certain, inland waterway transportation business is indeed a profitable and thriving business.
- Start an Energy Drink Production Company
An energy drink production company is one of the many businesses that an investor with one million dollars should consider. Even though starting a standard energy drink production company can be capital intensive for an entrepreneur that is just starting out, but if you are able to conduct a thorough market research and feasibility studies before launching the business, you are sure going to breakeven before most businesses that started on a same day, within same location and under similar economic conditions. The bottom line is that economic recession hardly affects the rate of consumption of energy drinks especially during summer period.
- Start a Prepaid Card Company
Another thriving business idea that an aspiring entrepreneur with one million dollars can start is a prepaid card company. If you decide to start a prepaid card company, it is very important that you analyze the existing prepaid credit card company in and outside of your area. Know how many there are. Also, you would be required to check the existing competition, as well as know their strength and weaknesses. Knowing the weaknesses of the existing prepaid credit card companies around you means that you would be able to learn from their mistakes and in turn come up with a better company devoid of the mistakes and weaknesses of others.
- Gold Buying and Selling Business
If you have a penchant for gold and jewelries, you can indeed make good money if only you can start your own gold buying and selling business. Gold buying and selling is not common even in countries with rich deposits of gold and as such, it has a very high profit margin. People that are involved in the gold buying and selling business would admit that they are making huge returns on their investment. It is important to state that starting a gold buying and selling business requires reasonable startup capital, and the ability to network and market to high profile clients in the society.
- Sneaker Line Manufacturing Company
Starting a sneaker line business is of course one of the many businesses that an entrepreneur with a million dollars can start in any part of the world and the owner of the business can still penetrate the world market once the design is good and it meets a need in the fashion market. One thing is certain, once you are creative, you will be able to come out with a unique style. In the sneaker line industry, you signature is your style.
- Hedge Funds Investment
Investing in hedge funds is another cool means of earning more money if you have one million dollars to invest. The essence of hedge funds is to help various business people or accredited investors to pool their cash together so that an accredited firm can help them manage such funds and ensure that they get good returns on their investment. This is a good form of investment for someone with one million dollars because it has flexible options; you can withdraw or add to your investment. Most accredited investors would rather choose hedge funds managers to help them manage their investment portfolios.
- Invest in Mutual Fund
Lastly, another investment vehicle that an investor with one million dollars can leverage on is mutual fund. Mutual fund is simply a professionally managed investment vehicle that is funded by various shareholders who trade in diversified holdings; it is a collection of stocks and bonds. Investing in mutual funds generate capital gains. When compared to hedge funds, mutual funds are less volatile. Unlike hedge fund that is not regulated, mutual funds are highly regulated and they are sold to the general public. Another advantage you stand to gain with mutual fund is that you have the option to choose the stock and bond you want to invest in. With mutual funds, you have the options to also invest in global funds, sector funds, country funds or regional funds et al.