Are you tired of the rat race? Maybe you just want to know what to do with a million dollars. We have some of the best million dollar business ideas for you.

We’ve interviewed over 300 businesses on our YouTube channel and podcast to establish how they create profitable business ideas. You don’t have to come up with an untapped business idea. Instead, be inspired by our in-depth research and real-life examples.

How We Compiled This List

Before we introduce our list of million dollar companies, it’s important for you to understand that the numbers we publish are averages based on data from IBIS World. Their data includes information on both small businesses and billion-dollar corporations.

Some industries have tens of thousands of companies, while others have hundreds or just a few. Meanwhile, many people run unlicensed businesses selling products or services, and their data is not included in this blog.

These businesses are ranked using our Business Ideas database of over 500 businesses, which you can find in the UpFlip Academy.

We’ve ranked these million dollar business ideas based on average revenue generated by each industry.

Some ideas may be cost-intensive, require further education, or take a long time to launch. We don’t expect every business to appeal to everyone.

That said, they run a wide range, from AI to finance to “boring businesses” like laundromats, proving that there really is a business with million dollar potential for every aspiring entrepreneur.

It’s important to do further research when looking at new ideas and choosing which profitable businesses to pursue.

Are you ready to dive in? Let’s start with $100 million dollar business ideas.

What is a $100 million business idea?

Seven types of companies have an average revenue of more than $100 million annually. Find out what they are below.

#1. Top Million Dollar Business Idea: AI Company

• Average Annual Revenue: $86,900,000,000
• Average Profit Margins: 53%
• Startup Costs: $55,000
• Time to Revenue: 12 months
• Annual Market Growth Rate: 20.40%
• Best For: People who like to be on the forefront of technology

Artificial intelligence has the largest average revenue per company at $86.9 billion with 53% profit margins. The projected growth rate is 20.4%, and an AI company only takes about $55K to start.

Players in the field leverage machine learning and automation to help people and businesses solve problems quickly.

Want to get involved as a small business? Set your sights on developing solutions for niche clients, and provide a more useful solution than the generic AI options the major players offer.

Focusing on a niche typically means a smaller target audience, which equates to a smaller (and less lucrative) piece of the pie, but also less costly entry, which is still a big deal when you’re considering how to profit in the top million—no, billion!—dollar industry.

Ad Creative AI is an example of an AI company that has used artificial intelligence to improve business results. You can create stunning ads with prompts. They’ll be adding videos soon.

#2. Independent Theater

• Average Annual Revenue: $4,000,000,000
• Average Profit Margins: 7%
• Startup Costs: $300,000
• Time to Revenue: 15 months
• Annual Market Growth Rate: 5.10%
• Best For: People who love the film industry

These theaters are a segment of the movie theater industry that focuses on showing unique movies like art houses, documentaries, and other films. They might also host film festivals and movie-making competitions.

These million dollar businesses average $4 billion in revenue annually with a 5.1% profit margin by selling tickets, drinks, and snacks.

#3. Podcast Production

• Average Annual Revenue: $3,200,000,000
• Average Profit Margins: 39.10%
• Startup Costs: $5,500
• Time to Revenue: 3 months
• Annual Market Growth Rate: 29.80%
• Best For: People with a good public speaking voice or who enjoy managing the marketing side of podcasts

Podcast production is another successful business that can make hundreds of millions or even billions of dollars.

Most of the million dollar business ideas in this segment are podcast hosting sites (not individual podcasts). That said, average annual revenue is $3.2 billion with a 29.8% profit margin.

The best part is you can start your own business idea with $5,500 and it takes less than three months to start making money. While they haven’t hit the $100M annual mark, EOFire is a million dollar business in the podcast industry, and they share how they did it in the interview below.

#4. Aviation Company

• Average Annual Revenue: $2,800,000,000
• Average Profit Margins: 2.70%
• Startup Costs: $2,750,000
• Time to Revenue: 18 months
• Annual Market Growth Rate: 4.46%
• Best For: People with perfect vision and a pilot’s license (commonly retired military)

The aviation industry is full of million dollar businesses, from airlines to airports and even airplane maintenance companies. The average company in the industry is worth $2.8 billion and has a 2.7% profit margin.

It’s not cheap to get started in the industry, though. Expect to spend $2.75 million and 18 months before you start making revenue.

Still interested and want to learn more? Find out how Justin Sullivan started AVAX Jets and makes over $24 million annually.

#5. Car Insurance Company

• Average Annual Revenue: $261,000,000
• Average Profit Margins: 12.10%
• Startup Costs: $275,000
• Time to Revenue: 18 months
• Annual Market Growth Rate: 1.2%
• Best For: People who have passed the insurance exam

Car insurance is required in all but two states (New Hampshire and Virginia) in the country. It should come as no surprise that the companies in this field average $261 million a year in revenue with 12.1% profits.

You’ll have to become a licensed insurance broker, but you’ll make a great living once you develop your client base. Many insurance brokers earn residual income each time a person renews their insurance.

That means you will be earning revenue from each client multiple times as long as you continue to offer an affordable rate.

Speaking of insurance, any million dollar business is going to need business insurance. Check out Simply Business to find the best price from the nations best business insurance companies.

#6. Corporate Housing Service

• Average Annual Revenue: $130,000,000
• Average Profit Margins: 3.40%
• Startup Costs: $300,000
• Time to Revenue: 9 months
• Annual Market Growth Rate: 4.44%
• Best For: Real estate professionals and people with concierge experience

Many businesses require employees to travel for work. Running a corporate housing service is similar to running a hospitality company or Airbnb but without the risks of parties that could damage the property.

The average corporate housing service makes $130 million annually, with a 3.4% profit margin and only $300K in startup costs. Want some tips on booking corporate clients? Check out this interview with Sid and Eva, who make $3 million a year renting units.

#7. Energy Drink Company

• Average Annual Revenue: $111,000,000
• Average Profit Margins: 19.60%
• Startup Costs: $275,000
• Time to Revenue: 15 months
• Annual Market Growth Rate: 1.50%
• Best For: Nutritionists and people who understand herbology

The final industry in which the average company makes more than $100 million is making energy drinks.

With massive companies like Red Bull and Monster dominating the $21B industry, the average company makes $111 million in annual revenue and a 19.6% profit margin.

This alternative to coffee and soda is highly profitable. Assuming you make it past the initial development phase, you’ll recoup your $275K investment pretty fast.

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What is a multi-million dollar business idea?

These next companies all make an average of more than $2 million per year.

#8. Real Estate Investing

• Average Annual Revenue: $94,000,000
• Average Profit Margins: 22.30%
• Startup Costs: $10,000
• Time to Revenue: 9 months
• Annual Market Growth Rate: 1.3%
• Best For: Everyone should invest in real estate!

A business owner can’t go wrong investing in real estate. This lucrative business model has created more million dollar ideas than any other market.

The data on real estate investing is a little skewed, but the average real estate investment company is worth $94 million with a 22.3% profit margin. Note that this includes major real estate investment trusts (REITS).

Of course, to purchase real estate, you’ll need to have some resources to invest. Your financial resources don’t need to be as extensive as many think, however. You can start with around $10K…but REITs normally require $5.5 million.

Thach Nguyen started his own business from scratch using his earned income and knowledge as a real estate agent. That proved to be a multi-million dollar business idea, and today he makes revenue of around $800,000 a month. Hear his strategies and story in this YouTube interview:

#9. Scrap Metal Recycling

• Average Annual Revenue: $72,000,000
• Average Profit Margins: 2.70%
• Startup Costs: $125,000
• Time to Revenue: 9 months
• Annual Market Growth Rate: 0.7%
• Best For: People who believe in sustainability and want to do physical labor outside

Another million dollar business idea is scrap metal recycling. This million dollar business model accepts items like air conditioners, phones, and other electronics and breaks them down into the corresponding metals to get more than the item is worth as a full piece.

The average scrap yard makes $72 million a year with 2.7% margins. It only costs about $125K and nine months to start.

#10. Juice Brand

• Average Annual Revenue: $59,000,000
• Average Profit Margins: 11.00%
• Startup Costs: $55,000
• Time to Revenue: 18 months
• Annual Market Growth Rate: 0.8%
• Best For: People with a culinary background or connections in agriculture

Starting a juice company can be a million dollar idea. The average company in this $15 billion industry has an average revenue of $59 million per small business and an 11% profit margin.

It takes an average of $55K and 18 months to start a small business creating juice. Finding ways to make your juice appeal to adults and kids alike is a great way to market a juice brand.

#11. Lip Gloss Brand

• Average Annual Revenue: $57,000,000
• Average Profit Margins: 5.10%
• Startup Costs: $27,500
• Time to Revenue: 9 months
• Annual Market Growth Rate: 2.5%
• Best For: People who enjoy the science of cosmetics

Every day, people use lip gloss to keep their lips looking well hydrated and vibrant.

The average lip gloss company makes $57 million with a 5.1% profit margin. Fortunately, a lip gloss line is not that expensive to start. You only need $27.5K and 9 months to start the business.

#12. Amusement Park

• Average Annual Revenue: $45,000,000
• Average Profit Margins: 13.90%
• Startup Costs: $5,500,000
• Time to Revenue: 2.3%
• Annual Market Growth Rate: 48 months
• Best For: People who are passionate about customer service and have experience in the entertainment industry

Want to get into a dynamic and lucrative industry? Consider opening an amusement park. You’ll be investing in and innovating to provide rides, food, merchandise, and interactive activities to attract customers.

The average amusement park makes $45M in revenue with a 13.9% profit margin. They aren’t cheap to start, with a $5.5 million average startup cost and 48 months to revenue.

That means you’ll need a solid business plan to keep the company afloat during the four years you aren’t making revenue.

#13. Hedge Fund

• Average Annual Revenue: $34,000,000
• Average Profit Margins: 40.10%
• Startup Costs: $550,000
• Time to Revenue: 27 months
• Annual Market Growth Rate: 2.0%
• Best For: Accredited investors with business analysis skills and capital to invest

A hedge fund is a million dollar business that uses sophisticated investment vehicles like options, derivatives, and other tools to generate market-beating returns. The strategies are complicated and often take many months to generate a return.

The good news for people who know how to play the game? The average hedge fund makes $34 million per year with a 40.1% profit margin.

#14. App Development Company

• Average Annual Revenue: $30,000,000
• Average Profit Margins: 14.60%
• Startup Costs: $55,000
• Time to Revenue: 18 months
• Annual Market Growth Rate: 1.8%
• Best For: Developers and tech-oriented people

Creating an app to help people successfully accomplish business or personal goals can be highly successful. Whether you build your own app or help people create their app ideas, you can make millions per year with a 14.6% profit margin.

Ready to dive in? Check out How to Make an App: The Ultimate Guide (2024).

#15. Supplement Company

• Average Annual Revenue: $28,000,000
• Average Profit Margins: 6.20%
• Startup Costs: $55,000
• Time to Revenue: 13 months
• Annual Market Growth Rate: 1.9%
• Best For: People interested in nutrition—especially those who are part of a specific niche

Running a supplement company means you’ll be branding, marketing, and selling vitamins and minerals people will take to improve their health.

The average supplement company makes $28M per year with a 6.2% profit margin. That’s over $1.7 million in profits annually.

Pro Tip: There are numerous companies that provide white-label solutions to make starting a supplement company easier.

UpFlip Million Dollar Businesses

We see business owners consistently become successful through these business ideas. While the average businesses in these categories don’t earn over a million annually, there are many companies in each of these niches that become million dollar businesses.

#16. Online Course and Consulting Services

• Average Annual Revenue:
• Average Profit Margins:
• Startup Costs:
• Time to Revenue:
• Annual Market Growth Rate:
• Best For: Business and leadership experts, effective communicators and motivators, analytical problem-solvers, online education instructors

Management and technical consulting services are among the fastest-growing sectors, with a forecasted CAGR of 4.1% that’s likely to push the industry’s market value over $1 trillion by 2028.

Offering consulting services can certainly be a million dollar business idea for someone with management or industry expertise who has a solid business plan.

Online course platforms or virtual tutoring sessions are helpful for growing your reputation as a new consulting business. It can also help to grow your personal brand through social media channels, your own blog, or other online platforms.

Once you’re established, you can attract customers like large corporate clients who can grow your consulting firm into a multi-million dollar company.

Offering consulting services is a large part of how Bedros Keuilian makes more than $200 million a year—just to cite one example. You can hear how he built his multi-million dollar business in this interview:

#17. Home Service Business

• Average Annual Revenue: $139,000
• Average Profit Margins: 6.30%
• Startup Costs: $3,500
• Time to Revenue: 2 months
• Annual Market Growth Rate: 1.00%
• Best For: People in skilled trades who are focused on customer service

Brandon Vaughn started Wise Coatings and generates $750K per month running the floor coating business. He share the strategies he used to turn the company into a franchisor with locations across the country.

If you like the video, check out our entire business startup course with Brandon Vaughn.

Note: Home service business opportunities vary greatly. For this entry, we used IBIS data on painting service companies.

#18. Laundromat

• Average Annual Revenue: $330,000
• Average Profit Margins: 22.20%
• Startup Costs: $350,000
• Time to Revenue: 9 months
• Annual Market Growth Rate: 0.2%
• Best For: People who want to provide a service to the community

Laundromats are phenomenal businesses to start or buy. We talked to Dave Menz about how he bought his laundromats, improved them, and became a laundromat millionaire. Check out the interview below.

If you like his interview, you’ll love the laundromat course he teaches.

#19. Cleaning Business

• Average Annual Revenue: $74,880
• Average Profit Margins: 6.7%
• Startup Costs: $0-$30K
• Time to Revenue: 1-6 months
• Annual Market Growth Rate: 1.2%
• Best For: Detail-oriented entrepreneurs with strong customer service skills

Cleaning businesses are like gold mines—easy to start and they have high success rates. In fact, our friend Chris Mondragon, owner of Bumble Bee Cleaning (formerly Queen Bee), started out making $6K a month and has scaled tremendously. His second month he made $18K, and by the end of his first year, he’d earned over $195K.

Today, the business makes $125K monthly. That’s the beauty of the cleaning business: It’s one of those rare industries where you can start small and scale with no limits. However, you must be careful where you start your business as only certain cities offer million dollar potential.

In Chris’s masterclass, he shares a formula that reveals your city’s cleaning business earning potential. It may be a good idea to check whether your city passes the test before deciding a cleaning service is the million dollar business idea for you.

#20. Digital Marketing Agency

• Average Annual Revenue: $817,000
• Average Profit Margins: 6.9%
• Startup Costs: $0-$16K
• Time to Revenue: 1-6 months
• Annual Market Growth Rate: 1.3%
• Best For: Social media and SEO experts, people with skills in branding, advertising, and data analysis

The digital marketing agency market size grew at a rate of 28.2% per year from 2017-2022 and is projected to continue its growth at a CAGR of 19.4% through 2030. This makes it one of the fastest-growing industries with a low cost to start.

Knowledge is the key to thriving in this space. If you’re skilled in search engine optimization, content marketing, and social media management, you can offer these services online to other businesses to help them grow their brands and customer bases.

UpFlip talked to Eric Siu of Single Grain. He bought the company for $2, and today it makes over a million a month.

#21. Start an Online Store

• Average Annual Revenue: $60,000-$120,000
• Average Profit Margins: 5%-15%
• Startup Cost: $100-$10K
• Time to Revenue: 30-90 days
• Annual Market Growth Rate: -9.3%
• Best For: People who are tuned in to fashion trends, entrepreneurs with online marketing and sales skills

An online store is the most affordable way to start your own business in the fashion industry. Consider a dropshipping business with a subscription business model selling vitamins or other wellness products.

Unique Vintage started off reselling vintage clothes on an eCommerce website. Pivoting to making their own vintage-inspired clothes proved a successful business plan, rocketing their revenue to more than $34 million a year.

Hear how they did it in this podcast interview:

Pro Tip: Get the inside scoop on making huge profits with TikTok dropshipping from our beginner’s guide.

FAQs About How to Get $1 Million

How to get a loan to start a million dollar business?

Getting a loan to start a million dollar business has never been easier. Borrow Nation offers personal loans up to $50,000 for both business and personal needs.

Is every million dollar business a profitable business idea?

No, a million dollar business is not always profitable. In fact, it took some of the biggest businesses in the world years to become truly profitable. Major companies like Facebook, Tesla, and Netflix all took over five years to become profitable.

So, entrepreneur beware: Committing to a million dollar business idea doesn’t mean you’ll be making the money you’re after any time soon.

The good news: There are tons of businesses you could start profiting from right now—even if they don’t come with the shiny “million dollar” label. Want proof? Check out our list of most profitable businesses to start, or even our list of “boring” business ideas that make big money.

How much is a million dollars?

Approximately 12.5 times the average household income.

How to make a million dollars in 30 days

Make $33,333.33 per day. That’s unlikely to happen for someone who’s just starting a business from scratch but can be a goal to shoot for down the line as you grow your business.

How to make a million dollars in a year

Make at least $2,739.72 of daily revenue, $19,178.04 per week, or $83,333 monthly. To make a million in a year, focus on the most profitable businesses and be prepared to invest at least $80,000 in marketing over the year.

To make $1 million in profit, divide $1 million by your profit margin.

How much is a business worth with $1 million in sales?

That depends on the business. An easy way to estimate how much a business is worth is using the Price-Sales Ratio, which would value a business with a million dollars in sales at between $300K and $16.5 million in total value, with an average of around $4.5 million.

What does $1 million look like?

If you’ve ever wondered what $1 million cash looks like, today’s your lucky day! Binions Casino in Las Vegas used to have a pile of cash for people to take pictures with. Here’s the picture we took:

How to make $1 million overnight

Rob a casino and hope you don’t die. Better yet, accept that there really isn’t a way to make—and have access to—$1 million overnight. That amount of money takes multiple days to receive, even if you can make it through lottery or casino winnings, crypto, or other investments.

Go Start a Successful Business

Making a million dollars isn’t an easy task. It requires vision, consistency, and adaptability. If you can pivot as your business grows, there’s a good chance that you can build to a million per year.

What would you do after you make your first million?