Starting your own business undoubtedly can be thrilling and freeing. But, it’s very costly too. Plus, there’s no guarantee of success. Indeed, small business revenue is crucial, as some companies end up fading into oblivion a few years after their launch.
Naturally, no one wants to see their startups fail. So many hopes, expectations, and aspirations are associated with every small business. You would want to do everything in your capacity to make it a success and generate enough revenue.
More often than not, it’s all about the idea. Yes, every small business that went on to become a rage started with a creative and exciting idea. This is a major step to a company’s success.
Small Businesses with a Potential of Over $1 Million in Revenue
Every entrepreneur wants to ensure he recoups his startup costs soon after its launch. So many people talk about million-dollar business ideas, but very few manage to see it through.
After all, the business world is tricky. While it’s true that some businesses have the potential to earn millions better than others, you can’t always be sure. The only thing you can do is enter the battlefield with enough preparation, and the rest will follow.
Wondering what small business idea can give you the ideal kick start? Let’s share some ideas that can inspire you.
Communication Software
This is a pretty interesting idea. Especially if done right, this small business can get you nearly $4,000 to $10,000,000 per month! Yes, there’s a chance of making nearly $120 million annually with this idea.
And we have proof of this! Yaniv Masjedi, hailing from Scottsdale, Arizona, has witnessed immense success with a similar idea. He started Nextiva, a business communication software, nearly 14 years ago. And within no time, his company saw exponential growth! His team now comprises over 1,000 members, and the profits continue to pour in.
Yaniv Masjedi recognized the need for something to ease communication within a business at the right time. And his idea worked in his favor perfectly.
A White Pages Tool
With this small business idea, you can make around $72M per year! Harris Tang is from Canada and started Spokeo nearly 16 years ago. But his company has come a long way since then.
Spokeo is a people-search website aggregating data from multiple online and offline sources. Via the tool, people can look up information about their friends, family, and more. Sounds interesting, doesn’t it?
Countless people use Spokeo to search and connect with others. Harrison made it easier for people to find long-lost families and friends. His idea was definitely unique, which is why it went on to become such a huge success.
eCommerce Fulfillment
Jan Bednar, with his company ShipMonk, proved that you could use this business to generate revenue of over $90,000 to $5,583,333 per month and make $67 million a year.
Generally, ShipMonk is a technology-driven fulfillment center that has witnessed exponential growth since its launch. Based in southern Florida, ShipMonk is the world’s largest 3PL for high-growth eCommerce and DTC brands. And considering the prevalence of eCommerce in the current times, its success is hardly surprising.
Gardening Tools
Sounds unique, doesn’t it? Perhaps that’s the reason it is such a big success! This small business idea can get you revenue of nearly $37 million in a year!
Nate Lipton recognized the potential and founded Growers House nearly 10 Years ago. Essentially, this gardening tool company has come a long way since this. It’s the largest eCommerce store with gardening tools that you can find online.
Diagnostic Tools
What starts as a small business can quickly become one of the most successful organizations if it caters to people’s requirements. And this has been proven by Tyler Robertson, who started Diesel Laptops nearly seven years ago.
In no time, his company started making about $4,200,000. Also, it generates revenue of over $50 million annually.
People cannot imagine their lives without laptops these days. And like every other piece of equipment, it’s bound to be damaged and require repair and upkeep services now and then. Tyler made it easier for people to have their laptops repaired which made his small business an instant success!
Custom Prints
No matter how advanced technology becomes, the trend of custom printing will never die. Rishi Narayan understood this, which is why he started Underground Printing about 21 years ago. However, although it started as a small business, it quickly broadened its horizons.
Now, this business idea has the potential to generate revenue of over $35 million a year. The secret to their success is emphasizing customer experience and making things convenient for everyone concerned.
Plenty of Ideas for Small Businesses
We are just getting started. So many ideas for small businesses have proven to be money-makers. One can become a vehicle exporter or start a CRM business. Similarly, starting an online food business is also an interesting idea that has gotten immense mileage.
Considering the COVID-19 pandemic the world faced, starting a hygiene company is bound to be successful. Or, if you are more focused on entertainment, you can start an online mystery game that will definitely attract people. An online jewelry business can do wonders if you have a knack for creativity.
Also, because of the pandemic, there are many more bloggers, TikTokers, and Instagrammers than before covid-19. Therefore, online video editors will definitely be popular in the coming years. The main thing is that it should have additional functions, like transforming text to speech or a meme maker.
How to Find Inspiration
This is the tricky part. How do you come up with the idea that no one else has thought of before? Or one thing, you have to be clear about the niche and industry you want to work in. We have given you some examples of various industries. You have to identify your true calling. Only then will you be able to come up with the idea that appeals to you.
Focus on your skillset and figure out how you can capitalize on it. Think about an impending problem the industry has been facing and how you can solve it. Analyze the trends and develop a strategy that enables you to stand out among the crowd. Remember, every small business started with a great idea and excellent execution.
