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Break Into These 7 Booming Industries

Break Into These 7 Booming Industries

These 7 industries hold seven-figure potential. Find out how to get started in each one--and take one step closer to a richer life.

Entrepreneur Magazine

So you want to be a millionaire. You dream of going from rags to riches with money to spare. You brainstorm ideas, searching for the one that’s going to catapult you to success and add six zeros to your bank balance.

Though we can’t do the work for you, we can direct you down some promising paths. Here are seven industries hand-selected not only for their position in the current economic landscape, but also for their potential. And since the best ideas often spread nationally thanks to entrepreneurs who transform them into franchise concepts, opportunities abound.

Exciting as it may sound, don’t leave your job too hastily, thinking that the path to $1 million magically bypasses rocky terrain. Be prepared to work harder than you ever have. It’s the commitment, perseverance and dedication you bring to your business that will allow you to reap the rewards later on. Read on for a glimpse into seven flourishing industries as experts offer tips on how to reach the million-dollar milestone.

Wine

One industry that’s ripe for the picking is wine. You’ll find opportunities in everything from wine bars to wine tastings to the wine aftermarket. And depending on your particular interests, there’s a wide range of positions, from making wine to distributing it to selling it. Thanks to consumers’ growing interest in more sophisticated foods and beverages, higher-end wines in particular are growing, says Mike Fisher, a partner with Global Wine Partners LLC, which provides business and financial advisory services for the wine industry. Consequently, Fisher predicts this segment will be trending upward for the long term.

However, the wine industry can be intimidating. Competition can be stiff and startup costs steep, but that’s not to say such obstacles are insurmountable or unavoidable. “In this industry, there is a tremendous amount of entrepreneurship, and with that creativity comes an opportunity that doesn’t necessarily involve a great deal of startup costs,” says Michael Green, 44, who’s proof that the industry can accommodate all types of entrepreneurs.

Green’s appreciation for wine started at the age of 6, when he would accompany his father to the wine store. As a co-founder of Best Cellars, a wine retail store, and a wine and spirits consultant for Gourmet magazine, Green has built a lifetime of experience. A decade ago, his expertise fully matured when he took the natural next step and launched Liquid Assets Consulting Group, an experiential marketing and consulting group centered on wine and food. Since then, Green has nurtured New York City-based Liquid Assets to a projected $1.4 million in sales this year.


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