The choice of your business line or career path either depends on what aligns with your interests and passion or what will create wealth; whichever it is, you have to pay bills right? So when searching for great opportunities to create wealth, the best approach would be to identify the money magnet industries and attach yourself to it.
This article should help you out if you are not certain about what these industries are. Let’s take a look at some of the industries that have created the most millionaires in recent times.
Technology: Almost all interactions and transactions nowadays are driven or supported by technology. In fact, it is safe to say that no other industry creates wealth as fast as the tech industry. The fascinating thing about the industry is that it cuts across every other sector. For instance, the Agricultural sector needs technology and other fields like finance, media, health, retail and more. Finance is one industry that has worked well with tech as each acts as a catalyst to the other. The emergence of fintech companies and startups goes to demonstrate how tech has elevated payments and financial services in the last decade.
A top-valued organization in the world today is most likely to be a tech company. Some examples of people who have achieved success in this industry are Warren Buffet, Olugbenga Agboola, Odunayo Eweniyi, Shola Akinlade, among others.
Real estate: If you are setting out to start a business, you should consider the real estate industry which is one of the oldest known sources of wealth. Whether it’s for personal or professional reasons, housing will always be considered a necessity of life. Generally speaking, industries that provide primary human needs are bound to bring in a higher return on investment.
According to data from the United Nations, as of 2021, the world’s population stood at almost 7.9 billion and it’s expected to grow to around 8.5 billion in 2030, 9.7 billion in 2050, and 10.9 billion in 2100. This simply means that there would be more people looking for available accommodation in future and the numbers might keep on increasing. Real estate offers real opportunities to serve people and build wealth both now and in years to come. Some notable entrepreneurs in the real estate sector are Bidemi Amusa, Donald Leroy Bren, etc.
Food: Just like real estate, food is another basic need of life. Since we need food to survive, any business owner operating in the food and drinks industry could possibly be a millionaire. The food industry cuts across Agriculture, food processing, packaging, etc. It does not take critical thinking to recognize the potential of the food sector. From food vending to logistics, there are so many business options to be explored.
Beauty and self-care: This industry has produced big names such as Tara Durotoye, Oke Maduewesi, Victoria Odia, and Kylie Jenner. Beauty encompasses skin care, cosmetics, hair care, fragrances, and personal care.
People, these days, are willing to spend so much on beauty products. The industry is not slowing down anytime soon from the look of things because, in 2021, the revenue of the global cosmetics markets increased by over eight billion dollars to 80.74 billion U.S. dollars.
So if you are considering a business idea that will make you money and possibly raise you to millionaire status, you should think about launching a beauty brand, formulating and selling your products but bear in mind that it’s a bullish industry where you would have to learn fast and quickly adapt to trends, and expectations.
Health and wellness: This is one industry that will always be a money-maker as long as people care about staying healthy and alive. These days, more people are beginning to pay more attention to their health and diet and a lot more are interested in staying fit and getting in shape.
With the help of technology, there are various apps which have been developed to allow people access to doctors and other healthcare experts for consultations and other services at the click of a button. An entrepreneur in this industry is Abasi Ene-Obong.
At the end of the day, fulfilment is attained when you strike a balance between interest and profitability. It is not enough to start a business in line with your passion or to invest in one that is lucrative. It is wiser to take into account both the commercial value and your personal interests. You will definitely excel doing what you love!