Entrepreneur Magazine: How to Make a Million (Oct 1, 2008)
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.
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.
Staffing
If you're a people person and don't mind being caught in the middle, the staffing industry might be the perfect fit. Richard Wahlquist, president and CEO of the American Staffing Association, reports that about 3 million people go to work every day thanks to staffing companies. "The Bureau of Labor Statistics predicts that the employment services industry will add 691,500 new jobs by 2016. That's close to 20 percent growth over the period they're measuring, and it's about twice as fast as the projections for employment growth overall," says Wahlquist, adding that employment services is projected to be the second-fastest-growing industry as measured by new jobs created.
But the power behind staffing is far from secret, and many players have already cast their nets. Therefore, the best way to establish your business is to carve out your own niche. If you've worked as an accountant, attorney or paralegal, chances are you already have a good network of contacts from which to launch your business, so specializing in those niches will put you ahead of the game. Otherwise, the segments with the most promise, according to Wahlquist, are engineering, IT, legal support, accounting, finance and all the disciplines within health care. Wahlquist also recommends providing search and placement services and partnering with businesses to assist with their short-term and long-term projects and temporary and permanent talent.
Jill Ater, 45, Jodi Olin, 49, Liz Norwood, 45, and Heidi Crum, 37, have specialized in part-time placement since 2003. They are the founders of 10 til 2, a staffing company based in Denver that earns more than $1 million in annual franchisor sales. "As we study the trends of employees going forward, people are looking more and more for alternative work/life balance opportunities," says Olin. "Studies show that some of the newer members of the work force are looking for work hours that fit for them. They want to have the ability to play a little bit, and they want the ability to work from home. Telecommuting is huge, and the whole idea of flexibility with their business world is very, very important."
In 2006, in response to numerous requests to expand the business, the four founders decided to franchise the concept. Aware of their limitations, they hired a franchise specialist to work out the kinks and outsourced the task of developing a proprietary database. Today, they have safely secured their niche and expect to have 30 franchises sold by the end of this year.
Interested in putting people to work? Begin today by registering for Staffing World, the American Staffing Association's annual convention taking place at the end of this month (October 22 through October 25) in San Diego. Make sure to also visit ASA's website at staffingtoday.net to educate yourself about employment and labor law, which are the basics for succeeding in the industry.
Please see the October 2008 issue of Entrepreneur to see the remainder of this article.