How satisfying will it be to start earning 7 figures in your business? This is a comprehensive list of 19 business ideas to help you meet the 7 figures income mark. If you’ve always wanted to become a 7 figure earner, pay close attention to these profitable business ideas that can help you actualize that goal.
Let’s get started.
Table of Contents
An Overview of 7 Figures Income in Business
7 figures are figures that are not lesser than seven.
In this context, the 7 figures can be from 1,000,000 to 9,999,999.
In simple words, it means earning nothing less than one million.
Many people do not believe that they can be earning not just thousands in their businesses but millions.
However, not all businesses can give you such earning potential.
So, when brainstorming business ideas, ensure to choose one that you can scale to 7 figures.
This could be you building an online career where you work remotely or an agency/organization.
7 figure business allows you to gain freedom and to invest more in your health, lifestyle, and relationships.
Overall, it takes you out of hustle mode and positively changes your status/lifestyle.
Let’s discuss the benefits of 7 figure business ideas in more detail.
Benefit Of 7 Figures Business Ideas
Time Flexibility
Becoming a 7 figure business owner will allow you to enjoy time flexibility most 9 to 5ers or business owners still struggling to get their feet on the ground yearn for.
This is true, especially when you’ve put in a lot of hard work to scale the business to a point where it consistently brings in 7 figures.
Of course, you’ll have to commit your all to the business at the initial stage of the business.
However, when you’ve put strategies and systems in place that ensure the business runs effectively and brings in massive profits- 7 figures, you can begin to enjoy the flexibility of time that being a business owner brings- a successful one at that.
You’ll have enough time to do whatever you have been meaning to do.
This could be you spending more time with your loved ones or family.
It could also be going on vacations, festivals, or concerts.
Expansion
It also gives room for growth and expansion in your business.
Once your business starts bringing in profit in 7 figures, the next thought on your mind will be how to expand your business into a multi-million dollar organization.
With all the profits you make, this will be much more achievable.
Self-Fulfillment
Aside from the monetary compensation of running a successful business, there’s also the psychological benefit.
First, there’s a feeling of fulfillment of purpose when you achieve your lifelong dream of becoming a successful entrepreneur.
This will bring happiness and give you a more positive outlook on life.
More so, the fulfillment can come from knowing that you’re impacting and making lives better with your business.
Specifically, your business is meeting a need/solving real problems of individuals globally.
Also, you’re creating job opportunities for people in your immediate environment.
Above all, these can help you live a self-fulfilling life.
Future Relevance Of 7 Figure Business Ideas
This is one of the important questions to ask when starting any business because you wouldn’t want to start a business only to go out of business shortly after launching your business.
So, when thinking of building a 7 figure business, this is something you should ask yourself and do your findings before getting started.
To answer this question, it’s best to focus on the business idea itself rather than the business.
So, the actual question should be; Will the business idea you believe to fetch you 7 figures be relevant in the future?
This all depends on the business niche.
There are two types of business niches- Evergreen and seasonal.
Evergreen business niches are businesses that transcend beyond generations, times, seasons, and eras.
An example of this- the fashion industry has been in existence for decades.
Rather than go extinct, it has evolved and is constantly evolving to meet the trends.
So, businesses like this will continue to exist as long as there’s the need to wear clothes/fashion accessories.
On the other hand, there’s the seasonal business niche.
These are businesses that boom during specific seasonal events, e.g., Christmas, Summer, Winter, New year’s eve, etc.
Also, once the season ends, they phase out.
So, whether your business will remain relevant in the future or not depends on the business niche.
Yes, there are statistics to prove the potential growth rates of specific businesses in specific industries.
However, speaking generally, it all depends on the niche.
Similarly, whether or not your business will consistently make 7 figures depends on how you run the business.
If you run the business effectively, you can continually make 7 figures for as long as you wish, all things being equal.
So there’s your answer; the future of your 7 figure business lies in these three things;
- The business idea
- The niche
- And your commitment to building a successful 7 figure business idea.
7 Figures Business Ideas- 19 Business Ideas
Here are the business ideas/career paths that can help you earn in 7 figures.
1. Corporate Lawyer- 7 Figure Business Idea
Building a 7 figure income in corporate law is not easy, but it is achievable.
It would require you to build a solid reputation such that clients will be willing to pay you or your agency for your services.
Specifically, 7 figures won’t happen by magic.
It would require;
- Strategy
- Marketing/advertising
- Goal setting
- And effective strategies/systems
Overall, you need to be strategic about positioning yourself out there as an expert in your field so you can attract bigger clients that are willing to pay you for your services.
To get started, you’ll need to have a law degree.
2. Sales Consultant/Executive- 7 Figure Business idea
Businesses are always looking to make more sales, and if you could set yourself up as an individual or agency that can help them meet their sales goals, you can be earning in 7 figures.
However, be mindful that this is something you’ll build from the ground up.
It doesn’t happen by magic.
Most sales experts start with small with lower fees.
Then, over time, as their expertise begins to grow from working with different clients, they charge higher.
Furthermore, sales experts in the tech industry tend to be much more likely to meet the 7 figure market due to the complexity and size of the industry.
Notwithstanding, any serious sales expert that can help businesses get the results they want can successfully build a 7 figure career/business.
To get started, you’ll need to have at least a bachelor’s degree in any field or marketing to be preferable.
Also, you’ll need to have undergone sales/marketing training.
In conclusion, you’ll need to practice regularly to keep honing your skills so you can get to the point where it’s easy for clients to pay you in 7 figures for your services.
3. YouTuber Or Blogger- 7 Figure Business idea
Most YouTubers or bloggers are now earning 7 figures regularly.
After growing their Youtube account and achieving a substantial amount of followers, they become brand influencers.
They mostly get their commissions from advertising products, creating awareness for companies, or sponsorship.
Fortunately, this does not necessarily require a degree, but it’s best to have a good command of English so you can engage effectively with your audience.
Also, you’ll need to pick a specified topic/niche and identify your target audience.
4. Professional Athletes
Being a professional athlete also allows you to earn in 7 figures.
However, you have to be very good at the kind of sport you do.
Also, you’ll need to build your image and make yourself popular.
Becoming a popular professional athlete will attract ambassadorial contracts or endorsements from companies seeking to promote their brands.
5. Fashion Designer- 7 Figure Business Idea
This is another business idea or career path that can push you towards the 7 figures mark.
Building yourself to become a top fashion designer/guru for prominent individuals in society will increase your potential of making 7 figures.
Alternatively, you could build a successful fashion brand that produces unique fashion wears for a specific market segment, e.g., children, adults, men’s, or women’s wear.
Overall, building a strong brand, promoting, and creating brand awareness can help you grow your fashion business and bring in 7 figures.
6. Actor or Actress
This tends to deal with passion and skills.
A lot of actors or actresses earn 7 figures due to their popularity.
However, this does not come from acting fees alone.
Due to the fame the acting career brings, they tend to attract endorsements from companies seeking to promote their brands.
This and other strategic investments help them earn in 7 figures.
Overall, if you have a passion for appearing on screens and skills, you can explore this career path.
7. Investment Banking
Being an investment banker is another 7 figures business idea that you can explore.
As an investment banker, you’ll act as an intermediary between organizations and the financial market.
In simple terms, you’ll provide financial consultancy services to the organization.
This requires a high level of education- a degree in accounting or a professional diploma in accounting.
8. CEOs/ C-Level- 7 Figures Business Idea
The CEO is the top position of a company or an organization that handles the implementation of plans and set strategies for the company.
CEOs are also the highest salary earners in any organization.
To become a CEO, you’ll have to start with a small business to grow into a big organization.
For this, you’ll have to make plans and set systems in place that will make this achievable.
9. Doctors- 7 Figure Business idea
There are areas in the medical profession that can earn you 7 figures.
These include;
- Plastic surgeons
- Neurologists surgeons
- Orthopedic surgeons
- Vascular surgeons
- Cardiothoracic surgeons
- Cardiovascular surgeons
- Pediatric surgeons, and any other you can think of.
With your degree in the medical profession and working longer hours, you can attain your 7 figures.
Overall, this is a noble and lucrative profession that can bring self-fulfillment and financial freedom.
10. Music Artist
Do you have a passion for music?
Can you sing?
If yes, you’ll be glad to know that your passion and skills can help you earn in 7 figures.
Building a successful music career to the point where tickets to your shows are almost always sold out can help you make 7 figures in the music industry.
Even more, you could make massive profits from selling hit songs.
Similarly, like professional athletes, actors, and other careers that turn individuals into a superstar, you can also attract ambassadorial deals from companies that would pay you handsomely to promote their brand.
In summary, making 7 figures from a music career is possible, but it will require your creativity, originality, and commitment to your passion to make it happen.
11. Software Engineer/ Developer
Software engineering/development is fast becoming a high-demanding service, especially in this tech era.
Luckily, software engineering or development is a learnable skill.
So anyone with a tech background can learn this skill and hone it to perfection.
Even more, it is a service you can offer either as a freelance, an agency, or work with a company.
Overall, to be successful as a software engineer or developer, you need to;
- Be skillful in data structure and algorithms: this is one of the skills required to build/develop an application.
- Knowledge of Git and Github: this is a hard skill that is very important for a developer and many organizations search for engineers or developers that possess such skills.
- Ability to learn: software engineers or developers need to be open to learning.
- Cloud computing: this is another skill that is very important for developers to possess, for there is high demand for it.
- Visual studio code: it is also important for engineers or developers to be able to perform code refactoring, debugging and syntax highlighting.
Overall, when you have the required skill set, you can promote yourself/your business so you can attract the right clients and start making money.
12. Power Plant Operator- 7 Figure Business Idea
The power plant operator is also a profitable business idea that can help you achieve a 7 figure income.
It deals with generating and distributing electricity.
Basically, you control, operate, and maintain the machinery to generate electricity.
To function in this capacity, you need the following;
- Education
- Mechanical skill
- Problem-solving skill
- Concentration skill
- Being proficient
Overall, the growth to a 7 figure earner level as a power plant operator is not automatic.
You’ll need to work your way up to that level through education, training, and expertise.
13. Real Estate Broker- 7 figure business idea
Real estate brokers are considered real estate agents because they can have their own business firms.
The primary work for this business is property transactions.
Their job is to bring buyers and sellers together to buy a property.
In other words, you link property sellers with suitable buyers.
A degree is not necessarily needed for this type of business, but it is advisable to get at least a basic level of education.
As a real estate agent, you can acquire your license after working for three years in the industry and gaining enough knowledge about the business.
Lastly, you make money from commissions on the properties you sell.
So, the higher the cost of the property, the higher your commission.
14. Petroleum Engineer
This is another career path that can allow you to earn in 7 figures.
Apart from having an interest in being a petroleum engineer, you also need to acquire a degree in the field.
The business deals with the extraction of natural resources from the environment.
As a petroleum engineer, you’ll be responsible for managing oil & gas extraction projects.
That is, you’ll have to come up with ways or methods to extract these natural resources from below the earth successfully.
This requires a degree in petroleum engineering and a high level of skills.
Notwithstanding, it can be a lucrative and self-fulfilling career.
15. Air Traffic Controller
This is synonymous with a road traffic controller.
A road traffic controller ensures the safety of lives by ensuring that motorists on the highway obey traffic rules.
Similarly, an air traffic controller controls the coming in and going out of airplanes in the airspace to minimize traffic connections and delays.
They are also responsible for ensuring the safety of passengers in an airplane while in the airspace.
To become one, you’ll need;
- A bachelor’s degree
- 3 years active working experience
- Federal Aviation Administration (FAA) training or Air Traffic Collegiate Training Initiative (AT-CTI) program
- Sharp mind
- Decision-making skills, among other soft skills.
16. Marketing Consultant
This is another business plan that can earn you 7 figures.
The fact is that without marketing, no business can survive- meaning marketing is one of the important keys to a successful business.
Marketing consultant provides a wide range of services.
This could range from establishing a marketing budget to hiring/training a sales team and developing advertising strategies.
They also do telemarketing and direct marketing to fulfill the needs of their clients.
Another service they render is expanding their clients’ business into new markets/regions and creating new distribution channels.
To become a marketing consultant, it is important you possess the following qualification;
- A degree in accounting, marketing, or communication.
- Years of experience to prove that you are good at what you do.
- Possess the skill in communication and copywriting.
- Be computer literate.
- Possess the skill to adapt, listen, persuade, and lead.
- You must be creative.
For your marketing consulting business to grow, you should consider the following steps;
- Create a remarkable name for your business.
- Create a website, and social media account for awareness.
- Get legal backing; this will assure your potential customers of how real you are.
- Create a brand for your marketing consultancy business.
- Create a business account.
17. E-Commerce- 7 Figure Business Idea
E-commerce is another well-paying business idea that can generate you 7 figures income.
This business idea deals with buying and selling goods and services online.
Here, business transactions are completed on smartphones, laptops, tablets, or any form of smart device.
There are four types of e-commerce business models.
Traditional e-commerce business models
This type of model is categorized into five segments;
- Customer to Customer (C2C): this model is where customers are free to trade goods and services in an online environment (eBay).
- Business to Customer (B2C): this model sells its products and services directly to its customers (Amazon).
- Thirdly, Business to Business (B2B): this type of transaction is between the manufacturers and wholesalers or wholesalers and retailers (Amazon, Samsung).
- Business to Business to Customer (B2B2C) involves a partnership between business A who develops a product to Business B, with specific services to provide services to customers (Amazon to Samsung or Apple to customers).
- Peer to Peer (P2P): it is another e-commerce business model that allows interaction between customers to do transactions without middlemen (e.g., buying products on Facebook)
Innovative e-Commerce Business Model
It is another eCommerce business model that the transactions are also done online.
- Dropshipping is a trendy business model where people do not stock up on products. Instead, they receive orders from customers, process the order, then supplier or distributor supplies the goods to the customer.
- Print-On-Demand: here, a customer buys a printable product from a retail shop (e.g., Shopify), and the retailer then prints the order and sends it to the client.
- White Label and Private Label: white label is when the supplier or manufacturer removes the label of their product and uses the branding request from the purchaser, while the private label is when the purchaser hires the manufacturer to create a unique logo for them.
Subscription Model
This model is a business subscription that deals with streaming services like Netflix, Hulu, HBO Go, and beauty products like toothpaste, coffee, skincare, organic food, baby supplies, etc.
Wholesaling
This is the final e-commerce model where products are purchased in bulk by retailers, who sell them to consumers.
Tips On How To Start 7 Figure Business Ideas
There are various things to know when starting a 7 figure business.
Business plan
It is essential to plan your business properly.
You should set goals, visions, or aims for your business.
Sep up strategies on how you want to run the business.
Business Brand
It is important that every business needs a name and brand.
For a successful business, it is important to create a unique name and brand for the business.
Customer Service
It is also important to have good customer service.
Build a good customer relationship so that your customers will feel appreciated for being part of your brand.
This can be done when there is good communication, empathy, and good customer feedback.
Employees Welfare
Every business needs an employee.
Overall, as a 7 figure business owner, it is important you take care of your employees.
Create competitive benefits and listen to their needs.
Patience
Another vital tip for a 7 figure business owner is to be patient.
Success is not easy to achieve, but with patience, it is achievable.
Risks
Every business owner should be ready to take risks.
This can be regulated when you have a business risk plan or hire a consultant to help you.
Competitors
It is important you know your competitors.
You can go online and study more about them and their products.
This will help you improve your business.
Be Accountable
Keeping records of the finances in the business is essential.
This way, you get to know the economic situation of the business.
Investment
Many business owners get stuck due to a lack of proper investment in the business.
If your goal is to make your business bigger then you need to spend money on things that will make it grow by purchasing the right equipment.
Conclusion On 7 Figure Business Ideas
I hope you enjoyed the 17 business ideas/career paths that can help you achieve 7 figure income monthly or annually.
Well, on every idea listed here you can see that achieving 7 figures is not something that happens based on luck.
Instead, it all depends on strategic thinking, proper planning, and putting in your efforts to see that you achieve your goal.
In a nutshell, 7 figures income is not an easy feat but the good news is, it is achieveable.
