Looking for the best million dollar business ideas in 2021?
In my opinion, the best million dollar business ideas are in the ecommerce space. This is where you sell physical products like shirts, supplements, kid’s food, and more on your own Shopify store and in physical retail stores.
The most valued companies in the world are physical product brands and considering it’s never been cheaper to start one, it would be dumb to not pick one of the many ecommerce business ideas if you really want to build a million dollars business as fast as humanely possible.
Let’s talk about it…
Everyone loves popsicles. The trick is to take that love and turn it into a sustainable, profitable business. Popsicles, being part of the frozen food category, makes it hard to land retail space. But with so little innovation in this space, this is possible to overcome.
The great thing about popsicles is that it generally costs less to start than most other frozen foods, which tend to be much more complicated. This also means it gives you room to go super premium so you can escape mass market saturation.
The potato chip business is one of the most well known businesses in the world due to the success of Frito-Lays and other brands outside of that world. It’s also a category that is just starting to see DTC brands coming in to shake things up with new ingredients.
It’s still possible to build a potato chip brand or really any chip brand because of how much demand there is for them. You can create healthier potato chips or more environmentally-friendly potato chips or just flat out better tasting potato chips.
Fitness clothing has been booming in the U.S since the golden age of bodybuilding. The great news? The demand for fitness clothing is actually accelerating because generations Y and Z are much more interested in fitness than previous generations.
The fitness clothing brand market is competitive though. But if you can build a hyper-specialized brand where you focus on a very specific type of product for a very specific group within the fitness community, your chances of succeeding skyrocket.
Artisanal foods are some of the best types of food products to sell online. So if you happen to be a “honey whiz” or want to be, then there is opportunity for you. Especially since it’s not a category where you see billions of dollars being poured into by big brands.
The power of artisanal honey is that it’s naturally very niche. So if you can create a good honey product and power it with great marketing, you’ll already be ahead of most other honey brands online. The trick is to use the “niche” aspect of artisanal honey to your advantage.
Popcorn is one of the most popular concession stand foods ever. It also happens to be the most profitable food in a concession stand. Now while it’s different trying to sell your own popcorn brand online, it’s still one with lots of opportunity for profitability.
Popcorn is a category with tons of flavors already available. However, there are not many popcorn brands for specific health benefits or for specific diets. This is where the opportunities lie. So if you can reposition the classic popcorn for a new brand, you’ll win.
Frozen food is the most competitive section in grocery stores, so you’ll have your work cut out for you. It’s also the most difficult product to ship due to products needing to be frozen the entire journey. But if you can figure out the logistics, you’ll have the advantage over other brands.
This category can include anything from frozen pizza to frozen burger patties for vegans. Like most other food categories, the frozen food category is also ripe for disruption when it comes to creating healthier variations of already existing products, especially if you use vegan marketing or wellness marketing strategies.
When in doubt, start a brand in the makeup or personal care space due their amazing margins. One of those products is lip gloss. Now, while lip gloss can vary in terms of success, what’s definite is that the entire lip category is a huge opportunity for ambitious entrepreneurs.
You can choose to build a lip gloss only brand, which is a great idea. But the most powerful way to leverage lip gloss is to use it as an entry offer to then sell customers on additional makeup products. Why lip gloss? Because it generally costs less to start than other makeup products.
Of the best million dollar business ideas, toys are at the top 1% of ideas you should consider. That’s because it’s one of the only physical products that has potential to create IP. For context, this category can include anything from dolls to building blocks.
Probably the best example of a toy brand is Lego’s. With that said, almost every kids show either started with the toy and then released a show or vice versa. Either way, the opportunity to create IP is a difference maker, especially if you want to build your own Disney-like empire.
Apparel is a very difficult category, but if there was ever a category within apparel to build a business around, it would be socks. This category includes regular dress socks, but also socks designed for certain lifestyles like the barefoot community.
The reason why socks are such an amazing category is because of their margins. Even if you used the most expensive fabrics, you can still see margins north of 70%. Typically, you’re going to be in the 80%+ range, assuming “average” scale and premium pricing.
Watch lovers, rejoice. Accessories are one of the better categories in all of ecommerce and watches are at the top of this list. Brands like MVMT absolutely changed the DTC community and showed the path forward for digital marketers everywhere.
In this category, you can build a “masstige” brand like MVMT did or you want to build a luxury watch brand like Rolex. This is also a category with lots of potential in the content space as you can see with the success of Hodinkee and how they’re able to drive millions in watch sales. It’s truly one of the best million dollar business ideas in all of ecommerce.