Seven Industries Where You Can Make $1 Million

US News has a list of seven industries where you can make $1 million as follows:

• Wine -- You'll find opportunities in everything from wine bars to wine tastings to the wine aftermarket.

• College Planning -- At one time, applying for college was simply the first step in getting a higher education. Now it's a competitive process that has given birth to a whole industry aimed at preparing and positioning students for college.

• Staffing -- If you're a people person and don't mind being caught in the middle, the staffing industry might be the perfect fit.

• Senior Care -- people age 85 and older constitute the fastest-growing segment of the U.S. population: About 4 million people are currently in this age group, and that number is expected to grow to 19 million by 2050.

• Children's Services -- The economy can plummet and gas prices can skyrocket, but one thing remains constant: Kid-focused businesses are continuing to grow. Even as purse strings tighten, spending on kids—from their tutoring to their art classes—remains generous.

• Pets -- In homes across the U.S., animals of all shapes and sizes get the red carpet treatment. Americans are obsessed with their pets: The American Pet Products Association, or APPA, estimates that Americans will spend a whopping $43.4 billion on their furry companions just this year.

• Green -- Across all industries and all generations, a single word has people talking and taking action: green. These days, if you're doing good for the environment, consumers want to do good by you and show you another kind of green.

Here's my take on each of these:

• Wine -- Not interesting to me.

• College Planning -- I think this could be HUGE! Everything from what to do in high school to prepare for college, applying for/getting into college, scholarship counseling, test coaching and on and on. Seems like there's a gold mine here.

• Staffing -- Headaches 'R Us. No, thank you.

• Senior Care -- Another HUGE opportunity -- if you want to deal with all the downsides.

• Children's Services -- People will keep spending on their kids no matter what happens with the economy. I can only think of one thing that trumps spending on kids...

• Pets -- ...yep, this is it. I've already said enough about how much people spend on pets and how expensive they can be, so I won't add anything there. But on the other side of "cost" for pet owners is "fortune to be made" by pet-related businesses.

• Green -- Not really an industry by itself (unless you're thinking alternative sources of energy), so this one is a bit had for me to wrap my mind around.

Any not on this list that you think could be a big hit in the future?

Comments

[Christopher]

Child services is Huge. I work in that "industry" in a sense: teaching guitar lessons. Amazing business if it's done right, but a teacher has to be firm and businesslike with parents or the teacher gets walked on.

To study with me, students pay about $22/half-hour lesson, and have to pay a month in advance. Additionally, the contract states that they are required to give a month's notice to drop lessons. If no notice is given, they are responsible for the fees incurred for the next month--whether the child attends lessons or not. I teach in a music store that sees probalby close to 200 students each week. It's a huge chunk of business.

[rdub98]

Green is getting big and it IS becoming its own industry. It is not just about alternative fuels either. It has to do with reduction of paper consumption, reduction of overall carbon footprint (the amount of carbon produced by a company that ends up in the atmosphere, reduction of energy consumption, alternative ways to heat and cool a building, recycling, and the like.

A lot of companies are popping up to consult and provide services on "going green" and I see it becoming a BIG business in a very short period of time, especially with the whole oil issue. Businesses need to reduce costs and some of the green "technologies" can help them with that. On top of that, like the article said, if you are doing good by the environment, it could mean more customers and higher profits. So it is as much marketing as it is procedural changes and investment in technology.

Re: College Planning -- I think this could be HUGE! Everything from what to do in high school to prepare for college, applying for/getting into college, scholarship counseling, test coaching and on and on. Seems like there's a gold mine here.

There have been a number of print and online articles recently about the emerging college coaching industry which is so far a very elite and pricey business.

But there are certainly vast opportunities for those able and willing to bring these services to middle class families.

[Anom]

@ Green

My company just paid a lot of money to get a new recycling pickup (just equipment changeovers and what not). He offered to do single stream for a little bit more money. However this is offset by how much more we now recycle.

Its a huge company initiative. Green is huge.

[fathersez]

I suspect concern over security is also going to rise. Physical security for self, loved ones and belongings. This should also be an indutry to watch for.