The Mega Millions lottery is being drawn this evening and there’s a $15 million jackpot prize on offer! You may be wondering what you could achieve once you’ve won a lottery jackpot of such epic proportions – start a business perhaps? It’s a sure fire way to keep your multimillions from dwindling away during your shopping sprees! In this news item we’ll take a quick look into some of the businesses you could establish with your lottery winnings.
What kind of business would you establish after winning the lottery? Tell us in the comments section at the end of this news article and you'll earn lotto points!
A hobby shop
This isn’t just a lucrative idea but also a means for you to connect with the people in your community and build relationships with fellow hobbyists who share your interests. You’ll also have the opportunity to hire people in your area and have access to wholesale pricing (not that you’ll need the discount!). You’ll need to set up your shop with enough reserve to cover expenses for the first seven years, the time it takes a hobby shop to turn a profit according to the National Retail Hobby Stores Association. This is more of a pursuit of happiness than major wealth, but you’ll still take home about a 10% annual profit on the initial investment.
Not only will you be able to celebrate your lottery winnings at your newly purchased bar or nightclub, this is also a great way to make a profit on your investment. According to the Entrepreneur, as long as you have enough start-up capital, your nightclub can start turning a profit from six months to a year after establishment.
A real estate investment company
Realty Times stated that the real estate investment business can be one of the most lucrative of all if you start off with financing. With a good team behind you, there’s plenty opportunity for you to buy, fix up and flip houses. Remember to set up a limited liability corporation to protect your personal assets.
A travel agency
Entrepreneur stated that the travel industry generates $1.3 trillion in revenue every year! This is certainly a business worth investing in. Not only will you have the chance to make big profits, you’ll also have access to discounted travel – a clever way to have the chance to see the world without eating too much into your lottery winnings!
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