Aside from being a rapper, Master P has enjoyed a successful career as an entrepreneur and investor. Miller opened a record store in Richmond, California called No Limit Records, which later became the foundation for his own record label of the same name. [48] Miller was one of the first rappers to notice and take advantage of the retail potential of the music industry. As an investor, Master P was one of the first rappers to build a business and financial empire by investing in a wide range of business and investment ventures from a variety of industries. He has since invested the millions of dollars he made from his No Limit record company into a travel agency, a Foot Locker retail outlet, real estate, stocks, film, music, and television production, toy making, clothing, telecommunications, a jewellery line, auto accessories, book and magazine publishing, car rims, fast food franchises, and gas stations. [49][50][51][52]

His sports management agency No Limit Communications, a joint venture with marketing guru Djuan Edgerton, was a success. His conglomerate company, No Limit Enterprises became a financial powerhouse. His real estate investment and

property management company, the New Orleans-based PM Properties controls over 100 properties across the United States. [53]

According to Black Enterprise magazine, No Limit Enterprises grossed $110
million in revenue in 1998 alone. This level of success inspired other rappers to branch out into other business ventures and investments. [53][54]

Miller also has his own line of beverages called "Make 'Em Say Ughh!" energy drinks. [55]

Miller has also made a foray into mass media, where he founded Better Black Television, a cable television network in November 2010 based in New Orleans, making him the first rapper to establish a cable television network.

[56]

Rappers had historically focused more on the artistic and glamorous side of hip hop music while paying very little attention to the business, investment, and financial aspects. All that changed in 1996 when Master P signed a music distribution deal with Priority Records, one where No Limit Records would retain 100% ownership of their master recordings and keep 85% of their record's sales while giving Priority 15% in return for pressing and distribution which allows No Limit to profit from future sales such as catalogs and reissues.

[53]

Master P went on to make hundreds of millions of dollars from this deal. Additionally, Master P invented many innovative marketing techniques. According to Wendy Day, CEO of the Rap Coalition, "Master P had a whole marketing movement. He was the first person to market the way a corporate entity like IBM would market to their clientele." Whereas the traditional model for marketing records was to spend millions of dollars on expensive videos and air play, Miller did not have such a luxury. As an independent artist, Miller had to find a way to sell, market and build platinum record selling demand on a limited recording budget. He was known for keeping upfront business expenses down and profit margins

high. He began selling tapes out the trunk of his car in every city and town in America where there was potential demand for his music. He gave out free samples to people with expensive cars and had them playing his music throughout their neighborhoods. This street level guerrilla marketing

technique set the foundation to build a larger fanbase for the future. After signing his deal with Priority, Miller began a high volume business model of cranking out as many records as possible, as frequently as possible. He branded all his albums, so that the No Limit brand became more important than the actual artist's name. Miller cross-promoted all his artists and albums inside the album covers. He also used pen and pixel graphics and Mafia-inspired themes to make his albums stand out using Photoshop. He offered 20 songs per album, whereas most albums offered 15 or less, as Miller learned that customers wanted more for their money. He turned his artists into Marvel comic book-like characters rather than just rappers. He made sure his artists were number one on SoundScan every time they released an album, to build the perception of popularity. He used inexpensive videos to promote his artists and he cross-promoted albums using films and vice versa and tied them altogether as a package. Brand image and identity became more important than just music quality. Miller's record labels have sold 75 million records as a result of his innovative marketing and branding strategies. [54][57]

As founder and CEO of No Limit Entertainment, Miller at one time presided over a business empire that included his conglomerate No Limit Enterprises, No Limit Records, Bout It Inc., No Limit Clothing, No Limit Communications, No Limit Films, No Limit Sports Management, P. M. Properties, and Advantage Travel. Miller represented former NFL running back Ricky Williams when he was drafted by the

New Orleans Saints; however, the deal was rated the worst contract for a player in NFL History by ESPN. [58] Miller manages the music, film, and television career of his son, Romeo Miller, as well as pop star Forrest Lipton and Atlanta rapper Gucci Mane. Miller was the executive television producer for his teenage daughter Cymphonique's Nickelodeon Show,

How To Rock, and the co-creator of Romeo!, the hit Nickelodeon television show that stars his son. [59]