The era of technology is known to be ideal for business.
How?
Well, thanks to tech, businesses can work and scale at a much better pace without hiring a lot of people. With the popularity of AI, we notice more startups outshining giant companies and scaling at an exponential level.
OpenAI is an excellent example of this phenomenon. The company started with a small team of tech-savvy individuals with an innovative spirit. With the sheer power of their idea, the team soon scaled and became one of the most powerful companies that we see today.
But can we ever replicate what OpenAI has achieved?
The key is to keep the mind open and look out for trends that can eventually offer good profit.
If you are an entrepreneur at heart, struggling to find a profitable niche for your business, here are some fun tech business ideas and trends that you can explore.
Why Tech Startups Are Such a Hype?
Tech businesses have gained a lot of hype after the big Facebook story. Right after the internet became popular and accessible, the Facebook founder became a big inspiration for a lot of tech businessmen.
A young dropout who was able to cash out a lot of money became a billionaire, recruited a lot of people, and became a sensation overnight. Now, as the internet became accessible and affordable, youngsters wanted to replicate the success story of Mark Zuckerberg.
So, what exactly is the biggest difference between a tech startup and any other business?
The answer is simple, less capital and no entry barrier. Both these things make tech business an ideal place not just to invest, but also to start a business. Apart from this, some of the major benefits of investing in a tech business include:
- Tech businesses are more profitable compared to other businesses and they scale effortlessly. For instance, you can start a business with a good idea and all you need is a good internet connection and a laptop. Even if I don’t know how to start a business, I can get a Verizon internet plan to begin with, get onto video-sharing sites, and learn all about business in no time.
- Tech business doesn’t require a lot of technical skills. While this may come as a surprise for most people, no-code or codeless platforms can help people start or develop a site or app with drag-and-drop templates. These platforms are easy to manage, require no extra work, and can be edited anytime without technical assistance.
- Most of the tech businesses are based on problem-solving. Successful ones either solve issues or are built around improving the quality of life. This means that while tech businesses are profitable, they are equally rewarding as well.
- Tech businesses can be scaled over time based on demand, profit, and success ratio. Most tech businesses started as a side project and later turned into a billion-dollar business. Since the business is completely online, it offers full control making sure the owner can scale or adjust the strength of the company anytime.
- Tech business keeps changing, which means following the trend can help build a profitable business. Unlike most of the niches where concentration in a category might steer businesses out, the tech industry is always evolving, which creates enough gaps that anyone can start a business.
Highest 5 Tech Business Ideas to Explore
Now that you know why tech businesses are so popular, it’s time to look at some of the best tech business ideas that any beginner can explore.
Artificial Intelligence
Currently, AI is making waves within the business industry. From the service industry to health and mundane desk jobs, AI is replacing all kinds of jobs. In fact, AI is seen as the golden egg-laying hen, mainly because it can automate any business, reduce operational costs, and maximize profit.
If you are tech-savvy, know how to code, and have an understanding of common issues, you can simply create an AI-based solution for that. For creating any AI-based profit you can simply detect the issues, run problem solution tests, gather important data, create AI profit, and update it as per the needs of the customers.
Health Care
The pandemic highlighted the large gap within the healthcare industry, sending shockwaves globally.
This was the first time even first-world countries felt crippled in front of a disease. However, tech came to the rescue, making sure tracking health and monitoring progress was fully automated, so the manpower was allocated to the emergency cases.
Today, telehealth is an important part of the healthcare and medical industry. More and more startups are coming up with healthcare solutions, making them accessible and affordable for all.
Portable diagnosis kits, basic medication, and health-tracking software are becoming more common now. Since the healthcare in USA is expensive, most of the tech healthcare businesses are lucrative and are expected to bring a lot of revenue.
EdTech
Education and tech have a very old relationship. For the longest time, tech has been at the forefront of education, luring people into better education and toward innovation. However, Education Tech, or EdTech, has totally changed this.
EdTech is helping make learning accessible and affordable for all. Now, you can literally open any topic and search for a full course online for free. Thanks to these detailed courses, anyone can kick-start a business or job in tech.
Apart from this, EdTech is helping kids to learn memorize, and retrieve information better and help them with problem-solving skills as well.
eCommerce Startups
Online shopping has become so popular that most people have stopped going to physical stores altogether.
While online shopping was always prevalent, it only gained more popularity during the lockdown. From Amazon to Alibaba, major e-commerce companies gained a lot of attention and their founders became wealthier with time.
Today, starting an e-commerce business is so easy that you don’t even need to buy your own inventory. In fact, anyone can design an affiliate store and get money for each order.
Apart from this, designing a personal online store through Shopify and WooCommerce is so simple and easy that anyone can do it. Most of the e-commerce stores start from one niche and scale later, which offers them enough time and room to experiment with different strategies.
Logistics and Delivery Startup
The transportation industry has gone through an immense transformation in the last few years. We have seen home delivery from becoming a luxury to a necessity in no time.
For the longest time, food and package delivery were done by humans. However, thanks to automation within the transportation and supply chain industry, sending, receiving, and tracking products is much easier.
Moreover, businesses offering free delivery or online support have a much stronger fan base. Businesses now see delivery as a separate business entity, helping small businesses to scale while avoiding extra expenditure and operational costs.
Now that you understand some of the best startup ideas in the tech industry, it is time to look at some tech trends that will dominate the business industry.
Tech Trends to Dominate Business Industry
Trends are the only common denominator within the tech industry. In the last few years, tech trends have shifted at an exponential level. Businesses and individuals who caught up at the early stage of the trends ended up earning millions while those who jumped the bandwagon late, had to struggle.
For instance, crypto was new in early 2000s. People who invested in crypto back then, now have earned billions.
So, as a business aspirant, here are some tech trends that you can cash now:
- Generative AI especially image, text, and human-like content generation businesses will grow.
- 5G will become more accessible and affordable, which will eventually help businesses to work more effectively.
- Virtual Reality (VR) will become more common in industries where customers want reassurance and want to experience things before making a purchase.
- IoT will become affordable as more countries jump on the smart home, smart offices, and smart city bandwagon.
- Most public transport, especially ambulances, firefighting trucks, and police vehicles will be autonomous to improve efficiency.
FAQ’s
Which tech business is most profitable?
As AI is growing fast and becoming a major part of the tech business, an AI consulting firm is a great option. More companies and businesses will try to integrate their product with AI, which means they will need assistance with regulations, business models, monitory pathways, and more.
Which business grows faster?
Multiple business niches have shown remarkable growth potential. For instance, food is one of the biggest business industries right now. Especially food tech businesses like chef robots, food delivery apps, or ghost kitchens are ideal niches for business.
What makes a business successful?
While most people focus more on ideas, execution plays an equally important role. Businesses need to invest heavily in a plan before stepping into the market and starting a business.
