In 2019, the technology industry yielded a whopping $1.8 trillion, which is also the 10% of the economy’s GDP. Considering the lucrativeness, investing in a tech venture is definitely a financially rewarding decision.
However, the success of every business venture lies in two factors: a great idea and its right execution. So for the idea part, here are 5 business venture ideas that will help you hit big in the technology sector.
1. App development
First up in our list is app development. While there is an app for almost everything now, there is some gap that you can still fill, a problem you can solve, a value you can add, or simply a cost that you can reduce via your new app idea.
This domain is highly diverse and lucrative at the same time. There are tens of profitable and technically viable options like wearable app development, blockchain development, smartphone and web apps, desktop programs and portals and so on. All you’ll have to do is come up with a niche and category, find an expert development team, discuss your business plan, and initiate the programming milestones.
These apps can be launched between 4 to 10 months depending on their features and have high user acceptance. For the overall cost part, know that these apps are affordable to build. To further optimize your app development budgets, you can hire app developers in Los Angeles, or Miami because of their competitive rates with strong technical expertise.
So, if you’re up for an app-based business, some trending recommendations include fintech apps, NFT exchanges, investment apps, Augmented Reality apps, consumer-side apps for healthcare and fitness, smart home managers and security and privacy apps like password managers.
2. Online consultancy and courses
If you have highly professional skills and want to leverage them to train and coach others, there is no better way to capitalize them than starting an online coaching program or a recorded course. The most attractive part of this tech business idea is its super affordable and easy-to-launch nature.
If you are good with live sessions and camera, you can be a consultant for skills like mental health therapies and interior decoration programs. Otherwise, record your course all at once in different videos, bundle them up and sell them, though this option is more of a passive income.
Now once you have chosen either of these options, all you need is a website with digital payment gateways and an invoicing system to generate consultancy appointment and session bills. You can further automate the business by using email plug-ins that email your customers with session bookings, send them reminders and seek feedback after the consultancy session. Also, you can choose to charge per hour or per session depending on the industry norms and the competitiveness of your niche. If you are a non-techie, we recommend you hire a web development company in USA to integrate these features on your landing page.
For trainers who opt for courses, you can also choose to host your courses on platforms like Udemy and Coursera. They do charge a commission when your course sells, but it’s worth the domain and hosting, plus the free marketing and sales promotions you receive from the platform.
3. Ecommerce Store and Marketplace
As the pandemic forced people to stay inside, they also learnt to shop their groceries to luxurious apparel online from the comfort of their couches. This user acceptance has opened endless opportunities for online sellers in diverse industrial domains. You’ll find stores selling food to wine to office supplies to high-profile tech accessories online.
If you like a specific product niche, consider starting an online ecommerce store. Or if you want to launch a bigger business model inspired by UberEats, Amazon and Etsy, think of starting an ecommerce marketplace as a platform for buyers and sellers. To pursue this, you’ll either need a mobile or web application where sellers can create their digital storefronts and buyers can create profiles, then view products and shop them.
This business model requires flexible investments. You’ll have to pay for an average ecommerce app, and can be launched within 3 months if you don’t need complex customizations in UI, UX or features. Also, this business model has a huge earning potential with options for commissions, sponsored ads to affiliate marketing.
4. Cloud Game
Game development has always been a financially rewarding tech business domain because of huge user interest in all demographics and ages. All the more so now with the introduction and acceptance of cloud gaming worldwide. Look at examples of Google Stadia, PlayStation and GeForce that get their major chunks of revenue from cloud gaming subscriptions.
Cloud games are centrally hosted on remote servers, so there is no need for users to download or install them on their devices like smartphones or PCs. All they need is an internet connection and a subscription account to log in and the adventure begins. And tech giants like Microsoft and Sony are capitalizing on this need for P2P adventure.
Cloud gaming is a profitable business venture because firstly you don’t get limited by the game genre. From action games to fantasy and roleplaying, sports and real-time strategy, you can launch any game on cloud. You can choose to leverage advanced Extended Reality, and blockchain strings and NFTs. This business does require technical investments, most importantly a budget to hire experienced game app development company with a team of designers, developers and QA testers. But it is a revenue-generating machine once it gets deployed.
5. VR Tours
Virtual tours are popular with industries like real estate, training and development, and most importantly, tourism and hospitality. These 3D VR tours take users into an artificial environment that feels almost real. For example, if you are a VR tour provider for beaches, you’ll create artificial simulations of vacation spots like Santa Monica. This tech business is ideal for traveling enthusiasts who also love advanced technologies like Virtual reality.
To pursue this tech startup, you’ll have to work with an experienced developer who knows the work around integrating Virtual Reality frameworks. Plus, you’ll have to create the artificial environments. Now if you want it to be a physical experience as well, you can plan to scale your business in a touring space where you facilitate users with VR equipment. Otherwise, users can log onto cloud or mobile apps and tour whichever places they please.
Creating VR environments is definitely expensive and does require immense development effort. However, technopreneurs rather call it an investment that pays for itself and doubles the ROI.
Bottomline
Once you have decided which tech business idea you want to go ahead with, it’s time for creating a plan, turning it into an action roadmap, hiring the A-level team, monitoring the development milestones and launch!
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