Emily Rollwitz – Content Marketing Executive, Global App Testing
Starting a successful business is something that many people aspire to do. Digital.com found that 43% of Americans plan to start a business in 2022. However, starting a business comes with many hurdles that can intimidate first-time entrepreneurs. As most startups fail in the first year, many beginners are understandably discouraged from starting.
So, what does it take to run a successful business?
Some apparent factors spring to mind: determination, specialist knowledge, and seed capital, to name a few. However, none of these aspects mean a thing if you cannot think of a good idea for what your new business will be!
Are you lacking that creative spark? Look no further! This list will cover some of the most profitable tech startup ideas to elevate your business empire to the next level.
1. Artificial Intelligence
Artificial Intelligence is a big deal in the world of tech. As we build smarter machines, they will gradually become capable of performing tasks that currently require human oversight. Tried and tested methods like ML pipeline architecture have accelerated innovation in this field.
The top 5 ‘tech giants’ (Amazon, Apple, Facebook, Google, and Microsoft) are investing large sums of money into the technology to maintain their competitive edge. That does not mean to say that the AI market experiences oversaturation! Each day, people think of new and creative ways to implement AI tech to solve real-world issues. Will your business be the next?
2. Mobile App Development
While apps aren’t as new and shiny as they were ten years ago, they remain one of the most profitable areas in tech. Allegedly, the top 200 apps on the Apple app store each manage to earn around $82,500 on a daily basis.
These days almost everyone owns a smartphone, meaning that the market for app developers is enormous. Learning to build apps is a demanding but potentially rewarding process that you should certainly consider. Be sure to read the agile scrum manifesto before you get started!
3. Web Design
After reading this article, use a minute to explore this website and consider everything that went into its creation. Beyond the rows of text and beautiful graphics is a site that must function to serve its purpose. In this case, the website must be easy for the end-user to navigate and make sense of and navigate.
Unfortunately, this is where so many businesses slip up by creating a website that isn’t intuitive for their customers to use. Time is a valuable commodity, and if customers cannot find the page they are looking for, they will likely leave your website and not return. As a result, the market for competent web designers is massive, and you will find clients from many industries wanting your themes and designs.
4. Cyber Security
The economic value of data is tremendous. As a result, cyber criminals are constantly advancing their strategies for stealing data online. Of course, on the other side of this is the industry of white hat / ethical hackers. It’s their job to find and alert IT teams to weaknesses in software or networks that hackers may exploit. Cyber security experts may also offer their services as consultants to businesses looking to implement their cyber security solutions.
As cyber criminals continue to make high-profile attacks on individuals and companies, there is no better time to get started in cyber security. Your business will be at the forefront of the evolving cybersecurity market, expected to be worth $363.05 billion by 2025.
5. Software Testing
Software development is an attractive career for many people interested in technology. The less appealing (but profitable) side of software development is the testing phase. Nowadays, many developers outsource their software testing to external services, which carry it out on their behalf.
Don’t be deterred by the stereotype that software engineers are predominantly white or men. We need people from all backgrounds to form startup companies in this space. Only together will we achieve diversity in software engineering.
There was once a time when we were all obsessed with eBay. Suddenly, the Internet became a place where ordinary people could not only communicate but also make money! Since then, the industry has grown fast as billions of people worldwide embrace the technology. eCommerce will make up nearly a quarter of total global retail sales by 2025.
Whether you’re looking to establish a new eCommerce store or move your brick-and-mortar retail operation online, the possibilities for making money in this sector are endless.
7. Digital Marketing
Marketing is not as easy as it once was. These days, you must grapple with the technological aspects of digital marketing and the more familiar social aspects, such as consumer behaviour. That difficulty means these services are in high demand, meaning there is plenty of money to be made in this industry if you know the tricks of the trade.
To get started, you’ll want to familiarise yourself with concepts like search engine optimization (SEO), online advertising, content planning, and applause testing. The next step is to find a base of clients and deliver custom solutions on a case-by-case basis. As your portfolio grows, you’ll draw the attention of bigger fish and hopefully get the chance to work with global clients across many sectors.
8. Remote Working
The pandemic is something that we all want to leave behind us. Though that certainly does not mean we have nothing to learn from it! One of the most profound effects of social isolation was the global trend away from offices and in the direction of remote working.
Companies and their employees now have an imperative need for reliable software that keeps them connected. Workflow software and communications tech (such as the VoIP telephone) both deliver productive capabilities for hybrid teams. The best part about this? This technology is still in its nascent stage—meaning companies are always looking for custom solutions specific to their business needs.
Robotics is an exciting industry that, like Artificial Intelligence, will replace many human jobs in our lifetimes. Already we are seeing the rollout of drone delivery services in cities and regions worldwide, and this trend will continue. Retailers like Amazon are investing in solutions like these as they see the value of retail automation in commerce.
However, the robotics industry is far from limited to the retail sector, and your business could take many different approaches. For example, you may want to specialise in creating custom tools or parts for companies and individuals. There is plenty of innovation in this space, so people always seek home-brewed talent and custom solutions. The first step might be to invest in a 3D printer and familiarise yourself with 3D design.
The legacy financial system is an institution that has resisted change, as demonstrated by the lack of meaningful reforms after the financial crisis of 2007. Consequently, many view finance as a sort of ‘black hole’ where startups could never compete with the singularity of big banks issuing credit cards and firms. However, the reality could not be further from that judgement.
These days, financial tech (or FinTech) startups have enjoyed plenty of success alongside the giants in the industry. Take PayPal for example, the company founded in 1998, now has a market cap just shy of $100 billion. There is still a massive amount of innovation in this space, as seen with the exploding interest in cryptocurrencies over the last few years.
Your business may not have dreams as big as this, which is fine. You may choose to focus on offering financial services to businesses in your local area. It could come with the creation of tools that help with payroll, tax systems, or processes to optimise marketing spend. Whatever route you decide to go down, there’s money to make here. And if you can contribute to creating a better financial system, all the better!
11. Virtual Reality
Virtual reality is finally breaking through into the mainstream market. Products that sound like they belong in a sci-fi novel are now making their way into our daily lives. Research indicates that 23% of US households have access to a VR headset.
The VR industry saw a significant boost in popularity thanks to the pandemic, and development in this space has not slowed down since. Most striking was the decision by Facebook to rebrand their parent company ‘meta’ to reflect their intention to build a metaverse for their users. Now might be the time to hop on the virtual reality bandwagon and see what you can build—be it a VR game or commercial tool.
No one said that creating a tech startup business would be easy. If it was, we would all be doing it! Often the biggest hurdle for people is simply spotting that niche in the market. From there, the idea can be scaled up and transformed into a profitable business. The skills you learn will undoubtedly assist you in building your business empire. Hopefully, this article has given you some creative inspiration for your next tech startup.