Technology, whether big or small, has revolutionized almost every aspect of our personal and professional lives. And that’s why, more and more investors are opting for technology businesses.
Building onto the opportunities currently open for all types of entrepreneurs, the tech world even has space for everyone with different budgets.
If you are planning to jump the bandwagon, here are 6 tech business ideas:
1. Online magazine
Simplest form of a tech business, an online magazine is a blog you can start even today, yes! With an investment as little as $100 per month (for domain and hosting), you can create a digital asset, establish a readership, target hot keywords and start making decent amount of money in 4 months.
Starting an online magazine is as simple as buying a domain name (it’s the name of your blog), and a plan to host it online. Then choose a free or premium WordPress theme depending on your niche.
Install WordPress, customize your theme, create a logo on Canva and publish at least 5 articles. Then verify your domain property on Google Analytics and monitor the growth of your blog.
If you consistently publish trending, SEO-optimized, high-quality content for 2 months, you’ll be able to monetize your blog through the following ways:
- Google AdSense
- Selling digital downloads
- Providing online services and consultancy
If you are writing on niche-specific topics that are in high demand and low competition, or have a unique voice or tone that people want to listen again and again, then you can even sell premium content like Medium, Harvard Business Review, Forbes, and Guardian.
2. Affiliate business
Second up in the list is affiliate (and dropshipping). Having its branches in blogging and social media influencing, an affiliate business is for people who want to sell.
But don’t wish to spend time or effort creating products of their own. As an affiliate, you can earn a part of sales while promoting others’ products and services.
All you have to do is create a blog, or a social media following. Then create content around the products you like to talk about, and insert your affiliate links.
In the beginning, you’ll have to create partnerships, outreach to brands and decide on terms. Promoting software products, however, is easier and links are ready made.
You can check tools like Canva, HubSpot, Grammarly and Creative Fabrica. As a policy, you have to add a disclaimer on your website telling your customers that you’ll earn a part of the company’s profit at no cost to them
3. Mobile apps
There is a mobile app for almost everything you do. And there can be more for everything you can imagine. But both of the leading app stores are competitive. Here is how you can find a gap and fill it:
Look around yourself for a pressing problem that needs a modern, tech-based solution. Then create an app for it and capitalize on the gap.
List down all the medium trending apps growing in popularity. See if they have apps for both, Android or iOS. If there is an app for Android, hire an iPhone app development company and win the competition. Do vice versa on other app stores.
List down 5 different apps that inspire you. It could be a weather app, plant care app, heart rate monitor, or a smart home automation application.
Go to their reviews and ratings and the comments should tell you what’s missing in the app. Find out users’ pain points and create an app that serves them what they want in specific apps.
4. Video games
Game development is one of the most lucrative tech businesses in the list. That’s because every age group is a game enthusiast. Whether you talk about a cricket video game, a roleplaying game, or an action game, there is a target market available to conquer.
And with emerging technologies like virtual reality, the Internet of Things, blockchain and NFT, it has become even more convenient to find a genre and deliver diverse, fresh game content.
There is, however, one consideration in investing in a game startup. As much as it’s profitable, it does require heavy cashflows, or say, investments to initiate.
Games need stunning graphics and fluid user experience, and to ensure both, you need to work with an exceptional mobile game development company that does not less than crafting digital masterpieces. And such companies surely charge a lot.
If you have budget constraints, you can either create a complete prototype as a working model of your gaming app, or go for an MVP that only has core gaming features.
Then pitch to investors or earn through early monetization and invest on scaling your game.
5. SaaS product
Another trending tech business idea that’s popular for its ease of development – Software as a Service. These are applications that work on wide variety of devices, are centrally hosted on cloud. These can run simultaneously on web and mobile.
Here are some SaaS development ideas:
- Productivity apps
- Lead generation tools
- Customer relation management system
- Video communication and conferencing tool
- Design and content creation programs
SaaS product development is slightly more expensive than native mobile apps, because of the overall technical architecture.
It’s because the architecture is usually big in size and is so to serve a considerably large number of users, typically corporates and businesses. also, most SaaS businesses monetize on a subscription model.
6. Smartwatch apps
In an era where everyone is on the go, we need the pulse of the world on our wrists. With hardware and software like Wear OS, Apple Watch, Samsung Watch and fitness bands increasing in popularity and boosting in functionality, there is a huge market potential for smartwatch apps.
Apps earning huge profits currently, like Zombies Run, Accu Weather, Spotify, and Google Fit, have launched high-end apps for smartphones. If you are sold on idea of developing a smartwatch app, here are some trending ideas:
- Weather apps
- Heart rate monitor apps
- Sleep monitors
- Alarms, reminders and note apps
Building apps is taking businesses further and assisting them in capturing a bigger market. The world of apps is slowly getting the hold of how things actually function – those who understand this will make big profits. The time must not be spent just thinking. Execution is the key.
There are numerous gaps in the market and plenty of ideas need help – so whatever the needs are – we need to understand the contemporary market demands to proceed smoothly. The development of such apps is not an issue – numerous companies do that. But having the right idea is of utmost importance.