If you’ve been thinking about starting a tech-based business, you probably already started researching different niches. After all, it’s a billion-dollar industry that’s expected to grow exponentially over the upcoming years. While the tech business is currently the place to be, there is a difference between a good tech idea and a bad one. Every year, hundreds of startups launch only to fail within the first six months. Is it because they didn’t try hard enough? No, not at all. It’s because more along the lines of fierce competition and possibly trying to enter a niche that’s over saturated. So, what does that mean for you? Simply put, you need to choose a sector that’s lucrative, but not so popular you’ll get lost in the crowd.
Finances First
Regardless of which sector you decide on, you need a way to cover the costs. From validating your idea to launching, unless you plan on bootstrapping, you should look into Accion small business loans. These types of loans can turn an idea into a reality by providing you with enough capital to get started. It’s important to note that you do need to business plan, which outlines your idea, your target audience, how you plan to market your idea and financial projections. Once approved, you can then allocate funds to where you need them the most.
Food Tech
If you’re a foodie, you might want to investigate this space. Food tech companies, like Beyond Meat for example, are taking center stage. With so much focus on living longer and eating better, creating an app or even food product that encourages this is the way to go.
Customer Management Systems
Although there’s already quite a few CRMs on the market, that doesn’t mean there’s no room for more. As businesses expand, they require a way to track daily operations with as little hassle as possible. Creating a CRM that streamlines the process, especially for a specific niche, would probably fare well. It’s a good idea to research what the current CRMs on the market offer, so you can identify weak spots you can then improve upon.
Automation
One time or another, you’ve probably interacted with a bot. These days, chatbots are far more than annoying want-to-be humans. They’ve become pretty high-tech, so much so that you can interact with them as if they were a human being. However, as much progress as chatbots have made, there’s plenty more that can be done. If you choose this route, you can find ways to improve the functionality. You can also look into ways to improve automation for business operations as well. This can involve merging management systems with e-Commerce order fulfillment, returns, and processing.
VR and Extended Reality
With more people working remotely, VR has become the norm for onboarding. Virtual reality applications can be enhanced to make onboarding and training more engaging and entertaining. The same holds true for extended reality. Many brands are now looking for ways to reach customers in new, innovative ways, so creating an app that bridges that gap might be the way to go.
Robotics
From robotic limbs to robots that deliver food, there’s definitely no shortage of ideas to draw inspiration from. Anything that’s computer science related, particularly if it involves health and medicine, is likely to do well.
Developers
When it comes to web development, there’s plenty of opportunity and room for growth. One sector that’s always going to be looking for new innovation is the antivirus niche. With so much focus on protecting personal data, the need for antivirus software will only continue to increase. If successful, you can market your product to both small businesses and mega corporations.
Domain Broker
Similar to being a stockbroker, you can set up a site that sells domain names. While there are already some on the market, you can still find a way to make your value proposition stand out from the crowd. The key is understanding how to create a site or app that inspires people to buy and sell from you.
Telehealth
COVID changed just about everything we once knew, including how we go to the doctors. The telehealth sector is huge, and now’s the perfect time to help make it even better. You can focus on the back end and create high-tech cybersecurity features, or you can find a way to make appointment setting easier without having to interact with the office staff. People want to get in and out of their appointments, and in many cases, trying to get an appointment can be frustrating. The same holds true to messaging and receiving lab results.
App Development
What if you created an app that makes actually makes creating an app easier? Some of the best ideas come from people who aren’t tech-savvy, so if they have a way to bring the idea to life without needing to hire a team of engineers and developers, it’s a win-win situation for everyone.