The speed in which new technology is getting adopted is stunning when compared to past decades. These increased rates of tech interest are attributed to several things, including more universal wealth and broader access to information thanks to the internet.
As people’s interest in technology continues to flourish, businesses that are related to tech will enjoy astounding growth. If you’re interested in riding that wave, we suggest that you make your 2020 resolution to start a technology-based business that you can build in the new year and far into the future.
Not sure which tech businesses are worth starting?
Here are 8 suggestions that we think are worth your consideration.
1. Computer/Network Setup and Repair
Just about every business leverages computers to manage its day to day operations. When those computers break, who do you think small business owners call?
1. Repair specialists.
The computer/network repair specialist market is severely limited in certain areas. That reality forces businesses to work with poorly trained individuals or big-box operations like BestBuy that lack a personal touch. If you find one of these underserved markets and reach out to local businesses to let them know that you’re their go-to repair resource, you stand to gain a lot.
In addition to repairs, you can offer assistance with setting up computers/networks, installing updates and doing related tasks.
2. Technology Reselling
Reselling technology is an interesting business model. Essentially, you find a hardware or services provider that offers entrepreneurs like you wholesale prices. You then resell those things to other people at a markup.
The best program for reselling things like VOIP services, computer hardware or networking equipment will give you all of the tools that you need to generate a 6-figure income without needing much technical experience. That makes this business suggestion an excellent choice for people that are looking for turn-key solutions.
3. Digital Advertising Specialist
While businesses like Nike and Disney know how to get the most bang for their buck when running Facebook, Google, and Instagram campaigns, the average small business owner doesn’t. Those business owners need your help to thrive in today’s digital-focused marketing environment.
If you don’t know the first thing about advertising digitally, don’t worry. Take online classes on websites like Lynda.com and in a month, you’ll have the know-how that you need to confidently market your services.
4. Application Development
No conversation around tech businesses ever excludes the suggestion of starting an application development company. That’s because almost 100% of the American population have smartphones and all of those people love downloading and spending money on apps.
You don’t necessarily have to be a coder yourself to run a successful development firm if you hire reliable developers to write code while you take on a sales role. Still, having a working knowledge of application development is helpful if you want to bootstrap your business expenses early on.
If you plan on developing applications for iOS, you’ll want to focus your code-writing education on the platform’s proprietary coding language, “Swift”.
5. Coworking Spaces
More people are working from home than ever today, thanks to technology, enabling seamless degrees of remote communication. As people start working from outside of the office, many will find that they miss being in a collaborative environment and will flock towards coworking spaces.
Coworking spaces are shared offices for freelancers that want to get away from their house during the workday. As a coworking space owner, you’d charge people monthly memberships to access your space. You could also have premium options like private meeting rooms, offices or snack access available for additional fees.
6. Import/Resell (eCommerce)
eCommerce is a fancy term that describes the process of selling goods and services online.
Many savvy entrepreneurs leverage eCommerce to power their import/resell businesses. In these businesses, owners import goods from countries like China. They then resell those goods domestically to consumers at a steep markup.
People import/resell everything from mugs to vitamins online and make a tremendous amount doing so. Also, eCommerce has a lot of growth potential since it represents only 10% of total consumer purchases today!
7. SEO Specialist
When you look for something online, do you type its web address into your browser’s search bar or do you pop keywords into Google? If you’re like 3 billion+ other people, you type keywords into Google.
An SEO specialist/firm optimizes a company’s web content, so Google (and other search engines) is more attracted to it. With that added attraction, Google is likely to serve that website up as a top result when people search relevant terms. This service is massively important since companies that own the top slot in search engine results can get massive amounts of organic web traffic.
SEO experts make as much as $80,000 per year so starting a whole firm that specializes in SEO could easily mean pulling in a mid to high six-figure revenue.
8. Technology-Focused Broadcasting
The more people enjoy technology, the more that they’re going to want to hear about it.
If you’ve got a knack for communicating, start a tech-related YouTube channel. Launch a technology-focused digital magazine. Start a podcast.
All of those ideas can make for lucrative ventures.
Tech Businesses Could Be Your New Year Cash Cow
2020 is almost here. If you want to make next year about revolutionizing your financial situation, building tech businesses is a great way to achieve that end.
We hope that our business suggestions have inspired you to put your entrepreneurial spirit to work and build something big. If you still need more inspiration, check out additional content on our website.