Over the past decade, a substantial number of people have amassed a huge fortune from acting on various technology business ideas.
Do you agree?
And according to Forbes’ 2021 World’s Billionaires list; tech billionaires are worth a combined $2.5 trillion.
Of the 10 richest people in the world, six accrued their wealth from tech.
But don’t get me wrong:
This set of people did not become an overnight success nor did they start with a large reserve of cash.
They started small, encountered setbacks at various points, and failed before they eventually joined the list of the world’s ultrarich.
This is why I’ll show you 1O technology business ideas that can make you exponentially rich if you act on them.
But note: Even if these technology business ideas don’t make you the next Mark Zuck or Elon Musk, you’ll achieve financial success at the barest minimum.
What is a tech business?
Technology companies offer products and services that have applications in a variety of industries, but their primary focus is on the research, development, and distribution of technological goods. This includes companies that manufacture electronics (such as Apple), develop software (such as Salesforce), and provide information technology services (such as Google).
The best thing about our technology business ideas is that they don’t require a lot of overhead—you can start small and grow slowly. However, in order to successfully start a business in the industry, you will need some level of technical knowledge.
How To Choose The Best Business Ideas In Technology?
Before you commit your time, energy, and resources to any of these technology business ideas.
First, ensure your idea ticks these checklists.
The compulsory things to check are:
Does Your Market Have A Ready Demand?
I need not remind you that you’re doing this to make money. Hence, you should invest only in business technology ideas where there is an audience willing to pay for your offer or service.
The Best Tech Business Ideas Are Poised For Future Success
One terrible mistake you can make is to choose one of the technology business ideas that will become obsolete in the short term.
Allow me to explain:
20 years ago, people could only listen to music by purchasing music CDs but now that we have advanced to streaming music on the internet CDs are gradually going out of style.
Do You Have The Necessary Skills To Hit The Ground Running With Your Technology Business Ideas?`
The technology industry is wide and has a lot of sectors. Find your area of strength and on that basis decide on what tech business to undertake. Ahem, see these tech solutions for businesses.
Create A Business Plan
People who have a plan are more likely to succeed in any endeavor. With a business plan, you’ll be able to avoid distractions that might derail you from making something worthwhile of your technology-based business ideas.
Now, we are headed to the most interesting part.
But before we delve into it. First, check out these best creative business ideas in technology.
10 Technology Business Ideas That Can Make You Exponentially Rich
The following are the best tech startup ideas that can be your money-spinning machine.
Let’s have a closer look:
This is one of the best tech start-up ideas out there, and it is virtually risk-free. The underlying idea for this business model is selling without keeping inventory of the products.
With dropshipping, you’re not (least) exposed to the risk of losing money by keeping inventory of goods with little or no demand, fretting over distribution, or finding storage facilities to keep your product.
Your only focus is to run adverts and make sales. Every other task will be handled by your dropshipping supplier.
These are basic tools you need to get started; a functioning PC, internet connection, products that are in demand, and a budget for your advertising efforts.
Here is a step-by-step guide on how to start dropshipping;
- Research the market for products that are in demand.
- Sign up on dropshipping platforms like eBay, Amazon, Aliexpress, Shopify and list your product for sale.
- Instead of using any of the listed platforms above for selling, you can create your own online store and drive traffic to it through adverts.
- Each time you get an order; you’ll proceed to buy the product at a cheaper price from the supplier (wholesaler) and ask them to deliver it to the customer who ordered from your dropshipping store.
Sounds easy, right?
In my opinion, It is better to place your customer’s order with a supplier instead of ordering directly from the manufacturer. This is because many manufacturers usually have a minimum order requirement which may be far-fetched for you.
Recommended dropshipping platform: Amazon, Shopify, eBay, Magento.
Potential Earnings: Depends on unit sold, profit margin, and your choice of dropshipping platform. For instance, you can net up to 14% if you’re selling on Amazon.
Read the secret about Dropshipping success
2.Web Design And Development
Another one of the top technology business ideas that guarantees cash flow is web design and development.
As a web developer; you must be able to build and maintain user-friendly websites that suit your client’s needs.
Web development is categorized into 3 areas; front-end, back-end, or full-stack web development;
Front-end developers are concerned with creating a positive user experience for visitors, back-end developers work on the web’s hosting, database, and every server-related stuff while the full-stack developers can work on all aspects.
Armed with the right training, you can sign up on platforms like Codeable, UpWork, Fiverr to attract paying clients.
Average salary: $51,821/annum
3.Work As An Affiliate Marketer
In my opinion, affiliate marketing is one of the most lucrative, risk-free technology based business ideas.
It is almost similar to dropshipping, in the sense that you don’t have to keep an inventory of goods.
All you have to do is;
- Look for a niche that you’re particularly good at.
- Research for an affiliate program that has products for sale in your desired niche. These products may be in any form e.g ebooks.
- Choose products that you have the ability to sell and also ensure that there’s data to show that the product is constantly in demand.
- Decide on how you will sell the market; you can choose to sell through email marketing, blogging, paid ads (Google, Facebook).
- Drive traffic to your sales channel.
- Finally, each time someone buys from your marketing effort, your affiliate program will pay a certain percentage of the sales price as commission.
You will need to set aside a budget for driving traffic to your desired channel of selling. You can also check this free YouTube video on how to start affiliate marketing.
Psst; see these best it tech startup ideas.
Recommended affiliate programs: Amazon associates, CJ Affiliate, ClickBank.
Potential earnings: Depends on unit sold and commission paid per unit.
4.Start A Podcast
This is yet another one of profitable technology business ideas that can make you rich.
To do this successfully, follow these instructions;
- Find a niche you’re particularly passionate about.
- Research for problems facing people in your chosen niche, and on that basis formulate topics for each of your podcast episodes.
- As you progress, your podcast listeners will increase; from there people would pay to get featured or promote their offers on your podcast.
- Depending on where you post your podcast, you will get paid each time people listen to your pod.
You can check out this free YouTube video or Udemy course to learn how you can get started with this tech business idea.
Recommended platforms to host your podcast are Apple podcast, Spotify, Google podcast.
Average earnings: $0 – $87,274/annum. It also depends on the size of your podcast listenership.
5.Search Engine Optimization
SEO means search engine optimization. As an SEO expert, you’ll help businesses design strategies that can help improve their online marketing efforts. Your primary task is to help such businesses improve their visibility on the search engines so they’ll rank high anytime someone runs a search inquiry on something relating to their business (either on google, bing, or yahoo).
Your role also includes keyword research, website optimization, as well as building marketing plans for businesses.
You can also sell your service by working as a freelancer, do this by signing up for free on platforms like Fiverr and Upwork.
Average salary: $50,000/year
6.Online Education Service
Here’s another technology business idea that is particularly suited for the post-Covid era. Ever since Covid took the world by storm, people have been forced to learn mostly via online education platforms. Therefore, you can monetize your knowledge by creating value-based course materials and offering them for sale via platforms like Udemy, Coursera, YouTube, and so on.
Average salary: $0-50,000/year
Mining crypto means you get to earn cryptocurrencies without having to pay. You can mine crypto using hardware or via the cloud.
Crypto mining is very complex as it requires cheap electricity and can only work in a few locations around the world. Nonetheless, keep in mind that crypto mining is the incentive for contributing to the security of blockchain technology (Be it; bitcoin, doge, ethereum, and so on).
Learn more about Bitcoin and how does it work
E-commerce is another technology that has been around for a while but still has room for advancement. Statista reports that e-commerce sales increased from $500 billion to nearly $550 billion in the last year.
You can start your own e-commerce business from the comfort of your own home if you have a unique idea for an e-commerce store. Do you have no product in mind? Don’t worry; dropshipping allows you to start an e-commerce business with products for which you will not be responsible for warehousing or shipping.
9.Social media consultant
If you are not interested in SEO but are skilled at social media, you can work as a social media marketer to assist businesses in generating likes, shares, retweets, followers, comments, clicks, and more. In this role, you will consult with businesses and assist them in managing their social profiles, disseminating content across the web, and building their brand.
Furthermore, the startup cost for becoming a social media marketer is low and can be done from the comfort of your own home. Just make sure you brush up on your social media skills and stay up to date on the latest trends and platforms.
If you are an expert in a specific technical field, you can begin writing blogs about it. For example, if you have in-depth knowledge of the features of the mobile, its value for money, and other pros and cons, you can begin writing blogs about various companies’ mobile models. Believe me when I say that if you can attract good readers, you can make a good living from it.
The bottom line
We hope our list has helped you in determining which tech business idea is a good fit for your skills and interests. Whatever path you choose, you’ll need to create a business entity, write a business plan to get your startup off the ground.
Check also: Ultimate Guide To Small Business Ideas