“Every once in a while, a new technology, an old problem, and a big idea turn into an innovation.” — Dean Kamen
We must analyze to know if the market in that particular domain is saturated if it’s going to take a huge investment if it’s reliable, and a lot more things. To educate you about the five domains which will grow more in the coming decade and expand, we are here with another blog. Stick with us, till the end!
(Startup idea to pitch in 60 Days embed / link here)
1. Electric Vehicles
According to the provided stats on the sale of electric vehicles, it shows an increase of more than 40% a year since 2016. It has been predicted that by the next decade, the fuel (diesel and petrol) consuming vehicles will be majorly replaced by electric ones.
What value do they add?
An increase in greenhouse gases has been affecting the environment and the planet. Electric vehicles run on batteries and hence, do not produce any smoke.
The country with the most electric vehicles per capita:
At the beginning of the decade (2020), Norway had the most electric vehicles, the rate being 81 vehicles/per 1000 residents. Meanwhile, the other 9 countries in the top ten were Iceland, Sweden, Netherlands, Germany, the UK, France, the US, China, and South Korea having the least in the list.
The list shows that the electric vehicle businesses are gonna profit millions of dollars as they are predicted to come in trend in the coming decades.
Start-up ideas have just clicked!
- Charging stations built-up at every fixed distance: Public electric vehicle charging stations.
- Electric vehicle: Manufacture of equipment.
- Recycle the batteries.
- Solar EV charging.
To know about your strength and weakness, read: SWOT Analysis
2. E-commerce
Who doesn’t know about Myntra, Amazon, Flipkart, etc? Everybody does. E-commerce has changed the way people look at shopping, especially after the COVID-19 pandemic. From going to shops and malls to opening an online shopping app and in just one click, the product is yours. The trend of shopping online would never be gone now. Why? Let’s figure it out. The trend will be forever
- It’s human behavior to seek comfort, that is shopping online is much more comfortable than offline.
- A million shops are found in one spot.
Start your own e-commerce business!
1. Choose your niche
Before jumping on the product or business strategy, first understand different business models. Your e-commerce must not have different business models with no proper spotlight on any of them.
2. Know your audience
Define the age group you want to sell your product to. Also, research for the stats of what is most popular among them.
3. What product to sell?
Analyze your target audience and then determine the color, structure, and usability of your product.
4. Invest in my product?
DON’T invest a huge amount at the beginning in your product. First, reach out to your potential customers and take feedback from them about your product. Then scale the business.
5. Register your brand
Choose a name that is easy to say. Get your business license, and employer identification number and apply for permits and licenses.
6. Last steps!
Create a brand logo that matches the vibe. Finalize your business plan and execute it. At last, market your product.
3. Consultants and Coaches
If you want to learn a skill, you’ll find a thousand mentors and coaches who provide 1:1 consultation calls on professional platforms such as LinkedIn and Instagram. Skills are getting more attention than degrees or education certificates in 2022. This is why every student seeks a mentor. In addition, this consultation business wouldn’t just stop here, but will grow further, know why!
Can’t stop, won’t stop growing!
- In the coming times, skills will be in demand instead of just education.
- Students seek part-time work opportunities and become freelancers. The trend has come now.
- Many youngsters stay confused while choosing their careers, and for that, career consultancy services are available as well.
How can you make a profit out of this?
You can learn a skill, master it and then give mentorship and coaching calls to others and charge from them accordingly. A fact you should know about, it takes 10 hrs × 3 years consistently for someone to master a skill. Build your personal brand if you want to convert your consultation calls into a full-fledged business.
Be a consultant!
- Have the call, not for more than a 30-minute time period.
- Introduce yourself and ask them for the same.
- Tell them about the “topic”.
- Stay confident throughout the call.
- Use razor pay to receive payments and other websites to schedule the call.
4. SaaS Business
After everything moved online. From going to the office to working from home, everything has changed! This shift happened over the internet.
You must have seen corporate company employees being on Google workspace. Not just them, students, mentors, and everyone who worked or studied knows about Zoom or Google Meet!
For your information, Zoom, Shopify, CRMs, etc are SaaS business models. Let’s know why.
What are they: Zoom, Shopify…?
Those business models which host their products on their own cloud servers are SaaS business models. To earn, they can provide a subscription option just like Netflix does.
Some of them like Zoom provide a free meet option and provide an option to buy a plan for more features.
What to keep in mind while building a SaaS business?
Firstly, you must be working on a problem with a UNIQUE solution. Let me explain my point here.
There is a good probability of a solution to existing for an existing problem. What you can do to make your solution unique is to provide your customers with something to increase their comfort.
For example, Dominos came up with a service to deliver within 30 minutes free pizza.
Secondly, your app/website shouldn’t have a lot of bugs to fix. UX matters a lot!
How to Build a SaaS Business?
- A good design can seal a deal: Find a designer who can make sure to keep your business’ UX and UI great.
- What would the product be like?: Create drafts considering the target customers’ pain points, your solutions, product features as well as the designs.
- The function: Hire a developer who can build the real product.
- Market the product: Now, take control of social media and market your product.
Read: From Job to Startup
5. Drone business
To resolve a mystery, there is no way humans can fly like birds and take pictures from the sky. It used to be highly expensive to click pictures or take video footage from a height, in the air, before the invention of drones.
Drones are useful. Why?
The list of reasons why drones are useful consists of a few crucial jobs. Let’s look at them.
- Oh, wonderful click!
Drones can be used to click pictures or make videos of those places where humans cannot reach or cannot go such as volcanoes or they can be used to record a sports event.
- Find them and then save
To rescue people who got stuck in floods or ruins after an earthquake or anywhere, drones are used to search for them. Emergency supplies can also be sent through drones to the survivors
- In the sea.
Specially designed drones can be sent underwater for researchers on marine life or to check ocean plastic. Also, the pictures that we find on google are clicked by them only. These were numerous uses, there is much more if you research it. Drones will stay useful in the coming decades because of the major reasons mentioned here. This is why it’s profitable to be a drone business owner.
Start a drone business
- Earn your license
Earning a Remote Pilot Certificate through the FAA Aeronautical Knowledge Test is a necessity.
- Explore drone business opportunities such as:
- Delivery of packages through drones: best for small businesses.
- Create software to add more features to existing drone models.
- Rent drones.
- Repair, replace, recycle drones.
THE 7-STEP STARTUP SUCCESS FORMULA - DR. ANU KHANCHANDANI
Every entrepreneur’s journey is a mix of failures and successes. The probability of failure is higher, however, there is a way to grow and keep growing until you build a successful startup. This book is one such guide to help you with 7 formulas for your success.
Let’s conclude
In conclusion, if a business is profitable doesn’t mean you should follow it blindly. Research about it. How much investment would be needed, what would be the product, what entry barrier to creating, and a lot!
Read: FAQs of Startup
With over two decades of experience in the software technology arena, having worked in multinational and SME companies in India, USA and Singapore in the capacity of programmer to CTO – I felt now was a good time to give back to the world what I have learnt in this journey. Even if it ends up benefitting a few of my readers by giving them insight or solving a technical issue, I think I will have achieved my mission!