Are you interested in bringing technology products and services to consumers and start your own business? If you want some low-cost, high-profit, and flexible money-making solutions, check out these tech startup ideas.
Make Money from These Tech Startup Ideas in 2020
Security technologies protect businesses from risks associated with the internet and data storage. As one of the fastest-growing requirements for all businesses, experts are required to impart their cybersecurity knowledge in systems and networks. Working knowledge of internet protocol (IP) and transmission control protocol (TCP) is needed, which can be learned from textbooks, but gaining experience and then opening your own consulting business is an excellent route to follow.
The Bureau of Labor Statistics (BLS) reports the average pay for a Security Analyst in 2019 was $43.33 per hour salaried, and that the career field is expanding. As a freelancer, you can expect to charge anything from $40-$70 hourly. Consultants on large projects can charge up to $150 per hour, and senior consultants charge up to $500 per hour.
Small to medium-sized businesses should look to spend anything from $1,000 to $10,000 for a well-functioning website.
In 2020, a web designer’s average going rate to build a small business website is typically $3,000-$6,000. This can be as much as $20,000, but that largely depends on the number of pages and the amount of customization needed.
If you’re starting off, there are plenty of tutorials and free courses offered online that teach you how to learn the basics and turn them into functional websites. You can build up from your first clients and gain experience without any formal education or degree.
Once you can build a website, you can start to think about incorporating your own business ideas, anything from a new travel booking website to a social media page.
Website monetization, the process of making money from traffic to a website, can also earn good income once the work is put in.
At least 74% of American households own a computer as of 2019, and there’s a huge demand for repairs and upgrades when things go wrong. Many people are not tech-savvy when it comes to software issues or viruses and turn to computer repair technicians for help. Good freelance technicians charge anything from $60-$130 per hour for repairs and technical support.
Suppose you don’t open a physical outlet or shop, and instead opt for mobile business. In that case, you will be able to visit customers in their home, which is probably more convenient for them, reducing expenses. Without a physical location, you’ll need to market your business and set up online marketing and social media marketing. Networking in your area is also a good idea to generate business and target the less tech-savvy crowd who may not have a social media presence. Additionally, you can provide services to small businesses for setting up their computers or provide basic training to employees.
Small businesses and large companies alike are turning to AI chatbots to become the main point of contact for customers. As AI develops and becomes more advanced, chatbots are being infused into every experience, and nowadays, customers almost expect a chatbot.
According to statistics, 74% of customers prefer to use chatbots for simple queries, and 90% of businesses report recording significant improvements in the speed of complaint resolution when using chatbots.
Creating chatbots is a lucrative vocation to get into, and if you’re skilled, or just interested in coding, this business could be an easy one to get into. Various websites can connect you to business owners looking for a freelance developer to build their own custom website chatbots. Customer chatbots can cost, on average, $30,000.
Starting your own business can be daunting, but the tech industry has so many options for beginners interested in physical technology. The trade is ever increasing with new trends and opportunities that can be taken advantage of. Tech-based jobs tend to be profitable because they don’t require much expense, and people pay a premium for something they can’t do themselves.
If you start your own tech startup, don’t forget to register your business as a legal entity and get all your legalities in order.
Are you inspired by one of these tech startup ideas? What would you choose? Let us know in the comments section below.
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