One skill that every entrepreneur should have for their startups is the capacity for planning. Because of how quickly things are changing, a great firm today might not be among the best in the coming years. Making a plan for a potential startup is acceptable right now. Since the pace of change in the business world is accelerating more quickly than ever so if people aren’t evolving, in the same manner, as the rest of the world is, they will fall behind.
10 profitable and feasible startups for the future
To succeed in the markets and industries of the future, ambitious startups, business professionals, and business students might benefit from thinking creatively about business-related difficulties. These are a few of the most promising startup concepts for the future:
- Virtual reality
- Senior care at home
- Online consulting service
- Graphic design
- Subscription box service
- IT service
- EdTech: According to experts in the field of education and learning, EdTech will keep growing. According to them, startups will leverage technology over the next ten years to expand the education industry in ways that are currently unimaginable. There are several benefits to using EdTech, including:
- Interesting lessons
Teenagers and small children are extremely tech-savvy. They are accustomed to utilizing them and find them enjoyable, thus by using computers in the curriculum, one will be appealing to their interests.
- Environmentally sound
One of the key advantages of utilizing EdTech is the decrease in the amount of paper used in the classroom. Every year, millions of trees must be cut down to make paper for use in schools. If additional educational institutions used the technique, the number of trees that would need to be cut down would significantly decline.
- Greater Cooperation
Teachers frequently employ cloud-based software and resources to foster more student participation. Games that allow students to collaborate on problems can be loaded onto tablets, laptops, and desktop computers.
- 24/7 Access to Learning
Thanks to IoT devices, students are finding it easier to have full access to the classroom in a virtual environment. Students can now do work at their own pace (and on their schedules) without being restricted by the requirement that they are present in a physical classroom because they have access to Wi-Fi and the cloud from linked devices whether they are at school, or on the bus, or at home.
Edtech is the application of technology and IT tools to improve education. It can be employed to create engaging courses and provide learners with access to their schoolwork from any location in the world. There is a technology divide, nevertheless, which might disadvantage some students. Additionally, some students like in-person instruction.
- Shopify: Shopify is a comprehensive e-commerce platform that makes it possible to start, grow, and manage startups successfully. The stock of Shopify will only expand modestly in the future and there are a lot of compelling reasons why it might be feasible for startups in the future:
- Support for Multiple Languages
- Simple to use systems
- Managing a company’s finances carefully.
- Shopify offers top-notch customer support.
- eCommerce Features & Tools
- Shopify Support blog feature
- Thousands of available themes
- Limitless products and bandwidth are available
Shopify is unquestionably an option to explore. It offers business owners a reliable yet adaptable shop builder that may boost sales and conversions, as well as cut down on many administrative duties and offer useful management data.
For dropshipping startup business owners, Shopify is the undoubted e-commerce platform. Applications from Shopify connect directly to sellers on marketplaces like Amazon and AliExpress, automating the shipping process by manufacturing, stocking, and distributing goods on your behalf at little upfront expenses.
- Virtual reality: This modern era is seeing huge growth in virtual reality startups. VR devices are being made by industry heavyweights like Google, Facebook, Samsung, HTC, Huawei, and many more. There are now accessible technology and software platforms needed to create an engaging VR experience. The potential for startups to succeed in virtual reality is huge. Let’s examine some of the most blatant benefits of VR apps for startups.
- Save money and time by giving employees, stakeholders, or customers a realistic representation of a real-life situation.
- A 2020 analysis claims that VR training can cut the frequency of occupational injuries by 43%. A danger that has been drastically reduced can not only save startups money but also can prevent any negative PR problems or employee unhappiness with workplace safety.
- Teams may feel more collaborative and effective just by being able to bring individuals together virtually.
- Due to the ability to read members’ body language and abilities as if they were physically present, virtual reality also fosters greater trust among customers and stakeholders.
Virtual reality technology will undoubtedly transform both big and small startups as the company enters the metaverse.
People going to see developments in the next several years that will make today’s cutting-edge VR technology—as well as all other technological fields—look like Space Invaders. Even while the games will be incredible, the effects of this change will be much more widespread and affect our jobs, education, and social lives.
The most widely used VR applications now completely take over a user’s senses (especially sight and hearing) to create an immersive experience that immerses them in a fully virtual environment that seems remarkably genuine.
- FinTech: India’s fintech industry has grown drastically during the last several years. The growth of the fintech industry in India was mostly possible because of the increasing number of cell phones and the availability of the internet. If it continues to expand at this rate, its worth should be close to $150 billion by 2025.
To surpass the potential of Western-regulated jurisdictions, Eastern technology companies have created messaging super-apps with integrated financial services that have hundreds of millions of users.
- Private venture financing has expanded significantly over the past 10 years, along with the number of investment dollars flowing to fintech.
- To promote competition, companies have upgraded versions of their product-led solutions.
- Investors like Softbank have invested billions of dollars in direct-to-consumer fintech businesses to potentially serve the currently unprofitable Millennial market.
- Intense vertical competition has emerged across various industry sectors as a result of simple automation.
Smart startups will be firmly focusing on finance as billions of online visitors visit partners and merchants. For new businesses, fintech will accelerate and simplify transactions and take over the financial sector shortly.
India has a far higher adoption rate of fintech (87%), compared to the rest of the world (65 percent). The situation appears to be extremely positive when looking at the data above, but when we learn more, we find that many people in the country are not well-served, particularly in rural areas.
The Fintech startups in India are heavily concentrated in cities. On the other hand, more than 65% of Indians reside in rural areas. Only about 28% of people living in rural areas have smartphones with Internet access. These regions also have exceptionally low levels of financial literacy. While the aforementioned constraints seriously hamper the development of fintech startups in certain regions, the aforementioned figures also indicate enormous unrealized potential.
- Senior care at home: As nursing home costs sharply rise and facilities become more crowded, senior care at home is the greatest choice for seniors who are still functional. These service providers send out skilled staff to assist senior adults with household chores, appointments, and medication. This business model benefits families from all socioeconomic backgrounds and conditions. According to these figures, one in five Americans will be 65 or older by 2030, opening up a plethora of chances for senior at-home care startups.
Home care is a relatively new industry in India, but it has quickly expanded to a market worth $5.4 billion, and by 2025, it is estimated to rise by a CAGR of 19% to reach $20 billion. By 2026, the predicted $275 billion global market for home healthcare startups will have increased to $390 billion. The need for home care is anticipated to rise as India’s senior population is expected to triple over the next three decades and account for 20% of the nation’s population by 2050.
- Online consulting service: The global consulting market has grown significantly over the past 20 years. And that’s because there is a rising need for assistance across many different sectors, including healthcare, business operations, financial services, and many more. The consulting industry will be impacted by these key trends.
- Individual counseling
- Choosing remote consultation over in-person consultation
- Consultation visits result in deeper and longer-lasting engagement
The Indian consulting startups have expanded significantly over time, both in size and the variety of services it provides. In recent years, there has been an upsurge in client demand for specialist consulting services in India. Thus, many consultants get the chance to use their extensive knowledge bases and resources to help out firms. The Associated Chambers of Commerce and the Sector of India forecasted that the market might expand at a compound annual growth rate of 30% by 2020 when it will be worth Rs 27,000 crores. This is because of the anticipated growth in demand.
Professional competence, a low-cost structure, high acceptability, flexible thinking, high learning agility, excellent interpersonal skills, a targeted approach, and general business understanding are the main advantages that distinguish Indian consulting firms from those of industrialized economies. They also have led over the big players which is their knowledge of local conditions and experience in many fields.
- Graphic design: Over the past 10 years, crowdsourcing and freelancing services like 99designs and Fiverr have drastically altered the graphic design sector. For instance, finding a graphic designer is now more straightforward than ever, especially for small firms. Getting started in the sector is also easier than ever; all one needs to do is open an account. And of course, Google has made learning how to design easier than ever. People who appreciate activities that encourage self-expression and deal with the artistic aspect of things, such as shapes, forms, designs, and patterns, will be drawn to the startups of a graphic designer. For people with artistic interests, this profession is fulfilling. Activities that can be carried out without strictly adhering to a set of norms are included in artistic professions.
To become a proficient graphic designer, one must complete specialized training. Students who want to become skilled graphic designers should have a passion for art. After passing Class XII or graduating, one can choose between long-term and short-term diploma programs in graphic design.
There are many creative people in India, and startups in graphic design have a ton of promise. In India, there is a great need for graphic designers, and that need is to grow in the future. “At least 40% of a company’s communications with its customers are visual. Before a customer picks up a good, it must first sell visually. Joining graphic design training programs is the greatest option to study techniques and trends in the field.
- Robotics: Robotics will increase productivity and economic growth while opening up new opportunities for many startups worldwide. Robotics is largely influencing the manufacturing, pharmaceutical, FMCG, packaging, and inspection industries. Robotic influences would also be visible in the technology. The military and the education sectors are also appealing. Robots are more accurate and productive than people. Robotics can almost eliminate mistakes in the medical and industrial fields. Startups can make significant cost savings and cost-effective adjustments to tasks that could take humans days to complete by utilizing robots. High-quality products can be produced by robots.
Due to the rising needs from the general industry, food & beverage, and pharmaceutical verticals, India is predicted to revive the process automation market. The development of industrial robots is anticipated in this setting, which is beyond the capacity of manual involvement, as industrial activities get more complex amid increasing technology breakthroughs.
Industry automation has emerged as a remarkable strategy for combating the aging workforce and rising salaries. Due to this, startups now rely on robotics to offer a practical and effective means of lowering operational expenses while keeping productivity at its highest levels.
- Subscription box service: Subscription boxes are one of the most popular e-commerce company models. Such startups are quite simple to start, and if one has an original idea, it will probably be successful. The success of the subscription box startup model shows the profound influence that the direct-to-consumer business model is having on the retail industry. The industry is still flourishing even though some of the original novelty of these services has worn off and here’s why this industry needs more attention:
- Increased user feedback consistency
Additionally, it’s not too difficult to persuade subscribers to provide comments. Many startups can offer to customize upcoming boxes based on customer feedback. Customers are encouraged to provide feedback when they believe it will enhance future deliveries.
- Greater frequency increases referral probability
A customer is more likely to recommend a subscription to friends if they love it each month. Compared to other company methods, one’s offering will be on their minds a lot more frequently. Consumer gets reminded of how much they love the items four times a year, even with quarterly subscriptions. Businesses may want to suggest a referral code as well.
- Less need for lead gen due to lower retention
Compared to other business models, subscription services don’t require as much time or money for retention initiatives. Consumers are less likely to depart if they continue to enjoy the boxes. This is especially true for subscriptions that can be customized. One can further encourage a subscriber to stick with them by allowing them to choose the content they get.
- IT Service: Surprisingly, the majority of people lack basic technological literacy. Due to developments in artificial intelligence (AI), blockchain, cloud computing, and improved automation, even some of the most tech-savvy people will give up. This suggestion is ideal for someone who is a little bit of a tech freak. There are several options in the area of IT service and support like:
- Database administrators
- IT director
- Product managers
- AI software developers
- Azure architects
- Blockchain engineers etc.
As edge computing advances in intelligence, smart cities, smart roads, and real-time insights will all be feasible. As cloud architecture moves to a hybrid, multi-cloud environment, workloads will be able to expand across various cloud types.
India has developed into an IT powerhouse for international software companies during the past ten years, and Indian software firms now hold key positions in the global IT industry. The biggest location for IT industry sourcing around the globe is now India. E-commerce, cloud computing, and online retailing are encouraging the IT sector’s rapid expansion. For 2019 and 2020, the IT startups will increase at a rate of about 10%.
If it can take advantage of the rapidly expanding economic potential in cloud, artificial intelligence (AI), cybersecurity, and other emerging technologies, India’s IT services sector might generate $300-350 billion in annual revenue by 2025, according to a report.
Last but not least, it can be said that the small company’s future concepts are all very upbeat and growth-oriented. People can choose any of them for better and developing future startups depending on their preferences and talents.
edited and proofread by nikita sharma