As the world continues to “navigate” the post-covid world, more and more entrepreneurs are looking for smart business ideas that will develop into profitable businesses of the future.
Although there is an increase in foreign investment and entrepreneurship, there are still opportunities for new businesses to enter the market and fill gaps in the economy.
Driven by changing consumer preferences and especially rapid developments in technology, there are several industries that are currently underserved or not at all.
In this article, we’ll identify potential growth areas and explore what businesses are missing from the 2023 landscape.
1. Smart businesses developing VR technology.
Virtual Reality has rocked the digital world! In particular, Zuckerberg’s announcement about Metaverse intensified our preoccupation with Virtual Reality.
Today, more and more business ideas seem to develop or incorporate virtual reality (VR) technologies.
Although many people associate virtual reality with games and headsets, it is a technology that has significant business value.
Today, a growing number of businesses are exploring new ways to introduce VR into their daily operations to become more productive and efficient.
By allowing businesses to conduct product simulations and enhance CX, virtual reality can be an effective tool to improve customer experience and efficiently promote products and services!
So, if you are interested in the technology sector without necessarily having programming knowledge, Virtual Reality is a strong card for the development of a business that is missing from the world.
For example, you can:
- Create content about virtual reality
- Open a shop with gadgets such as VR glasses and headsets, or
- Create an entertainment center based on Virtual Reality
2. Artificial Intelligence
As a continuation of the above future business idea, comes AI technology or Artificial Intelligence. 2023 is undoubtedly the year of Artificial Intelligence. Since the beginning of the year, tools that take advantage of this technology have been constantly appearing.
With GPT chat being the most well-known, a plethora of industry-specific apps have appeared in the last two months. Important examples of AI technology include Dall-E for creating images from texts, AI Lawyer for legal advice and making in-depth legal decisions, Podcastle AI for creating podcasts with the help of a digital assistant, and many more!
If you work in the technology industry, specialize in Machine Learning, and are interested in business, now is the right time to start a business in your field! Leading organizations worldwide invest daily in specialized AI software to improve their efficiency and reduce their production costs.
Below are some future business ideas that incorporate AI technology:
- AI companies dealing with healthcare
- AI-based architectural enterprises
- Recruitment automations
3. Data Analytics
Data Analysis is the process of collecting, examining, and interpreting data sets with the purpose of optimizing the decision-making process of organizations. Analytics are particularly important science for businesses as can help them become more productive while reducing their financial risk.
In today’s digital age, businesses have access to more data than ever before. The use of this data is vital to ensure their success. Small businesses, as well as giants, are paying handsomely to find new ways to collect and analyze data. Their purpose is to understand consumer habits, evaluate investment opportunities, maintain competitiveness, and much more.
As data analysis is critical for any type of business, data analytics is a promising business idea for the future. In particular, specializing in the areas of predictive analytics, health or climate data analysis, as well as fraud detection and prevention offers great chances of success for your business.
4. Drop Shipping
We cannot fail to include dropshipping in the list of promising future business ideas.
Dropshipping is an e-commerce business model that involves a retailer who does not hold inventory or process orders. Instead, orders are fulfilled and shipped directly from a wholesaler.
Dropshipping enables the retailer to focus on promoting their products and adopting a targeted commercial strategy by creating an SEO optimized platform to reach their target audience.
These factors have contributed to the growth of the dropshipping market, as this business model allows entrepreneurs and startups to start a business with minimal investment and low risk.
Dropshipping is an attractive business model for the future because it does not require handling goods or shipping. All you need is a system, phone, and internet connection!
5. FinTech Technologies
Financial Technologies, or FinTech, is a term used to describe the use of technology to improve and automate financial services. FinTech technologies include a wide range of products and services, such as mobile payments, online banking, investment management, cryptocurrencies, and more.
The FinTech model developed especially during the COVID-19 pandemic. As the financial system was shaken, businesses were forced to adapt to the new reality by adopting existing FinTech technologies or creating new applications.
FinTech services managed to capture the market in a short period of time. It is estimated that the industry will reach $305 billion by the end of 2025. The solutions they offer are convenient and improve the customer experience as we knew it from traditional financial institutions.
Therefore, if you are interested in the FinTech industry and are in search of promising future business ideas, consider one of the following solutions:
- Robo-Advisory: An investment platform that uses AI and machine learning to provide automated investment advice.
- Peer-to-Peer Lending: A platform that allows people to lend and borrow money directly from each other. Without the involvement of traditional banking systems.
- Blockchain Services: Services that use blockchain technology to create decentralized financial services.
6. Robotic Engineering
Robotics engineering focuses on the design, development, and operation of robots, encompassing various engineering disciplines, including mechanical engineering, electrical engineering, and computer science. It specializes in the development of robots that can perform tasks autonomously or with minimal human intervention.
Although not a new field, robotics plays an important role in the automation of tasks and is increasingly important for future businesses. With the development of new technologies such as artificial intelligence and machine learning, automated machines are becoming more intelligent and adaptable, making them suitable for a wider range of applications.
Businesses can benefit from robotics in many ways, such as speeding up their production line, improving safety conditions, and reducing costs.
As mentioned earlier, the robotics market is expanding rapidly. According to FIR Robotics research reports, the world population of robots had reached 3 million in 2022. This means a 10% increase from the previous year.
Therefore, investing in robotics could be a wise choice for businesses in the coming years!
7. 3D Printing
3D scanning and printing is a business idea that is rapidly gaining traction and is here to stay. This innovative technology enables businesses to create products using low-cost printers.
Although 3D printers may seem expensive, they have the potential to revolutionize the manufacturing industry by allowing for the production of a wide range of products, from architectural models to camera parts. In fact, the 3D printing industry has been one of the most profitable in recent years.
As the technology continues to evolve, 3D printers are becoming more accessible to the general public. This could lead to the digitization of commerce, with the buying and selling of 3D printers online.
As with any emerging technology, there are opportunities for entrepreneurs to start a business in the field of 3D printing. Some promising future business ideas related to 3D printing include selling parts or repair services for 3D printers and offering training and support services for individuals interested in building and maintaining their own printers.
8. Electric Vechicle Charging Station
In recent years, electrification has made its way into the market. The first charging points have already been installed in Greece, and the growing market requires continuous creation of stations to meet the rising demand of consumers.
As the demand for electric vehicles increases, there is predicted to be a corresponding need for charging stations. This will ensure that consumers are not deterred from purchasing electric vehicles due to concerns about fueling. Therefore, if you are looking for a business idea that’s in demand, electric vehicle charging stations are definitely a good choice.
9. Wind Station
Wind energy is a rapidly growing sector in the global energy industry, offering fruitful prospects for businesses and investors.
Although installing wind turbines requires significant investment and large capital, it differs from thermal or hydropower projects in that economic viability does not depend on large units.
Consequently, there are profitable opportunities in wind energy even for smaller investments! Such opportunities include starting a business specializing in the production of wind turbine components, installation and maintenance services, and consulting services related to the field of sustainable development.
10. Online Learning Platform
Traditional education has changed radically in recent years and in particular, after the global crisis of the coronavirus. Physical presence in a classroom is no longer the only learning option. Now, anyone with a computer can access quality education from anywhere, anytime.
If you have a subject like music or foreign languages, or if you even specialize in a specific field like Microsoft 365 and Marketing, don’t hesitate to create an online community!
Leveraging a simple website and using simple tools such as a microphone and a camera, you can conduct either live or recorded training sessions and share your knowledge with the audience.
11. Courier Company
The unprecedented conditions experienced worldwide at the beginning of 2020 led to a significant increase in online shopping as well. And, consequently, in increased demand in the parcel delivery and courier services industry.
According to the European E-commerce Report 2022, 79% of Greeks are Internet users. Additionally, 69% of them are online shoppers. Among Greeks who shopped online in the last three months, 27% bought online at least once. While 38% did it regularly 6+ times.
Although delivery and courier services are not a new business idea, the current situation has made them highly profitable and has created expansions in the industry as well as related services.
In response to growing delivery needs, many new businesses have emerged. While pre-existing distribution companies have introduced innovative tools and services to differentiate themselves from the competition.
If you are interested in starting a fast growing business, a courier company could be the opportunity you are looking for!
Don’t forget to consider identifying a niche market. Delivery of fresh produce, medicines, newspapers or drinks and features such as same day delivery will help ensure the success of your business.
12. Packaging Company
The packaging sector has also experienced a surge similar to the courier industry, and its growth is remarkable. It’s especially noteworthy given that the global packaging and protective packaging market was valued at $1.0 trillion in 2021, and it’s projected to reach $1.5 trillion by 2031, growing at a CAGR of 4.3% from 2022 to 2031.
The packaging industry is an area of business with countless opportunities for development, from packaging that combines functionality and sustainability to creating plantable packaging. Therefore, all you need to do is study the competition adequately and invest in an innovative packaging design business idea!
Future Business Ideas & Tips for achieving them!
It is certain that we cannot predict with certainty what will happen in the business sector. Nevertheless, we can say with confidence that every new business needs a solid idea, carries a certain amount of risk, operates on a vision, and requires appropriate investments.
Regardless of your business idea, it’s crucial to consider the parameters that every entrepreneur should keep in mind when starting out:
- Your team is the key to success: The success of a company relies heavily on its people! Make sure to staff your team with individuals who share your vision and goals. Invest in their training, create a fun and creative work environment, and strive to stand out from the competition.
- Embrace new tools: In the age of Digital Transformation, every business can integrate new technologies into their daily operations! Automating time-consuming and demanding procedures will save time for various teams, making the business more productive and efficient.
- Set long-term goals: Starting a business is difficult, especially in the beginning. However, it’s crucial to set long-term goals rather than aiming for immediate profits. This way, you’ll create a business that will generate long-term returns.
Turn Your Vision Into Reality!
Whatever your future business idea is, don’t skip creating a detailed business plan! It will guide you every step of the way towards your goal.
At NUS Solutions, we offer years of experience and expertise in business development, as well as additional knowledge in data analysis and marketing strategy. Let us help make your vision a reality!