You’re in the office at your day job when a good idea comes to your mind. An idea that could solve a problem through technology. One that could become a startup. However, you feel that something is missing. A twist, so that idea becomes the tech startup of your dreams, which would solve a problem of your community, or even society as a whole. Sometimes that missing twist is how you’ll make that startup profitable.
Another possible scenario is that you dream of working solo. You daydream about leaving your full-time job and starting your tech startup. But how to come up with a profitable and problem-solver idea?.
If you feel identified with any of these scenarios, keep reading! We’ll share with you a list of 15 profitable tech startup ideas to build in 2023 👇
Best Tech Startup Ideas of 2023
- SaaS Platform for Attorneys
- Sales Tracking App
- A Digital Clinic for Trans People
- On-Demand Pharmacy Store
- Food Tech Company
- Real Estate Management Platform
- Online Learning Platform
- High-Quality CRM Tool
- Receivable Automation
- SaaS Training Courses
- Blog About SaaS
- Social Media Analysis Platform
- Payment Gateway
- Fitness Tech
1. SaaS Platform for Attorneys ⚖️
One of the key IT trends of the last decade has been the proliferation of Software-as-a-Service (SaaS). The legal industry constitutes a growing portion of this market, especially after the changes in the way of working imposed by the Covid-19 pandemic in the legal field.
SaaS is a business model in which the software is on an external server, outside the company or professional’s computers, and it’s purchased under a subscription model. In that sense, it works in the cloud —this means that the provision of different databases, servers, networks, and software services is carried out over the internet.
Also, in the SaaS world, there’s no need to buy hardware or license software. Instead, you pay a monthly fee to a vendor who not only runs it on their servers but is also responsible for keeping it up to date with all security patches.
Many organizations and professionals already use this kind of technology in their day-to-day work. Some examples are Dropbox, Google G Suite, WordPress, and Slack.
SaaS solutions offer firms great flexibility. They’re also systems that have high levels of scalability. That’s the ability to adapt and maintain their level of performance in the face of an increase in users or processes.
SaaS and Legal Tech
The adoption of legal technology will have significant implications for the future of the legal industry. According to a report published by The Law Society in 2019, B2B law firms have increasingly moved to SaaS systems in recent years. And this has been crucial to the expansion of legal tech.
The Law Society, 2019
💡 Respondents stated that the use of AI and machine learning tools have resulted in time savings of 20% to 60% in the review of information for lawyers.
In this scenario, building a platform that’s based on a SaaS system might be a great and profitable idea!
Are you seeking to learn more about SaaS? Or are you an entrepreneur that’s interested in networking with colleagues or making your startup grow? Join the FounderLed community!
2. Sales Tracking App 📈
Sales tracking is a mandatory task for any business that deals with sales daily. However, it can become quite boring and repetitive over time. That’s why if you’re an expert in this area, you can develop a sales tracking application. It will help users automate sales processes and tasks. And you can also offer a set of reporting options! To create the best tool, you’ll have to analyze the market, compare the best apps and offer your perfect solution.
3. A Digital Clinic for Trans People 🏥
Access to health services can be very difficult for transgender people. Also, not all nurses and doctors understand the realities and issues faced by transgender people and their health care needs.
This situation’s proven by the data. In Argentina, 3 out of 10 trans women abandon their medical treatments due to barriers in access to health care, according to the non-governmental organization Surcos.
On the other hand, Camila Salamanca, Executive Director at Endeavor Colombia, states that “in 2022, there are plenty of opportunities for entrepreneurs in the healthcare sector”, especially in Latin America.
If you’re interested in getting involved in the issue of trans people’s access to healthcare. And are also looking for great tech startup ideas, starting a digital clinic or a health tech project dedicated specifically for them could be a great one!
4. On-Demand Pharmacy Store 💊
With the pandemic, online and e-commerce sales rocketed. That’s why it’s also a great time to benefit from this trend and bring pharmacy stores online. An on-demand pharmacy store would consist of an online platform where users upload their medical prescriptions and get their products delivered at home.
5. Food Tech Company 🍔
According to the Food and Agriculture Organization of the United Nations (FAO), livestock production is responsible for 18% of total greenhouse gas emissions. In addition, according to data from the documentary Cowspiracy, to make a hamburger, almost 2,500 liters of water are used.
In this worrying scenario, where the climate crisis seems to get worse every day, it’s important to question how the ways of production-consumption of meat are part of the problem.
If you’re interested in being part of a possible solution, a great startup idea could be a food tech company that focuses on producing plant-based food. Some successful examples are the Chilean company NotCo, and the US-based ones Beyond Meat and Impossible Foods.
6. Real Estate Management Platform 🏠
Developing a worthwhile real estate management SaaS platform can be a great idea. So if you’re interested in simplifying the job of real estate professionals, you can develop a platform with multiple functions. In this sense, the platform could focus on creating lease documents, collecting rents, managing a portfolio, and managing users, among others.
7. Online Learning Platform 📚
The use of online learning platforms also increased drastically during the pandemic. And during the post-covid era, there’ll still be plenty of people who’ll prefer to learn from home. Not only it gives students the possibility to be flexible, but also access resources, courses, and lectures from anywhere at any time. That’s why investing in building a platform such as Coursera, Udemy, and Skillshare, among others, is a worthwhile startup idea.
8. High-Quality CRM Tool 👩💻
Customer relationship management (CRM) software is a popular tool that modern companies can’t do without! This is because its main mission is to unite different departments of the same company into a single system and boost performance. These web tools help organize notes, metrics, and other activities.
Most of the high-quality tools are hosted in the cloud. And even though there is a lot of supply of these kinds of solutions, it would be a great idea for your company. There are many options, but it’s a challenge to find the right one. You can analyze existing tools, weigh their pros and cons and develop your product!
9. Receivable Automation ⚙️
Managing hundreds of financial reports is a time-consuming task, as it means some team members have to contact all vendors to check the status of payments. In order to increase their productivity, you can create a platform that allows companies to upload reports within minutes. This kind of financial tool is in high demand nowadays, so it’s one of the best SaaS business ideas, which will definitely help your potential clients and/or users to be more efficient.
10. SaaS Training Courses 📖
In these uncertain and changing times, business owners, employees, and professionals need to be aware and open to learning about technology’s latest trends. So, if you’re someone that has the knowledge and is interested in new technologies, you can develop your own platform for training courses and resources for professionals.
However, the SaaS area is too broad. So it’s important that you narrow it down and create your own specific and niche courses. An example of how to sell these courses is to contact organizations working in this area and offer your services to their employees.
11. Blog About SaaS ✍️
Blogging is not just a hobby. Nowadays, blogs have also become a good source of income. So if you’re a professional in this niche and want to share your experience with others, you can create your own SaaS blog. There you can cover a wide variety of topics, from enterprise technology to software development and AI.
Related 👉 20 Micro-SaaS Ideas for Solopreneurs
This way you’ll keep your readers updated on the latest trends in this field. If your blog is interesting enough, you’ll have the chance to establish yourself as an expert in this field. After that, you’ll be able to earn money through Google AdSense or advertising from other services on your blog.
📌 If you’re interested in learning more about how to monetize your blog:
Blogging for Devs is a community for blog writers who are looking for new career opportunities, and help with a strategy to monetize their blog 📝
12. Social Media Analysis Platform 📲
Digital marketing is almost impossible without social media. LinkedIn, Twitter, Instagram, and Facebook, for example, are great advertising tools that allow entrepreneurs to reach their customers and potential consumers faster, easier, and more effectively.
However, they need to monitor content to understand which posts are performing well. Therefore, you can take that need and create a service to help entrepreneurs, professionals, business owners, and agencies collect all this data and display statistics across all platforms.
13. Payment Gateway 💳
This business niche is on the cusp of success today, and it’s not overloaded with solutions. So if you’re an expert in this field, you can develop a universal payment system that supports a variety of payment methods (credit and debit cards, bank transfers, mobile operator billing, and more).
14. Podcasting 🎙️
The podcast industry and its popularity have grown exponentially during the pandemic. The growing interest in this type of content is reflected in the number of podcast listeners worldwide. In 2020 it reached a new record high of over 500 million and is expected to continue to grow over the next five years.
Just as television moved to the internet, we’re going to do it with radio. When you look at the time people spend consuming audio in the U.S. it’s equal to the time they spend watching videos. But the audio industry makes a tenth of what video makes. Are your ears worth 10 times less than your eyes?Daniel Ek, CEO of Spotify
According to a Reuters Institute report on news in the digital ecosystem, 31% of media audiences listen to podcasts. Spain, Norway, Ireland, Sweden, and the United States are the countries with the highest penetration.
And while the Latin American market is not yet at those levels, it does show the highest growth rates. That’s why it’s a great idea to enter this market, particularly in this region, which is still developing.
15. Fitness Tech 💪
With the pandemic, many of us started training from home with our own items, YouTube videos, and following online exercise programs. That’s how the fitness industry started making its way into technology, creating apps and programs such as FitBit and Inner Space TV, among many others.
According to Jared Weitz, founder of United Capital Source Inc., “fitness technology is an area of continuing growth, whether it’s creating products like fitness trackers, smartwatches, apps, and data.”
Combine a high-tech device with an app related to exercise or diet and you will be setting yourself up for success in 2020 and beyondJared Weitz
How to Create a Successful Tech Startup
According to Taylor Black, Principal Program Manager at Microsoft and member of the Propel community, there are a few questions one has to answer to transform a tech startup idea into a successful project 💡
Who’s Your Potential Customer?
The first step to finding your potential consumer is to target the audience of your product. Who do you want to reach? What does that potential customer look like? What are their interests? Where are they? Online or offline?
To provide quality content, a great product or service to users, it’s essential to know who you are targeting. This includes knowing where they are present, what their interests are, how they communicate. And most importantly, deciphering what their pain or need is.
What Solution Can I Offer My Consumer?
Understanding what solution you can provide to your potential consumer is key when developing your startup idea. Also, finding its competitive advantage. In this sense, one leads to the other: by understanding how you can solve your target audience’s problem, you can define what kind of product or service you’ll want to offer.
When thinking about this, it’s also essential to figure out how you’ll be able to make money from your idea. To have a clearer vision, you will probably have to work with a business model.
How Do I Reach My Consumer?
Once you have the product or service you’ll offer and you’ve found its competitive advantage, it’s time to think about how you’ll reach your consumers. That means, how you’ll sell the product/service (conversion) and reach the advocacy stage, which translates in the consumer’s post-purchase experience.
A great way of answering this question is by working on a consumer journey map. This includes five stages: awareness (how to make the potential consumer interested in your project), findability (how can your consumer find your brand), reputation, conversion, and advocacy.
Once you’ve walked these first steps, it’s time to think about your startup in the long run. This includes how you’ll design and build your product, and ways to scale your business!
If you’re seeking to learn more about business scalability and network with other founders and professionals, or simply find more ideas for profitable tech startups, check out some of the plenty of communities we have in Unita. Investing.io, Startup Grind, and Founder Haus are just some of them!