Entrepreneurs are some of the most successful people in the world. People with big unique ideas have reaped, whether it's e-commerce services like Amazon or social media giants like Facebook.
Today, companies are launching new business models that make us wish we had thought of them first. But one thing is sure; businesses with digital establishments are reaping big. If you had thought about some of these businesses, you would be a multi-millionaire. Below are some of the business ideas you wish had crossed your mind.
Digital LendingPeople have been borrowing money for eons. Technology advancement has made lending more accurate thanks to enhanced customer analytics. This means that lenders can assess the risk of lending far much better. Similarly, borrowers can find products that suit their financial situation.
In 2018, the digital lending market’s value was $4,798.28 and projected to reach $19, 884 by 2026. Digital lending companies aggregate data to expedite the lending process and reduce the amount of paperwork. The ease of access information streamlines the loan funding processes and reduces the numerous follow-ups.
Also, borrowers can easily access information required to secure funding. With the digital lending space poised to grow tremendously, this is one of the business areas most people wish they had thought of.
Starting an Ecommerce BusinessEcommerce has become particularly important during the COVID-19 pandemic. The online shopping market has increased with global e-commerce sales, reaching 3.53 trillion dollars in 2019. Most consumers love online shopping due to its convenience, a variety of items, and discreet shopping.
Buy Now Pay Later ServicesConsumers can now get items and pay for them later. Most people do not have the capability to purchase unexpected things. For instance, about 40% of Americans cannot afford to finance unexpected expenses. Companies like Perpay have taken advantage of this opportunity and provide people who do not have cash upfront to make a purchase. Pay later companies stock wholesale goods, including TVs and Fridges, and resell them at a high price. Consumers pay for the items in installment, which they pay in installments.
Cybersecurity for Online PaymentsWith the fintech industry growing tremendously, cybersecurity is becoming hard to manage. Some of the reasons why it is becoming hard to manage online payments are because technology is becoming more sophisticated, and third-party vendors are growing. Without proper cybersecurity for payment services, fraud goes undetected. Providing security for online payments is one of the business ideas which are taking shape. Companies like Trulioo are offering identity verification to detect and prevent fraud. Boosting transaction verification reduces the chances of data breach and fraud.
Custom InsuranceConsumer data has made it easy to customize services such as insurance. Companies like Fit Senses have exploited this opportunity to aggregate health data from smart devices. Insurance companies take advantage of this data and use it for predictive analytics. The aim of offering customized insurance is to provide premiums that match individual needs. Insurance companies ensure they provide coverage that suits each individual, depending on predictive analytics.
Personal Invoicing SystemOne of the common problems of sole proprietors, freelancers, and small business owners is getting on-time payment. Luckily, invoicing has grown to digital platforms like PayPal. This has made it easy to send an invoice. However, receiving payment quickly is still a challenge. The personal invoicing system advances payment for outstanding invoices. As a result, freelancers and business owners can receive payment instantly. Private invoicing firms such as Fundbox are set to disrupt the sending and receiving of money by enhancing timely payment.
Money Making Subscription ServicesInstead of the conventional business setups, you can start a business where customers pay you regularly. This is the beauty of subscription services. While subscriptions are traditionally associated with magazines and gym memberships, the business model has grown in recent years to offer everything from makeup to a cat litter subscription. The last thing you should do is repeat what is already done. Instead, consider venturing into an untapped market. One subscription service you could look up to for inspiration is Birchbox.
Credit Repair ServicesDigitizing credit repair services has been long overdue. With technological advancement, credit specialists have access to massive data to automate services that would otherwise take a lot of time and manual effort. Credit repair tools are designed with API that works with platforms such as bookkeeping and lead generation software. Credit repair services also help to resolve disputes with creditors and bureaus. This process can take even months to finalize.
Start TodayThere are myriads of flourishing business ideas you wish you had thought about earlier. However, it is not too late to turn your idea into reality, whether it’s starting an ecommerce business or a blog. The point is that you should brainstorm for great ideas and act immediately. Remember, a plan may go through numerous modifications before you hit perfection!
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