The future is always full of possibilities. While no one can predict the future, we can look at data, trends, and insights to guess where the world is headed.
After hours of researching on Google, I found 5 future business ideas and industries that might be worthwhile in the next 10 years or less.
1. Tesla RoboTaxis
- Industry: Rideshare, Autonomous Taxis, Drive To Earn
Imagine sitting at home while your Tesla makes you passive income... If Tesla solves full self-driving, this could become a reality for Tesla vehicle owners.
Elon Musk plans to launch an autonomous ridesharing network using the Tesla autopilot feature. It would work similar to Uber, except no driver is required. Whenever you're not using your car, it could be on the road driving people from point A to point B and earning you money.
It's a very difficult problem to solve however, Elon is confident they will get it soon and Tesla seems to be the leader. When full self-driving gets solved, owning a Tesla could become a passive income machine.
2. Paid Newsletters
- Industry: Media and Influencer
If you want to make money writing to an audience, premium newsletters are on the rise and they pay extremely well.
There are companies like Substack who are making it easy for independent writers to start a paid newsletter.
Anthony Pompilano is one of them. He writes about Bitcoin and technology and charges $10 a month. He has thousands of subscribers meaning he is making $10k-$20k per month (my guess is much higher).
- Morning Brew - A free email that delivers quick-to-read business news grew 2 million subscribers and sold for $75 million to Business Insider
- Trends - They do detailed research and reports on market opportunities. They charge $299/year and have over 6,000 members
- Substack - Their top writers have thousands of subscribers paying them anywhere from $5-$50/month
People are subscribing to high-quality, niche content that appeals to them and they are even willing to pay for it. Watch premium newsletters and the demand for premium content to keep growing.
3. Backyard Studios
Photo: Backyard Escape Studios
- Industry: Work from home, modular construction
- 48% of employees said they wanted to continue working from home after the pandemic
As people spend significantly more time at home, why not add some square footage?
These modern backyard studios can be built as offices, yoga rooms, music studios, extra bedrooms, and more. They can also be fully customized to your liking and size:
Trevor Gilbert saw this opportunity when the pandemic started, he built his own backyard studio then decided to start selling them.
Work from home is here to stay so you can expect things like backyard studios to get more popular over the next decade.
4. Outer Space Travel
- This UBS report estimates that the broader space industry will go from $400 billion today to $805 billion by 2030
- Space travel is projected to be worth $20 billion and space tourism $3 billion
Thanks to advancements in technology, we are getting closer to super fast travel using outer space. Several companies like SpaceX, Virgin Galactic, Blue Origin, and more are pushing the boundaries of what's possible.
Companies Working On It:
Photos: Virgin Galactic, Space Perspective
- SpaceX is working on Starship which plans to take you to any city on earth in under one hour! Tickets will be $500-$2000.
- Virgin Galactic is also building a commercial spaceline. Tickets will start at $250,000 for people who want to see our earth from outer space.
- Space Perspective will take tourists up on a balloon to see the edge of space. The total trip will be two hours and you can also book special events to get married, have a corporate retreat, and more.
5. Vertical Farming
Wikipedia defines vertical farming as, "the practice of growing crops in vertically stacked layers."
This method lets you produce crops a lot cheaper and more efficiently than traditional farming:
- 70-95% less water is required
- It takes up less space and produces higher yields
- Food can be grown all year round
- Food can be grown anywhere (and doesn't have to travel as far)
As the world population increases this could be the answer to creating food more efficiently.
The vertical farming market is estimated to reach $7.3 billion by 2025 from 2.9 billion in 2020.
Hopefully, this list gave you some ideas. I'll continue to add to this list over time.