Investing in agriculture can be lucrative for every investor looking to invest in long-term payoff outside the stock market or real estate business. The demand for food and other farmed commodities will always be present and increasing.
Investing in agriculture is a good move for savvy investors who want steady returns. It is also an excellent investment for those who want to diversify their portfolios. It has been estimated by the year 2050, economic and population growth will result in the highest demand for food and commodities in history.
Also, in the last 20 years, there has been more interest in organic foods without modifications which has added extra demand for free of pesticides and is not genetically modified. This type of demand is expected to continue to grow in the next thirty years, as well.
How can you invest in agriculture?
There are numerous ways through which you can invest in agriculture. You can invest directly into an agriculturally based business or mutual funds related to agricultural companies. You can invest in farmland yet to be developed with future development possibilities. Also, you can invest in commodities traded on the stock market.
You can buy or sell futures for crops such as rice, wheat, sugar, and soybeans using Exchange Trade Funds (ETFs), which are traded like stocks. ETFs follow a product’s value making this type of investment easy and profitable.
Commodity investments are risky and affected by innumerable variables such as severe flooding, droughts, or other random acts of nature. These disasters could result in seasonal losses. However, in most cases, these setbacks are overcome and result in high and steady returns.
Purchasing stocks in farming supply or food production companies, or agricultural mutual funds offer a more traditional agriculture route. Although the potential profits and values will correlate with the overall industry trends, this type of investing will generally have great returns.
Investing in Agriculture is Good for All Generations
Millenials
Investing in real estate or the stock markets is the most common investment option for newer investors. However, both markets have endured significant volatility and are considered over-hyped by numerous investment experts.
Hence, Millennials need to consider other investment options. Investing in agriculture, especially in harvest-yielding farmland, allows them to hold a complex resource or asset, which will give them great returns well into the future.
Generation X
Generation X is moving toward retirement, and many have likely been investing for years. Because of this experience, the Generation X investor is moving towards less risky and safer investments. While the agriculture business does carry some risks, it is considered a safer investment because food and commodities will never be obsolete. Because of the years of foreseeable demand, agricultural investments are perfect for Generation X investors.
Baby Boomers
Baby boomers are currently retiring at the rate of around 10,000 per day in the United States. Many don’t have enough saved for their retirement because of a lack of preparations and the stock market fail of 2008 and 2009. They are searching for safe investments that could produce consistent annual returns to top up current pensions.
While different agriculture investments take approx. 5 to 20 years before producing returns, there are agricultural investments with returns within two years of investment. This quicker turnaround on investment makes some agricultural investments perfect for the Baby Boomer.
Conclusion
Based on several variables and analysis, it is clear that investing in agriculture is far less risky than real estate or the stock market. The reason for lower risk is that food and commodities will never be obsolete, and as the population and economy grow, so does the demand for both.
You can wholly invest in agriculture or use it to diversify your portfolio. However, investing in agriculture is a good idea for every severe investor, no matter their experience or age. Whether you are looking to invest in your future retirement or fund your current lifestyle, agricultural investments will provide a reasonably safe and steady return on investment.
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.
Auto Maintenance and repair can be an expensive endeavor. Most people find it challenging to find a good and honest mechanic. Many mechanics will make up repairs that don’t need to be done to make more money from the transaction. Those mechanics that do this count on the fact that most people don’t know much about cars. Here is everything you need to know about auto repairs.
Find a Licensed Shop
All automotive shops should hold an automotive repair license. Most people will do an internet search to find a shop. However, before taking your car to the location, you should do some research. Once you arrive at the shop, you should ensure that the state-issued license is clearly displayed.
Having an automotive repair license does not guarantee the work. However, an unlicensed repair shop will be more likely to be shady in the transaction.
How to Find a Good Auto Repair Shop:
Take recommendations from family and friends and others whom you trust.
Search for a repair shop before your car needs repairs, so you are not rushed.
Shop around online for the ideal auto repair shop using their website and reviews.
Check with the Better Business Bureau to ensure the shop is in good standing.
Ensure the shop will honor your car’s warranty if you still have one.
Ensure all technicians employed at the shop are licensed and have a good reputation.
Understand Repairs and Charges
Before agreeing to any repairs, you should know upfront what the auto repair shop charges for labor per hour. Once the technician identifies the issue(s), they will give you an estimate of the repairs. Do not agree to the repairs and costs until you research the repair yourself.
The number of hours a repair takes is not literal hours. There is a standardized manual put out by manufacturers that lists the flag hours each type of repair will take. If the mechanic takes longer or finishes sooner, the number of hours charged will be the number of flag hours determined for that repair.
To ensure you are not charged more than you should be, ask the technician to tell you the repair name, look up the flag hours with the manufacturer, or ask the tech to show you the flag hours. You can also look up the general costs of parts so you can ensure the estimates are accurate.
Always ensure you get the estimate in writing once you accept the repairs and estimate. Also, ensure that no other work will be done before you approve it, so there are no surprise repairs or costs when you pay and pick up the vehicle.
Get a Second Opinion
If you are getting reasonably standard repairs, you may not need to get a second opinion. However, if an unfamiliar shop or technician recommends costly repairs or brings up unexpected repairs, you should get another shop and technician to look at your vehicle before you agree to any repairs.
It is in your best interest not to advise the second mechanic of the repairs suggested by the first to ensure there is honest concurrence. Once you have two independent technicians agree about the repairs, you can proceed to have the work done with a signed and written estimate for the work.
After the Work is Complete
Obtain a finalized repair order explaining the work done. It must list every repair done and partly provided, the final cost of every repair and part, the vehicle’s odometer reading, and labor charges.
Protecting Your Auto Repair Investment
Warranties
There is no standard warranty for repairs. However, you should enquire about part warranties and labor guarantees before agreeing to the repairs. Ensure that all guarantees and warranties are in writing. Understand the warranty restrictions, including mileage, time, deductibles, or any other restrictions the auto repair shop has if their work or the part fails.
Heading Off Problems
The more knowledge you have about your vehicle, the more likely you will head off the repair issues. Take your car in for regular preventative maintenance and drive your car carefully. Be aware of any changes in the vehicle’s drivability and take your car for diagnostics if you hear, smell, or sense an issue. Many issues will be less costly if caught early.
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.
When someone asks how a bank makes money, the response is: by granting loans and investing in securities. While that is true, many people do not know that the biggest source of profit for banking entities is commissions. It can be said that banks and savings banks charge commissions for absolutely everything.
Commissions are established by each entity, so consulting the Bank of Spain will ensure that a series of requirements are met and comply with the law. These requirements must be necessary and respond to a service provided. They cannot be satisfied by another product contracted by the client, must be communicated to the clients, published, and given to associates within the bank. The requirements cannot be abusive, and clients cannot be charged for transactions made due to failures or negligence of the entity. Fees cannot be charged if they do not appear in the contracts and cannot exceed certain limits, for example, 1% in the cancellation of a variable mortgage.
Applicable bank commissions
The fees normally applied regarding a money transfer, keeping accounts, withdrawing money from Automated Teller Machines (ATMs), having cards, studying and/or create a loan, canceling a loan, and having an overdraft account.
It is difficult to avoid fees, so the only thing we can do is compare different entities and look for the lowest commissions. Although, in theory, the fees must have a degree of flexibility, consumers often do not find themselves in a strong position to negotiate them with the bank. For example, if you need a loan and Bank X grants it to you, then you may not feel able to demand that one fee be reduced or entirely removed. In Spain, it seems that clients tend to be tolerant and not combative when accepting the fees imposed.
Average annual expense
According to a study by Consumer magazine, the annual commissions can cost a person between $40 and $210. This can quickly add up when considering most individuals have a checking account, a credit card, and a debit card and make an average of six transfers.
Additionally, when you complete the credit card application process, you must often pay the relevant opening fees without considering mounting debt in addition to paying any partial or total early cancellation fee. Similarly, if there is a bank that lends money at a lower rate or with less initial fees, it seems inevitable that adding a mortgage later will cost even more in relevant fees.
Entities that do not charge bank fees
Lately, the media has made many announcements regarding banking entities that claim not to charge commissions.
While this seems like a dream come true, it only seems to reason that any fees or annual commission will be incurred if the fine print of Terms& Conditions is thoroughly read. For example, several commissions, including Account Maintenance, are not charged to creditworthy clients or shareholders but are charged to individuals with lower credit scores. Similarly, an Account Maintenance fee might be waived, but other fees regarding mortgages may still be charged.
Other banks may not charge a wide range of fees, so you open more accounts with them. When you trust them with your payroll, insurance, mortgages, accounts, cards, and pension plan, they earn more from your accounts than charging small fees.
In addition to lending and investing in securities, banks and other financial institutions rely on commissions and fees as a main source of profit. These institutions are not going to eliminate fees but can reduce or waive non-financial commissions, including account maintenance, account transfers, and card issuance and renewal. Take time to research fees between institutions and select accounts and credit cards that meet your needs but are not costly.
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.
The elderly population may find it difficult to obtain a loan from the bank. The bank thoroughly examines the financing and loan repayment objectives before placing requirements on the borrower to obtain collateral for repayment of the loan. These conditions do not make it easy for the elderly to receive a loan or mortgage from the bank. Fortunately, there is a solution to this problem in the form of a reverse mortgage.
A reverse mortgage allows someone to obtain a loan from the bank at a value that is no more than half the value of the property. This loan is typically for the individual who lives in the property in his possession and when this property does not have a mortgage.
In a regular mortgage each month, the shareholders’ equity decreases, and the value of the asset rises. However, a reverse mortgage, as one can understand from its name, works backward. In a reverse mortgage, you can make the property cash value, and there is no need for monthlyloan repayments. The loan can be obtained in three ways:
As a credit line account, as required
As a fixed monthly amount
As a single lump-sum payment
As noted, unlike a regular mortgage, a reverse mortgage borrower is not required to pay the bank monthly payments for the repayment of the loan. This is because the bank guarantees the return of the loan by the property itself and makes sure to record a warning note in favor of the bank in the property records. The loan and interest are ultimately paid when the property is sold, either because the borrower sold the house or he passed away.
When a property owner dies, his successors are the ones who need to repay the loan and interest within a period of one year from the date of death.
Heirs can repay the loan from their own money or from the money they will receive from the sale of the inherited property. If the heirs do not want or cannot repay the loan money, the bank can sell the property to repay the loan, and the balance of the money will transfer to the heirs.
Reverse mortgage advantages
A reverse mortgage allows people over 61 to make their home cash, especially those who live in a property that is valuable but have difficulty financing the current expenses of the house.
Older people who are no longer paid monthly, or adults who do not have life insurance that can guarantee repayment of a loan, will find it difficult to take out a traditionalmortgage loan. For these individuals, the reverse mortgage money can be used to finance medical costs and treatments.
Lines of reverse mortgage image
A reverse mortgage is a special loan intended for people aged 60 and over. Its main purpose is to pledge the residential property for a percentage of it in cash, with the repayment being made by the heirs of the asset upon the death of the borrower. The loan is in considerable amounts relative to the value of the property, usually from 15% at the age of 60 to 50% at the age of 90. The financial conditions of the mortgage are convenient and suitable for the needs of the elderly and those who want a high quality of life in later years.
The loan amount is taken in cash while providing the home as collateral, with the maximum loan amount determined by the age of the recipients of the mortgage and the value of the asset. The principle here is that loan recipients are not required to make monthly repayments, with repayment possible up to a year from the time of death. It is important to emphasize that the residential property remains owned by the lessee at all times, although in coordination with the company that gives the loan, they can sell it. The loan bears fixed interest linked to the consumer price index.
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.
An important benefit of saving money regularly is that it allows you to achieve a goal, whether it is short, medium, or long term. Additionally, another benefit of saving is the creation of an emergency fund. In the United States, only 39% of adults that save use their savings to face emergencies or unforeseen events.
Better-safe-than-sorry saving
No one is immune from accidents or incidents; however, we can all be prepared to face these events with the help of our savings. Otherwise, the event and its consequences can be very costly.
For example, a person without savings has an accident, an illness, loss of employment, or material damage to their property. To cope with this situation, he would have to get money from a friend or family member or take out a personal loan. Ironically, not having savings for emergencies reduces his chances of borrowing money since a family member or an entity would charge interest. He would then be forced to use his credit card irresponsibly and become over-indebted.
Consider saving within your budget
It is important to consider including an amount to save each month when you create your budget. This amount may vary, but it is recommended that it correspond to your savings goals. If you are saving to purchase an item, consider saving an amount large enough to include that purchase and increase your emergency fund.
Saving for unforeseen events
Just as the emergency fund is important, it is also important to supplement and obtain insurance, including life insurance, major medical expenses, car insurance, and liability insurance. For example, if you get into a car accident and have car insurance, you can pay the deductible and avoid incurring unnecessary debt.
Use the Savings Simulator
With a Savings Simulator, you can understand saving and investment options in the market, tips to apply before opening an account, and the main rights you have as a saver. Similarly, the Savings Simulator allows you to make a personal savings program considering an initial investment and periodic additional contributions within the pre-established time.
Keep your money safe
Saving seems easy but takes time and effort. Avoid informal savings plans like pyramid schemes or keeping your savings under your mattress, as both options put your financial health and family at risk.
Informal savings include:
Savings at home and the use of batches are the two mechanisms most used by informal savers (28% and 14%, respectively).
44% (31 million) of the adult population saves in the informal market.
29% of women use the savings at home and 16% the batches in greater proportion than men, while 10% of them use the loan to a large extent among individuals.
Informal savings are used for the same uses as formal savings; however, for the informal, personal expenses occupy the first place (38%), followed by emergencies or incidentals (27%) and education or health (23%).
Household savings is the only mechanism of informal savings that is greater in the smaller localities (31%) than in those with 15 thousand inhabitants and more (27%).
The use of informal savings to increase family assets, such as investing in a house or business, is relatively small (14% and 4%, respectively).
Regarding formal savings, 36% (25 million) adults claim to have at least one product.
The problem of informal savings is that it includes risks. For example, in a round, the who organizes it can keep the money and not distribute it. Similarly, if you keep your money at home, someone can enter and steal it, or you could lose it in a fire or flood.
Is it possible to save?
If you save a dollar a day, your savings becomes $30 in a month and $365 in a year. Similarly, if you save $10 a day, you will have $300 per month and $3,650 per year. Take advantage of the different options banks offer, so you can choose the one that best suits your needs and saving goals.
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.
The best time to buy a car is one of the biggest questions you can ask yourself if you need to renew a lease or purchase a new vehicle. This purchase is not a financial decision that you can make lightly because it usually requires financing. Determining the best time to purchase a car will also provide a timeframe to save money and lower down payment.
The price of a car can vary throughout the month depending on the time of year and the salesperson who attends you at the dealership. That is why it is important to consider what is the best month to buy a car or what specific day to approach, asking for prices before pursuing the car of your dreams.
If you can plan and be flexible, keep in mind that dealers work based on sales targets imposed by the car brands. Each month they have a goal to achieve and do not always fulfill it. Therefore, the last three or four days of the month are usually the most stressful time for the dealership and the best time to buy a car.
The best month to buy a car
Choosing the best month in which to buy a car is essential. Each year there are usually three windows of opportunity that you can take advantage of listed below:
December is the best time. At the end of the year, dealers accelerate their processes to meet their car sales targets. Likewise, if goals have been missed throughout the year, December is the final opportunity for salespeople to meet their individual goals. A dealership that has not achieved its company goal will be more likely to offer a price that allows you to save the most with the purchase.
The second-best month to buy a car is August because the average consumer usually saves money during previous months to go on vacation in his brand-new car. Car sales fall after August. The dealer sells fewer models and moves away from his goal. Nobody wants to spend a month without selling a single vehicle. Consequently, the dealership will be friendly and favorable to offer you better conditions for the car of your dreams.
The best time to buy a car is after a poor month of sales when there is overstock. Commonly, there is a bad month of sales, and the dealer is forced to buy models directly from the manufacturer to meet their objectives. New cars without use or that have zero mileage are registered by the dealer. They have not been used, are only a few weeks old, and usually have favorable discounts. The best months for this situation are January and February; many dealers have been forced to buy cars from brands to meet targets they could not sell in December.
The best time to buy a car
Finally, you can always take advantage of the nature of the automobile industry. The renewal of products occurs quickly, so the average life of a model is usually 4 years at most. If you are attentive to advertising, you will know when the new models are coming.
This is important to note so you can take advantage of the inventory for the previous model. Discounts are usually generous, and the dealer will sell a model with no future in the dealership.
In summation, go to a dealership to purchase a car the last few days of the month when salespeople are anxious to make a sale and meet their monthly individual goals. Also, plan to purchase a car at the end of the year, when dealers want to ensure they can meet their yearly goals, or at the beginning of the new year when the unsold inventory is likely to be discounted. Now that you know when to buy a car, you can start looking for the model you want and plan your savings accordingly.
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.
Technology and innovation are crucial to the growth and success of any business. Operating a business takes drive, intelligence, and the use of every tool available to you. Therefore, innovation has to be part of your business from the beginning.
Innovation has been a part of the world since the beginning of time. Every modern convenience we have came from someone innovating. When owning and operating a business, whether you or someone in a similar industry, taking on innovation will ensure that your business will thrive. Here are three innovations that will help your business become successful.
Product Innovation
Product innovation can be the invention of a new product or advancements in an existing product. For a business based on a product or multiple products, innovation must be central.
Innovation can be driven by consumer demand, industry advances, or the fulfillment of a need. Necessity is considered the mother of invention. However, it is the mother of advancements, improvements, and new products when it comes to product innovation.
Business owners can’t shy away from updating their product or products when it comes to growth. However, in some cases, the original product may not need advancement or change, so you also have to understand when to keep a product as is. In those cases, the innovation will need to come through the invention of new products that maintain the brand’s integrity.
Process Innovation
Process innovation is the advancement of processes used in the operation of the business. Operations could include production, administration, sales, or marketing. Changes in the equipment and technologies used in production (including applications used in product design and development) and improvements in the tools can improve productivity and increase revenue.
Also, updates to software systems used to assist in the supply chain and logistics system, changes in the tools used to market and manage your product, and approaches used for accounting and customer care are more examples of process advancement.
While innovation and changes to the process will benefit the customer, the difference is internal and will make overall business operations easier for the entire business staff.
Business Model Innovation
Business model innovation is the most difficult because it provides a company with significant improvement criteria. Sometimes, the skills or systems that have been optimized to make a business competitive and sustainable become the priorities for restructuring.
These shifts will threaten aspects of the company’s branding and clash with market values or commitments in certain circumstances. Product and process progress may both be gradual and mild, while business model innovation is disruptive, risky, and revolutionary.
Businesses such as Uber, Airbnb, and Spotify used business model innovation to break the mold of how business models were expected to work. They are excellent examples of fast-moving businesses that were able to challenge age-old markets (taxi service, hotel stays, and music) by tweaking or upending their industry’s traditional business model.
Both existing businesses and startups can modify their business model when developing an initial concept. These innovations in the business model can result in more significant revenue and overall success in well-established industries.
Historic Innovation Examples
Coca-Cola implemented innovation in their product in 1985 during the throes of an epic taste battle with Pepsi. This change to their creation was an epic failure resulting in them putting out the original formula called Coca Cola Classic. Eventually, this lapse in judgment was wholly erased when “New Coke” was phased out and the original Coke product was back in its rightful place.
Henry Ford’s invention of the world’s first successful assembly line is one of the most prominent and pioneering examples of process innovation. This process streamlined vehicle assembly and reduced the time required to manufacture a single vehicle from 12 hours to 90 minutes.
Differential recently created a smartphone distribution dashboard for Grupo Bimbo. The baking corporation has 65 assembly facilities and 2.5 million distribution outlets spread over 22 countries and three continents.
Because of this worldwide spread of facilities, the mobile sales dashboard provides the team with easy access to sales statistics and other key performance indicators (KPIs) for each region, channel, and brand, eliminating guesswork in sales decisions and minimizing meeting times.
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.
Instead of technological progress, many construction businesses still use manual data entry such as balance sheets, spreadsheets, and other paperwork for accounting and operations records. They also do not take advantage of the latest job site and construction project innovations to enhance their business.
There are practical applications and advantages to modernizing your current processes. In construction, time is money, and using technology to help run the business will save a lot of time that can be used to serve clients and bring in more revenue.
There is also technology that is innovative for the construction side of the business. These technologies include drones, virtual reality, wearables, Building Information Modeling (BIM), and mobile technology. Here are six technologies used for construction and how they can change your construction business.
Mobile Technology
Mobile technology is not only for personal use and games anymore. Applications are emerging that can be used for construction work with positive results. The enhanced portability of smartphones and tablets permits greater communication and the ability to work remotely.
Applying this sort of technology into your current processes is low cost and will increase productivity in daily operations. Mobile technologies will save time and keep your project moving forward faster by giving real-time updates and making data and information available between the office and the job site. You can immediately access the updated revisions to reports or plans and get them to the project handler or manager off-site.
Drones
Drones have only been around for a short period and have proven their usefulness in so many ways. They are also proving their usefulness in the construction industry as there are many areas on a construction site that are difficult to get to and assess.
Drones are being used to conduct site research more accurately and quickly than a crew on the ground and are less expensive than aerial imaging. The data collected with high-resolution cameras can create engaging 3D or topographical models and maps and take volume measurements.
Another advantage to utilizing drones is that they can securely examine difficult-to-reach places like tall buildings, bridges, and other difficult-to-get places.
Drones can also be used to check work and see the progress made by crews all over a job site. The time and difficulty saved by using drones will offset any equipment costs.
Building Information Modeling (BIM)
Building Information Modeling is software used to create 3D models digitally of what will be constructed. However, its capabilities do not stop there. BIM also creates different layers of metadata and integrates them into a construction workflow.
Almost 33% of builders have used this type of software since its inception.
The utilization of BIM promotes collaboration because every person can add their input to the model. Adding to the 3D model will replace the need to consolidate different versions of 2D paper drawings.
Streamlining this process allows collaborators on a project to add to the model in real-time. It makes the process of bringing together all aspects of the planning process more efficient. BIM also helps to streamline problem-solving in the planning and design stages of the project by automating the process and giving a complete rendition of the finished project before construction begins.
Virtual Reality
Virtual reality technology is frequently used in conjunction with BIM to assist in better understanding complicated projects. Once you create a building design through BIM, virtual reality can be used to bring it to life.
VR will provide your client or the team an even more accurate idea of what the project will look like when it is finished. Having a complete picture of the project before starting can identify potential issues that can be costly to discover later.
Wearables
Wearables are a construction innovation that will affect job site risk and safety management. One example of innovative construction wearables is smart glasses. These glasses have an Augmented Reality (AR) display, broad-angle camera, depth sensor, and other characteristics that permit the workers to gather and see information in the glasses while on the construction site.
The glasses provide workers with data and instructions required to finish a task, leaving less room for error and saving time. They can also help with safety concerns by delivering the wearer vital information on the area and other essential work information.
Conclusion
These are a few of the many technologies that can propel a construction business forward. There is another technology out there that could be useful to the construction industry. However, these six innovations would be the most beneficial, outside of accounting and bookkeeping software.
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.
6 Amazing Technology-Based Business Ideas for 2024
Technology-based business ideas for 2024 are ventures built around AI, cloud services, mobile apps, IoT, machine learning, and cybersecurity—solving urgent business problems, launching lean, and generating revenue faster than traditional startups. The strongest opportunities are service-first or software-enabled models like AI automation, workflow consulting, and managed technology services because they target clear pain points, validate demand quickly, and scale into recurring revenue streams.
Over my 20+ years leading Complete Controller, I’ve had a front-row seat to how small businesses actually adopt technology—and the pattern is always the same. The winners aren’t chasing what sounds futuristic; they’re solving what’s costing them time and money right now. In this article, I’ll walk you through six practical technology-based business ideas you can launch in 2024, show you how to validate demand before spending a dime on development, and share the trust factors that turn curious prospects into paying clients. You’ll leave with a clear framework for choosing the right idea, pricing it for outcomes, and building a business that customers actually need.
What are the best technology-based business ideas for 2024?
The best technology-based business ideas for 2024 are AI automation services, cloud-based solutions, custom app development, IoT integration, machine learning consulting services, and cybersecurity tech for small businesses.
The fastest-to-revenue ideas start as services or managed offerings before evolving into full software products, because service revenue funds product development and proves demand.
The highest-potential opportunities target urgent, recurring needs like support, bookkeeping, compliance, security, and scheduling.
Winning ideas are easy to explain, narrow enough to launch quickly, and broad enough to scale into subscriptions or retainers.
The real 2024 opportunity isn’t just “build tech”—it’s building tech around a real operational bottleneck customers will pay to remove.
AI Automation Services for Small Businesses
AI automation is one of the most practical technology-based business ideas because small businesses are actively hunting for ways to cut repetitive work without adding headcount. From email triage to lead routing to document summarization, the demand is real and the wins are measurable.
Enterprise AI automation for small business
This angle is powerful because SMBs want enterprise-style efficiency without enterprise-style complexity. You can package automation into fixed-scope offers with a setup fee, a monthly support retainer, and an optimization add-on. Start with one department, one workflow, and one measurable result.
AI chatbots for customer support
AI chatbots for customer support are attractive because companies want faster response times at lower cost. According to the IBM Global AI Adoption Index, companies using AI and automation in customer service reported up to a 30% reduction in customer service costs—which means these chatbots often pay for themselves within months when support volume is high.
Cloud-Based Solutions and Migration Consulting
Cloud services remain one of the strongest technology-based business ideas because businesses still need help moving systems online, integrating tools, and maintaining remote access. Gartner projects worldwide public cloud spending will reach $679 billion in 2024, up from $563.6 billion in 2023—a signal that migration and managed cloud support are far from saturated.
Cloud migration and modernization consulting
This niche is gold for businesses stuck with legacy spreadsheets, desktop software, or disconnected systems. I’ve watched countless companies make the leap from clunky manual processes to modern platforms—it’s exactly the kind of shift we help clients through in our own move from spreadsheets to CRMs work.
Managed Services for Ongoing Support
Managed services shine because they create recurring revenue through monitoring, backups, user support, and optimization. Package your offer around assessment, migration, training, and monthly management—then layer in trust signals around data security and uptime.
Custom App Development for Real-World Pain Points
Mobile and web apps remain a reliable technology-based business idea when they solve one painful, frequent problem better than existing tools. Niche apps outperform “general purpose” apps every time because they speak directly to a buyer’s daily headache.
Custom API integration for SaaS platforms
A profitable sub-niche is building apps that connect existing software through custom API integration for SaaS platforms. Businesses are drowning in disconnected tools, and clean data flow between systems is a premium service.
App ideas that can earn faster
Appointment and scheduling apps
Industry-specific CRM tools
Job tracking and dispatch apps
Payment and invoicing apps
Niche marketplace apps
Validate demand with a landing page, ad campaign, or customer interviews before writing a single line of code. Then monetize through subscription, transaction fee, or freemium models.
IoT keeps appearing on startup lists because connected devices solve real operational problems in home, health, energy, and business settings. This is ideal for founders who can stitch sensors, mobile apps, dashboards, and alerts into one usable system.
IoT smart device integration services
The service-based model beats device sales for most founders because installation, maintenance, and subscription monitoring create predictable recurring income. Strong demand exists for smart home automation, elder care monitoring, inventory tracking, energy monitoring, and agricultural sensing.
Edge computing deployment
Edge computing deployment matters when data must be processed close to the device for speed, reliability, or reduced cloud dependency. It’s technical, yes—but for the right founder, it’s a defensible niche with premium pricing.
Machine Learning Consulting Services and Predictive Analytics
Machine learning consulting services are among the most strategic technology-based business ideas because companies want better forecasting, smarter decisions, and automated pattern detection. This model lets you start as a consultant and evolve into a software company as you learn what your market truly needs.
Predictive analytics platform
A predictive analytics platform can help businesses forecast demand, detect churn risk, improve inventory planning, or flag operational anomalies. Real-time data processing pipelines are especially valuable for e-commerce, logistics, and finance clients who need decisions from live data streams.
Why this is a strong founder-led offer
Solves high-value business problems tied to revenue and cost
Begins as consulting and evolves into software
Showcases domain expertise with measurable ROI
Supports premium pricing when tied to clear outcomes
Cybersecurity and Compliance Tech for Small Businesses
Cybersecurity is one of the most durable technology-based business ideas because businesses of every size need protection, monitoring, and guidance as digital risk grows. IBM Security’s 2023 report put the global average cost of a data breach at $4.45 million—the highest on record. That’s why cybersecurity often becomes a “must-buy” even when budgets are tight.
Secure API gateway and access protection
A secure API gateway is essential when integrations increase risk. Authentication, rate limiting, and data control need to be baked in from day one—especially for clients handling payments or customer data. Our team has seen firsthand how important this is when advising clients on remote work security.
Managed services for security monitoring
Managed security services work beautifully for SMBs that can’t hire a full internal security team. Package tiers for basic, growth, and premium clients—then bundle assessments, training, and monthly monitoring for recurring revenue.
How to Choose the Right Technology-Based Business Idea
The best technology-based business ideas match your skills, a real customer pain point, and a fast path to validation. Start with an expensive problem, then pick the simplest technology to solve it.
Validate before you build
Before you invest heavily, run competitor research, review keyword demand, launch a simple landing page, interview potential customers, and offer a pilot service. This same discipline of process-first thinking is what drives efficient operations—like the systems behind our paperless office solutions.
Focus on recurring revenue
Subscriptions, support retainers, and managed services stabilize cash flow far better than one-time builds. Buyers also care deeply about the trust layer—who accesses their data, how systems protect sensitive information, what happens when tech fails, and how you’ll support implementation. Answer those questions clearly, and you’ll close more deals.
Final Thoughts
The best technology-based business ideas for 2024 are the ones that solve a costly problem fast, prove value early, and can grow from service to software over time. Start narrow. Validate demand. Price for outcomes. Use AI, cloud, IoT, or automation only where they clearly improve the customer’s result—not because they sound impressive.
If you’re ready to build smarter and want a partner who understands both the tech and the numbers behind a growing business, visit Complete Controller and connect with our team. We’ve helped thousands of founders turn great ideas into scalable, profitable operations—and we’d love to help you next.
Frequently Asked Questions About Technology-Based Business Ideas
What are the most profitable technology-based business ideas?
AI automation, cloud consulting, custom app development, IoT integration, machine learning consulting, and cybersecurity services rank among the most profitable because they solve recurring business problems and support subscription or retainer pricing models.
What technology-based business ideas are best for beginners?
AI consulting, no-code app building, chatbot implementation, digital automation services, and managed cloud services are ideal for beginners because they launch as service businesses with low upfront costs and minimal technical complexity.
How do I validate a technology-based business idea?
Research competitors, review keyword demand, test a landing page or ad campaign, interview potential customers, and offer a pilot service before building the full product. Real feedback beats assumptions every time.
Can I start a tech business without coding skills?
Yes. Many successful tech businesses begin as consulting, implementation, reselling, or managed services—then outsource or hire technical development once revenue supports it.
Which tech business ideas can start earning fastest?
Service-based ideas earn fastest, especially AI automation setup, cloud migration consulting, chatbot implementation, custom SaaS integrations, and cybersecurity assessments—all of which can be sold before any product is built.
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.
Jennifer BrazerFounder/CEO
Jennifer is the author of From Cubicle to Cloud and Founder/CEO of Complete Controller, a pioneering financial services firm that helps entrepreneurs break free of traditional constraints and scale their businesses to new heights.
Brittany McMillen is a seasoned Marketing Manager with a sharp eye for strategy and storytelling. With a background in digital marketing, brand development, and customer engagement, she brings a results-driven mindset to every project. Brittany specializes in crafting compelling content and optimizing user experiences that convert. When she’s not reviewing content, she’s exploring the latest marketing trends or championing small business success.
Financially responsible people are making money mistakes they shouldn’t be making in their spending. Whether you have a significant income or live penny to penny, you should be exercising good money management skills daily. To do this, you must acknowledge the mistakes you are creating and stop producing them.
Before you fix your money mistakes, you shouldn’t beat yourself up but instead, focus on averting them in the future. Here are eight money blunders people frequently make and how to prevent them.
No Savings
Every financial consultant will recommend you not only have a savings account but more than one, yet many working and financially responsible adults do not have anything saved. The claim by those who do not have a savings account is generally that they can’t afford to save anything.
Understandably, you may not think you can afford to save, but if you were to analyze your budget, you could probably find a few things you could cut back on to put into your savings account. Most people are in denial about their ability to save, and they need to be more disciplined in their budget efforts.
Not Focusing on Interest
First, many of those obtaining credit cards or loans that carry interest don’t pay attention to the percentage of the interest they are agreeing to at the time of the loan or signing the credit card agreement.
If you have no choice but to agree to a higher interest rate, such as with a car loan, you need to make that account a pay-off priority and always pay more than the minimum payment. Early pay-offs of any accounts carrying interest or high interest will minimize the cost and debt damage that interest can do to your finances.
Impulse Buys
When it comes to spending, people are sometimes impulsive. While making impulse purchases on occasion will not do any significant damage to your overall finances, if you are regularly impulsive when it comes to spending, you must get it under control.
From shopping at the store to passing a sale or seeing an ad on tv, you have to resist making unplanned purchases as much as possible. This resistance can be how you prevent unnecessary debt throughout your financially responsible life.
Undue Overconfidence
While you can and should invest in the stock market, you must be careful and not get overconfident. The stock market can be a risk that will often have a high reward. However, you have to be thoughtful in your investments and use caution rather than arrogance.
Sometimes we will make a great trade and make a lot of money which builds our confidence, and if we get too confident, it can cause us to make critical mistakes and lose more than we can handle.
Paying Full Price
While brand loyalty and trust are understandable, paying retail when there are ways to save and still have quality products is a waste of money. There are outlet and discount options that will allow you to have your name brand still while saving money. Generally, generic products are equal to the name brand in quality at a fraction of the price simply because it doesn’t have the name attached.
Not Focusing on Credit
Most people already realize that your credit score plays a significant role in your financial health. Even if you don’t plan to make large purchases using a lender that requires your credit score to be high, having a low credit score can cost you. Many companies such as insurance, cell phone, and utilities use your credit score to determine fees and deposits or down payments.
There are even some jobs that will reject you for hire if you have a low credit score. With so many sites or apps that offer free credit reports, there is no reason you shouldn’t know what your score is and what the issues are. Repair your credit and do it now!
Ignoring Bill Savings
Most people don’t realize that many of your bills and services can be negotiated. Utilities, phone or internet services, and medical bills are a few that you can sometimes negotiate to a lower amount. Even if the answer is no, you should make an effort to negotiate your bills and payments to a lower amount or refinance if your credit is in a better position.
Not Saving Tax Refunds
Many Americans get a little to thousands of dollars back on their taxes each year, and while it is good for the economy to spend that refund, you should save some of it or invest it so it will grow into more revenue. It would be for the best that you save or invest it all, but one financial treat is acceptable.
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.
