One of the best investments nowadays is to build your own business, but at the same time, it is very risky. Approximately 20% of small businesses fail within their first year of operation. By the end of the decade, only 30% of small businesses remained1. This is why you need to think carefully about the idea you would like to implement before starting. Of course, there are other factors that impact your business’s success, such as your team, the tools you are using, and the price of your product – just to name a few.
In this post, we list three business ideas that, if managed properly, can make you a millionaire. The three businesses utilize a WYSIWYG editor to make content creation and editing simple and user-friendly. Since it is important to select the right technology tool for your business’s success, you should consider a top-quality WYSIWYG editor like Froala when you start these projects.
Froala WYSIWYG editor is known for its powerful API, which allows you to customize the editor to fit your business idea. Froala also has a sleek, modern, flat user interface that suits your product design. Integrating Froala is very easy. With a few lines of code, you will give your user the power of 100+ editing features.
Million Dollar Business Ideas
1. AI and Machine Learning Powered Solutions
AI is the current trend. The idea of using artificial intelligence and machine learning to streamline tasks and increase overall productivity is appealing to people. By integrating AI algorithms with the Froala editor, you can create AI-powered content writing services such as text analysis, auto-suggestion, rewrite statements, and other smart features for enhanced content creation. Many businesses are now built around this idea, and many customers want to use their services. Different subscription plans can be generated, based on the number of generated suggestions.
The best part is that you do not need to start from scratch; it can be started by integrating Froala with ChatGPT or any other AI language model that provides a public API. We explained in detail how this integration works and how easy it is to implement here.
The AI-powered solutions that can be built with Froala are not limited to AI-powered content-writing services. This includes all AI applications that provide additional features for generating or editing content. For example, in this article, we explained how to automatically detect a caption and display it under the uploaded image using Filestack AI. Imagine using this powerful feature in a content management system (CMS) application to add image captions without user interaction. Don’t you think it will be a smart CMS that can compete with the current CMSs?
In the same way, you can use Filestack AI to:
- Optimize images before inserting them into the editor.
- Detect and set image tags
- Allow safe-for-work images only to be uploaded to your application
- Detect the emotions of the uploaded image and insert an appropriate emoji or image.
- Detect and set Video tags
- Allow safe-for-work Videos only to be uploaded to your application
- Detect the emotions of the text statement and insert an appropriate emoji or image.
- and much more.
Froala integrates with many other AI tools as well. By focusing on innovative solutions to simplify content editing, you could discover winning million-dollar business ideas.
2. Email and Newsletter Template Designer
Email clients do not adhere to web design standards, which makes it difficult to code an email template manually. Wherever there is a problem, there is an opportunity for a successful business. Email and newsletter template design platforms are built to overcome this challenge, and they are now in high demand by businesses and individuals. Email and newsletter template design has become essential for any email marketing service provider. As email marketing revenue is estimated to reach almost 11 billion by the end of 2023 (Statista, 2021), it is undoubtedly a lucrative market to invest in.
A user-friendly email and newsletter template designer can be built using the Froala editor. With the correct configuration, Froala can output emails that appear similar to those of different email clients. Read this detailed guide to learn how to configure Froala to create emails. Moreover, Froala can be used to provide a simple drag-and-drop interface that allows users to create professional-grade responsive emails and newsletter templates without the need to write a single line of code.
In addition to offering AI-powered suggestions and content optimization with the integration of AI tools, such as ChatGPT, you can make your template designer even more robust and user-friendly.
To generate revenue and scale your million-dollar business, you can offer different subscription plans or pricing options for premium features, support, and access to an extended selection of ready-to-use professional templates. Partnerships with email marketing service providers and integration with popular CRM platforms can also open up potential revenue streams and help grow the customer base.
3. Project and workflow management apps
Providing a solution to manage a team’s workflow is another lucrative business idea in today’s fast-paced market. Project and workflow management applications aim to improve productivity, ensure seamless communication among team members, and enable the efficient tracking of tasks and deadlines.
As of February 2021, Trello, a popular project management platform, had over than 50 million users2. This can tell you a lot about the size of the market in this field and the opportunity to grow there.
Project management applications use WYSIWYG editors in many ways. For example, a WYSIWYG editor is used to describe a task to the assignee’s teammate conveniently. A WYSIWYG editor is also required for the assignee to comment on the task, ask for requirements, or provide ongoing updates.
In such applications, the WYSIWYG editor must be equipped with productivity and collaboration features to ensure a smooth and efficient workflow. The Froala editor can be a perfect solution for integrating these crucial components into project management applications. Some of the essential features that Froala provides for project and workflow management apps are:
- Mentioning feature to allow team members to draw attention to each other.
- Ability to paste content from 3rd party applications correctly.
- Auto spelling and grammar correction.
- Rich text editing capabilities, with support for images, HTML, and other media formats.
- Easy integration of third-party tools and APIs for improved functionality, such as AI-powered content suggestions to help individuals communicate effectively.
- Customizable toolbars and user interface, catering to the specific needs of the users.
- Ability to use multi-editor instances on the same page.
- And much more.
Workflow starter config
To help you begin integrating Froala Editor into your project and workflow management app, you can explore the below demo code.
In conclusion, the opportunities for starting a million-dollar business using Froala WYSIWYG editor are vast. Today, we have covered three potential million-dollar business ideas that you can dive into. We also explained how to configure Froala for each of them. If you’re ready to explore these possibilities and unlock the full potential of Froala, visit our solutions page at Froala Solutions to learn more and get started on your path to success. If you want us to cover more ideas like this, please let us know in the comments section below.