In some instances, you may never have enough financial resource base to acquire a given piece of software. Also, with the ever-changing degrees of complexity, you may also not be in the position to keep pace with the ongoing trends. That is where software leasing and renting comes in handy.
One such scheme that you may tap into is the Software as a service. Also known as the rentware or the subscribeware, this is a model of licensing and delivering the software on a lease and subscription basis as opposed to wholesome purchase from the shelves. In this sense, the software is hosted centrally.
We now explain to you how to come up with SaaS ideas. To come up with your unique SaaS startup idea, you need to follow these steps and factor in these considerations:
Identify a specific problem
Ideas are generally crafted to solve problems. Before commencing to look for an idea, you must first and foremost identify the problem which you intend to solve. The idea needless to say has to be centered on solving that very problem as nearly as possible.
Check for its availability
Chances are that that issue is already being handled by someone else if not that the solution has been found. You hence have to take the extra step to check for the availability of the idea. Find out whether a competitor of yours has already picked it up and/or is presently working on it.
Assess its viability
Upon finding that the project is not yet taken, you now have to assess its viability. Simply put, how workable is the idea overall? Bear in mind that the idea may be great on paper but poor in reality. You want neither to happen to you. You must hence carry out in-depth analysis and modeling of the SaaS idea you have in mind.
Determine its technical requirements
As part of assessing the viability of the idea, you also have to determine its technical requirements. Put differently: what are some of the technical expertise and ideas you will have to put in place to make the idea come to fruition. This step is complicated and may hence demand some technical assistance.
Gauge its suitability
We have already explained that an idea may be great on paper but poor in reality. You hence have to really find out whether the SaaS product ideas you have in mind is really suitable for the task intended. That may require some form of experimentation and modeling. Alternatively, you may also create a beta version of the same and use it to ‘test the waters.’
Craft a budget
An idea is only as good as the same may be implemented. Thus, a budget will generally come in handy. It is what determines whether indeed you will translate the idea into reality or not. You must hence craft a suitable budget and adhere to it as keenly as can be.
Test the waters
Before launching the full project scale, you have to ‘test the waters.’ This simply entails releasing portions of the same to the target market and observing the behavior and the performance of the same there. The information you pick will definitely help you in making firm decisions later on.
CHOOSE YOUR NICHE
After coming up with a startup idea, you have to take the step off now choosing the niche of operations. This is something you execute in two main steps. First and foremost, you have to follow some steps. Then again, you have to ascertain those traits you have to incorporate in the niche to make the niche serve its intended purposes. We explain them both here below.
a) Steps involved
Follow the steps below to choose your niche appropriately:
Step I: Ascertain your passions and interests
Your first and foremost step should be to ascertain your passions and interests. It is imperative that you stick to your passions and interests to prevent settling for a niche that is too difficult or strenuous for you to master and engage. Obeying these two traits also lets you operate smoothly and freely.
Step II: Find out the problems to solve
What exactly are you aiming at solving with your software lease? Is it a business idea, an existing problem, or any other common challenge? Chances are that you may not narrow to a specific issue readily. That calls for you to list down many of them at a time and then sieve out the options available for you.
Step III: Research your competitors
Chances are that you are not the only one who wishes to engage in that very topic. You want to find out what others are intent on doing as well. That is why carrying out a competitive analysis of your idea makes perfect sense. Find out ways of undercutting the challenges as they arise.
You can do this by finding out the keyword research of the chosen niche. You can either use a Keyword planner or a free tool called Ubersuggest that requires the user to only sign up at free of cost. With such tools, it helps you understand the keyword volume and get some information on the chosen niche.
Step IV: Determine the possible success rates
It is not enough to simply know what your competitors have in store. You want to go beyond that to ascertain the possibility that your idea may sail through smoothly notwithstanding those challenges that may be leveled against it. Only proceed if you are cocksure that it will truly pass.
Step V: Test your idea
To be even more certain of the likely success of your venture, we urge you to test your idea conclusively. Look at that idea from all angles and perspectives. Ask questions, craft models, and even carry out interviews of the possibilities of the idea succeeding before venturing into it.
b) Features that solve customer’s issues
For the niche you have selected to be able to solve the issues of the customers as nearly as can be, it must possess or at least guarantee the following traits or benefits:
- Easily Understood: Definitely, it has to be easily understood by the targeted persons. That is to allow the said persons to engage its parts and components as nearly as can be. You do not want to come up with a project or end product that is way too complicated for an end-user to tackle.
- Comprehensive in Scope: The idea or niche has to be truly comprehensive in scope. It has to cover the entire length and breadth of the scope of the project. For this to happen, you must really take the time to scour the problems that the idea is intended to solve or mitigate in the first place.
- Seamless Runtime: Throughout its lifetime, the project has to operate and run smoothly. You have to see to it that every detail and parameter that may be necessary for the same to happen are flawless and to the minute. That is the only guarantee that the item may serve you well throughout its lifetime.
- Agile and Adaptable: Trends come and go. It is only a matter of fairness that the niche you pick for the job be capable of adapting by incorporating new ideas. Thus, you have to put deliberate measures in place to let it accommodate and accept many extras along the way.
- Utmost Ease of Sharing: It is usually the case that you have to share and communicate with other like-minded pieces of software, niches, and projects. For this to happen, you have to see to it that the niche you settle on shares data and signals easily with the other relevant pieces of information.
- Effective Problem-solving and Task Management: Needless to say, the niche you pick for the job has to be in the position to offer effective solutions to the problems at hand while at the same time also executing the tasks that are leveled against the same in ways that are truly effective.
HOW TO DEVELOP A SAAS PRODUCT
After your nice, you should now go ahead and develop the idea altogether. The steps we have delineated and explained hereunder will help you to do so. All you have to do now is to follow them as diligently as possible from the start through to the finish.
Step I: Carry out a market analysis
After settling on a niche or product and prior to launching it out, you have to carry out a market analysis. At this time, you will be merely ‘testing the waters’ i.e. trying to find out whether that product may be accepted as enthusiastically as you would want it to be.
Step II: Find out the Saas Requirements
Each product is unique and as such demands similarly unique requirements from the SaaS software. You have to know about these unique requirements as well. That will let you know for sure the kind of approach to use to bring to fruition the idea you already have in mind.
Step III: Define the MVP
The term MVP stands for ‘Minimum Variable Product’ and refers to the version of the product that possesses the bare minimum features that may be necessary for use by the clients. The clients use these features to subsequently deliver their feedback and other vital reviews for further developments.
Step IV: Determine your pricing model
Ultimately, each product will ultimately have to be monetized. For this to happen, you have to determine and adhere strictly to a relevant pricing model. The model you pick and use has to be profitable, easier to follow through, and easily understandable by the targeted users.
Step V: Delineate the technical aspects
Each product you pick for the job has some technical aspects that are unique to itself. You have to beware of this uniqueness while planning and designing your system. This stage is quite delicate and will usually demand the intervention of a trained expert to offer the necessary assistance.
Step VI: Craft a development team
Having gathered every necessary essential, you now need to craft a development team. This is a group of persons who will be tasked with the responsibility of bringing the idea to fruition. The team, needless to say, these persons have to possess the necessary technical skill, expertise, and know-how necessary for the job.
Step VII: Set a budget
When all is said and done, your budget space really has the final say on the success of your project. The budget is what determines whether indeed you might bring the idea to reality. You really have to struggle and operate strictly within your means to prevent the possibilities of getting into a financial mess.
Step VIII: Analyze
You are now almost good to go. Before you go, you have to analyze the possibility of the project being successful or not. That will help you to stave off any likely dangers and losses that may come about in the course of implementing the idea to fruition.
You can analyze your project with the help of tools like Ubersuggest and Keyword planner and see if the niche has good search volume and demand in the market.
COST TO BUILD A SAAS PRODUCT
It is worth noting that the actual cost of building the project varies considerably from one setting, project type, project size, and environment to another one. Nonetheless, you should expect to part with around $50-250,000 to implement a typical low investment business idea of this kind.
HOW LONG DOES IT TAKE TO BUILD A SAAS PRODUCT?
The length of time taken to build a product of this kind also depends on the setting project type, project size (scope), and environment. All factors considered though, you should expect to spend around 2-10 months to build and implement a typical project of this kind.
HOW TO VALIDATE YOUR SAAS IDEA
Now that you have created your SaaS product, you have to validate it before officially launching it to the masses. Validating a SaaS idea simply means demonstrating that it meets the predefined set of requirements. To validate your SaaS idea, follow the steps below:
Step I: Explain the cost breakdown
Every project has a price tag attached to it. Your first and foremost concern should be to explain the cost breakdown of the project. The aim of this is to demonstrate the profitability of the project and affirm its actual cost of construction. This cost has to be detailed and to the point.
Step II: Assess and showcase your expertise
Your own expertise is necessary for the project to be brought to fruition. In the course of validating your project, you have to assess and truly showcase your expertise. That is to explain to your stakeholders that you indeed have the apparatus and expertise necessary to implement the project scope.
Step III: Demonstrate the referability
As you start launching your project to the masses, you will definitely have to refer the same to many people. You must prove that you have a robust network or strategy of referring the item to the targeted persons and masses. Delineate the kinds of strategies you want to use as well as how effective they might be.
Step IV: Identify your Partners/Influencers
To launch the product to the masses, you will have to identify your partners and influencers. These are people who will basically help you to sell the products to the masses. They are persons of influence who have some clout in the designated area or locale of operations.
Step V: Time your marketing
The exact time when you launch out also counts greatly. You have to time the market to coincide with the major sales peak seasons. These are periods when there is a heightened activity of buying and selling. Chances are that you will make the most of the most if you validate SaaS ideas at such a time.
WHAT ARE SOME GOOD SAAS IDEAS FOR THE NEXT FEW YEARS?
We now get to you some of the best online SaaS ideas you may try out while attempting to start out. They have been tried, tested, and vouched for utmost performance and general efficacy. Here they are:
Accounts Receivable Automation
This is a piece of software that lets you optimize the invoicing of the customer’s payments. It works to let the clients pay up for the goods and services they procure. The software goes beyond that to streamline the financial transactions that are carried out between your company and its clientele.
High-quality CRM Tool
You may wish to go for high-quality customer relationship management software. The software acts to deepen the client relationships via the management of the customer interactions, streamlining the necessary processes and the tracking of leads appropriately. The SaaS software can handle these issues exceptionally well.
A payment gateway is generally a merchant service that is conferred by the e-commerce application providers. It acts to authorize the use of cards and the facilitation of direct payments for the purposes of electronic commerce. You may want to try it out if you have some online trade to facilitate.
Property Management Platform
Do you have some interest in the field of real estate? You may wish to attempt the property management software. The software in question works to organize and facilitate the activities of the tenants, property owners, and other intermediaries. It eliminates human error and facilitates real estate transactions.
Are you kind of a person who loves interacting and making great friends? If at all you are, the SaaS Blog might be a great avenue to try a hand on. This resource plays a vital role in letting you generate nice contents that may be used to keep an audience fully engrossed and engaged.
SaaS Social Media Analytics
Just in case you have a blog or some other social media networks, you may have to implement social media analytics. These are tools that are used to track and showcase the behavior of the people when they meet online. The analytics aid with tracking and decision making.
SaaS Training Courses
If you have a passion for helping others to realize their full potential, the SaaS Training Courses may the options to look up to. They have the content and the curriculum necessary to pass the information and insights you need to further this agenda. The course you choose has to be relevant to the audience.
Sales Tracking App
Other than social media activities, you may also have to track and keep a keen eye on the sales of the merchandise. This is a feat that you achieve by making use of the sales tracking app. It is a special piece of software that sources data and draws the necessary analytics.
There you have it! The insight we have generously furnished you are definitely sufficient to let you make a great start in leveraging the SaaS resource. It may not always be really easy for you to get everything right in the first instance. To counter that, you may have to re-read the insights keenly. Check out Hubspot’s article on Guide to grow your Saas company.
It always pays to seek the intervention of experts around you to do a great job. Let the persons offer the necessary guidance along the way. When exactly would you wish to start out? Let us hear from you in the subsequent comments section below…