Are you thinking about starting a SaaS business? If so, you’re not alone. Statista estimates the worldwide SaaS market to reach $309B by 2023. The SaaS industry is booming, and there are many opportunities for entrepreneurs to get in on the action.
Starting a SaaS business can be a daunting task, but it doesn’t have to be. In this blog post, we discuss SaaS and why it is attractive.
So, what exactly is SaaS?
The SaaS (software as a service) concept is a way for users to access the software through their web browser or other web-based application. Usually, SaaS products are hosted on the software maker’s servers, which is why they are called “hosted solutions” or “web-based solutions.”
What are the attractions?
Low overhead (no tangible cost of goods), recurring revenue that would bring in subscriptions every single month, and, of course, an awesome exit possibility. The SaaS business model sure does sound fantastic. But it is not as simple as it sounds. These are the ten steps you need to follow.
1. Develop a solution for a problem
2. Write up a lean plan
3. Validate your SaaS idea
4. Explore pricing models and initial customer acquisition
5. Establish your brand
6. Make it legal
7. Financing and funding
8. Build your product
9. Develop your go-to-market strategy
10. Establish metrics for success