If you have ideas to start a software company, you’ll need to consider many factors, especially starting a SaaS business. If you don’t know what to launch or what the current entrepreneurs do, you’re in the right place.
Now, if you’re interested in how to start with SaaS, we have a step-by-step list to help you launch your business right away.
What is SaaS?
Software as a Service enables users to access the application or software through a web-based application or browser. Any SaaS development company can create the product with their servers, hence “web-based solution” or “hosted solution.” If you’re planning to start a SaaS company, you need to create customer value by providing specific solutions.
How to Start SaaS?
Using SaaS in the marketing industry is a perfect choice. Because of the popularity of marketing in this pandemic, software in this industry is skyrocketing. Hence, there is a need to automate routine tasks such as email campaigns, social media management to free employees from these repetitive duties. Thus, it allows them to focus on more important things.
So if you’ve decided in the marketing industry, let’s head on to the steps to start your SaaS business:
Identify your Target Market
You need to know what different markets want. From there, you can identify your targeted market. Some examples of a target market are start-up marketing companies or customers of ages 20-30 years old. To start with market research, create an industry overview, target market, and competitor’s analysis.
Start with Planning
Planning allows your roadmap to become clearer. Write a traditional plan, or you can make a lean business plan. Well, we recommend lean planning since critical key points are briefly outlined. Lean planning is also short. With this, it’s easy to look for immediate feedback from potential customers, colleagues, and business partners. Because time is essential, you only need to spend a little editing and updating your plan. Lastly, it serves as a summary of your detailed business plan.
Test your Hypothesis with a Prototype
Creating a prototype allows testing your product which is essential when starting SaaS. Investors and colleagues are some who you should let experience the product. Furthermore, a prototype will let you know users’ perspectives when using a web-based application by collecting their feedback. From this feedback, you can enhance or build a new one.
Choose a Pricing Model
Now that you’ve conducted your market research, you should know the different prices your target money can afford. To do this, develop a monetization strategy.
Establish a Brand
The SaaS market is highly competitive. Hence, establish a brand that differs or stands out from your competitors. First, you need to identify you’re going with your SaaS company. This way will define how your company will achieve in the coming years. Also, prioritize the quality of your service. Feedback is important to all startups. Hence, providing the best service is crucial to making customers satisfied.
There are many options when it comes to financing your SaaS business. You can borrow money or you can get it from your own savings. Or, you can reach out to potential investors interested in your vision and business.
Choose your Team
Of course, starting up a business means you need more than one person to achieve your goals. You might need a project manager, business analyst, full-stack developers, QA engineers, marketing specialists, and so on. They need to have relevant experience and see if they align with your goals.
Agile methodology is the best approach to monitor the development phase – from start to end. You can break down tasks into a small timeframe and manageable units with agile methodology. You can also monitor the progress of your employees. Lastly, it is easy to change agile methodology because of its short-period checkpoints. Thus, project failure is less likely to happen.
Develop a Marketing Strategy
A good SaaS application is nothing without a good marketing strategy. Also, note that marketing strategies with SaaS differ from products and services. One example is, you can offer a free trial for an effective promotion strategy of your SaaS application.
Starting a SaaS business involves careful planning, consideration, and execution. We hope in our detailed guide; it will be easy for you to start your own SaaS company.