Software as a Service, or SaaS, as we commonly know, is one of the best business models of our age. The global market for SaaS is vast. It has topped $100 billion and is expected to grow and generate even more in the coming years. These business applications are delivered on the internet on a subscription basis, and they are easy to access, and one can access them from anywhere. The servers, databases, and code that comprise the application are hosted and maintained by a SaaS software vendor. SaaS solutions have been highly used during the pandemic when companies and educational institutes shifted to an online mode of functioning. It is a clear reflector that if your market grows, so does the need for your product. And as long as there is a gap in the market for your product, you can establish a successful business.
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How to find a SaaS Idea?
Nonetheless, starting your venture is not an easy task; one has to build things from the ground up. To come up with the right idea that customers will be interested in paying for is a challenging task. So always remember that as long as there are problems around us, we will need solutions for them. Therefore, SaaS experts suggest focusing on the problems in an industry and coming up with great ideas for a SaaS product to solve them. You can research and analyze the trends in the evolving markets and even talk to people to understand more about the nature of their problems. Also, if one has experience working in a specific industry, they will know the gap areas in the market. Giving you the choice of pursuing a place you are an expert in.
Understanding the Nuke and Cranny of a SaaS Idea
Businesses usually take hard work, involvement, and significant investments. This is why cloud software companies are dominating the modern business landscape. They are practically more efficient at starting a business and have a better chance of scaling up in a shorter period. There are many benefits to starting a SaaS business. SaaS businesses come with inherent scalability. It is always easier to upgrade a SaaS product than upscale any other company. It is easier to maintain a SaaS business as the service providers can take care of software updates and developments. As there are no expensive hardware investments for SaaS, the initial development costs are lesser than earlier ones. Businesses can access SaaS apps from any digital device or location, making them especially useful for mobile platforms. Moreover, as you get regular income with SaaS’s subscription model, you get long-term stability.
11 SaaS Ideas to get you Started
We have discussed what a SaaS business model is, how you can come up with incredible SaaS company ideas, and the various benefits of starting a Software as a Service business. Now let us discuss some great SaaS ideas that can become a successful business.
Idea#1 – Property Management Solution
The first one on our list is Property Management. Real estate agents have to maintain and manage diverse property portfolios and deal with brokers and legal matters. You can create a platform that real estate agents, landlords, and their clients and tenants can use. This can be a platform where people can check out properties with all of the related details in one place. Landlords can maintain records of their tenants, collect rent and manage paperwork. You can add more features to help with the entire process of buying and selling property. It can be a tool of great use, and it is an idea that is new and sure to develop.
Idea#2 – Workforce Management Tool
A tool to manage the workforce is an idea to consider for your SaaS project. After going through a pandemic, people have realized the importance of ultimately shifting to an online mode or having an online system ready. Many have been able to establish such a system. What becomes a real challenge is managing the people working for the company. A platform designed keeping this problem in mind can then handle payrolls, time and labor, benefits, and so on. This will be of great use for managers and human resource departments.
Idea#3 – Feedback Management Tool
As we are talking about organizations, let us discuss another challenge they face: collecting feedback from customers. Therefore, a feedback management tool developing a platform for the same seems like a lucrative option. It will be helpful for small and medium businesses. This platform will aid in the collection and management of customer feedback and the improvement of customer service quality. It should be linked to the website and immediately notify customers of any new comments or contact requests. You can also include a function that allows you to respond to comments directly from your SaaS app.
Idea#4 – CRM Tool for Freelancers
The freelance CRM industry has a plethora of potentially profitable product ideas. It is a rapidly growing market. According to researchers, the global Freelance Platforms market size is to reach US$ 9192.9 million by 2026. It’s difficult enough to balance life and work, but it’s even more difficult for freelancers. It is easy to burn out when trying to balance working, growing your brand, and networking with constant learning of new skill sets. As a result, a CRM for freelancers is one of the best micro-SaaS business ideas. These demographic loves on-demand software because it allows them to track customer interactions and access analytics, email marketing, and reporting tools through simple APIs. The most valuable features of this concept are mobile accessibility, a pipeline, and task lists. A searchable contact list with names, emails, notes, and other important information would be a great addition.
Idea#5 – Marketing Administration Tool
Marketing administration SaaS can help you analyze how each of your posts performs statistically. More than half of the world’s population uses social media or 3.8 billion people. That is why modern marketing cannot exist without the use of social media marketing. Social media platforms such as Facebook, Instagram, and Twitter provide enormous flexibility and opportunities for reaching out to potential customers. Everyone’s top priority should be to incorporate them into their marketing strategy. This type of software can assist you in automating email, SMS, and social media management. Marketing automation platforms provide solutions to help with marketing strategy and workflow streamlining, and metrics to measure the effectiveness of marketing campaigns. The majority of marketing professionals will undoubtedly be interested in this SaaS business idea, so keep an eye on it.
Idea#6 – Content Planning Tool
Another excellent SaaS idea related to marketing is software for content planning. In today’s world, good content is essential, and marketing teams require quality content to market the products. Both content and marketing go hand in hand, so having a platform where the team gets to organize, plan, create, produce and analyze the content is a beautiful SaaS business idea. Multiple units can collaborate to work on the same content and finally approve. The platform can also notify members of any changes and assist in sharing content across multiple social media accounts at any time.
Idea#7 – OKR Software/Objectives and Key Results Tracker
Then there is the OKR Software or Objectives and Key Results Tracker, a goal system that assists in sorting and assigning company goals to each employee. OKR trackers are incredibly beneficial to businesses of all sizes, and that’s why they’ve been so popular in recent years. The main issue with existing OKR trackers is that they have limited features for free packages or charge exorbitant prices for more components. If you want this micro-SaaS idea to succeed, you must work on developing an easy-to-use interface with useful and necessary features. Most importantly, keep in mind that this is one of the most in-demand SaaS business ideas. Being cost-effective and focusing on user engagement will benefit your business.
Idea#8 – Recruitment Software
Companies receive hundreds of applications every day. The recruitment process can be pervasive and tiring for the human resource office. The process has multiple steps – keeping track of applicants, selecting them for the interview step, taking the interview, finalizing, and hiring the future company employees. Having software that can solve and systematize this entire Recruitment process can be highly beneficial. Furthermore, after the pandemic and remote working, most hiring managers prefer to conduct online interviews. Creating a platform where they can combine all of these complicated processes in one location could be game-changing. A good interview tracking system platform will include the creation of job descriptions, the interviewing of candidates, and the taking of notes for each of them.
Idea#9 – TeleHealthcare Tool
With everything moving online, getting medical services online is in high demand. A telehealthcare SaaS idea is a profitable service idea. The developers need to do their thorough research on the legalities around such a venture. Everything needs to comply with the authorities. The industry is highly profitable and generates a revenue of $45 million every month. It has exceptionally high growth parameters.
Idea#10 – E-Invoicing Tool
The SaaS startup concept of e-invoicing aims to improve invoice management by accelerating invoice approval and reducing fraud. Invoice automation increases accuracy, necessitates fewer resources, and strengthens supplier relationships. The generation and cancellation of e-invoices and bills are simple and hassle-free. You can classify transactions and protect confidential information. This software needs to come with multi-factor authentication, real-time notifications about phishing and malware threats, customer control that allows you to take reasonable precautions when transferring data to the cloud, and so on.
Idea#11 – Detailed Pricing Plan Software
Finally, one last in-demand SaaS idea is the one that covers Detailed Pricing Plans. Many services are available on the internet to buy, but finding pricing information is quite tricky. Moreover, the service providers keep changing the pricing plans. And this is why a solution that can give the customer detailed pricing information is much-needed. A server-based validation tool can check and update the information as required. The demand for such software is high in the market, and according to reports, a significant rise in demand is yet to come.
Wrapping Up
You now have a plethora of ideas to get you interested and excited about starting your Software as a Service company. We aimed to go over the ideas above in-depth and provide you with a starting point for your SaaS journey. These are some of the most intriguing concepts. To begin with, starting a new business does not happen overnight; the process is long and complex, and you must persevere, but we wish you the best. So, now, if you’ve found your idea, it’s time to get to work on it and get it out there.
