Starting a SaaS Business
The SAAS business or also known as Service as a Software business has been on the rise ever since the term “cloud computing” was coined in 1996. It has been especially growing since the latest advancement and globalization of internet all over the world. Follow our 5 Step Guide to establish a SaaS Business. SaaS Business Plan Template.
Step 1: Start out With a Smart Business Plan
The first step to starting any business is formulating a business plan. Your business plan doesn’t necessarily have to be 40-50 page long plan, keep it simple and keep it smart. It should cover your strategy which will include the description of your business, your product or service, target market, audience, your competition and how you differ from them. Strategizing is very important. Your plan should also include your tactics (describe as to how you will be making sales), business model (budgeting, financing and you aim to make money) and your schedule (outlining your plan of action as to how to move forward to build your business).
Step 2: Brand Yourself
It is important that you brand yourself smartly in an already over-crowded marketplace. Make your brand something easily memorable. Your aim should be a brand to stand out. Use your brand to clarify your vision. Since most of your work will be done online, your domain name is also of key importance. It is recommended to use a small and simple domain name which is both easy to spell and remember.
Step 3: Get Legalized and Financed
When designing your software, be sure to look into your market’s rules and regulations. To be legally in business you will have to choose and register your business structure, which obviously can’t be done without picking a name. So pick your name wisely. Financing is also one of the most important steps in starting up your SaaS Business. It is up to you to decide which option to choose in order to properly finance your business.
Step 4: Build and Launch Your Product
Start designing your product as soon as possible and start marketing before the product reaches its completion. You may even design landing pages before the product is at its 100%. Successful entrepreneurs always emphasize the importance of starting out small. Launch your app, get solid feedback from your targeted audience and still manage to save up funds for marketing. This goes without saying that marketing your product is of chief significance. It is always a good idea to work and experiment with different methods. Market as much as possible. A great way of marketing is beta testing. Many SaaS companies delay their launch just to add more features they realize after beta testing. It is very helpful in shaping the future of the software.
Step 5: Keep Track of Your Merits
It is vital that you keep track of your merits. Whether you hate or love numbers, if you’re running a business then there’s no avoiding them. These numbers are your best friends. Your merits will help you make many informed decisions and will also help you figure out how and when to grow. Tracking your merits will improve your current as well as future performance.
To get your Cloud SaaS business up and running as well as organized check out this business plan template: (SaaS) Software as a Service Company Business Plan Template