Lately, it seems the entire world is talking about start-ups! More like the new buzzword. But wait, not that new. It’s already been 10 years since it’s been in the mainstream. So if you’re wondering about what startup to venture into, the SaaS industry market is booming!
SaaS startups are an investment opportunity you don’t want to miss out on. They’re a great way to start your own business, and they can also be a great source of revenue for any existing company that needs help managing its customer base. If you’re thinking about starting your own company, this article covers 10 SaaS business ideas for what to build next.
SaaS as a business model
Under the software license and distribution model, Software as a Service (SaaS), your whole program stack is supplied as a cloud service. Your vendor’s cloud service serves as a central location for hosting and maintenance of your software program and its supporting infrastructure. Through a web browser, you may access the vendor’s control over the full computer stack. Your apps are operated on the cloud, and you have the option of using the vendor’s cloud services for a licensing fee or for free with restricted access. In your current computer architecture, SaaS does not need any downloads or installations. Because of this, you no longer need to install software individually on each device. The vendor is in charge of application support and maintenance. regular instances.
The cost of the subscription and the specifics of the offer change based on the number of users in a single profile (single vs team plans), the availability of extra services, the amount of data kept, and the SaaS customer support details.
Benefits of SaaS Business Model
Let’s check why are these cloud-based solution distribution model – SaaS business startups, hot in trend!
- Potential for scalability: SaaS being a cloud-based software has the wonderful flexibility of being scaled for all business sizes. With low expenses and easy access, it proves to be a lot more profitable than desktop apps.
- Remote working: Remote operations are possible for SaaS businesses, which offers several advantages at both ends. Since it enables worldwide access, developers have a big client base and consumers can look for the finest businesses without being constrained by geography.
- Agility: One of the most valuable qualities for both the developer and the client is adaptability, which is why SaaS turns out to be very promising. Business model, industry, and consumer requirement changes can occur rapidly and frequently. SaaS enables quick software modifications and immediate implementation of those modifications without lengthy service interruptions.
- Lower Initial Investment: SaaS is mostly about developing software, thus service providers don’t need to spend a lot on expensive equipment, which makes a significant difference in early development expenses.
- Ease of maintainance: SaaS companies handle all required software upgrades and gradually add new functionality. This implies that companies don’t need to invest heavily on downtime.
Top 10 SaaS Startup Ideas
- Social Media Analytics Platform
- Content Planning Platform
- CRM for Freelancers
- OKR Tracker
- Rental Property Management Platform
- Employee Engagement Platform
- Interview Tracking System for Candidates
- Video Rendering
- Marketing Automation
- Investment Guide
1. Social Media Analytics
Statistics show that a whooping population of 3.8 billion individuals use social media. This sure makes it tough to conceive current marketing without the use of social media marketing. The flexibility and opportunity to reach your potential clients are immense on social media sites like Facebook, Instagram, and Twitter. Everyone’s top objective should be to include them in their marketing plan. They must, however, keep an eye on the content to determine whether posts are successful. You may thus develop a solution that will assist in compiling all of these insights and displaying the information across all platforms.
The development of a solution that can automate analytics reporting and expedite the social media process could be a game changer in the industry. Companies could not only save funds, but they could also guarantee the success of their marketing initiatives and aid in the effective use of social media for marketing.
2. Content Planning Platform
The world’s fastest-growing digital marketing strategy is social media marketing. The primary force behind this growing tendency is content. According to a HubSpot survey, 70% of businesses are presently actively engaging in content marketing.
The marketing team may be able to save a tonne of time with the help of content planning software. Multiple teams who are working on the same subject can leverage this SaaS business concept. Creation, planning, production, and content analysis may all be beneficial. Additionally, it may assist publish the material at any moment on various social media accounts and alert members to any updates.
3. CRM for Freelancers
Recent times have witnessed drastic growth in the freelance industry. Researchers predict that by 2026, the worldwide market for freelance platforms would be worth US$ 9192.9 million. Considerably if balancing work and life is difficult, it is made even more difficult for freelancers. When attempting to balance employment, developing your brand, networking, and continuous skill acquisition, you’re always at the edge of burning out. It sure gets overwhelming after a certain point.
Thus, one of the most promising and lucrative SaaS businesses today is customer relationship management (CRM) for independent contractors. It is getting harder to keep up with client expectations as the Internet industry continues to grow. Results will improve as a result of process automation. The key features that ace this concept are task lists, a pipeline, and mobile accessibility. It would also be a nice addition to having a contact list with details and filters like names, addresses, emails, notes, and other important information.
While the market already has a couple of big players like Zoho CRM and Google Spreadsheets, there are always gaps to be filled in such an expanding market. There’s always scope for improvement.
4. OKR Tracker
A goal-tracking tool called Objectives and Keys results abbreviated as OKR is a tracker that aids in classifying and distributing corporate objectives to each employee. For businesses of any size, OKR trackers are quite beneficial. Since it aids in focusing on a company’s goals and measuring accomplishments, OKR monitoring is one of the most sought-after SaaS products. Additionally, OKR trackers offer frequent dashboards and reports to show progress. Teamwork is therefore kept visible and quantifiable via OKR tracking tools.
The major issue with current OKR trackers is the lack of functionality for free plans or the exorbitant cost of additional functions. Create an intuitive user interface with useful and necessary features for this specific mini SaaS idea to be successful. Keeping costs low and focusing on user interaction will benefit your company.
5. Rental Property Management Platform
Communicating your needs to property management might be one of the most stressful aspects of renting a unit or a house from multi-residence organizations. Struggles in real estate are common for both, landlords and tenants. Online solutions do exist, but there aren’t many choices for a product that does everything. This SaaS product, thus, has major potential for growth and scalability.
Every step of the renting process, including applications, lease renewals, repair requests and cycles, monitoring payments, and accounting, could be made easier for users by property management software. An all-encompassing SaaS concept would offer genuine competitive advantages and attract investors.
The market for property management apps is rather new and still developing. This makes it the best time to enter the industry. However, you must have some prior expertise in the sector of real estate.
6. Employee Engagement Platform
Employee Engagement can be read as the certificate of employee dedication and enthusiasm toward the work and loyalty towards the firm. Inarguably it is a significant factor in employee motivation. It has been found that highly motivated and engaged teams are 21% more productive and effective, according to Gallup. Every business owner may need a solid foundation for staff engagement. Enhancing the office culture can result from the use of employee engagement technologies.
Such an app can facilitate greater employee understanding and human resource management. A business owner, for instance, may keep tabs on how the workplace culture evolves. They can see patterns this way and take action before issues worsen.
Creating any SaaS product that helps the companies grow and become more efficient can have a multifold potential for profitability.
7. Interview Tracking System for Candidates
For HRs, the hiring process is challenging and demanding. It is incredibly challenging to keep track of every applicant, schedule appointments, make notes on each one, and hire new hires. In addition, most recruiting managers favor online interviews since the distance working and pandemic situations. Therefore, developing a platform that facilitates them to combine all of these challenging procedures could be a time saver. Creating job descriptions, speaking with candidates, and annotating for each of them are all necessary components of an effective interview tracking system.
8. Video Rendering
Video editing and rendering services are a booming industry given the growth rate of digital marketing and digitization in everything possible. No more is this limited to the entertainment and high-end commercial advertisement sector. Social media is flooded with influencers in every nook and corner of the world that are creating video content constantly. Automated software designed with an algorithm to auto-generate videos from any form of existing data could be a huge profitable SaaS business idea. The videos can be created on demand or first created and then sold to users.
Despite several available softwares in the market, the competition isn’t that tough since it has a bigger market than certain other ideas. It can be required by freelancers and small to large-scale companies alike.
But, one thing to consider before getting into this is, it takes high technical knowledge and efficiency in building this tool. It can be a daunting task to create settings that could bring out real-life photographic renders.
9. Marketing Automation
One of the most crucial factors that may make or kill a business, especially a startup, is marketing. Although many internet tools are available to address this, there aren’t any ground-breaking solutions that can help to expedite the market strategies and gauge its performance as of yet.
An incredible chance to assist businesses in succeeding would be a SaaS firm that automates marketing workflow. Most businesses do not fully tie marketing initiatives into their sales processes. Investments are negatively impacted by this. Consult professionals in both fields as you create your SaaS company software concepts. It will facilitate the improvement of both processes’ integration.
The software would essentially automate all aspects of digital marketing, including emails, social media, and SMS, while also assessing the effectiveness of each endeavor and, as needed, keeping track of leads and recommendations.
10. Investment Guide
More and more individuals are now aware of the value of investing as a result of the epidemic. However, the world of investing may be confusing, especially for beginners. Choosing the sector to trade in for the best returns is really challenging. Therefore, creating a successful SaaS solution in the area of investing tools is a great idea!
Consumers may check their accounts in real-time, trade stocks quickly, and accomplish a lot more with the aid of good investing software. Users may also gain additional market knowledge this way.
Using software to track and gather investment-related data would greatly simplify the process. Investment SaaS products are bound to have a huge scope of profitability in the times to come if done right.
Final Thoughts
SaaS-based programmes are quite popular at present, and for good reason. SaaS solutions are useful for many firms since they don’t have installation, compatibility, configuration, or update problems.As for 2023, these are the best startup concepts for your SaaS application. SaaS business ideas discussed above should serve as motivation for you to build a successful firm.