With the SaaS industry predicted to grow a whopping $157 billion in 2022, motivated businesses and entrepreneurs have no choice but to come up with compelling SaaS ideas of their own.
While other industries – such as retail and hospitality – work hard to bounce back from the crippling effects of the pandemic, SaaS businesses provide a stable and constantly-growing curve of economic potential.
As this profitable market grows, more SaaS products will be required for a multitude of niches. That’s where you and your SaaS business ideas come in – let’s discuss all your possibilities!
What is SaaS?
SaaS is defined as a method of software delivery and licensing, during which software is accessed through an online subscription instead of a bought product that needs to be installed on a computer.
In a nutshell, the SaaS model allows clients to access their data from anywhere, and the monthly subscription is more affordable than buying a product.
Examples of SaaS products
Well-known examples of SaaS products include Salesforce, Slack, Dropbox and Google Apps.
As you can see, you likely already use these products in your daily life without even thinking about it. Herein lies the crux of why you too should develop a SaaS product – it provides income by being a product that users or businesses constantly need.
Why you should create a SaaS product
From a rising market comes increased opportunities. And Gartner predicts that the SaaS industry will continue to grow.
Here are some pros to starting a SaaS business:
- Predictable revenue with the opportunity to create passive income.
- Easy to copy business models, making it simpler for SaaS newbies to enter the market.
- A longer conversion funnel, helping you land clients.
- Cloud deployments, reducing a business’ expenses.
- It’s scalable, providing the opportunity to grow.
How to come up with micro SaaS ideas
But you might be wondering how to find SaaS project ideas. Here are three steps to get you started:
1. Have a nose for trends
Retail and commercial services evolve around trends, which is why it is important to stay on top of them at all times.
From online photo editing software and podcast platforms to spell checkers and online learning platforms, SaaS entrepreneurs see the value in trends, and identify which ones are long-term opportunities for profitability.
2. Solve common pain points
Another profitable aspect of the SaaS market is finding and solving a common pain point. For example, if you notice that clients don’t want to buy ebooks due to high costs, create an online ebook library.
When looking for common pain points to solve, start your research within SaaS niches, such as online storage solutions, communication, or education. See what the competition is doing, and evaluate how this can be improved.
3. Use your expertise
Use your expertise to create an appealing product. If you’re a sport fanatic with a degree in training, look into creating a training schedule subscription rather than something you have no knowledge on.
Trends to inspire your next SaaS business ideas
Ready to create your own SaaS product? Here are booming fields within the SaaS industry to get you inspired.
1. Artificial intelligence and machine learning
Artificial Intelligence (AI) and Machine Learning (ML) are a part of our daily lives, with even the SaaS industry climbing on the bandwagon.
Popular services that benefit from AI include well-known companies like Uber, Google Home and Alexa. This is definitely an industry wave you don’t want to miss.
Here are some AI and ML-related business ideas:
- Chatbots
- Virtual assistants
- A ticket-booking system
2. Remote work and e-learning
Some would argue that the pandemic simply fast-forwarded the inevitable: working and learning from the comfort of your home.
Just take a look at communications platform Zoom, which saw stocks skyrocket as people across the world started working from home. Plus, we all know at least one person trying to learn a new language on Duolingo.
Consider these e-learning-related business ideas:
- A collaborative work space
- Online storage solutions for businesses
- A platform where young school students can create their tasks or artworks
3. Analytics
In an online world, it’s all about numbers and growth, which is why analytics is a must-have for any business no matter the size.
But analytics is a timely process, and often requires expertise. Which is exactly why so many businesses are opting to source this out.
Here are some analytics-related business ideas:
- Create an analytics course
- Start a social media analytic business
- Start a digital marketing business
Partner with experts in the SaaS field
Ready to create a profitable SaaS business? VeryCreatives help innovators bring ideas to life.
We work with founders, CEOs and CMOs to validate ideas, build user experiences and deliver revenue generating platforms.
Contact VeryCreatives today and turn your business dream into a profitable reality.
