SaaS business model
You build the software once. And get paid every month. Recurring revenue. If I lost all my money, followers, and network today, I'd still know exactly how to build a SaaS company from scratch. And today I’m going to share the 7 steps with you in this video. Building a SaaS business might seem daunting, especially if you're just starting out. A lot of people think they need to raise capital, hire a very expensive development team, and spend years in the red before their product takes off. But the key? Start with the problem, validate your solution, and then build and refine your product. You don’t need a huge team or a ton of money… Just a solid plan and the right approach.
7-step guide is your map, and it includes:
- How to pinpoint the exact problem your SaaS should solve
- The secret to building a prototype without wasting time or money
- 4 steps for creating a Minimum Viable Product (MVP) quickly
Market Research and Validation
-
Consult in your desired industry to identify customer pain points and market gaps, allowing you to find opportunities by understanding people's frustrations and world pain that you can solve.
-
Create a clickable prototype to validate user experience and functionality, designing the flow and screens while reducing information requested from users to provide quick value.
Product Development and Iteration
-
Build an MVP with a limited feature set within 3 months, constraining features to what can be developed by your team in that timeframe using the budget raised from early adopters.
-
Collect maniacal customer feedback through phone calls, analyze by customer type, identify 1-2 key features for power users, and deploy rollouts to iterate on the product.
Growth Strategies
-
Generate demand through content publishing, paid acquisition, partnerships, and press coverage, with partnerships being the fastest way to reach a relevant audience, paying based on customer acquisition and retention.
-
Identify ideal customers by analyzing their behavior, budget, and need, then create unique growth hacks by leveraging competitors' data and customers to target the best-fit prospects efficiently.