Software as a Service, or SaaS, businesses are becoming increasingly popular. This is because they offer a great value proposition to both customers and businesses. In this blog post, we will discuss some of the potential opportunities for SaaS startups. But first of all, what is SaaS and how it came to life?
What is SaaS?
Saas is the acronym for Software as a Service. The first foundations of SaaS were laid in the 1960s when IBM offered its computing services to the US government. From that, it evolved into a fully-fledged sector within a few decades. In principle, SaaS offers software in web-based platforms and it comes with a subscription-based model instead of the older perpetual license. Some of the biggest companies and SaaS models include:
- Spotify
- Netflix
- Microsoft 365 (formerly Office)
- Zoom
- Adobe Creative Cloud
Is SaaS business profitable?
The short answer is yes, absolutely! SaaS offers recurring revenue for companies and their main target shifts from selling as much as possible to retaining paying customers and acquiring new ones.
Even the biggest and most profitable hardware manufacturers try to diversify their business into SaaS models. It is evident from the recent shift in Apple’s business model from the traditional model to putting more emphasis on Apple One and Apple Music services.
OK, SaaS product ideas are profitable and even the biggest and richest companies make a switch to them. “What can I do about that? I am not as rich as these companies.”
The great news is, you don’t need a deep pocket to enter the SaaS market and establish yourself as a big player. Whether you want to build the next Google, or you just want to establish a business that will support you and your family for the remainder of your life, you can enter the SaaS business.
Down below we listed some tips for finding your own SaaS product idea for 2023. If you are completely stuck, you can take a look and get inspiration from our business SaaS ideas to establish your SaaS business as an aspiring entrepreneur.
With ongoing digital transformation strategy, more tranditional businesses are transferring to SaaS business ideas.
How to find winner SaaS business ideas?
Finding a new business idea is never easy, especially if you are looking for SaaS ideas for startup businesses. You need to have the right amount of knowledge about the sector, make some connections with the people and find new, innovative ways to develop the market. So, where do you need to start, what do you need to know to find your own business SaaS idea?
Start with something familiar - You may be able to learn the basics of a business with a quick google search, but in order to create value for the businesses in the market, you need to know more than the basics. That’s why starting with something you have certain knowledge or experience is the key to finding a new SaaS business idea.
Invest in what you love - Finding a new business idea, developing it and turning it into a viable product is no easy task. You will need to spend a lot of time and probably some resources during these processes. So, make sure that you absolutely love what you are doing before committing to it.
Do constant research - Markets and trends are constantly changing. You need to be able to keep up with the current trend if you want to find your idea. Doing constant research, checking out trending topics, reading business blogs and collecting user feedback from various subjects might give you insight and help you develop the “next big thing”.
Start with your inner circle - Friends, families, colleagues and other familiar people. You should first ask for their opinions, as they might give you the first thoughts on your idea. Taking feedback from them will surely help you develop your ideas further, or it will help you make sure that you have found the right idea.
What to do to implement your SaaS product idea?
Let’s say you found your idea. Great! What should you do next?
Well, here is the thing, most high-potential business ideas don’t make it into the actual market. You need to be a great ambassador and marketer for your product for people even to hear it. This part is the hardest and dirtiest part of opening any business, so you can be sure that everyone has been through this.
For your particular small business SaaS idea, you might have more opportunities than you think. There are many businesses, initiatives and platforms just for spreading the word about small businesses and startups. Here are a few options that will help you turn your SaaS product idea into a successful startup:
Acceleration programs - Accelerators operate differently, but they all share the same goal: helping you realize your idea. Accelerators offer advisory and guidance from industry experts. One key benefit of them is their connection with investors.
Angel investors - These types of investors are mostly wealthy individuals who look to invest in high-return businesses. You can get direct and large amounts of investments from angel investors for your SaaS product ideas. The hardest part of this option is actually finding and getting into contact with one of them.
Getting your product listed on one of the platforms - There are a lot of platforms that list new products. Websites such as ProductHunt, BetaList and even Forbes list startups. You can use these platforms for keeping up with the trends, finding SaaS ideas for startup businesses, learning what features are going hot and listing your own products.
You can get a headstart on your small businesses by utilizing these options and building your own SaaS product.
SaaS Product Ideas
- Creating a multi vendor booking system
- NFT marketplaces
- Crowdfunding platforms
- E-commerce platforms
- Workforce management
- Marketing automation platforms
- Cryptocurrency exchanges
- Email marketing platform
- AI-powered chatbot
- Time tracking tool
- Secure file-sharing platform
- Collaboration tool
- Internal supply management system
- Design co-pilot
- Roadmap building tool
Top Best SaaS Business Ideas to start in 2023
Creating a multi vendor booking system
One potential SaaS business idea is to create a multi vendor booking system. This could be used by small businesses that need to schedule appointments with multiple vendors. For example, a hair salon could use this type of software to schedule appointments with different stylists. This would be a great solution for businesses that want to offer their customers more flexibility and convenience.
Multi vendor booking system is a SaaS business idea that enables customers to book appointments or services with multiple vendors through a single platform. Multi vendor booking system, Booknetic SaaS, will help you to launch the business and earn money by automating their scheduling. Booknetic SaaS allows you to offer your customers a wide range of services. You can make your payments more secure with PayPal and Stripe support.
This system offers a great way for businesses to manage bookings, and it makes it easier for customers to find and book appointments. If you're looking for a tech-based business idea, this could be the perfect solution for you.
NFT Marketplaces
With the rise of blockchain technology, non-fungible tokens (NFTs) have become increasingly popular. NFTs are unique digital assets that can be used to represent anything from artwork and collectables to in-game items and virtual real estate. One way to tap into this growing market is to create an NFT marketplace.
This type of platform would allow users to buy, sell, or trade NFTs with one another. To make things even more interesting, you could focus your marketplace on a specific niche, such as video game memorabilia or digital art.
Not only is this a great opportunity for those looking to get involved in the world of NFTs, but it also has the potential to be quite profitable. After all, as the popularity of NFTs continues to grow, so too will the demand for platforms where they can be traded. If you can get in on the ground floor, you could stand to make a lot of money down the line.
Crowdfunding Platforms
Another interesting SaaS product idea is to create a crowdfunding platform. This type of platform would allow people to raise money for their projects by soliciting donations from the general public.
There are already a number of popular crowdfunding platforms out there, such as Kickstarter and Indiegogo. However, there’s always room for more competition. If you can create a platform that’s easy to use and offers some unique features, you could soon find yourself with a very successful business on your hands.
What’s more, crowdfunding is only going to become more popular in the years to come. As more and more people look for alternative ways to finance their projects, platforms like these are only going to become more in demand. So, if you’re looking for a SaaS product idea with long-term potential, a crowdfunding platform might be the way to go.
E-commerce Platforms
Last but not least, another software as a service idea is to create an e-commerce platform. This type of platform would allow businesses to sell their products and services online.
There are already a number of popular e-commerce platforms out there, such as Shopify and WooCommerce. However, as with crowdfunding platforms, there’s always room for more competition. If you can create an e-commerce platform that’s easy to use and offers some unique features, you could soon find yourself with a very successful business on your hands.
What’s more, e-commerce is only going to become more popular in the years to come. As more and more people shop online, platforms like these are only going to become more in demand.
Workforce Management
Another great SaaS business idea is to create a workforce management platform. This type of platform would allow businesses to track employee productivity, schedule shifts, and manage payroll all in one place.
There are already a number of popular workforce management platforms out there, such as Asana and Trello. However, as with other types of SaaS platforms, there’s always room for more competition. If you can create a workforce management platform that’s easy to use and offers some unique features, you could soon find yourself with a very successful business on your hands.
What’s more, workforce management is only going to become more important in the years to come. As businesses increasingly rely on remote employees, platforms like these are only going to become more in demand.
Marketing Automation Platforms
In the modern world, marketing is more important than ever. With so many different channels and platforms to choose from, it can be difficult to know where to start. That’s where marketing automation platforms come in.
A marketing automation platform is a software application that helps businesses automate their marketing tasks. This includes things like email marketing, social media campaigns, and targeted ads. By using different automation tools, businesses can save a lot of time and effort that would otherwise be spent on manually managing these tasks. Marketing automation tools and platforms focus on this particular point.
What’s more, marketing automation platforms are only going to become more popular in the years to come. As businesses look for ways to streamline their operations and get ahead of the competition, marketing automation platforms will become more and more in demand. So, if you’re looking for a SaaS business idea with long-term potential, a marketing automation platform might be the way to go.
Cryptocurrency Exchanges
In recent years, cryptocurrency has become increasingly popular. As a result, a number of businesses have popped up to cater to this growing market. One such business is a cryptocurrency exchange.
A cryptocurrency exchange is a platform where people can buy, sell or trade cryptocurrencies with one another. There are already a number of popular exchanges out there, such as Coinbase and Binance. However, as with other types of businesses in the cryptocurrency space, there’s always room for more competition.
If you can create a cryptocurrency exchange that’s easy to use and offers some unique features, you could soon find yourself with a very successful business on your hands. What’s more, as the popularity of cryptocurrency continues to grow, so too will the demand for exchanges.
Email marketing platform
Email marketing platforms provide businesses with the ability to create and send mass emails to customers or clients. This can be a great way to promote sales or events, as well as keep people updated on new products or services. There are many different email marketing platforms available, so it is important to do some research before choosing one.
Other platforms come with a developer-focused email validation API that allows you to clean your mailing lists and improve your rate of delivery. This is important in ensuring that you are sending your marketing emails to valid email addresses. It also helps prevent spam traps from unintentionally blocking your email address, something that can damage your email deliverability and reputation.
Pricing plans for email marketing platforms can vary greatly, so it is important to find one that fits within your budget. Some providers also offer free trials, so you can test out the platform before committing to it. When choosing an email marketing platform, it is also important to consider the features that are offered. For example, some platforms allow you to create automated email campaigns, while others do not.
Once you have selected an email marketing platform, it is time to start creating your campaign. Be sure to craft a compelling subject line and message that will encourage people to open and read your email.
Developing an AI-powered chatbot
Developing an AI-powered chatbot is another best online startup ideas. Chatbots are computer programs that mimic human conversation. They’re commonly used to provide customer support or perform other simple tasks.
What sets AI-powered chatbots apart from traditional chatbots is their ability to understand and respond to natural language. This allows them to carry on more lifelike conversations with users. If you can create an AI-powered chatbot that’s easy to use and offers some unique features, you could soon find yourself with a very successful business on your hands.
What’s more, as artificial intelligence technology continues to evolve, so too will the capabilities of AI-powered chatbots.
Create a Time Tracking Tool
Time-tracking tools are used to track the amount of time spent on tasks or projects. This information can be used to improve productivity or estimate project deadlines. There are many different time-tracking tools available, so it is important to find one that fits your specific needs. Some time tracking tools allow you to track billable hours, while others do not. If you plan on billing customers for your time, be sure to choose a tool that offers this feature.
Pricing plans for time-tracking tools can vary greatly, so be sure to compare features and prices before choosing one. Some providers also offer free trials, so you can test out the tool before committing to it.
When considering a time-tracking tool, it is also important to think about the features that are offered. For example, some tools allow you to track time offline, while others do not.
Collaboration tools
Collaboration is becoming more and more important as new business practices emerge. With the right mindset and powerful collaboration tools, your team can increase its productivity drastically. There is a growing need for productivity tools for small businesses to maximize efficiency and management in workplaces.
According to research, online collaboration is one of the biggest trends in the SaaS business. You can ride this wave by offering your own collaboration tool to this market. Biggest companies such as Google, Microsoft, Adobe and others are already big players in the market with GSuite, Microsoft 365, Figma and Creative Cloud respectively.
There is a great opportunity in this area, but you need to offer your product to the right target group. You need to choose your niche correctly with a clear business goal in mind to be able to compete in this competitive SaaS market.
Internal supply management system
Every business has its own units and every unit has its own needs for different things to operate. Most of the time, businesses manage this supply system via phone calls or they put some orders in place, but so few of them utilize internal supply management systems.
Providing a tool that works like an e-commerce platform and enables the business owner to manage these orders efficiently will save a lot of time and increase e-commerce sales in companies highly dependent on this system.
What makes this system different from all others on this list is the fact that this tool can be implemented in different niches and each of them has its own distinct needs and wants from a service.
Make sure that you have correctly addressed all the needs of different businesses and you will have a killer product at hand.
Design co-pilot
As seen from the successful debut of Github Copilot it is evident that people actively seek help from AI-powered tools in their workflows. It also means that there is a huge potential value to be made in this field.
Professionals need the help of different tools in their daily workflows and designers are no exception. Although developing and offering this software requires plenty of resources and time, you can create a vastly popular tool that will shake the design industry from its core.
Roadmap building tool
Historically many companies have operated with a clear goal and deadline in mind. It is also obvious that this business practice will continue to be the standard for the coming future. Building roadmaps and other business plan related documents are the first steps in setting new goals in all sorts of companies.
As a highly motivated small business, you can make these companies’ work easier by offering them tools and resources to efficiently build roadmaps from scratch.
CONCLUSION
If you are looking for a SaaS business idea, these options provide a great starting point. Each of them has the potential to be successful if the right team and approach are put in place. For more information on each of these opportunities or to get started with one of your own, please visit our website where you can read more about each of these ideas and find out how we can help you get started. Thank you for reading our blog, if you liked this content, you can check out our other blogs that will help you find new ideas and grow your business.