SaaS is not just a modern geek slang. It is a term that means software as a service. SaaS is a business model that is very common in the world of digital technologies.
In other words, SaaS is a software that any Internet user can access. There are many internet platforms built on SaaS. For example, DropBox, Slack, Google Apps, Shopify or Canva.
The Saas business model is highly popular today. And it is not surprising given that more than 51% of companies are already using cloud technologies. By 2020 this number is to increase by 22%.
Today we can witness a dynamic increase in cloud-based products. Bessemer says that over the last 10 years the number of private companies worth $1 billion or more has gone from 0 to 55. It seems that the market is ready for new solutions.
Do you want to see your company in the club of successful founders? But, first things first. Let’s get more information about SaaS products themselves.
The main advantage of the SaaS model is that there is no need in any special equipment to start your business. The server provider hosts, maintains and upgrades your application. You just go to the site and use it. But to become a successful entrepreneur you need to know the key rules the SaaS market plays by.
I want to outline 4 key advantages of SaaS over other business models.
Accessibility. SaaS allows customers use applications the way they want. They can use it for games, work or studying. And they can access it via any device they have at hand.
The endless integrations. The number of SaaS applications is constantly growing. And, believe me, your customers want to have access to all of them.
Flexibility and scalability. Technically, the SaaS model provides a simple extension of functionality. It lets you move in your own direction and then change it whenever you need.
Data safety. The cloud solutions are subject to more demanding standards of security than ever before.
Yet, there are 2 disadvantages of SaaS you should take into account.
In spite of the fact that data security of cloud software is getting better, there is still a room for a personal data leakage.
Currently, there are different types of SaaS businesses. Some of them may deal with patient information. Such companies should meet data compliance with privacy regulations like GDRP, CCPA, HIPAA or other.
The disadvantages of SaaS result from the disadvantages of the cloud software itself. The constant cloud technologies development will lead to enhancements of SaaS business model.
The key characteristics listed above show you what SaaS can give to your business. But a successful product is primarily a combination of well-worked strategy, proper technical implementation and a bit of luck.
Any business development is just a set of sequential actions. Your first step is to express your idea and identify your future client. Secondly, validate the market and make a competitive assessment. Then, think over the pricing and other factors.
Every step will ensure you that the process is not complex. It will be even enjoyable if you believe in yourself and know all the peculiarities of this business.
Read the full article to know all the details of starting your own SaaS product. Believe me, you are on the right track.
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