As a service-based business owner, you have unique insights and knowledge that help your clients achieve their goals.
Have you ever considered developing your own Software as a Service (SaaS) to leverage this knowledge and provide more value to your clients?
Not only does a SaaS offer the potential for a new revenue stream, but it can also help you to increase the effectiveness of your services….
Read on to find out more!
Rather than relying on third-party solutions which may not work EXACTLY as you’d like or you may have to modify your processes to fit the software, a custom-built SaaS could be tailored to the specific needs of your clients, and then you can charge them accordingly.
For example, let’s say you’re a coach who specialises in helping people set and achieve personal goals. You could create a product that allows your clients to track their progress, set reminders, and connect with a community of other users. This would not only provide a more engaging and meaningful experience for your clients, but it could also increase your recurring revenue by 30% or more.
According to a study by the International Coach Federation, 74% of coaches surveyed reported increased revenue from offering online coaching or e-learning programs after the Covid 19 pandemic. This suggests that there is a growing demand for digital solutions in the coaching industry, and that creating your own SaaS product could be a great way to tap into that market.
Another benefit of creating your own SaaS is the ability to work with more clients in a 1 to many relationship. This means that you can serve more people without having to sacrifice the quality of your service. By automating certain processes and creating a self-service platform, you can free up more time to focus on your 1:1 work with clients. This can help you to scale your business and reach more people, which can ultimately lead to more revenue.
It is reported that 80% of small businesses using SaaS reported increased revenue from the automation of business processes. This suggests that there is a strong correlation between using SaaS and increased revenue, and that creating your own SaaS product could be a great way to boost your bottom line.
Creating a SaaS product can also help you to stand out in a crowded market. By offering a unique and customised solution, you can differentiate yourself from other service-based businesses and attract more clients. Building your brand and establishing yourself as an expert in your field.
Of course, creating a SaaS product is not without its challenges. It requires a significant investment of time and resources, and it can be difficult to know where to start. With the right approach and the right team, it’s possible to create a successful SaaS product that can help you to grow your business and provide more value to your clients.
- The first steps in creating a SaaS product is to identify your target market and understand their needs, as an existing business owner you probably have a good idea of these challenges! This will help you to create a product that is tailored to their specific needs and that they are more likely to use. You should also consider your own skills and expertise and how you can leverage them to create a product that is unique and valuable.
- The next step is to conduct market research and gather feedback from potential users. This will help you to validate your idea and ensure that your product will be well-received by your target market. You should also consider the competition and how you can differentiate yourself from other products on the market.
- Once you have a clear idea of what your product will look like, it’s time to start building. This will involve assembling a team of developers, designers, and marketers to help bring your product to life. It’s important to have a clear roadmap and project plan in place, to ensure that the development process goes smoothly and that you stay on track.
- During the development process, it’s important to test and iterate your product to ensure that it meets the needs of your target market and that it is user-friendly. You should also consider the scalability of your product, to ensure that it can grow with your business.
- Once your product is ready, it’s time to launch. This will involve creating a marketing plan, building a website and setting up a sales funnel. It’s important to have a clear pricing strategy in place and to offer a free trial or a money-back guarantee to encourage people to try your product.
Creating a SaaS product is no easy task…. but it can be a great way to leverage your unique insights and knowledge to provide more value to your clients and grow your business. With the right approach and the right team, you can create a product that is tailored to the specific needs of your target market, and that can help you to stand out in a crowded market.