Because of this, my very firm recommendation for anybody who is making their first attempt at building a SaaS is to reign in your initial build goals and focus on making a solid, compelling tool. Don't attempt to make a platform - the bigger and more complicated the project, the more likely it is to fail, and your first few projects will very likely fail, anyhow.
The potential to earn passive income by building a Software as a Service (SaaS) system is very alluring, but what will you have to put in up front to get there? Determining your cost to build a SaaS can be more complicated than you might think. We’ve built a number of SaaS systems and want to share with you how to estimate your spend on each part of the project, avoid costly mistakes and get the most for your money.
There are a lot of elements involved in the ideation, validation, estimation, build, launch, and growth of a SaaS system. The estimating step is critical as it helps you understand if this project is "worth it," how to proceed with funding, and what features should and should not be added to the Minimum Viable Product (MVP).
We are proud to announce the launch of our latest SaaS system, MedRev! This project has been in production now since March and is finally at an MVSP (Minimum Viable Sellable Product) state and is going to market. The sales team for this company starts it's work tomorrow and we are so happy to have helped them get off the ground.
When you have a great idea and decide to get started in SaaS (Software as a Service), you are building a business. Many eager entrepreneurs don’t think through all the Costs Associated With Starting A New SaaS Business. The existence of passive income in SaaS is a myth for 99% of businesses. Making a profit is possible but it requires a tremendous amount of effort and hard work.
Customers who are willing to put in their credit cards to sign up for a SaaS are invested in the system and have more reason to help it grow. At the beginning of a new system, these kinds of users are critical and getting the kinds of people who will do this it the difference between the system growing or failing.