How to Develop a SAAS (Software as a Service)
It’s all about technology!
That’s where the customers, businesses, and investors are all flocking. If you’re ready to start a SAAS (software as a service) company, you’re in great shape! Here are our favorite strategies for starting + growing your software company:
1. Start your company
If you’re operating a business without registering as an LLC or Corporation, you’re taking a big risk. Your personal assets can be taken to pay your business debts. That means you can lose your car, house, and bank account on a product injury, a bad business deal, or a freak accident. Is it likely? Probably not. Is it worth all that risk to save a few hundred bucks on registering? Definitely not. Register your company with the state and follow certain formalities, so only your company assets are at risk.
Youʼll start by completing the state paperwork to register your entity. First, you'll need to decide what kind of entity is the best fit for you.
2. Lock down your brand
A trademark allows you to own your brand. It means you're the only company who can use your company name, logo, slogan, domain name, personal name, product name, or hashtags. Here's why it's key: without it, you can be sued, forced to rebrand, or have your customers stolen by copycats.
Trademarks give you the exclusive rights to use the name nationally. So if someone else registers your trademark, they’ll own the rights to your name nationally. You'll only be able to use it in your geographic region (typically your city). That's not ideal!
Think about how many brand pieces feature your company name: your website, social media, business cards, products, marketing materials, press links, inventory, etc. If you want to operate nationally, you'll need to change all of that + pull back all inventory with the brand on it, or possibly pay monetary damages. You'll lose customers, money, and valuable momentum.
Bottom line: if you’re building a brand, you need to trademark it asap!
3. Find your developer
Map out your software and figure out what you need to create it. Then, find a software developer with experience in that area. The best places to check are upwork for hiring freelancers and Hyperlink Infosystem for a development company.
After you decide on your developer, lock down the details with a developer contract. You’ll want to define the project and any deliverables that you must have, the milestone schedule, payment plan, intellectual property ownership, log in access, and inspection timeline.
4. Protect your users
5. Promote your software
There are so many ways you can market your brand. You can use instagram, Facebook, Snapchat, Twitter, YouTube, email newsletters, and influencers to promote your brand online. Find out where your customers are online and join them!
You can also check out tradeshows and trade organizations for tech products like CES, Tech Crunch Disrupt, or SXSW.
6. Pitch investors
If you’re looking for investors, you’ll need to have your company setup properly from day one. Investors usually require that you’re registered as a company and have your trademark locked down. They’ll also want you to have a solid business plan with financial projections and a valuation. Lastly, you’ll need to develop a pitch deck that describes what your software does and why investors should fund you.