What is Saas?
SaaS or software as a service is a way of delivering applications over the Internet—as a service. Instead of installing and maintaining software in this service, you access it through the Internet, freeing yourself from complex software and hardware management.
SaaS applications are sometimes called Web-based software, hosted software, or on-demand software. Given any name, SaaS applications run on a SaaS provider’s servers. This provider manages access to the application, including security, availability, and performance.
A good example of the SaaS model is a bank. A bank protects the privacy of each customer while providing a service that is reliable and secure on a massive scale. A bank’s customer uses the same software and technology without worrying about the security of their personal information.
How to startup SaaS without Venture Capital Funding?
Before we jump into the steps to start a tech startup with no money, it is essential to understand why most startups fail. More than half of the failure happens when they make a product nobody ever needs.
Having a well-devised game plan for a product that people need and knowing the biggest traps to avoid will give you a higher chance of survival.
Once you realize those mistakes and plan ways to avoid the common traps, the following steps are to build a tech company with no money.
1) Develop an idea
The first step in creating any business is to produce an innovative idea that you believe will have potential growth in the future. Execution of the concept is all that matters.
Your idea need not always be original either. For example, Dropbox was not the first cloud storage product, but it executed well on an existing idea and became wildly successful. Google was not the first search engine either, but they made searching the Internet better than anyone else before, thus becoming insanely profitable.
2) Find a co-founder
Having another person involved in your company can help you exponentially if they are someone whom you can rely on to share your vision for the future of the business.
3) Choose a business model
Every successful company must have a viable business model. Without this, it will be far more difficult to monetize your product or service, which is very essential if you want to earn a profit over your idea. Work closely with your co-founder and make sure that they help brainstorm some of these paths for the company’s success.
4) Hire the best talent
Once you know exactly what tasks need to be done and what skills are required, it is time to find someone who can do them well. Your business will not succeed without talented individuals behind the scenes working hard every day, so try not to cut corners when hiring.
5) Create a prototype
The next step is to create a rudimentary version of your product to get an idea of its appearance once completed. The goal here is to make your potential customers see exactly what you want them to see to get excited about the final product. You should also aim for this stage to take no longer than three months.
6) Secure funding
The time is finally here for your business idea to become a reality, but only if you have the necessary capital; otherwise, you will end up stuck before even beginning. There are many different methods through which you can attract investors, some of which are:
- Crowdfunding
- Family and Friends
- Bank Loans
- Angel investors
- Venture Capitalists
7) Set up a business structure
Once you have raised the money you need, it is time to set up your company. Certain countries do not allow easy access into this area without following specific guidelines first, so research everything about your location’s policies before proceeding. At this point, it might also be beneficial to switch over to using an accountant if you do not already have one on board.
8) Develop your product
This is where all your hard work finally pays off! Now that you have raised funds and made room for talented individuals to join the team, they can begin developing your product according to the specifications laid down in step two. If possible, try to resist the temptation of rushing through this phase; it might take a few months, so you should try to enjoy it.
9) Launch the business
Your product is finally ready for launch after all this time and effort! Make sure that you have a marketing strategy before going ahead with anything because otherwise, people might never hear about your company. This is essential if you want to make big profits from your idea.
10) Evaluate results and update as necessary
Finally comes the time where everything falls into place. Your initial product may or may not be what users want, which means that they might or might not be interested in buying your product even if it is fully developed. It is essential to reevaluate any decisions regarding your business, like hiring new talent, choosing new prototypes, etc., to avoid future disappointments.
Conclusion
In the last decade, Venture capital firms in India have progressed, giving scope to new startups to develop innovative technologies in India. Many Top Venture Capital firms in India have started supporting startups with innovative ideas to go ahead with their dreams.
Setting up a business is complex, and continuous growth is even more challenging. You need to believe in your product, idea, and approach, along with a lot of intelligent work. You can implement a proper strategy to attract and retain the correct clientele, create your brand in the market, get helpful feedback to effectively manage decision-making, and fulfill your goal of a prosperous business.
