Consumers worldwide are enjoying the instant accessibility of cloud computing as well as the easy upgrades, improved mobility and low costs.
Yet, as this growing business model booms, so does the competition. Trendsetters like Google, Oracle and Amazon are setting standards for experience and design, while disruptive innovators are growing quickly.
And all have never had it so easy when it comes to scaling and shaking up the market.
If you’re one of the many budding entrepreneurs looking to dive into the competitive SaaS market, I have put together a checklist to keep your business on track and make sure you avoid some of the common pitfalls:
1. Have you educated yourself and created a lean plan?
The real benefit of the tech market is its flexibility. You often won’t need a large team or even permanent office space to get started. So strip your business down to its essentials, and try to wear as few hats as possible. If you create a lean plan and spend time focusing on what truly matters to your business, you will improve your chances of success. There are plenty of books available which discuss how to create lean startup plans. I recommend The Lean Startup by Eric Ries as a good jumping-off point.
2. Are you focused on your MVP?
Most SaaS businesses stem from a core idea, which can then snowball into a more complex product. Identifying this core function and developing it to the fullest is a better strategy than trying to build a more complex product which solves a host of problems. The initial customers you acquire can give you a great motivational push to keep your business growing. Once you have some feedback from your early users, you will be in a better position to develop your business in new directions and to prioritize any upcoming features.