A Sneaky Way to Make $40k+ From SaaS

so if you want to start a sas that makes 40k a month you have to have a halfway decent idea notice you don't have to have a great idea you don't even have to have an original idea in fact it might be better if you don't later in this video i'm actually going to jump into my computer and we're going to go through this strategy and find one of these not so elusive ideas but if you're starting your first sas you actually want to look at larger already established businesses and see if you can do a smaller part better now let me explain that intercom a large communication sas that specializes in chat on websites you've probably seen the little chat bubble in the bottom corner of a website before intercom kind of was one of the first to do that they're now valued at over a billion dollars and their cheapest plan is like 75 dollars a month they've built up like a ton of different features and they have like hundreds of different tools now you might be thinking okay that's great for them but how do i as a solo entrepreneur even think about trying to compete with them well the great thing is you don't have to you only have to beat them on one feature you just have to build out one thing slightly better than what they have you see as a company grows they sacrifice quantity for quality they become bloated with tons of other features and add-ons and they can't create top-notch features for their entire product all at the same time it's just they just can't do it and every large company ends up going down this path there are actually now several different small startups that are doing these chat bubble on page type sasses and one that i found recently is called social intents and they're currently doing 40 000 per month and if you compare the two little chat bubbles on the page they look almost exactly the same they're not as feature rich as intercom they don't have as many features but they are focusing on a much smaller feature set and they're making sure that they do it better and cheaper and i honestly don't know why i keep saying they because this company was actually solo founded and run by a guy named james just a single person so the key isn't to just copy other people's ideas it's to look at already larger established businesses and take one of their core features that may not be very good or is starting to lag in quality is starting to lose its edge and make it better so you're genuinely making the entire ecosystem better by improving on something that already exists and again at a lower price now this gives you two incredibly powerful advantages right off the bat the first one is a proven market because the company that you're looking at already exists and already has customers you know that people are looking for that solution they're looking for a product that does exactly what you're looking to build therefore you don't have to prove this idea to yourself or to anyone else because you already know it's good and the second one is an obvious sales channel right a way to acquire customers you know where did this company find their first customers or better yet where do their existing potentially upset customers hang out you'd be surprised that a simple direct message to a disgruntled user might land your first customer now these advantages are not to be taken lightly this will help you skip some of the hardest parts of building a sas which is you know coming up with an actual market validated idea and finding a place to acquire your first few customers those are two incredibly difficult i would argue probably the most difficult things to do when you're starting a sas and using this method you know both of those pretty well and all you have to do at this point is just build it so now i'm going to share my screen with you and we are going to actually do some live research right now so the best places that i found to kind of look for existing established sas companies that might be in this we've built out a lot of features and we can't keep up and we're lagging on quality is growthlist.co has a b2b sas list and they also have like a weekly startup report that you could subscribe to if you wanted to but they do have this massive free list of a thousand companies and then also sas mag has another list this list is 2 000 different companies so you can go through these lists of of you know 3 000 though i'm sure there's some overlap here but thousands of other companies that already exist that are already you know bringing in a bunch of money have a bunch of customers and have a core feature set that's probably actually desirable by people and find something that's interesting to you and then find a feature of that larger company that you think you could maybe do an implementation that might be slightly better or at a cheaper price point so let's actually just jump into this maybe we'll start on growth list here and i think the best way to do this is to just like read a little bit and they put a little bio here and just find something that's interesting because i mean the thing is you know i know that certain topics are more popular than others or whatever but i mean if you just find something that's interesting to you then you could be off to the races because you also want to find something that's useful um but also interesting so here's another like potentially you know like we were talking earlier about the chat uh live chat agents right desk moz it's another probably one like that so um you know calendar and contacts api online seo auto tool there's tons here um so let's also look at sas mag i like sas mag a little more because they have a six month growth percentage so you can see like how fast some of these companies are growing you see this company is growing 86 in the past six months which is crazy um so i'm just i'm just gonna dive into one here let's just look at this uh chicago based um they were in an accelerator and have an investor grown over 50 percent in six months have 100 employees review tracker so you can just uh like go to their website directly and what we want to look for is a couple things i want to read they're they're basically their main you know header their hero here and then i want to look at how many features they have and i want to look at their pricing those are kind of the big ones i want to hit so the success of your brand depends on the voice of your customers so it sounds like they're focusing on businesses that are already existing that have a lot of customers and using um feedback and reviews to drive acquisition so from what i've read so far it sounds like this company you know based on the name review trackers aggregate reviews from around the web and allow you to reply to them or they tell you information about your reviews in some way right so that's what it kind of looks like on their home page here so let's look at you know solutions so yeah product here is exactly what it went product features look at all these features right tons of features and they have all these add-ons too and from what it looks like they also have so let's just look at one like reputation management right um so they have some pretty large comp uh companies that they're working with u.s bank ruth chris steakhouse and yeah like i said so it looks like they're aggregating reviews from around the internet and just showing them and you know allowing you to do different stuff with them so this is potentially pretty you know feature-rich company let's look at the pricing now and see how much they charge for something like this okay so into the number of locations okay so we'll just do like whatever i want so 70 for one location and that's oh it's billed per location per month paid annually so they don't even let you pay monthly so you're basically gonna have to front like 800 and something dollars up front for a yearly uh payment uh because they don't let you pay monthly for just one location right and then every location you have past that is double you know so like they don't even give you any discount if you have multiple locations uh so that's expensive right and it looks like this particular sas is built for like brick and mortar stores um that want to track multiple locations okay so so now we've kind of consumed what this company is doing now i'm going to think about you know okay what feature could i do that maybe would be better or could be cheaper so again it seems like their core feature is like the tracking of reviews so that's something that i could do but it looks like they track on multiple platforms like google facebook tripadvisor grew up foursquare i'm sure they do several others and that's a lot to put together so if i'm starting a new sas from scratch i don't want to have to build out integrations with all these companies right so maybe i just start with the biggest which is probably google and i say you know the basically the the hero for my sas company would be we watch your google reviews so you don't have to something like that right i would work on that i'm sure but essentially i think the tool would look through your google reviews and it would monitor them and anytime that a bad review came in you could be notified and then you could go and reply to them or maybe even early on maybe the software somehow replies automatically to bad reviews that could be another useful feature that you could build relatively easy and i think this would be somewhat easy to build because you would just need to kind of scrape that page on google every day and if you see a review has been added you can notify the customer and you could charge a lot less right you could charge 10 20 bucks a month and you could actually allow them to pay monthly instead of having to pay 800 bucks up front right so i think that that is a great a great potential product here you know i mean we found that relatively quickly and we just looked at uh what we start with sas mag and we just found it's the tenth one down i just picked a random one again you could do this with like any of these right you can go through any of these and if you think okay here's a solution like here's a piece of the puzzle i can take that and make it better or at least offer it at a cheaper price point you could you could do that and how i would go about acquiring customers is i'm sure the same way that this company went about acquiring customers and that's just go to some decently sized city on google maps and just look for businesses that have under a three-star rating that clearly aren't replying to their reviews and then just email them or i mean i guess you could call them if you wanted to and just say hey you know we have this tool that allows you to track your reviews and will automatically reply to them um if they're negative or something like that i mean the thing is google reviews uh if you have bad reviews you can lose a lot of sales as well so i mean a tool like this would actually save the company and make the company a lot more money and that's that's a pretty easy pitch to make um so i would do that for my first dozen several dozen employees and then i mean you could go to different cities around the country again on google maps you don't actually have to go there in person and just like find companies that are rated poorly and pitch your product to them so that is pretty much it um so this is uh a pretty good sas idea if you're looking for one and it's a proven business right i mean this company well actually let's let's see if we can find uh review tracker let's see was it review trackers revenue if i can spell um is a review review trackers but it's like one word so this says they make 5 million in revenue but this one says 20 million and this one says 11 million so it's kind of all over the place but they're growing very quickly so it's possible that it was 5 million and then they went to 10 and then they went to 20. but here's the thing if you can get just a half of one percent of their revenue and you have to understand review tracker probably not the only company doing this there's there's other companies that will track your review across the across the web but they're making 20 million dollars if you can get half of a percent of that that is 100 000 a year 100 grand a year and for a lot of people that's a life-changing amount of money and you can do that by just getting half of a percent of what these guys are doing by just taking one of their core features and doing it slightly better than them at a more affordable price well i hope you enjoyed this video i hope you found it very helpful if you did be sure to like and subscribe and i'll see you in my next video bye

Channel: Millionaire Millennial

Views: 224,800

Keywords: millionaire millennial, saas, customers, start a saas, getting customers, first users, saas ideas, saas competitors, saas startup ideas, saas ideas startup, micro saas ideas, simple saas ideas, finding saas ideas, saas business ideas, saas creative ideas, software as a service ideas, b2b saas ideas, tech startup ideas, best saas startup ideas, business startup ideas, saas product ideas, saas opportunities, startup ideas, startup idea, saas idea

Id: 38f6Vp3fO3o

Length: 14min 33sec (873 seconds)

Published: Mon Jul 11 2022