3 Million Dollar SaaS ideas for 2023
Everyone wants to build a million-dollar SaaS.
The problem?
Just hopping on trends won’t get you there.
AI is hot.
Should you jump on it?
Yes and No.
It depends.
There are key components to whether you’ll be successful in SaaS, or not.
In this article, we’ll talk about:
What it takes to build a successful SaaS product
3 Core Components that’ll bring you that success
What it takes 🤔
After building multiple SaaS products myself (one successfully to over $1,000,000 in ARR)
You need to understand something very important if you want to build a successful SaaS with an MRR of anywhere between $10k/month to $100k/month and beyond.
Based on my experience, there’s only one way you can endure this endeavor:
HAVE PASSION
And not the cliche thing: do what you love…
No.
PASSION FOR SOLVING A PROBLEM
And still, that won’t even cover it, actually.
I like to describe it as:
PASSION FOR SOLVING A PROBLEM FOR AN AUDIENCE YOU LOVE!
SaaS is a way for people to solve a problem.
To truly build a solution for a problem, you have to have passion for the problem.
And to truly have passion for a problem, you need to want to know EVERYTHING.
And thus, you’ll need to connect and talk to your audience.
This all will be hard if you don’t like or LOVE your audience in the first place.
Now that we have that out of the way.
How can you build a solution your target audience is willing to spend their money on?
There are basically 3 components to a successful product:
Save time ⏰
Save money 💰
Or BOTH 🔥
PS: All of the below (and much more) is something I teach in my SaaS course :)
1. Save time ⏰
Time is money.
If you can save a business owner time by building a software solution.
They WILL be happy paying for the product.
How do you save them time?
Let’s look at an average deal flow:
ON AND in-between each step, there are data points.
Data points you can optimize.
For example:
OR:
For example:
Construction market
Deal flow:
Generate leads
Follow up
Contracts (legal)
Buy parts
Plan
Hire
Construction
Invoice
Aftersales
etc.
For every step, there are data points you can automate by building software.
Especially using AI to automate data and actions.
For example:
Step 4 in the construction deal flow: buy parts.
Build software (with AI) that:
Analyses different wholesalers to get the best price at the right time
Optimize shipping times by comparing carriers
etc.
There’s a lot of time to win for the business owner.
And this means lots of opportunities to build a successful SaaS.
2. Save Money 💰
Basically:
Build something that’ll save a business owner money
This could be:
Existing software from their software stack that’s cheaper
For example
Crisp.chat → Intercom
Underrated USP:
Focus on paid-per-seat pricing (if they have a big team and they’re paying $100 bucks per seat and you can create the same software - core components - for only $50 per seat, you’ll immediately save them 50%)
Optimize a data point from their deal flow to save money
If we go back to the data points, there’s actually something really interesting.
Each data point is an opportunity to either:
Save money
Make money
Make Money
Build software to optimize the sales funnels, which will give them an extra 9% in sales and thus GAIN money.
Examples:
Conversion optimize software
A/B testing tools
Email automation tools
etc.
Save Money
Build software that optimizes spend and costs.
Examples:
Ad spend optimizer
Commissions
Automate something they’re now doing manually
etc.
Especially automation is something VERY interesting.
Not only will it save them MONEY but also TIME.
This brings us to the 3rd component:
3. Save time & Money = GOLDEN 🔥
If you can build a software product that both saves a business owner:
TIME
MONEY
You gave GOLD.
Why gold?
Well…
Your offer becomes simply…
IRRESISTIBLE!
EVERY business owner says YES to software that saves them time and money.
Great examples:
Email marketing
With email marketing, they’ll save:
TIME
No manual emails
No analysis of the email funnel (smart automation software does the analysis for you)
MONEY
No employees
Saving time (=) Saving money
Effective automation → makes money through smart optimizations
etc.
What’s the next step?
Think of an audience you love
Research a core problem of that audience
Investigate the data points in their deal flow
Research existing solutions and products
Make something better → save money, save time, or BOTH!
If you want to know more about this or learn everything to build & scale your own SaaS: Check my SaaS course! :)