When someone has a new idea for a SaaS business, they should consider two important factors. Starting a business can be a challenging task, especially when they are doing it alone. In the initial stages of starting a new venture, it is common for people not to understand or support the idea. However, as they persist and start to see results, others may begin to offer their assistance and encouragement.
Starting a business is similar to creating art or music. When someone has an idea they believe in, they may start a new business without the intention of earning money. The satisfaction of producing good ideas that make people happy is enough reward for some entrepreneurs.
In the world of business, no one knows exactly what to do or what will guarantee success. Hiring a counselor may not always be helpful either. Therefore, entrepreneurs must figure it out for themselves. For someone who loves starting businesses, there are two essential questions they should ask themselves before starting a SaaS business:
- Is their product noticeable?
- Have they made their offering more specific?
To make their product stand out, they must identify a target audience and ensure their product is tailored to their specific needs. However, choosing one group may result in turning away other potential customers. But targeting a specific audience is necessary to stand out in the market.
Additionally, entrepreneurs must make their offering more specific. Narrowing down their focus allows them to reach the right people more easily, making it easier to write ad copies and target potential customers. Over time, they can expand their audience and broaden their offerings, but in the initial stages, specificity is key.
Examples such as Amazon and Google show that businesses can change and evolve over time. However, when starting out, entrepreneurs must keep their focus narrow and identify their ideal customers. By doing so, they can create a product that stands out in the market and satisfies the needs of their target audience.