How to Find Profitable Software Ideas

a big question many of you have had is “okay, now I know what SaaS (software as a service) is, now how do I come up with an idea?”

I won’t gate keep, I’ll give you the full strategy myself + dozens of my students have successfully used

there’s two main strategies really

1. Go to acquire.com then filter to SaaS companies over 200k in annual recurring revenue

This shows us the company is validated and likely has product market fit

Write down 5 companies that you like the idea of or maybe you know a bit about the niche they are in

for example, I found a power dialer, which is a software sales teams use to complete their cold calls

next what I do is I find a popular power dialer, I’ve personally used one called aircall

so I googled “aircall G2 reviews” and then I scroll through the “what I dislike” section

here, we see all the recurring complaints and feature requests are

a lot of people complained that is was too expensive and too buggy

so if we can build a less buggy dialer and price it differently, we may have a home run on our hands

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2. Find a recurring complaint / problem in a niche you’re familiar with

this is how I started the company I just sold, Closify.

I was in the sales space, and all my clients complained that sales recruiters charged too much, took too long, and had inexperienced sales reps

so I built a solution that was faster, more affordable, and only experienced sales reps and it was a home run

so if you are already in a business niche, maybe it’s agency, ecom, sales, medical devices, whatever, look for recurring problems in your niche that you can solve with software

these are my two favorite ways to get profitable SaaS ideas, then every idea I like to validate with the following checklist

• are there competitors (we want this, shows validated)

• can I charge at least $50/month

• is it sticky (this means, how IMPORTANT is my software to whoever uses it, sticky = they will never leave)

if all of those check out, it’s likely a pretty decent idea.

as always, if you enjoy my emails I’d appreciate if you’d share it with your friends and have the chance to win a free call with me or get in my program for free

lastly, if you want to apply to work with me closely on starting a SaaS and learn the same process that I used to personally start, scale, and sell 2 SaaS companies click here to book a call