Discover how to successfully launch a software or SAAS business in 2024 with our comprehensive guide. From generating and evaluating ideas to market research, prototype release, and continuous iteration, we'll take you through each step. Learn the importance of listening to feedback, upgrading iteratively, and maintaining quality service. Don't miss out on the latest trends and strategies to make your software venture a success!
AI is the new trend, and so are blockchain and quantum computing. Everyone is innovating new things and new services, but the core lies in software. So if you are a business owner, student, or starter planning to launch a new software business or SAAS product, then this blog will help you to launch your dream software or SAAS product. Below, you can find the framework that you can follow to release actual money-making software.
Steps:
1. Hypothetical Idea Generation and Guessing:
Ideas are vague, and everyone generates some unique idea daily. Those who stand out are the ones who take risks or who actually start executing their ideas. However, executing without research might be like a mule trying to convert into a horse just by hard work.
Anyway, ideas will change over time, so don't worry much about it. Generating ideas can be tough. So first figure out how to generate an idea.
If you have an idea and are ready to sacrifice your comfort zone and take a ride on an adventure journey, then with your idea, you need to plan. Not a plan actually but a guess. You need to make guesses about everything, including:
- Who will be the ideal customer?
- What will be the uniqueness of your business?
- Why this idea?
- How long will it take to succeed financially?
- What impact will it create?
- What vision do you have for this year, next year, or five years from now?
- How long will it take to make a profit? (Start thinking of profit from day 1)
- How many people will you need?
Answer these questions on paper with data, numbers, charts, and figures. And of course, this should be SMART. This will help you realize how powerful and practical your idea is but this alone won't help.
“Rember: No dream will be executed if you don't Imagine one. Only dreams have a shape, that changes to fate”
- Hemanta Jung Karki
2. Market Research, Feedback & Iteration
Once you are ready with your imagination and realistic estimates, the next step is market research. Market research can take time and has many forms and approaches, like collecting old data (Historical), conducting interviews, mass surveys, etc. You can collect data from any source. And of course, the data should be collected based on your questions in hypothetical idea generation. Once you have the data of the market and your imagination, you can compare them side by side. Then you will see how good your idea is. If both datasets have an 80% or more overlap, then you can proceed further; otherwise, you need to iterate back to hypothetical idea generation and fix the idea itself. But this time, you are armed with some actual market insights, which will help to refine your idea.
Don't invest too much time in hypothetical idea generation & guessing or in market research, because no real product prototype has yet launched and your imagination and market research might give different results. It's too risky to spend a lot of time in this imaginary phase still you need it. It's just for idea validation.
3. Prototype Release and Iteration
If your research and hypothesis align 80% or more, then you can develop your first prototype and release it to a specific audience. Only to a specific audience because, remember, at a New Year's party, it feels awkward to be around all strangers. You need to have someone known, like a friend or family, to enjoy it. This means your product has a high chance of criticism and criticism from known or small circles may not create enthusiasm damage but the mass crowd can make you drained and frustrated.
The main thing about prototype release is that your dream is now an actual thing. The next point to remember is that a prototype means the actual small thing that you had planned to solve, the actual software, the thing that can be used by the user. It should align with your vision and solve the problem you are targeting. I mean to say if you have the idea of a coffee shop selling only 2 or 3 variations of coffee to specific clients at first, that will be the best prototype phase. Don't try to sell everything at once; it will dilute your idea. So be specific and standard with your prototype. Sell it only in specific cities or areas or people.
4. Listen Carefully (Prototype Feedback)
Once you have a basic prototype that actually addresses the main problem you are solving and you have released it to a specific market or group of people, the music will start to play. People will start talking; they will send you emails; they will tell you how bad your product sucks or how good it is. And of course, your product will often suck in the first iteration. Good comments are heard less often than bad comments. Bad comments are louder and may hurt your ego, but take it easy. You don't need to take it personally nor you should panic. Eventually, the music will make sense, and you will remember the lyrics
5. Upgrade Things You Don't Need to Remember
Eventually, the music will make sense, and you will remember the lyrics.
"Don't write down every feature, change, or suggestion customers give you because the most important and useful features will stick in your mind. Many people will tell you the same thing, and you won't have to remember that."
Set timelines, and set roadmaps for features, sales, marketing, and everything. Keep looping, and keep updating, but don't deviate from your original vision. And of course, keep upgrading. Focus on speed. Don't make it complicated with too many features. Keep it simple, fast, smooth, and actually something unique and of course useful.
5. Final Release
There is no final release. Yes, you heard it right because what to call a final release? The world of tech is evolving, and so should your product. Otherwise, it will face the fate of NOKIA. So there is no final release. You need to keep upgrading your product time and again.
And of course, for hype in the market like ChatGPT, Gemini, Devinor SORA, you can announce the final release when all the features in your software start working fine as expected. This can help you to promote and create hype. This will also help you in bringing investors and VC firms.
7. Maintenance and Service
Imagine owning a high-quality car manufactured in Japan, a rarity in your country. Now, picture not having access to any showroom or service center for this prestigious vehicle. How frustrating it would be not to enjoy it fully at your convenience. You might find yourself opting for another car or resorting to renting a taxi.
This analogy applies to software as well. If your maintenance and service are weak, how powerful and useful the software is, nobody will choose to use it, even for the sake of flexing it to friends and family. After all, why would they need two software solutions for the same purpose?
This is how you can successfully launch and run a software business in the market, whether you're an entrepreneur, starter, or business owner.
If you require software development services in Nepal or have an idea for a project, Hunchha Digital is ready to collaborate. Contact us today to bring your vision to life.
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