Best SaaS Startup Ideas for Entrepreneurs
Worth an estimated $172 billion in 2022, SaaS software is quickly becoming one of the most valuable industries online. By using the ideas below, you'll have a solid foundation to start from to begin your next SaaS startup.
1. Healthcare & Telehealth Software
As the pandemic forced people to stay indoors, many services needed to adjust to becoming accessible online. The healthcare and telehealth industry was one of these services, and beyond the initial spike, they've managed to stay at 38x higher than their pre-pandemic levels.
The good news about this sector is the door is open for innovation. Doctors, insurance companies, and patients are all looking for new tech to make their lives easier. There are many opportunities for entrepreneurs to create software that helps with everything from managing medical records to handling billing and payments.
Another area ripe for innovation is developing a better way for patients and doctors to connect virtually. The current options are often glitchy and unreliable, which causes a lot of frustration. If you can create a telehealth platform that's easy to use and has few technical issues, you'll be well on your way to success.
Get inspired with our list of the top healthcare startups to watch!
2. Project Management Software
There is plenty of big-name project management software available like Asana and Trello, but that doesn't mean there isn't room for new startups. In fact, with more companies accepting remote workers from around the world, project management has never been as desired as it is right now.
This niche is full of opportunities for entrepreneurs who can create a more user-friendly platform or one that's specifically tailored for a certain industry. For example, there is no project management software available specifically for construction companies, event planners, or nonprofits.
The key to success in this space is to make your software stand out from the rest by solving a specific problem that other project management software does not address.
3. Legal Tech Software
The legal industry is one that often moves very slowly in terms of innovation. This is starting to change as legal tech startups are beginning to pop up and offer solutions to the many problems that lawyers face on a daily basis.
There are many areas in which legal tech software can be useful, from helping lawyers keep track of their cases to streamlining the billing process. One thing that all these software have in common is they make the lives of lawyers a lot easier by automating tasks or providing a more efficient way to do things.
If you're looking to create legal tech software, it's important to choose an area that you're passionate about and have a good understanding of. This will help you create a better product, and it will keep your software compliant with tons of legal red tape.
Recommended: Gain legal tech software startup insights from the founder Courtroom5 on the Startup Savants podcast.
4. Business Communication Software
Similar to project management software, business communication software focuses instead on helping coworkers communicate with each other. This can be done in a variety of ways, from chat software to video conferencing platforms.
The great thing about this category is it's always evolving as new technologies are created. This means there is always room for new startups to come in and offer their own solutions. The key to success here is to create a platform that is easy to use and has features that other business communication software doesn't.
VR is a creative way to integrate new tech with your business communication software and no one is making it the center of their platform.
5. CRM Software
CRM stands for customer relationship management, and software created for this niche helps businesses keep track of their customer data. It's a process that's crucial for sales teams to develop stronger strategies to close leads and increase revenue.
It can also help companies develop better marketing and have a clear understanding of who their ideal client is. CRM software will always be in demand as companies look to increase online sales and integrating your tech with communication tools could be a key differentiator from other software. Most CRM companies focus on gathering data for any and every business, so developing software for a specific niche can help you stand out.
Recommended: Visit our list of the best CRM startups to follow!
6. ERP Software
Enterprise resource planning, or ERP, helps companies manage and automate their business processes. This can include anything from accounting and finance to human resources and manufacturing.
It's complex software that requires a lot of experience and understanding to create, but it's worth it as the ERP market is continually growing while more companies move to the online space. When done correctly, your software will save businesses time and money by automating tasks that would otherwise be completed manually.
While most ERP software helps companies automate business tasks, there is a real need for an ERP that also manages brand-to-brand collaborations.
7. AI-Chatbot Software
Chatbots have come a long way since their inception and are now used by some of the biggest companies in the world, including Facebook and Google.
These chatbots are powered by artificial intelligence and are able to have natural conversations with people. This technology is still in its early stages, but it's quickly evolving. The real key is to cater to a specific niche so that your AI-chatbot is able to focus the conversation on highly specific language and terminology.
There are many opportunities for entrepreneurs to create AI-powered chatbots for a variety of industries, from customer service to sales. The key to success is to create a chatbot that is able to understand the user and provide them with the information they need.
8. Marketing Automation Software
Marketers are always looking for new ways to get the message of the company out to millions. Marketing automation software helps them complete their tasks in half the time and with half the effort.
This category is ripe with opportunities and the best part is, as more new tech and software becomes available, there are always new innovations for automation becoming available. The key to success is to create a platform that is able to integrate with other marketing tools and provide a complete solution for marketers.
There are many marketing automation software platforms on the market but none of them provide the complete solution that marketers are looking for.
9. Fraud Detection Software
It's becoming harder and harder to identify fraud as it's happening. This is where fraud detection software comes in. This type of software is designed to help businesses identify and prevent fraud before it happens.
There are many different types of fraud, from credit card fraud to identity theft. The key to success is to create a platform that is able to detect multiple types of fraud and provide a solution for each.
There are many fraud detection software platforms on the market but most of them only focus on one type of fraud.
10. Elearning Software
The public education system has become more exposed over the years as information becomes readily available online in easier ways for people to consume. Elearning software is designed to help people learn in an effective and efficient manner completely online.
The great thing about this category is that many different types of elearning software are available. If you want to stand out from the crowd, develop software that focuses on modern learning techniques people can't find in schools.
Focus on areas like digital marketing, personal development, and entrepreneurship. These are all areas that people are interested in but don't have the resources from traditional learning methods.
Read our list of startup ideas for education entrepreneurs.
11. Plagiarism Detection Software
Unless you're watching videos, every single content piece online is made up of text. This is where plagiarism detection software comes in.
This type of software is designed to help businesses identify and prevent plagiarism before it happens. The key to success is to create a platform that is able to detect multiple types of plagiarism and provide a solution for each.
12. Time Tracking Software
Time tracking software is prime for a company to come in and dominate the category. That's because there is a large opportunity for time tracking software to integrate with other software platforms to provide a complete solution.
Creating software that can also integrate with HR and other divisions within a company is where you can stand out. Look to other big brands like Paychex and BambooHR to see what they currently do and make software with a unique advantage.
13. Inventory Management Software
Inventory management software is in huge demand right now because many retail stores are starting to integrate online stores into their long-term strategy.
The key to success is to create a platform that is able to integrate with other software platforms like point-of-sale (POS) and ecommerce.
Look for software that also offers features like barcode scanning and real-time inventory updates with an emphasis on mobile accessibility. These are all features that customers are looking for but aren't widely available.
14. Payroll Software
The great resignation is leaving companies churning through employees during an ever-changing landscape, which is where payroll software comes in. This type of software is designed to help businesses manage their payroll in an efficient and effective manner.
The key to success is to create a platform that is able to integrate with other software platforms like HR and time tracking. Look for software that also offers features like direct deposit and online access for employees to get an idea of what your software needs to offer.
15. Podcast Recording Software
Podcasts have been one of the largest growing media sectors in the past few years, and developing software to help people record their podcasts can be very profitable.
The key to success is to create a platform that is easy to use and offers a wide range of features. Look for software that offers features like sound effects, multiple microphone support, and automatic transcription. These are all features that customers are looking for but no service is developing a complete package for recording and editing.
Get inspired with our list of the best software startups to watch.