Business of Software as a Service

[Mika]

The business of software as a service, popularly called SaaS can be a money making machine. If you can build a software or hire someone to build a software for you, you can offer software as a service and make money through subscription fees. Software can be your golden goose! Companies like Canva, Grammarly, etc. are working on this business model. You can sell software for one time price or through subscription model. You can sell the same software again and again. You can offer free trials or lite versions so that your customers can try before they buy it. It will increase your chances of sales.

 

[Etini]

Right from time, software has been a viable service that is highly profitable. It can function as a passive and active income source. You might just need to build a software once and keep earning from it for life. All you have to do is to just carry out periodic updates to add improvements to the software. So many people I know in my country have become millionaires from the SaaS business model.

However, your software must have a unique value proposition for you to earn from it at the maximal level. That's what Canva and other software providers are enjoying. They created a unique value proposition for their SaaS business model.