Office Space Expenses

$0

$7,000

Employee & Freelancer Expenses

$151

$352

Website Costs

$223

$7,215

Business Formation Fees

$5,600

$20,400

App Creation Costs

$1,000

$20,000

Software Expenses

$162

$3,094

Advertising & Marketing Costs

$0

$2,500

Total Startup Costs

$7,136

$60,561

Later

later.com

4,798

SocialPilot

socialpilot.co

8,637

Publer

publer.io

11,946

Sendible

sendible.com

13,032

ContentStudio

contentstudio.io

21,102

Sked Social

skedsocial.com

23,256

MeetEdgar

meetedgar.com

24,495

SocialBee

socialbee.io

26,140

Hopper

hopperhq.com

29,135

Planable

planable.io

29,902

Plann

plannthat.com

34,180

Flexibility

You can put as much time into the business as you'd like. If you like the work and have some initial experience, you can start small and manage all aspects of the business on your own.

Ability to start your business from home

It's not necessary to have a physical storefront or office space to get your business started. You can do everything from the comfort of your own home, at least in the beginning!

Rewarding work

Starting a social media scheduling tool can be really rewarding work. After all, you are solving an immediate issue for your customer and you're working on something you truly care about.

Scalable

With businesses and processes changing daily, there will always be demand for new features, products and services for your business. Additionally, there are several different business models and pricing tiers you can implement that will allow you to reach all types of customers.

High customer retention rates

Once a customer invests in your product, they've invested their time and energy to utilize your product/service which is highly valuable to them. Typically, your product or service becomes indispensable to your customer.

High margins

The gross margins for your social media scheduling tool are typically around 75%, which is considerably high and allows you to grow your business and manage costs easily.

Crowded Space

Competition is high when it comes to your social media scheduling tool, so it's important that you spend a good amount of time analyzing the market and understanding where the demand lies.

Longer Sales Process

A social media scheduling tool can be a big time and money investment for your customer, so it's important you plan and predict a longer conversion funnel and stay in communication with potential customers.

Security Issues

With any Saas business, data loss and security issues may arise throughout your process of building your product. It's critical that you understand exactly what you're responsible for and how to avoid potential issues down the road.

Churn

In this business, customers can cancel their membership or subscription for your services - which can make revenue forecasting challenging and unpredictable. It's important to focus on your churn rates and trends so that you can prevent this as much as possible.

Complex development process.

The development process for a social media scheduling tool can be quite complex, which may cause delays and challenges when launching and growing your product.

Complex maintenance

Your social media scheduling tool will require a long-term investment due to the need for updates, bug fixes, and security vulnerabilities. It's important that you (or someone on your team) stays on top of this at all times.