There are 3 Points I always Focus on to help my Clients in SaaS Business

Many of my contacts are Tech Founders, especially SaaS Product Owners.

They often have a common question:

What do they actually need to do legally for their business while ensuring minimal cost?

Many do some Google research and come to ask me if they need this or that.

But, that’s not the best approach.

As it can be confusing for many first-time founders.

And as a startup, you have limited resources.

Which can get exhausted in a moment if not spent carefully.

What you need to do to comply with the law often depends on the industry in which you are operating.

If you are operating in a sensitive industry such as healthcare or finance, there are additional compliances.

But, here are some BASIC pointers that you need to ensure, no matter the industry you are in:

1) User Terms

The moment you launch your product, you need to communicate the terms of your offerings.

Product features, product limitations, cancellations, and refunds.

Everything should be easily accessible and communicated to your clients.

If your product is rather simple, you may be able to use some competitor’s policies.

BUT.

You STILL need to READ everything word for word.

You need to check if it's really applicable to you or not.

Another thing you can do is get someone from a legal background to review it for you.

This will help in reducing customer disputes.

2) Privacy

A privacy policy is no longer a nice-to-have document - it is mandatory now.

There are some online self-help tools for this.

But the problem is they are usually not updated or catered towards your platform.

Why should you care about the Privacy Policy?

Because:

a) SaaS businesses sometimes operate in multiple jurisdictions - so each domestic law is applicable;

b) There is often cross-border storage of data involved, which again increases liability exposure.

You can't, or rather, you shouldn't cut costs here.

And should engage a lawyer/specialist to help you figure this out.

3) Business Registration and IP

You don’t need to register your company and IP from day one of your product development.

But once you hit the market, you should have a separate entity and preferably, the brand name secured too.

That's it.

These are a few basic steps that become absolutely important.

A SaaS business has different parts - product development, marketing, sales, and operations, etc.

And each part should be prioritized depending on the stage of the business.

But always make sure your foundation is strong enough to support your growth and support.

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