Issue#104: Building $1K-$10K MRR Micro SaaS Products around Hiring
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Typogram reaches $5K in revenue with 100 paying customers: Co-Founder Hua shares growth strategies in her interview with FounderBeats.
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Pol and Corti crossed $2K in monthly revenue with Mumbler that lets creators sell podcasts/audios directly to their audience.
Animstats, a tool to transform stats into captivating animated GIFs reaches $850 ARR.
Alexander crossed $200 MRR in two weeks after launching Replyze.com - a tool to track mentions on X and Reddit and respond on autopilot.
Receipt-AI, an AI-powered app for receipt managementbyQueenie and Ian, reaches $380/month in revenue.
Tanuj grows Orimon , a sales-focused AI chatbot to $3K+ in monthy revenue.
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No fluffy content. If your goal is to build a $100m ARR business, this is not the right post. Here I am NOT going to talk about building the next Facebook or Twitter. If your goal is to make a $1K to $10K MRR, continue reading.
This post will cover one SaaS area and talk about multiple niches in this space. This post also explains how to do tech implementation, do market analysis, how the current players are doing, and ends with a cost analysis to understand the overall cost for 100 users.
Let’s see some of the players around Knowledge base Software.
⛳ ⛳ Current players
Hirevire: Automated screening software lets companies collect video, audio and file responses from candidates. Crossed $950 per month in revenue.
Canditech: For assessing technical and soft skills, cognitive abilities, and personality using skill assessments, video interviews, and pre-screening chatbots. Received $10M in funding.
InterviewBuddy: Virtual face-to-face mock interviews with experts. Reached $25K/month in revenue.
Param.ai: Intelligent recruiting software that uses AI to automate candidate screening and provides data driven predictions for efficient hiring. Reached $175K in annual revenue.
HireQuotient: An all-in-one platform to source, screen, and interview candidates with ease. Estimated annual revenue is $7.7M. Received $1.8M in funding.
LessHire: Simplifies the hiring process for teams that require a quick and easy solution. Reached monthly revenue of $3.2K
Vervoe: Job simulations and skills assessments that use an intuitive machine learning AI to grade and rank candidates. Crossed $2M in annual revenue.
100Hires: Staffing software and Applicant Tracking System for small business
Micro1: Helps companies hire remote developers and manage legal issues, global payroll etc. Reached $4.4M in annual revenue.
Qualified.io: Performance based coding assessment platform. Estimated annual revenue is $1.4M.
CodeScreen: Enables companies to quickly identify the best developers by screening candidates with realistic and asynchronous assessments.
The Org: Public org charts. Helps companies attract talent by showing off their team. Estimated annual revenue is $7.3M.
Kula: Makes recruiting remarkably easy by automating all the sourcing and engagement efforts. Received $14.7M in funding.
Sniper AI: Uses machine learning to match CVs and job specifications
Talk Hiring: Fully automated mock interviews. Reached $18K/month in revenue.
AlgoExpert: Interview preperation resources and mock interviews. Reached $480K in annaul revenue.
Interviewbot: Interview prepaeration with AI avatars.
RChilli: AI Parsing, matching and data enrichment. Estimated rannual evenue is $11 million.
Oyster: makes it easy to hire, pay, and give great benefits to distributed team around the world.
Interviewsby.ai: Custom tailored mock interviews with real-time feedback from ChatGPT
Skipp: a remote tech talent platform to combine vetting, testing, interviewing, curation and provides ongoing managed service. Estimated annual revenue is $5.7M.
Zappyhire: provides an end-to-end view of the talent acquisition lifecycle to manage entire talent acquisition process in one place. Received ₹37.1M in funding.
Interview Igniter: AI-powered interview simulator that mimics real interviews.
Zalvis Recruit: Application tracking system or SMBs to hire, and track, the right talent directly from their own career page.
CodeSubmit: Real-world coding interviews for every hiring process.
Daxtra: Enhances recruitment database software with intelligent, integrated, highly accurate, multilingual data capture, parsing, searching, matching and aggregation solutions. Estimated annual revenue is $15.4M.
🙅♀️🙅 Pessimists
Negative Nancy says - “Brining AI and Video interviews into interview process is a mess. AI may fit into other places but not in the interview ecosystem, Automated Video interviewing process sounds scary. ”
Me - Not really. This space of using AI and Video interview automation in interview process is growing exponentially. Velents a product in this space is used by 1000+ customers. ZappyHire Robotic Video Interview claims that they can reduce time-to-hire by more than 70%
Negative Nancy says - “Ready-made assessment tests can never screen a candidate 100%”
Me - Agreed. With ready-made assessment tests, you are not finding the candidates who fit 100% of the role. You are finding candidates who don’t fit the role at all and remove them from the hiring pipeline.
🤿🤿 Deep-dive &&💡💡 Some niches
Resume Parsing and Redaction tool:
A SaaS product around resume parsing and redaction tool acts as recruitment assistant, help crafting tailored messages that demonstrate candidates' value, thus improving response rates. SaaS products like these help streamline the process, saving time by automating outreach. This approach enhances the candidate experience, providing them with relevant and engaging communication throughout the recruitment process. Some offerings in this field function as standalone resume parsers, while others are designed for integration into larger existing products, adding resume parsing and redaction functionality.
Some examples of products in this space:
AI-powered Video Interviewing and/or Assessment
AI-powered video interviewing is a huge change in the hiring process, offering quick and efficient candidate assessments. AI based interview process can automate and improve the hiring process by removing the manual work involved in the initial phases. . With the ability to analyze responses and non-verbal cues, these SaaS offer valuable insights for making well-informed recruitment decisions. Velents a product in this space is used by 1000+ customers. ZappyHire Robotic Video Interview claims that they can reduce time-to-hire by more than 70% and increase candidate quality to boost bottom line through hiring the right talent. Platforms like these can evaluate skills, cultural fit, responsiveness, and other factors instantly, all while maintaining cost-efficiency through full process automation. Also checkout Vervoe AI Assessments. Then there are also products that make the Video interviewing process async with back and forth communications with the interviewer so that candidates can take interviews as and when they have time. Hirevire and Canvass Video are some products that are in this space that support async interview flow. Hirevire crossed $950 per month in revenue.
Hiring via Testing live coding skills
There are many companies still using Zoom and shared screens to test live coding skills. Create a Micro SaaS tool that just creates a sharable browser with controls both for recruiter and candidate where they both can see each other via a video call. The tool should automatically create a link that can be accessed by both recruiter and candidate. On click of this link, it should allow video calling along with automatic ‘live coding’ options. The ability to video and voice means that your hire managers can interview applicants remotely and rapidly while creating a natural interview experience. Interviewers can easily create an online room and code together with applicants for an intuitive and remote evaluation of real-life skills on the fly. Live pair programming in a shared editor enables candidates to demonstrate their true abilities while enabling the interviewer to see their thinking, working together, and communicating. CodeLive and a few other tools are successfully able to run this model. Make sure to support as many programming languages as you can in the live coding tools. Also checkout products like CodeSubmit and CodeScreen
Micro SaaS for AI-based Mock interviews with emotion analysis
Preparing for interviews is often a challenging tasks for candidates and most candidates need someone to conduct mock interviews for them. Create a Micro SaaS product that can conduct mock interviews and analyze the emotions and give feedback on ccandidate confidence levels. The SaaS should leverage AI to assess not just responses but also emotional cues, providing in-depth feedback to help candidates hone their interview skills. Solutions like these enhances interview readiness by analyzing factors like confidence and expression, helping individuals perform at their best when it matters most. For example, Talk Hiring fully automates the entire mock interview process for candidates. Talk Hiring reached $18K/month in revenue. Some more examples of products in this space are: Interview Igniter, Interviewbot and Interviewsby.ai
Simple Hiring tool for small teams:
People are vexed with complex Enterprise products and there is a certain segment of people often looking for simple solutions without any bloated feature set. The same is the case with SaaS tools in hiring ecosystem. Most of the existing Enterprise products are feature bloated and come with a lot of complex configurations and setups. By being a long time in the market, a bigger company’s products tend to be complex, bloated with features and that is where simpler products can make things better to start getting traction and get paying customers. Hiring has been in the industry for decades and in the last decade several SaaS solutions automated hiring with readily available questions, screen sharing, ready coding environments, automated assessments, etc. For example, SaaS solutions like CoderByte have 1000+ Enterprise customers and concentrate more on Enterprises. Other SaaS providers like HireVue don’t even allow manual signup without requesting a demo. HireVue currently making $60M in revenue per year. This is where small SaaS founders can start niching down and build simpler hiring tools without feature bloating. For inspiration see Intervue that crossed $4000 MRR and received funding. Also checkout LessHire and HireQuotient. LessHire reached monthly revenue of $3.2K. HireQuotient’s estimated annual revenue is $7.7M. Received $1.8M in funding.
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💳 💳 Cost Analysis for 100 customers
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