Have a business idea that you want to turn into reality? Being an entrepreneur is undeniably challenging – it’s a journey that’s wrought with risk. On the flip side, launching a startup can also be such an exhilarating experience, especially once you start to see some success.
The question is…how exactly do you get to that point? Keep reading as Circle Hub shares a comprehensive guide to building a successful startup. If you’re an entrepreneur in the making, you won’t want to miss this!
It All Starts With a Good Idea
Every successful startup begins with a good idea, and yours needs to do the same. Chances are that you already have a few ideas rolling about in your head, so now is the time to do some research to find out just how viable your idea really is.
Start by learning about how much demand there is for the product/service you want to launch. Look into your competitors, speak to potential clients/customers, and do as much market research as possible. Ideally, not only should your idea be unique, but it should also help to solve a real problem that people are experiencing, so much so that they’d be willing to pay for it.
Develop a Business Plan
Now that you’ve cemented your idea, it’s time to start thinking practically. This is where a business plan comes in. Don’t worry – this doesn’t need to be a super-detailed, 30-page strategy. Instead, focus on outlining the concept and vision of your startup, setting yourself some achievable yet measurable goals.
This will also force you to consider finances – a crucial part of ensuring that your business is profitable. You’ll need to work out rough costings, along with pricing strategies and revenue projections.
With that said, don’t forget that your business plan isn’t set in stone. It doesn’t need to be perfect – it just needs to encourage you to plan ahead and create actionable milestones. Keep it rough to start with and don’t be afraid to deviate from it when needed. You will likely keep making changes to your business plan as your startup progresses, and this is absolutely normal!
Build Your Team
While some entrepreneurs work solo, it can sometimes be much easier to build a startup when you have a team to work alongside with. In the early days, your team will be small – it may only consist of you and one or two other people.
So, pick those people carefully. Identify key roles that need to be filled, and then find individuals who are able to do this while remaining committed to your vision. Try to ensure that your team is as diverse as possible, with people who have skills that can complement your own.
Find a Base to Run Your Business From
Finding a base from which to run your business can be a difficult and time-consuming process. While working from home is the most basic way to go about things, this doesn’t exactly scream professionalism, especially when you’re working with a team.
Many entrepreneurs automatically gravitate toward leasing an office space. However, this can be a huge expense, especially when annual rent escalations are taken into account. Business leases tend to be quite long too, meaning that you could end up tied into a space for a good few years.
For many entrepreneurs, coworking spaces, like Circle Hub, are a much more suitable alternative. Our shared workspaces, also known as hot spots, provide a cost-effective way to work in a professional environment. You’ll have access to all of the amenities that you could possibly need too, including a few extra perks, like free coffee, that make each day go by a little easier! If you need privacy for team meetings or confidential tasks, you can always book one of our private offices or meeting rooms. Our hourly pricing rates make this a very affordable option for startups.
Start Working on Your Branding
Your branding is something that will need to be continuously developed and tweaked, but now is the time to make a start on that. Branding is all about communicating your startup’s values to the wider public, making it important to get this right.
Ideally, your branding should help to differentiate your startup from your competition. When done well, it will also help to build credibility and loyalty with both your future customers as well as potential investors. A strong brand will also provide a solid foundation for your marketing strategy, which is what will help you to rake in the sales.
Focus on Creating a Quality Product/Service
Of course, even if your business plan is on point, you have a great base to work from, and your branding is coming along nicely, none of that will matter unless you’re also able to match this with a quality product or service.
In today’s world, quality is everything. This is what will give your startup the staying power it needs for success. So, don’t skimp on this stage. Put the necessary time and money into creating a high-quality product/service that you can truly be proud of.
Know Your Competition
We already discussed doing some competitor research when you’re first developing your initial idea for your startup. However, it doesn’t stop there. You need to always have one eye on your competition to make sure that every element of your startup is able to outshine them.
What, exactly, should you be learning about them?
Educate yourself about their competing products or services. Setting up Google alerts can be helpful as these will notify you of any new developments. Not only will this help your startup to establish a competitive advantage but it will also mean that you’re knowledgable when prospective investors ask about your competition, which they will!
Build a Great Website
From customers to prospective team members to potential investors, just about everyone is going to want to see your website…so make sure that you build a great one!
Again, start by checking out your competitors’ websites so that you know what you’re up against. It goes without saying that yours needs to be better! Then, sketch out a template and find yourself a website developer who is capable of producing what you’re aiming for. If you’re running your startup from a coworking space, this becomes much easier as you’ll be able to network with a variety of website developers each day!
Once your website has been created, make sure that you regularly update it with fresh content. It needs to be optimized for search engines too, as well as for different types of devices. Of course, it should also be easy for customers to navigate and make a purchase. E-commerce retail sales have been steadily growing – ensure that your startup benefits from this!
Set Up a Good Accounting System
Correctly managing your finances is crucial if you want your startup to see success. You’ll need to establish your budget, continuously maintain financial accounting, stay on top of cash flow and record-keeping, and so much more.
This can often feel like a full-time job in itself, which is not what you need when you have so many other aspects of your startup to oversee too. For this reason, many entrepreneurs hire help in this area. Alternatively, if your budget doesn’t allow for this, there are plenty of accounting software solutions that you may find useful, as well as much cheaper than an accountant!
Put Some Time Into Your Marketing Strategy
By this point, you’ll have made good headway in your branding efforts. So, it’s now time to take things further by creating a show-stopping marketing strategy.
Although marketing can be expensive, it’s not always so. Social media marketing can often be free yet very effective. Email marketing is the same, although you’ll need to first build an email list. Content marketing and influencer marketing are also methods that are commonly utilized by startups.
Launch Your Startup and Actively Seek Feedback
Once everything else is in place, it’s time to turn your attention to your launch. Most startups begin with an MVP – a minimum viable product. This is essentially the bare bones of what you’re planning on offering. It’s a basic version, but one that you can still launch your business with and gain essential feedback.
Speaking of feedback, this needs to be something that you actively seek. Use your various marketing channels to do so, as well as your different points of sales. This will then allow you to improve the product/service you’re offering, making it much more likely for your startup to see success in the long run.
Scaling Up
Now that your startup is up and running, you’ll need to turn your attention to growth. The early stages of this will likely involve making minor adjustments to your product/service while also expanding your customer base.
At this point, any profits that you make will most likely need to be reinvested back into your startup. If these aren’t enough to give you the growth that you’re seeking, you may want to look into different funding options.
Keep at it and you should hopefully see regular and consistent growth from your startup. It won’t be long before you’re able to reap the rewards of that success, and your startup may even soon become a big player in your chosen industry.
Summary
There’s so much involved when it comes to building a successful startup. We’ve touched upon some of the main points above but there are several other aspects that will need your attention too. Work your way through the process methodically, taking your time to avoid making any costly mistakes. While you will more than likely encounter several obstacles along the way, being able to overcome these and continuing to make progress will soon bring your startup the success that it deserves!
Click here to find out more about how Circle Hub’s coworking spaces could benefit your startup.