Supreme Startup Guide: Success From Start to Finish

Starting a new business comes with a set of challenges, and dealing with many aspects of it like marketing, sales, liability, financing, etc.

In our complete startup guide, we will go through all the stages of starting a startup together.

Let’s start with the definition for startups.

What Is a Startup?

Any company in the first stages of its operations is referred to as a startup. Startups are typically founded by one or more entrepreneurs who have discovered a demand for a certain product or service, and have decided to start a business, and develop said unique product/service.

The main difference between a startup and a small business is that the first aims to quickly expand into a much larger company, while the latter is aiming to achieve stability, and maintain their business, without necessarily trying to scale.

Supreme Startup Guide: 6-Step Action Plan to Start Your Business

1. Types of Startups
2. Stages of a Startup
3. How to Launch a Startup
4. Common Startup Challenges
5. Marketing Tips for Startups
6. Business Tips for Startups

Types of Startups

Various types of startups exist, in accordance with the goals of the business people that start them. These are the main types of startups:

• Small business startups. People who work for themselves, like handymen, personal trainers, etc. This type of startup is intended to be the owner’s main source of income. As growth and scalability are not a priority, financial stability, on the other hand, is.
• Scalable startups. Huge companies that start with a unique, scalable idea. For instance, Uber, Facebook, Google. The aim is to offer new solutions, and look for larger growth opportunities, and higher profits.
• Lifestyle startups. Founded by people who have turned their lifestyle into a business. For example, a traveler turning his hobby into a business. The main goal is to spread the founder’s passion for what he loves doing, while being less focused on the profit.
• Buyable startups. Created with the idea to attract larger companies to buy them. They require less initial investment, and are usually sold at the peak of their value.
• Large company startups. Small companies that grew by offering products and services to their customers. They build on their existing company, like Apple, for example. They started by only selling computers, but through innovation and sustainability, managed to grow and now offer TVs, smartphones, etc.
• Social startups. Companies that start with a higher social goal in mind. These startups want to change the world. Some of them also look to make profit, while others are entirely non-profit.

Ultimately, it’s rather important to figure out what type of startup you want before anything else. Do you simply want to create a business and then sell it to a bigger company once you gain popularity? Perhaps you want to change the world with a unique product/service you have in mind?

Whatever the case, do make sure to choose your plan in the very beginning, in order to avoid uncertainty and bad decisions later on.

Stages of a Startup

There are various sources out there that outline various life cycle stages for startups. However, here are the main stages of a startup, in an easy-to-understand format.

1. Solving a problem. You got a great idea on how to solve an everyday problem, and you want to share it with the world so that other people can also benefit from your solution. This is the very first step towards the birth of your startup. Also, this is the point where you have to start testing out how your product/service would be greeted by customers, and whether it meets their expectations. You can do this by posting on social media, surveys, conversations, test groups, etc. Then, use the data from your research to make any necessary modifications.
2. Developing the solution. Of course, in order to test out your solution in the real world, you will need to develop an MVP (minimum viable product) or a prototype. The time and resources you invest in your MVP or prototype depend on what you want to achieve, however, the goal is to not spend too many resources in the process. Again, this stage is about continuous testing and iterating until you reach a working product/service that meets real demands. It doesn’t have to be a perfectly working product/service, but you have to be able to prove that it’s worth investing in.
3. Entering the market. Once you’re done with an MVP or prototype that seems to work, it’s time to enter the marketplace. Of course, there’s a lot more to it than simply releasing the product and selling it. You need to do proper market research, define your target audience, analyze competitors, and more. Furthermore, this is an ongoing process, so there’s really no point where you can stop making upgrades. In the early stages, it’s especially important to experiment and gather feedback from your customers – would they recommend the product/service, would they use it again, how satisfied are they – all questions that can give you insight into making your product/service better.
4. Scaling the startup. Your product is working, you’ve chosen a successful marketing strategy, and you’re earning enough money to sustain yourself. The next logical step is growing your business. However, it should be noted that a lot of time startups make the mistake of trying to scale too early. If you’re not ready for it, this can result in a business disaster. Another thing to note is that once you get bigger, you will have to compete with bigger names, so be prepared to fight like hell.
5. Business maturity. Your business is now profitable, the customer retention rate is stable, you are a leader in your industry, and influencing others… These are signs that you are reaching business maturity. Depending on the type of startup you’ve created (remember what we talked about?) you can look to get acquired by another company, get listed on public markets, etc.

Don’t be in a hurry to go through the stages of development too fast. Instead, it’s much better to take as much time as you require, but to really make sure everything is just right.

Invest time and resources into thinking about crucial aspects of your business, like what CMS to choose, your marketing strategy, human resources, budget, and so forth.

How to Begin a Startup Company

Alright, we’ve reached the point in our startup guide where we can outline all the main steps you need to take when considering starting your own startup company. For your convenience, we’ve made a checklist.

• Evaluate Your Own Business Skills
• Develop Your Idea
• Create a Roadmap
• Establish Your Founding Team
• Choose a Business Name And Buy a Domain
• Financial Planning: Look For Funding And Set Up Accounting
• Build an MVP/Prototype
• Start Building a Brand Identity
• Create a Marketing Strategy
• Recruit Employees
• Validate Your Idea
• Launch Your Startup and Scale

How to Write a Startup Business Plan

Writing a business plan can be a daunting task, especially if you’re not sure where to start. That’s why, we will make it easier for you to start by providing these potential business plan points.

1. Identify Your Mission and Values
2. Write a Short Summary
3. Focus on Your Main Goals and Milestones
4. Invest Time in Research
5. Analyze the Market and Your Target Audience
6. Write a Company Description and Outline the Business Structure
7. Develop Partnerships and Gather Funding Sources
8. Outline a Marketing Plan

Keep in mind that you can start off with a very basic, short business plan for your startup, and expand it when you obtain a better understanding of the market, target audience, competitors, etc.

Startup Funding Methods

There are dozens of different ways to find funding for your startup. Here are some of the most popular ones:

• Personal investment. You either have the required money, or you could take out a bank loan from your personal line of credit.
• Patient capital. Money you’ve borrowed from friends and family, also referred to as “love money”.
• Angel investors. Wealthy individuals who invest directly into a small business/startup.
• Crowdfunding. Many people contribute with small amounts of money, usually in exchange for equity in the company.
• Venture capital. Individuals that take an equity position in your company, and help make into a promising, but often high-risk project.
• Grants. Some governments have grant programs that offer funding to startups, which they don’t often have to repay, but business owners must comply with certain terms and conditions.
• Loans. Business loans are a very common way of financing a startup. Note that you must have at least 12 months of revenue before you can apply for startup financing.

Common Startup Challenges

History always repeats itself. Therefore, it’s a good idea to learn from the mistakes others have made, more so, if they’ve been made many times by multiple people/businesses.

These are some of the most common startup problems you should try to avoid at all costs:

• Weak planning or failing to plan at all.
• Wrong judgement for the market demand of your product.
• Lack of business management skills and experience.
• Ineffective marketing strategy – no content strategy.
• Hiring the wrong people and lack of business culture.
• Bad leadership and little-to-no communication.
• Poor time management and lack of productivity.
• Inadequate financial management and bad decision-making.
• Killing your personal life and/or risking your health.

Are you experiencing any of these startup challenges? Then stop. Take a breath. Rethink your strategy, figure out what you’re doing wrong, and try your best to fix it while there is still time.

After all, no one said it was going to be easy, but don’t forget that you’re not alone – never be ashamed or too prideful to ask for help. Another thing – you are not a robot, and working 12+ hours a day can be very bad for your health, not to mention counterproductive.

So, always leave some time for your personal needs. Rushing things will get you nowhere, and your health is more precious than anything else.

Marketing Tips for Startups

Proper marketing planning is essential for the success of your startup. As mentioned before, an ineffective marketing strategy, or a total failure to conduct one, is a common challenge for startups.

Thus, here are some useful tips to kick-start your marketing efforts:

1. Research Your Target Audience
2. Define Your Key Goals
3. Never Stop Building Your Brand
4. Write High-Quality, SEO Optimized Content
5. Be Active on Social Media
6. Monitor, Analyze And Correct Your Mistakes
7. Try to Engage Users

When it comes to digital marketing, there are some tactics that always appear to work. Naturally, you should always look to experiment and track the results of your marketing efforts, so that you can see if they’re effective enough.

No one said marketing was going to be easy. You need to think about things like lead generation, social media, lowering churn rates, content, SEO, etc. Still, it’s not necessarily the hardest thing in the world, so keep your focus, be creative, analyze, and you’ll get to the desired destination eventually.

Business Tips for Startups

It’s equally important to pay attention to not only marketing, but all aspects of your startup. Focusing too much on one aspect could result in failing to dedicate enough time to another one.

Ultimately, they are all part of the same puzzle – marketing, finance, risk management, leadership, and so on. You need to divide your time and effort in a way that will allow you to move forward.

In a nutshell, here are a few of the most essential business tips for startups:

• Don’t let your passion fade away.
• Make a plan and follow it.
• Focus on a specific niche.
• Be flexible and adapt to changes.
• Develop relationships with your customers.
• Surround yourself with the right people.
• Always negotiate.
• Believe in yourself, and don’t give up.

What Now?

This business startup guide is a great place to start planning and thinking about how to approach your new business. You still might be feeling overwhelmed, or uncertain what to do from this point forward.

However, there’s no need to fear anything. At DevriX, we can help you unlock the potential of your business, both on a technical and marketing level.