Starting a startup is an exciting and rewarding adventure. However, it takes dedication and planning to navigate the path from an initial idea to a thriving business. In addition, to avoid failure and negative consequences, there are some points you have to be aware of before making the first move.
So what are these obstacles, and what steps should you take to launch a successful startup?
Building a startup: a step-by-step guide
First and foremost, each stage and each step present unique challenges and opportunities, requiring resilience and adaptability. Understanding these fundamental points is vital to building a successful startup.
- Everything starts with an idea
Here, the main point is not just to know what you want to create but also to make sure this product will solve some existing problems. To put it simply, find the idea that will perfectly align with the market by addressing some current issues and will nail a product-market fit.
In addition, think about your mission and core values. When you have a distinct mission and let your users or clients know about it, standing out from the competition in a crowded market can be easier.
Have you known?
How to find an idea for your startup?
Great startups often begin with a passionate founder addressing a real-world need. So first, think about what you are truly passionate about. These passions can be the seed of a powerful business idea.
Do you have ideas for making Earth a better place to live? That can be a good start as well. Consider ways to solve specific problems or improve people’s lives. And then you can come up with a bunch of groundbreaking startup ideas.
Last but not least, talk to other founders, and attend different conferences and networking sessions. For example, visit WebSummit or other similar events to get some inspiration and valuable insights.
How to achieve a product-market fit?
That’s what we will cover in the following paragraphs, where I’ll also share some tips and strategies my team utilizes to achieve this.
- Market research
When you have an idea of what you want to build and how it can help to solve specific problems, it’s time to conduct market research, analyze competitors, note what already exists, validate your idea, and define how your product may distinguish itself.
Here are a few tips and strategies that my team with strong experience in web and mobile app development, including working with startups, uses every time it comes to this stage.
- Step #1: Define who your target audience is.
In other words, who do you want to use your product or service? Identify their pains, problems, and how they expect them to be solved. - Conduct interviews with your target audience to get valuable insights and validate your idea based on their answers and feedback.
Tip: conduct user surveys and user interviews to gather qualitative and quantitative data directly from users.
Do these processes differ? Actually, yes. And here is why: surveys typically consist of structured questionnaires designed to collect statistical information and user opinions at scale; interviews, on the other hand, are more conversational and provide deep insights into user experiences, motivations, and behaviors by allowing for detailed responses and follow-up questions.
- Explore your competitors and the features their products have.
- UVP: define how you can differentiate and what makes you special and sets you apart from the competition.
- Write a business plan
Based on the gathered information, prepare a well-written business plan that will serve as a roadmap and give a clear vision of how to move forward.
Take this step more than seriously. Consider:
- What funding option is the best option for your startup?
- What business structure to choose?
- What revenue model to stick to?
Speaking of funding options, tech startups can choose between many of them.
- Validate your idea
You want to build a tech startup, and become a unicorn. You have an innovative idea, you conducted market research and thoroughly analyzed your competitors, you know what exactly users need and even have a business plan, understanding what you can offer, who your ideal customer is, and what your potential revenue streams are.
Take one more step to test whether the idea is feasible and viable, and explore its financial potential.
Create a proof of concept (PoC), and when your PoC is ready, test it to gather feedback and be ready to move on to building an MVP.
- MVP development
First and foremost, what is an MVP?
MVP stands for “Minimum Viable Product.” This means building a basic version of a software product with the minimum features necessary to satisfy early adopters and gather feedback.
Before we dive deeper into the process of MVP development, let’s first cover a few other points that can’t be missed.
How to develop an MVP?
There are a few options of how to build an MVP. You can hire freelance developers, in-house developers , or an IT outsourcing company that will build your MVP. Which option to choose?
- As for freelance developers, there may be a good value for money.
- In-house developers can have better alignment with your startup’s goals and values, though finding the right talent takes time and effort.
- Working with an IT outsourcing company provides access to a broad range of skills and technologies, and it is easy to scale the team up or down based on project demands. However, cooperation with IT outsourcing companies is usually more pricey than, for example, with freelancers.
So weigh up all the pros and cons, and make a well-informed decision.
- Launch. Acquire. Advertise. Retain.
Now, the most exciting and interesting part comes. This is the moment when you make your startup available to the public.
However, here you can’t miss the boat, and it’s crucial to have a strong marketing strategy with a clear understanding of what channels to use to acquire users or customers, how to retain them, and how to expand into new markets.
To wrap it up
Understanding which steps to follow when building your startup is crucial: from conducting thorough market research, crafting a solid business plan, and securing funding, to the launch itself. By understanding these fundamental elements, you can turn your idea into a thriving business.
And remember: even if not everything goes as planned, take it as an opportunity to become stronger, break new ground, and try something different. Don’t give up if the expected results are not as good after the first few attempts.
About the author:
Olha Onofriichuk is a Marketing Specialist at Software Development Company itjet, passionate about startups and technologies, growing businesses, and sharing marketing tips and tricks.
