Category: Tips

With 15 years of experience as a digital marketing agency, Graphic Cycle has directly helped many startups grow their businesses. We have seen a lot of companies’ insights and their strategies for how to build a successful startup. Also, we are improving our strategy if we find something excellent.

If you are thinking of starting your business or already have a startup but have not seen the face of success, this article can be life-changing for you. Today, we will reveal all the secrets behind a successful startup. So without further delay, let’s see the roadmap of a successful startup.

How to Build a Successful Startup Step-by-Step Guideline

Nowadays, LinkedIn is one of the most important and popular platforms. Also, it is a great example of a successful startup. Reid Hoffman had a clear idea of how to make professionals easily connect. When LinkedIn was started, it was not an interesting site. But the history of its journey is impressive.

Red Hoffman had experience working with Google, PayPal, and eBay. Still, it took him 3 years to gain the first 4500 members. In 2007, after 5 years of starting the company, it became a profitable company.

In 2024, LinkedIn has over a billion users all over the world. Not only that, thousands of startups utilize LinkedIn to boost their businesses and build authority. Now it has become a powerful company in the world. But the starting journey was not too easy.

So when you are deciding to build a successful startup, you have to be patient. You might not get a result immediately, but it will pay off. Follow these expert’s guidelines and tips for the right pathways on how to build a successful startup.

Step 1: Find Out a Unique Idea for a Startup

Sara Blakely was getting ready for a party, but she couldn’t find underwear that matched her white dress. She had an idea to make undergarments instantly. She cut the feet off her control top pantyhose, then made an underwater immediate. This idea not only solved her problem but also helped to build a popular brand called SPANX.

Present a Solution to a Problem

SPANX solved the wardrobe woes problem for pop-culture women. That’s why it is now one of the biggest in the USA. Also, Sara Blakely turned $5000 into $1B and became the youngest female self-made billionaire in 2012. WordPress solved the website-building problem for non-coders.

Now, the CMS WordPress is the most popular in the world. 46% of websites on the entire internet are using WP for easy control. Canva has solved the graphic designing problem for non-designers.

These all are successful startups because they have positively impacted people’s lives. They have provided a solution for a big problem in a cost-effective, time-saving, and easy way. So identifying an issue is the first step of how to build a successful startup.

Step 2: Understand Your Target Audience Clients for Startup

The audience is the core subject of a startup or any business. If you have no audience, that means you have no business. So it is very necessary to understand the needs of your audience. If you can identify their cold needs and provide a solution to them, your startup will be successful.

Remember, the purchasing power of your audience is also important for your business. If you are targeting those people, who have no money to buy anything, or they haven’t the power to decide what they want, then you can’t sell to them. 

Step 3: Explore The Industry and Market Trends

Imagine that you are thinking of selling a product, that has no trend right now. What do think? Does anyone buy your products? Never, selecting the right products or services, which is trendy and probability to stay for a long time.

Because you need time to capture the market, then you can sell it. It requires time. It happens that when you are getting familiar with your customers, at this time they don’t need your products, you will not be successful. 

Analyze Competitors for Startups Business

Competitor research is one of the most important parts of getting a positive result on the question of how to build a successful startup. If you compete with Open AI, Amazon Facebook, and Twitter you will never succeed. Because they have nearly unlimited funds, an expert team, and already leading the industry. So you have to identify competitors who are at your level.

After finding the right competitor, now analyze their business strategies. Analyze their marketing system, their source, their audience, and everything else. But never copy anything like them, you have to make it unique. You have to creatively provide better solutions than your competitors. Once you reach your audience, they must think “Yeah, this one I was finding for a long time”. 

Step 4: Build a Startup Business Plan

It doesn’t matter if you are a startup owner or have a group of companies, every business needs a clear plan. There are a lot of steps to start a startup such as registering your business name, Tax ID, and more. Some of them are very crucial, you should not skip them anyhow.

Here, a business plan works like a GPS to track all important steps for your business needs. The business plan also helps start, manage, and sort your tasks priority wise. So having a business plan is a must for your startup business.

Step 5: Secure Funding for Startup

The previous 4 steps were indirect parts of the business to how to build a successful startup. But securing funds means you are in the world of business. That does not mean the previous 4 were not important. Each step is essential to build a startup.

You don’t need any money to complete the previous 4. So you have a chance to change your decision and do any other things without trying to build a startup. But when it is about securing funds for the startup, there is no chance to go back again. 

Stop Waiting for Capital or Investors

We don’t think waiting for the capital or investors is the right decision to start a business. Waiting for someone to start building the startup means you are dependent on someone. Remember that startup business never depends on anyone, without your audience. You may ask so how to build a successful startup without funds or waiting for someone.

Of course, you need funds to start a business, but you can’t rely on someone. You have to explore more and more options for funding. Because time is very important for any business. One day has gone, 29 days rest of the month.

You have to pay your office rent, employee fees, and other costs per month. They will not wait for your funding. So explore more potential resources to secure your startup funds.

Family, Friends, Investors, Line of Credit, and Loans to Secure Funds

You can ask your family, partner (husband or wife), or friends to give you money for business. It can be stock share-based or direct lend. But remember that you don’t force them or don’t tell a lie to get funds. The reason startup companies never guarantee profits, it’s different about you.

So where you don’t know when will you be profitable, how you can give hope to return their money within a limited time? However, if they agree to contribute to your startups, then it is an excellent opportunity for you.

Don’t worry about how to build a successful startup, you have already a few options to secure your funds. Line of Credit, and Loans are the most common and popular fund sources for startups in the USA. There are a lot of ways to collect funds for startups. You can also reach out to investors, show them your plan, and request startup funds. 

Download 5 Working Tips To Build A Successful Startup

Step 6: Surround Yourself With the Right People

Building a successful startup is not something that you can do alone. It is all about dedication, effort, and the goal of a team. Don’t think that your friend or wife or someone will help you and, you will build a successful business. It is a very rare case, but if your friend or whoever is interested in working with you, he/she must have skill and honesty.

Build a Perfect Team for the Startup

Many startups become failures because they have chosen the cheapest employees. Don’t make this mistake by selecting the wrong people for your business. Hire experienced and loyal people who can help you to reach your goal. If you haven’t the confidence to hire all employees, first hire an HR professional to make it easier.

Ignore the Naysayers and Go Ahead

Avoiding naysayers is as important, as bringing the best people around you. Because if you listen to them, they will force you to break your journey. When you are in a down situation, they will laugh at you, but when you reach the goal, they will become fake proud of you. So be careful of these types of people. 

Step 7: Try to Lease or Buy a Physical Space for a Startup

The next step is establishing a physical place, office, or store on how to build a successful startup. If you have enough funds to rent or buy a place for the startup, rent it. Because it will help you build trust and gain the attention of your audiences and investors.

Rent a place is better than buying an apartment. Because it is cost-effective and easily replaceable. As a startup, it might be a very big company or would be nothing, that’s why the Graphic Cycle is not recommended for buying a physical space. 

Step 8: Build a Strong Online Presence for Your Startup Business

According to a recent report, in 2024, there will be 268 million online shoppers in the United States and 2.15 Billion worldwide. Online shopping has increased by 13% from the last year 2023 in the US. Digital marketing leaders expect the sales of e-commerce will be increased by $78.74 trillion by 2028.

After seeing the report, hope you have no questions about Why is it important for a business to have a strong online presence. Online presence has a big potential for startups to grow their business. Even some startups have no physical office, but they are helping people and generating a lot of money.

However, who can’t think about how to build a successful startup with no money, here is some good news for you. If you have a great idea, you can start your startup journey online. There are options like blogging, Affiliate Marketing, Drop-shipping, etc. can be started with no money. 

Step 9: Building Trust Within a Community 

98% of online shoppers check reviews of any products or services before they buy them. Even those who aren’t interested in online shopping, also check online reviews. Suppose you need to build a website for your startup and would like to choose an unknown company or service, you have never heard their name.

No, you must choose a web development service that you are familiar with. Or you will check their testimonials to trust them with your perfect website. So building trust is very important for generating successful sales. You have to build trust with the community of your targeted audience. 

Step 10: Fulfill the Legal Requirements for a Startup Business

This is one of the most sensitive and not skippable steps of the “10 steps of how to build a successful startup”. There are primarily 4 types of startups based on the legal ownership in the USA. These four types of business are Sole Proprietorship, Partnership, LLC, and Corporation. If you are from a different region, then you have to look at your local law about a startup business.

You have to maintain legal laws based on your business type and your country’s laws. Again, please be careful about it, you can also get help from a registered advocate or an expert.

10 Basic Legal Requirements for a Startup Business in the USA

• Register the legal structure (e.g., sole proprietorship, LLC, corporation).
• Verify and register the business name, logo, slogan, etc.
• Obtain an Employer Identification Number EIN from the IRS for tax and banking.
• Apply for licenses and permits at federal, state, and local levels.
• Draft clear and legally sound contracts and agreements.
• Protect intellectual property such as copyrights, trademarks, and others.
• Maintain federal and state employment laws, and create a handbook.
• Maintain the tax obligations of local, federal, and state.
• Data Privacy and Security.
• Assess and obtain necessary insurance coverage.

If you follow these 10 steps of “how to build a successful startup”, hope you don’t need to look back again. But obviously, you need time to fulfill these all steps. When you go into the real field of the market, you will face new problems every day. You have to handle them smartly. To make these steps easier for you, we have added here 15 useful tips. 

15 Premium Tips for How to Build a Successful Startup Business in 2024

Conclusion

You have the dream of success, that’s why you have read the article on how to build a successful startup. We have tried to help you by sharing our 15 years of experience working with many startup companies. Appreciate your desire and dream to build a successful startup.

In this article, we have covered scratch to advance, every step of building a startup business in 10 steps. Additionally, you have 15 premium tips that we apply to our client’s projects to boost their ROI.

A single army can’t build a startup business, that’s why you need to hire individuals or agencies. Be careful in this stage, if you choose the wrong person or service provider, you will not succeed. Don’t worry, you can live chat with the Graphic Cycle support team about your startup plan. Get a FREE consultant on how to build a successful startup in 2024. 

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Frequently Asked Questions

Which Country is Best for Startups?

The best country for startups depends on your target audience and your needs. In general, the United States is the best country for startups. Because here you will have a lot of sources of funds, which is most important for a startup. Additionally, they support new ideas and appreciate them.

Secondly, Singapore is one of the best for startup businesses, because it has a business-friendly environment. The next countries are Estonia, Germany, the UK, Norway, Switzerland etc.

Can You Start a Startup Alone?

Yes, you can start a startup alone, but it has a rare chance to build a successful startup business. Because a startup needs almost everything like a running business. From product sourcing to planning, marking, and more. So there are huge tasks, and skills required. Maintaining all things is nearly impossible for a single army. But you can outsource your basics to advance all tasks to the Graphic Cycle for building a successful business.

What is The Cheapest, Most Profitable Business to Start?

If you do not have a lot of money to start a business, you can start with a service business like freelance work. Also, drop-shipping, print-on-demand, or affiliate business can be a good idea. These businesses don’t require a lot of money but require a bit of technical skills. So these can be the cheapest, most profitable businesses.

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