start up strategy
TRANSCRIPT
![Page 1: Start up strategy](https://reader031.vdocuments.net/reader031/viewer/2022022413/58a247b41a28ab7b3c8b73fd/html5/thumbnails/1.jpg)
How to create and present a strategy for your start up
Worth Consulting, LLC
Steven WorthWorth Consulting, LLC
![Page 2: Start up strategy](https://reader031.vdocuments.net/reader031/viewer/2022022413/58a247b41a28ab7b3c8b73fd/html5/thumbnails/2.jpg)
Learning Points
1. Concept Stage2. The Nitty-Gritty3. Reality Check #14. Reality Check #2
![Page 3: Start up strategy](https://reader031.vdocuments.net/reader031/viewer/2022022413/58a247b41a28ab7b3c8b73fd/html5/thumbnails/3.jpg)
The concept stage—determining comparative market advantage
What is your idea/product/service? What market(s) do you intend to serve? What want or need do you address? What is the competition, and what are your
comparative advantages and/or disadvantages?
Worth Consulting, LLC
![Page 4: Start up strategy](https://reader031.vdocuments.net/reader031/viewer/2022022413/58a247b41a28ab7b3c8b73fd/html5/thumbnails/4.jpg)
The concept stage—continued
What are or would be your costs—start-up versus on-going?
What is or would be the best fair market price—how long will it take to become profitable given your costs?
![Page 5: Start up strategy](https://reader031.vdocuments.net/reader031/viewer/2022022413/58a247b41a28ab7b3c8b73fd/html5/thumbnails/5.jpg)
The nitty-gritty
Develop your business plan starting with a SWOT analysis using the most in-depth quantitative and qualitative market research possible.
![Page 6: Start up strategy](https://reader031.vdocuments.net/reader031/viewer/2022022413/58a247b41a28ab7b3c8b73fd/html5/thumbnails/6.jpg)
SWOT Analysis
![Page 7: Start up strategy](https://reader031.vdocuments.net/reader031/viewer/2022022413/58a247b41a28ab7b3c8b73fd/html5/thumbnails/7.jpg)
Quantitative vs. Qualitative Research
What is Quantitative Research?– Online Surveys
What is Qualitative Research?– One-on-one interviews– Focus Groups– Benchmarking
![Page 8: Start up strategy](https://reader031.vdocuments.net/reader031/viewer/2022022413/58a247b41a28ab7b3c8b73fd/html5/thumbnails/8.jpg)
The nitty-gritty (continued)
Define your:– Vision– Mission– Values– Goals– Strategic Objectives– Tactics
![Page 9: Start up strategy](https://reader031.vdocuments.net/reader031/viewer/2022022413/58a247b41a28ab7b3c8b73fd/html5/thumbnails/9.jpg)
Structure of a Typical Strategic Planning Process
Tactic
Tactic
Tactic
Str. Objective
Tactic
Tactic
Str. Objective
Tactic
Tactic
Str. Objective
Goal
Tactic
Str. Objective
Tactic
Tactic
Tactic
Str. Objective
Goal
Tactic
Tactic
Str. Objective
Goal
Principles
M ission Statement
Visioning
SWOT
Worth Consulting, LLC
![Page 10: Start up strategy](https://reader031.vdocuments.net/reader031/viewer/2022022413/58a247b41a28ab7b3c8b73fd/html5/thumbnails/10.jpg)
The nitty-gritty (continued)
Create a rock-solid budget– Start-up vs. On-going Costs– Anticipated Revenues– Anticipated Profits and Losses
![Page 11: Start up strategy](https://reader031.vdocuments.net/reader031/viewer/2022022413/58a247b41a28ab7b3c8b73fd/html5/thumbnails/11.jpg)
Reality check one
Define success—where do you want to be in six months, one year….five years?
Define failure—when do you “pull the plug?”
![Page 12: Start up strategy](https://reader031.vdocuments.net/reader031/viewer/2022022413/58a247b41a28ab7b3c8b73fd/html5/thumbnails/12.jpg)
Reality check two
Elevator speech—in one sentence, define your start-up.