What do you do if your Web3 venture needs a strategic business plan?

1 Define your problem and solution

The first step of any business plan is to clearly identify the problem you are solving and the solution you are offering. This is especially important for Web3 ventures, as you need to demonstrate how your solution is different from or better than the existing alternatives, whether they are centralized, Web2, or Web3-based. You also need to explain how your solution leverages the benefits of Web3, such as transparency, security, privacy, interoperability, or governance. For example, you could say that your Web3 venture is a decentralized marketplace that connects buyers and sellers of digital goods without intermediaries, fees, or censorship.

2 Identify your target market and customer segments

The next step is to define your target market and customer segments, or the groups of people who are most likely to use and benefit from your solution. You need to conduct market research and validate your assumptions about your potential users, their needs, preferences, behaviors, and pain points. You also need to consider how to reach and engage them, and what value proposition you can offer them. For example, you could say that your target market is the global community of digital creators and collectors, and your customer segments are artists, gamers, and investors who are interested in owning, trading, and showcasing their digital assets.

5 Define your milestones and metrics

The fifth step is to define your milestones and metrics, or the key goals and indicators that will measure your progress and performance. You need to set realistic and achievable milestones for your short-term and long-term objectives, such as launching your MVP, acquiring your first users, or reaching profitability. You also need to define the metrics that will track your results and impact, such as user growth, retention, engagement, revenue, or social good. You also need to consider how your milestones and metrics reflect your Web3 vision and mission, such as decentralization, innovation, or empowerment. For example, you could say that your milestones are to launch your beta version in six months, reach 10,000 active users in one year, and become cash-flow positive in two years, and that your metrics are to monitor your user satisfaction, retention, and referrals, as well as your platform activity, diversity, and governance.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?