Startup project for a New York City startup travel tourism business. Developed business plan with financial statements, set up operations, hired staff, set up Office365 and phone system
Challenge
Our client came to us with an idea for a business concept, but did not have full understanding of how to build the products that the Company would sell. The business would be in the travel industry in New York City, and needed to have some differentiator that would give it strategic advantage in the marketplace.
Create
Research showed us that there was demand for the type of business that she wanted to open. The sheer number of personal and business travelers coming to and leaving the city demonstrated a market size with the disposable income required to sustain the right business in the travel industry. However, due to the number of similar firms in the NYC area at many stages of development, the company would require a model and offerings that were not easily duplicatable, and needed a model that would be scalable.
Design
Local, regional and global market data allowed us to identify an under served market segment that had both the interest and disposable income to support the basic business concept. Gaining an understanding of the industry, both in its present state and where it is trending for the future helped us to plan for how the Company products and services would need to evolve over time.
Build
Looking at the Company’s capabilities against both what is available in the marketplace and the market the Company is to serve on a product map, we were able to create a profitable offering for the Company with a business infrastructure that would support the high level of customer service necessary and business growth.
Lastly, we planned for marketplace product testing, leveraging the client’s network to help evaluate the product against assumptions that were made. We were able to leverage this along with other business development activities to provide the Company with a strong entry point with planned future product development to ensure that the Company would continue to evolve to meet marketplace needs.
