The approaches and methods of working out the strategy of local economic development and success factors of strategic plans of development of territorial communities and micro-regions have been analyzed in the article. The authors use the practical experience of the “Business Initiatives Public Center” (Ivano-Frankivsk) in working out the strategies of local economic development for the Bilshivtsi, Halych and Burshtyn potential new local communities, and also for the Starobohorodchany local community of the Ivano-Frankivsk region. Materials in the article can be useful for scientists, activists and leaders of local communities, who created, or prepare themselves for the creation of their new local communities.