05 Jun Business Model Canvas
So you’ve defined your brand identity, target audience’s persona, and can talk about why your offer is awesome? You’re all set to take over the world right? Most entrepreneurs would say yes, but there’s still information missing. You’re surprised, right? I was too, until I learnt about the Business Model Canvas. In fact, there’s a whole set of important considerations.
Before I go any further, let me show you what the Business Model Canvas looks like
If you’re anything like me, you’ll need the boxes broken down. Here is what each box in the Business Model Canvas means:
- Customer Segments – who are the segments that purchase your product or service?
- Customer Relationships – what are the specific relationships with your customer segments?
- Channels – what channels do you use to engage with your customer segments?
- Value Propositions – what value do you provide your customer segments?
- Key Activities – what activities are key to producing, marketing and selling your product or service to your customer segment?
- Key Resources – what resources are key to performing your key activities?
- Key Partners – what individuals or organizations are key to performing your key activities?
- Cost Structure – what costs are involved in all your key activities?
- Revenue Streams – what are the streams of revenue for your business?
Obviously this will be highly specific to your business.
Even if you think you have everything figured out, I recommend doing this Business Model Canvas exercise. It really clarifies what and who is valuable to your business.