Business Model Canvas: turn vision 🔍 into reality

You have a vision for a great business but don't know how to formulate it? Try the Business Model Canvas (BMC). A great tool to act as a compass and turn vision into reality.

What is the Business Model Canvas?

The Business Model Canvas is a strategic tool that serves as a visual framework for developing, describing, and innovating upon a business model.

How can it help you?

• Visualize the Entire Business: Condensing complex strategies into a single page enables a holistic view of the business model.

• Foster Collaboration: It serves as a collaborative tool, bringing teams together to brainstorm, innovate, and align their efforts.

• Adapt to Change: The canvas is flexible, allowing entrepreneurs to adapt and pivot as market conditions and business landscapes shift.

• Identify Gaps and Opportunities: By systematically exploring each component, entrepreneurs can identify areas of improvement and untapped opportunities.

The BMC explained

The Business Model Canvas is divided into nine key components, each representing a crucial aspect of your business journey:

1. Customer Segments:

   • Who are your customers? What are their needs? This section guides you in identifying and understanding your target audience.

     Question to ask: What different type of customers do we have?

2. Value Propositions:

   • What unique value does your product or service offer? This segment focuses on crafting the irresistible allure that sets you apart.

     Question to ask: What value do we deliver to the customer?

3. Channels:

   • How will you reach your customers? Explore the avenues, whether digital platforms, partnerships, or traditional methods, to effectively connect with your audience.

     Question to ask: Through which channels are we offering our product/service to our clients?

4. Customer Relationships:

   • Building strong connections is the cornerstone of success. This aspect emphasizes how you will interact and engage with your customers.

     Question to ask: What type of relationship do we maintain with each customer segment to acquire, retain and grow customers

5. Revenue Streams:

   • What are the avenues for making money? Diversify your income streams to ensure financial stability and sustainable growth.

     Question to ask: How do we generate our turnover? What revenue model do we use?

6. Key Resources:

   • Identify the tools, talent, and technology necessary for your journey. This section highlights the essentials required for your business to thrive.

     Question to ask: What are the most important resources that our value proposition requires?

7. Key Activities:

   • Focus on purposeful actions. Define the key activities that align with your business goals and set you on the path to success.

     Question to ask: Who are the most important suppliers/partners?

8. Key Partnerships:

   • Forge alliances that enhance your strengths. This aspect encourages strategic partnerships that propel your venture forward.

     Question to ask: Who are the most important suppliers/partners?

9. Cost Structure:

   • Manage your resources wisely. The canvas prompts you to optimize your cost structure, ensuring efficiency in resource allocation.

     Question to ask: What are the most important costs inherent in our business model?

Handy links

• Youtube Explaination

Questions?

Templates are of course just one of many tools that could help you. If you feel stuck or have got any questions, reach out to me! More than happy to help out.

startdoingreading@gmail.com

Cheers, chase dreams!