Start your business like an expert with Business Model Canvas

Do you have a great business idea but don’t know how to start?

There’s a tool that provides a better idea of the business you are trying to build and how will your project be different from your competitors. We are talking about the business model canvas.

It is a chart divided on smaller sections, each one of them represents variables that are required to know from your business. It describes in a visual and brief way how an organization creates and provides value to their users.

Let’s go through each one of the concepts and some key questions that will help you filling this business model canvas that will give you a better idea in the journey of becoming an entrepreneur:

Customer segments

• – Identify to which customers is your product or service targeted to.
• – Start thinking the age range, their interests and what they like.
• – Who are our most important customers?

Customer relationships

• – Define where the customer could find your business, it could be an e-commerce or rent a space to open your own shop.
• – How do we speak to our clients? Where can they find us?

Channels

• – Think about which spaces will your brand be present. It could be social media, or on some store.
• – Through which channels could our customers contact us or check out our product or service?

Revenue streams

• – Think about the product or services you will provide and give you revenue in exchange.
• – What are the consumers getting from us? Think about physical things and intangible value.
• – How much will they pay for our products and services?

Value propositions

• – Here goes your brand philosophy. Many authors consider the mission, vision, and brand values as a good start up.
• – What will your client get from buying from you? Not just an article, the experience, and feelings.
• – Which problem are we helping our customer to solve?

Key activities

• – It’s like a to do list. All the actions that are required so you could sell the product or service. This will help you define departments or personal required for your business in the future.
• – What activities are required to start the business?

Key resources

• – The elements that are required to start the business. It could be physical articles such as the raw materials, equipment, people or intangible articles as knowledge or brand patents.
• – What do we need to start the business and get known?

Key partners

• – Search in your area business that share similar customer segments and propose a partnerships or collaborations that could be useful for both.
• – On this section are included the providers.
• – Is there any brand on my local area that could help me grow?
• – Which providers will I need?

Costs

• – On this section you identify the minimum of sales you must have monthly in order to cover the business expenses.
• – How much it costs to keep the business open?
• – At what price I will have to sell my products or services?

What do you think about these ideas for your new business?