“The Business Model Canvas is a strategic management and inclines a startup layout for growing new or recording existing plans of action. It is a visual graph with components depicting a firm’s or product’s worth suggestion, foundation, clients, and funds. By Wikipedia”
If you believe that you have an extraordinary thought, and that it can convey progressive changes to the world. Then it’s the right time to change that incredible thought into a plan of action. It’s not generally genuine that an extraordinary thought can be an awesome plan of action. There are numerous awesome thoughts brought into the market and failed. In order to succeed, incredible thoughts need an extraordinary plan of action.
Startup Tips # Meet Customer Needs
Being a startup, when you are bringing a product into the market, it needs to meet the customer. If your target customer didn’t like your product, then it’s over. Even though the customer likes your offered value proposition, it may fail if your business is not adaptable and financially stable. You need appropriate channel and great base when your business develops. Failing of one of these things could tend to fail your business.
Startup Tips # Prepare Plan of Action
As a result of this, your first work should build up an incredible plan of action, which will permit you to organize your ideas in a canvas and that will help you to visualize your plan of action clearly. There is a device available that is being used by many people effectively and startup businesses, popularly it’s known as Business Model Canvas. It has nine building blocks, which will permit you to put your thought into this canvas in an organized manner, which will help you to visualize your business.
Let’s check it out, how it works;
Business Model Canvas consists of nine essential building blocks that make up any business model. These nine blocks have nine fundamental questions and answers to those nine questions may help you to visualize your business model.
Let’s being with the customer segment for which you are trying to building the product;
Customer Segment: Who are those individuals you are attempting to provide solution via your product? When you think of some ideas to convert into business then you should have thought of those people who you will be developing to. Record who are those individuals.
Value Proposition: What are the problems that you are trying to Solve that is known as value as in adding to people’s lives via your product or services.
Channels: What are the medium of communication that you are going to use to reach out your customer to deliver your product? It could be vehicle, email, sms, whatsapp, etc.
Customer Relationships: Customer relationship defines how you are adding extra value to your customer and how you are retaining them. For example, sending gifts or cards on special occasions or birthdays.
Revenue Stream: How are you going to generate revenue from your business? Whether by selling products or services.
Key Resources: What are the key resources you are going to work on for developing the product or service? You need to hire those technical skill people for your project to work and deliver the quality job.
Key Activities: What are the key activities that you are going to perform for developing your core product, Services and establishing your business into the market? For an example Infrastructure improvisations, Value Added Services, etc
Key Partners: Who are those people that can help you leveraging your business model? For example: Technology Alliances, Commercial Partners, etc.
Cost Structure: As you know your business, you can identify those areas which cost your business. For example: Salary, Utility Bills, Maintenance, etc.
Any business can be built using these nine building blocks. These nine building blocks are working to re-enforce and strengthen each other.
Before you create your own business model, lets’ see how others made their business models;
Startup Tips # Study Other Business Models
Facebook Business Model;
Cocacola Business Model;
Google Business Model;
Never at any point get impacted by taking a gander at others plans of action and change yours. Continue emphasizing your plan of action until you accept on that.
Once you finalize your business model. Set up a Prototype and test it on genuine environment. Based on the acceptability either re-work on the product or launch it. Pitch in your innovative prototype to the financial investors to fund your project.
That is all you need to do being a startup business startup entrepreneur.
New Innovative Business Models are always appreciated and accepted. So never give up, keep on improvisation your product or services.