What Is The Business Model Canvas AND JUST WHY Do I WANT It? 1

What Are The Business Model Canvas and just why Do I WANT It? Starting a small business is a monumental task. It looks like there are a million things you have to take care of before you can make your first dollar. You need to register your business, setup your website, work out your budget, figure out your marketing plan, test your products, and create good human relationships with your manufacturers and suppliers.

You also need to create your business plan and your business model. A lot to do. You know what a business plan is. It’s your step-by-step guide about how your business will achieve its objectives. What you may not fully understand is you business model. A business model is simply a design for the successful procedure of a business.

It’s how you create value for yourself (e.g. make money) while delivering products to your visitors. There are numerous types of business models, plus they can all be mapped onto physical chart called the “business model canvas”. The business model canvas and originated by Alex Osterwalder, and if you don’t have a business model canvas it’s a great tool to use to enhance the focus and clearness of what your business is trying to attain.

It eliminates all the fluff from the traditional business plan and enables you to zero in on what’s important. The business model canvas is damaged into nine building blocks for your visitors. We’ll break down each of these segments to get a better knowledge of what all of them mean for your business.

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The first section is approximately your value proposition. Your value proposition is what your business is making and who they’re making it for. It’s not about your unique product or idea, it’s about solving a problem or filling a need. It’s also about who you are solving that problem for.

Once guess what happens problem your resolving and who you’re solving it for, you can enter just what your product or service is. This is where you list all the benefits and features of your product and what they do to resolve the problem. Perhaps the most important part of your canvas is the customer segments. If you don’t know who your business is providing to you’ll never have the ability to sell to them.

You need to figure out who your visitors are and just why they would obtain you. Your channels are what you use to deliver your product from your business to your customer. In the old days you only got one route which was the physical channel really. A storefront was experienced by you and your goal was to get visitors to visit your store. With all the rise of technology, a storefront is no necessary longer.