Business Model Canvas

If you want to be a successful startup, or want to grow your existing business to the next level, you need something powerful like the business model canvas that helps you design the best sales & marketing strategy and the most effective revenue generation model.

It is important to stay ahead of the curve and develop a business model canvas instead of a business plan.

The nine key elements of a business model canvas help you document an in-depth, succinct and clear definition of your business.

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Focusing on aspects apart from product development gives you the competitive edge to launch a profitable startup. 

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The nine key elements of a business model canvas help you document an in-depth, succinct and clear definition of your business:

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1. Unique value proposition – Your unique solution for a customer’s problem

2. Customer segments – People willing to pay money for the problem you are solving for them. Segments represent different types. (For e.g., Google has business customers and consumers)

3. Key Resources – Resources needed to run your startup (e.g., engineering team, Intellectual property, funding etc.)

4. Channels - How will we reach out to prospective customers (e.g., Retail, wholesale, reseller etc.)

5. Customer Relationships – How do you acquire customers, how do you retain them and how do you grow them.

6. Revenue Streams - How will your startup idea make money e.g. Subscription or freemium or pay-per-use

7. Key Activities – Activities that enable your business (Product development, sales, marketing etc.)

8. Key Partners – Outside resources that help your business model (e.g., vendors, strategic alliances etc.)

9. Cost Structure – Fixed, Variable and other costs you have to pay (e.g., rent, salaries etc.) 

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Focusing on aspects apart from product development gives you the competitive edge to launch a profitable startup or run your existing business profitably.