PAINT YOUR IDEAS IN A CANVAS For a proper business model execution
Being an entrepreneur or a startup, you face various challenges; the most common one not being able to visualize/conceptualize your business idea or model. This may lead you to start with a “not-so-well-defined” business model. And later realizing you started off with the wrong business model, there is nothing to do but regret.
There is an easy way to start with the right business model. You just have to paint your ideas into a canvas called Business Model Canvas – a tool that breaks down your business into different chunks and gives a broader idea how to execute each one of them.
It may come as a surprise that you can actually paint your business idea into a canvas. Although it may sound too far-fetched to paint the ideas into a canvas, it can be done by analyzing the nine simple steps below.
-Realize what value you are offering to your customers. Value may be quantitative like price, quantity, etc. or qualitative like brand, design etc.
-What makes your product or service superior or different from the competition?
-Solve your customer’s problem.
-Identify your customers.
-For whom are you creating the product or services? Does the price point or proximity match?
-Make sure your product or services ties with the needs of your customers?
-Choose the best channel to reach the customers? Consider cost, duration, integration between channels etc.
-The channel should be able to create awareness and brand positioning among customers.
-Be clear what kind of relation you want to maintain with your customers? Depends upon your business.
-Interaction should be able to attract, retain and grow customers. E.g.: Social media, Websites, Guerilla marketing, Advertisements and other promotional activities.
-Determine your key activities
-The most important actions your company must take to operate successfully.
-Identify your key resources that run your activities. E.g.: Raw materials, Capital, Land, Employees, etc.
-Keep track of their availability. And make sure of your requirement.
-Pre-plan the optimization of your resources.
-Identify your key partners without whom your business might not sustain. E.g.: Suppliers, Investors, Employees, Retailers, Distributors, Endorsers, etc.
-Maintain proper relations with them.
-Make a proper revenue model.
-Determine the pricing strategies.
-Realize how much investment does your business model requires?
-Forecast your operating expenses.
-Identify the most expensive activity for your business.
Ready for a practice session? Try it out below:
Biruwa provides entrepreneurs a structured session to help them create their Business Model Canvas to help them create and improve their business model. To learn more click here.
Still confused or not clear about it? Check a video here.