Ever heard of the business model canvas? It was introduced by Alexander Oster Walder in 2004.

It is a canvas that allows one to describe their business with just one page. It can also be used as an alternative to a business plan.

It has nine building blocks.
1. Customer segments
2. Value proposition
3. Channels
4. Customer relationship
5. Revenue streams
6. Key resources
7. Key activities
8. Key partners
9. Cost structure.

Before one should begin making their business model, there are steps to take before starting to do the business model.

1. Identify your specific audience
2. Establish key business procedures
3. Record key business resources
4. Develop a strong value proposition
5. Determine key business partners
6. Construct a strategy to generate demand
7. Leave room for innovation

Let’s get started on how to create a business model canvas that would take your business to a global brand.

1. Customer segments.

Who are they? What do they do? and why should they patronise you?

Create a buyer persona (age, demographics, psychographics, gender, income, industry, painpoint, goal)

2. Value proposition-

What problem are you best at solving? What job are you helping your customer get done? How does your product or service relieve your customer of their pain?

3. Channel

How are you reaching your customers? How can you communicate with them and how can they receive the goods and services which you are selling to them.

4. Customer relationship

How do you build, nurture and grow the relationship you have with your customer. Does your business require that you build a community or have a brand ambassador?

5. Revenue streams

What streams do you want to use to get your payment, would your services be transactional, or you intend to use a lead, subscription based payment or even a free model that would enable them pay you later when they must have benefitted.

6. Key resources

These refer to all that you need to create value for your customers, it could be an intellectual property, your team, finance, physical assets, a brand etc

Everything that you necessarily need to operate and deliver your value proposition.

7. Key activities

These are the areas to pay attention to create the value. They revolve around recruitment, marketing, sales, business development, management, customer service, research, distribution, manufacturing and design etc

These are the specific tasks that are fundamental to the operation, activities that are necessary to deliver your USP and set your company apart from others.

8. Key partners
Key partners are the companies or people your business works with to create a strategic relationship, people who help you accomplish your key activities and give you part of key resources. They are the alliance that you can leverage on to create value for your customers.

9. Cost structure;

How much will it cost you the business owner to deliver using the model, you can take a profit and loss statement of a similar industry to yours and see where they spend their budget and plan accordingly.

Hope you found value?

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