"A Business Model descibes how your company creates, delivers and captures value."
— Steve Blank —
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Before settling on any business model, it is best to cross examine your business idea against a Business Model Canvas (BMC). This is a visual framework that clearly maps out value chains and unserved market segments, while also testing the feasibility of your business idea. Your BMC will therefore measure the potential of your business idea across nine distinct factors:
Customer Segments
Are you aware of the needs of your target market?
Value Propositions
What is your Unique Value Proposition?
Distribution Channels
How do you deliver your product/service to the client?
Customer Relationships
Do you have authentic rapports with your clients?
Revenue Streams
How do you monitor your income sources?
Key Resources
What resources drive your value-chain?
Key Activities
What are the income-generating activities in your business?
Key Parnters
Who are the key collaborators in your enterprise?
Cost Structure
How do you manage your business expenses?
Having the right combination of elements across each variable will not only save you time and resources, but will also optimize the profitability of your business venture.
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