A business model canvas can help to think quickly about the most important aspect of any startup company, services or products. You will have your target audience, target market and also the resources which are needed to launch the business. Thus, Business model canvas plays a vital role for the startups.
Each and every startup company and business needs a business plan to make a solid status in the marketplace, and this is the principal business plan for your business. A business canvas model is like an alternative model of the principal business plan. But it is necessary to think why you should give more importance to the business model canvas rather than a traditional business plan. It is because there can be many situations where this business model canvas can be more effective than those traditional plans. The situations are like:
- Sometimes you may need to act quickly to get a golden opportunity. Having a business model canvas can help you in this situation.
- Sometimes, the competition can be too difficult to beat, but still you want to beat it. An innovative business model canvas can help you to jump over your competitors.
- Having a business model canvas will keep you safe from outside financing like bank loan or venture capital.
- A business model canvas can help you to identify your pinpoint problems quickly.
As a Startup, What Should You Include in Your Business Model Canvas?
All that you need to include are:
- Key partners – who are your buyers, sellers and your alliances?
- Key activities – what are the actions needed to strengthen the relationship between you and your customers?
- Key resources – what are the resources needed to run the business?
- Customer relationship – what kind of relationship prevails between you and your customers?
- Cost structure – which activities and resources can be expensive?
- Customer segments – what type of customer groups is adding value to your business?
- Revenue streams – how can your business produce money?
A business model canvas can help a startup to act quickly on a situation while a business plan sometimes fails to do so. Having a business model canvas can give you a jump start for your business.
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