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Business Model Canvas
What is it for?The Business Model Canvas is a tool that helps companies map out, visualize and innovate on their business models.
Tip: Use this as a strategic tool to help you develop new or existing business models.
When to use it:Use the business model canvas to visualize all the building blocks needed to start or expand a new business venture. Use this tool to explore areas of growth and innovation within a business, and to analyze competitors’ models.
Who can use it:Strategy and innovation teams, product teams, entrepreneurs, Business Designers, and Design Thinking experts, who want to launch a new offering or improve an existing one.
How to Use
Print the Business model canvas.
Name the purpose of the venture. Why does the business exist?
Next, start filling in the building blocks, begin with the customer segment or value proposition blocks, work your way unto the rest of the blocks from there.
In the Value Proposition block, write down what your customers will benefit from your solution. What is the value of your offering to them? e.g. “safe and convenient trips.”
Then move to the customer segments. Here you state who you are creating your offering for, e.g. students, retirees, etc.
Then fill the Channels block, this relates to how you will get your offering to your customers, e.g. via an app, delivery service, billboard ads etc.
For the Customer Relationship block, you want to think of how you will retain your customers, will your offering require technology or someone from your team to talk to your customers?
Then in Key Resources, list out the things that are needed for you to bring your offering to market. Resources could be people, machines, patents, etc.
For Key Activities, ask, what are those processes and tasks that must be completed for your offering to be delivered to your customers. For instance, food preparation could be an activity for a fast food place, purchasing raw materials for a factory and so on.
For Key Partners, write down those people or organizations that are vital in delivering your offering (e.g. raw materials suppliers, delivery company, etc)
In the Revenue Stream block, list the ways you will get money for your offering (e.g. commissions, Ads, payments etc)
Then the Cost structure block is where you list the major things that you will need to pay for, to ensure business runs smoothly, these could be salaries, rent, raw materials etc.