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Thinking of starting a new business, then paint this canvas first.

June 3, 2015

If you are thinking of starting a new business then I highly recommend that you start with a brilliant visual business tool called the Business Model Canvas.

BMC

The Business Model Canvas helps new business by getting them to recognise that their business must exist to add value to customers.

The Business Model Canvas is broken into two main sections to assist the business owner in focusing on only those components of their business that delivery value to the customer. You can think of these as the front & back off ice of your business.

To get started download a free template of the canvas Business Model Canvas template.

canvas_hero-new

The best way to work on the canvas is to print it out as large as you can or draw it up on a whiteboard. Then get the team together and hand out the post-it notes.

The First section to concentrate on is Customer Segments. Not just any customer segments you can sell to should to be listed here. for a new company you want to be focused on a specific customer segment called the Early Adopter. That customer that will purchase/use your product first.

Next you want to fill out the Value Propositions. This is not your product. This is the value your customer will derive from your business being in existence. Focus on the needs of your early adopter here.

Now complete the Customer Relationships,  Channels & Revenue. This completes the “Front office” part of your canvas.

Working on the “Back Office” part is focused on what you have completed in the Front office section. Only enter in components here that are directly going to effect the delivery of value to the customer.

I highly recommend buying the book “The Business Model Generation” that goes into a lot of detail about the canvas including some case studies.

There are some videos on the Strategyzer Youtube Channel that run through the canvas with examples too.

Shane Williamson

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