How to Use the Business Model Canvas for Startups
Startups are surrounded by uncertainty and fast-changing changes. A comprehensive, extensive business plan might not meet the requirements of entrepreneurs, who often have to test their hypotheses and change direction. This is why the Business Model Canvas (business model canvas คือ, which is the term in Thai) comes in. This tool helps startups to outline their beliefs regarding their company in a systematic method.
Why Use the Business Model Canvas?
The Business Model Canvas, developed by Alexander Osterwalder and Yves Pigneur It, is a minimalist strategic planning method. Startups can visualize their business plan in a single document with nine key elements:
- Customer Segments
- Value Propositions
- Customer Relationships
- Revenue Streams
- Key Resources
- Key Activities
- Key Partnerships
- Cost Structure
This approach encourages entrepreneurs to be aware of their customers’ requirements and their product’s worth. This model encourages discussion regarding the business’s operation and profitability.
Steps to Apply the Business Model Canvas in a Startup
Step 1: Identify Your Customer Segments
Start by understanding the people your company is trying to reach. It is possible to have several customer groups, each with different requirements and issues.
Step 2: Define Your Value Proposition
Your unique value proposition lies in the distinct blend of goods or services that satisfy your clients’ needs. This is what distinguishes you from the rest.
Step 3: Determine Your Channels
Channels can be how you can reach out to your customer segments. These could include online or retail marketing, direct sales, direct sales or partnership.
Step 4: Describe Your Customer Relationships
This is the kind of connection you make with your customers. It could be personal, automated or personal, or even some combination of the two.
Step 5: Identify Your Revenue Streams
This is how your business earns revenue by gaining revenue from every customer segment. These could include subscriptions, sales or licensing charges.
Step 6: List Your Key Resources
These are the essential resources that your business requires to generate value, expand markets, keep relationships and make money.
Step 7: Specify Your Key Activities
They are among the top actions your startup has to complete to be successful. It could be making, solving problems or managing platforms.
Step 8: Outline Your Key Partnerships
Partnerships can aid you in the expansion of your company’s model by granting access to resources and tasks you’d prefer not to offer internally.
Step 9: Understand Your Cost Structure
In this section, you can outline all the charges your business will incur when operating according to its current business model.
Adapting to Change
The Model Canvas for Business Model Canvas is an instrument for iteration. If market conditions shift or you gain knowledge about your customer base and their needs, the business model canvas must evolve. It’s a live document that evolves and changes as you grow your business.
It’s important to remember that there’s no standard method for using business model canvas. Business Model Canvas. It’s all about drawing a concise sketch of how your company operates and establishing a base that can be used to experiment and grow. Your sketch is unique to your company; it’s an essential tool to navigate the constantly changing landscape of startups.