The My Business Model canvas can help you turn your business ideas into reality. Whether you're interested in starting, acquiring or repositioning a business, use our canvas to create your business model.
The My Business Model® canvas not only helps you communicate your project effectively, it also encourages you to think strategically and facilitates teamwork and the exchange of ideas. Jot down short sentences in each block, add sketches and use arrows to make connections.
Your value proposition is your product's value added as seen through your customers' eyes.
Try to determine what needs or problems your product or service addresses.
Customer segments represent the different groups of individuals targeted by your business.Ask yourself these questions to identify your customers:
Your offering is closely related to your customers.
Look again at the questions about your value proposition and analyze its impact on your customer segments. This will help you establish a solid link between the two blocks on the canvas.
The next step is to decide on effective communication and distribution channels for your business.
Bearing in mind the different channels that businesses can use (including websites, online stores, bricks-and-mortar stores and warehouses), answer these questions:
Remember that the channels you use must be consistent with your value proposition and customer segments, as defined in the two previous blocks.
You've identified your customers, thanks to the Customer Segments block. Now it's time to define the kind of relationship and service that will suit them best.
For example, some products and services require personalized service, while automated service works better for others. Decide what's best for your business by answering these questions:
After modelling your business's relationships with customers, look again at your distribution channels to make sure that they are appropriate.
Key resources are all the assets that help keep your business running smoothly.
These resources are manifold and may include staff, tools, property, permits, patents, know-how, experience and reputation. Identify your business's resources by answering these questions:
Your key activities help you deliver your value proposition and bring your product or service to market. They also make your business more competitive.
For example, a manufacturer might stand out from the competition not only for its products, but also for coming up with a new production method. Similarly, a professional firm could set itself apart by creating and patenting a new problem-resolution method. Ask yourself:
Your key activities are dependent in large part on your key resources. Take another look at the previous block to make sure that it is clearly linked to your activities.
Setting up your business and keeping it profitable will require you to work with suppliers, subcontractors, distributors and other partners who are essential to delivering on your value proposition.
Bearing in mind that partnerships come in a variety of different forms (for example, you might form a strategic alliance with a competitor or launch a business with one of your suppliers), ask yourself these questions:
Remember that a good partnership brings many benefits, including maximizing profits and reducing risks.
Revenue streams are a key component of the business model, for both your business and your investors.
Whether your revenues come from fees, contract agreements, subscription agreements, rental/leasing agreements or licensing agreements, it's important to set prices according to what your customers are willing to pay for your product or service. Ask yourself these questions:
Businesses face a number of different costs. These may concern resources, employees, training, relations with partners, distribution, operations or taxes.
It's in your interest to be familiar with the costs you face and to find an innovative structure that means you don't depend on resources and activities that eat into your profits. Ask yourself these questions:
The Institute for entrepreneurship National Bank - HEC Montreal is dedicated to promoting and supporting business creation and entrepreneurial takeovers. It helps develop innovative entrepreneurs via educational activities and training, carrying out and communicating cutting-edge research and providing coaching and networking opportunities. It also offers activities intended to identify, assess and present the issues faced by Quebec business creators and SME owners. The Institute has four distinct roles:
To learn more about the Institute's activities, visit iebn.hec.ca
Note : The website is available in French only.
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Created by: Business Model Foundry AG
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