Got a great business idea? Overwhelmed with where to start? We’ve got you covered!
I get it, the thought of writing a full business plan can seem daunting. Sometimes, the easiest place to start is by getting your thoughts down on paper. The business model canvas is a handy tool that helps you to describe, design, and map out the essential building blocks of your business plan.
The canvas has 12 essential components:
- Your business idea forms the basis of your model. You should be able to clearly articulate what you offer, who would buy it and where it can be found in a few simple sentences
- Key partners and resources are the people and things you need in place to get the job done
- Your start-up activities help you think through all the things you need to do to get your ‘doors open’- to get you up and running
- You’ll need to think through who your customers are- who are you selling this product or service to and where and how can you reach them
- Of course your business should generate value to your end-users and your unique flavour gives you your competitive edge
- No business model can operate without viable financial model. Thinking through your start-up costs, how you plan to finance your business and your cost structure will be critical to the success of your venture
- A SWOT analysis of the strengths, weaknesses, opportunities and threats to your business is a great way to do some risk-management on the environment you’re entering and help you understand all the factors that could impact your business
Probably most helpful of all, the canvas allows you to envision all the moving parts of your business plan on one easy page. It’s a great way to get those creatively, inspiring business ideas out of your head and one step closer to making it a reality!
You can download the Momentum Business Model Canvas to get a head start on building your plan.
Thanks to our friends at Strategyzer for making the canvas available to all!
If you’re curious to learn more about our business programs, check us out online and register to attend our next orientation session. Also register for awesome networking events with Business Link Calgary.