Table of contents
- The client
- Value proposition (what you’re selling and what value you’re generating)
- Different types of channels
- Customer service (Acquisition, retention and growth)
- Revenue Streams
- Activities that are required
- The required resources
- The necessary collaborations
- Expenses What are the most significant costs that our company model entails?
The beauty of the business model canvas is that it comes blank and uncomplicated. You may fill it up as you see fit in this manner, and all of your company ideas will be displayed on one page.
The numerous videos in the complete business model canvas course go through the questions that may help entrepreneurs fill up the canvas in great depth. These are pretty straightforward and reasonable questions, and for the sake of convenience, I’ve compiled them into one article.
There’s no need to be intimidated by the number of questions; you don’t have to answer or respond to each one. Only respond to those that seem to be relevant to you and your goal, as well as those that assist you in determining your next actions. Of course, you are free to ask any additional questions that come to mind.
The following are the questions that will assist you in filling up each column in the business canvas model:
The client
*What kind of customers do we have, and why should they purchase from us?
*For whom are we generating value? (It’s OK if you have a variety of clients – watch the video on Google’s canvas for an example.)
*Who are the most significant clients for us?
Value proposition (what you’re selling and what value you’re generating)
*Who are we constructing for and what are we creating?
*What services do we provide to our customers?
*What issues are we addressing for a particular client?
*What are the customer’s needs that we are meeting?
*What sort of product or service do we have for each and every customer?
Different types of channels
*Which channels do our customer segments like to be contacted through?
(For example, a website, an application, social media — Facebook/Twitter, and a marketplace — iTunes/Salesforce, among others.)
*Today, how do we communicate with our customers? What is the status of our Channels’ integration?
*Which of our channels is the most cost-effective and efficient?
*What are the most cost-effective options?
*How are we going to incorporate them into consumer routines?
Customer service (Acquisition, retention and growth)
*How will our business acquire, retain, and expand its client base (via paid and/or free channels)?
*What kind of connection do our consumers want to have with us?
*What kind of connection do we already have with our clients?
*What role does it play in the remainder of our company plan?
*How much does it cost us to keep this connection going?
CAC — Customer acquisition cost
(example of a calculation for bringing in new users via Adword)? Acquisition —
*What is the cost of acquiring a paying customer —
*How many clients are we losing as a result of this process? What exactly is the churn?
*How can we increase our income from current customers?
*What is our customers’ lifetime value, or LTV?
*How much money does a client generate for us from the time he buys something until the time he leaves?
* What is the length of the LTV? What is the LTV worth, and how much is it worth? The value of the LTV must be higher than the CAC for a company to succeed.
Revenue Streams
*How are we going to earn money?
*What is the best price plan for us (monthly/annual membership, based on the quantity of use/users/time, one-time purchase, trial, freemium, advertising, etc.)?
It’s critical that you see this video if you want to earn money from advertising.
*Which of your services do you offer that the client is willing to pay for?
*What are they now paying for?
*What method of payment do they use now (annually/monthly/checks/Paypal/credit card, etc.)?
*What method of payment would they prefer?
*From all of our revenue, what are the components of each of our revenue channels?
*When will we hit the $100,000 or $1,000,000 mark? And what has to happen in order to get there?
*What is the size of the market that we want to target? And how many people are we going to be able to sell to?
Activities that are required
What actions are required to implement the business model?
*Which actions, in other words, will enable us to: Provide the value proposition?
*Keep our distribution routes open?
*How do you keep your customer relationships strong?
*How can we expand our income streams?
The required resources
What resources (physically, monetarily, human resources, and intellectual property) are required to carry out the business model? To put it another way, what resources will enable us to:
*Deliver our value proposition?
*Keep our distribution routes open?
*How do you keep your customer relationships strong?
*How can we expand our income streams?
The necessary collaborations
*Who are the essential partners for us?
*Who are our essential vendors?
*What kind of resources do we require from our partners?
*What actions will be done by partners that are essential for us?
Expenses What are the most significant costs that our company model entails?
*What are the most costly resources we require?
*What are the ongoing and variable costs?
*When will our income exceed our expenses?
*What is our monthly expenditure rate, often known as our burn rate? What does the money we collected buy us in terms of time?
*What are the most critical figures for our company’s survival?
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