Week 3
Creating the first draft of the business model canvas is an essential step in the ideation phase. This canvas will serve as a blueprint for your business, outlining key aspects such as your value proposition, customer segments, channels, customer relationships, revenue streams, key resources, key activities, key partnerships, and cost structure.
In drafting your business model canvas, you should start by identifying your value proposition. What unique value does your product or service offer to customers? Next, determine your customer segments. Who are your target customers? Following this, outline your channels and customer relationships. How will you reach your customers and what kind of relationship will you establish with them?
Also, it's important to map out your revenue streams. How will your business make money? Then, identify your key resources, activities, and partnerships. What resources and activities are crucial for your business and who are your key partners?
Finally, calculate your cost structure. What are the major cost drivers for your business? Once the canvas is complete, it's ready for the subsequent validation exercise. This draft is not set in stone and should be revised and updated as you gather more information and insights.
