You are an entrepreneur. A doer. A big ideas person. You are creative, yes, but not a writer. You don’t have the time to create an in-depth business plan. You are ready to make things happen now. A perfect concept for laying out your goals and objectives – without taking on the daunting task of writing it out in a document – is the business model canvas. It’s is a superb alternative that might just get you on the next season of Greenlight Maine.
The business model canvas is succinct and visual. It outlines the key points and lays out in a chart your key demographics and the resources you’ll need to launch your product or service. Sometimes in business, you must strike while the iron is hot – such as when an opportunity presents itself that you know in your gut you cannot miss out on. Or, for example, there’s a deadline for a startup competition, and you are suddenly seized with a brilliant business scheme. When you are compelled to get started fast, the canvas is your best bet to get the strategy out on paper with few words but bold brushstrokes. In one page you will cover the nine building blocks of business. This will show how you plan to make money. Pure and simple.
Consider your buyers, suppliers, and potential partners.
How will you secure distribution channels and maximize revenue streams? What do you need to do to fulfill your value proposition?
You won’t get to have everything you want all at once, for all your various ideas. Figure out what is essential, and rely on those key resources.
Unique Value Proposition
How will your business meet a distinct need in the market? Isolate that and meet your customers where they are.
Who is your key demographic?
How will you develop and sustain the relationships that will make or break your business?
Do you have distribution methods in mind? Is that a hole in your plan?
What is the real cost of getting started? Where will the money come from?
Identify an essential revenue stream. Then start to think about other ways your business could earn a profit. Sometimes what you have is merely the jumping-off point or one prong of a many-faced money-making venture.
Draw out your one-page document on paper longhand, or use an application on your phone or tablet that has all the tools. You can plug your own information into a template, or build it out yourself. Either way, when you absolutely must move fast to get your brilliant business idea to market, consider a business model canvas. And consider applying for the next season of Greenlight Maine!