The Business Model Canvas reflects systematically on your business model, so you are free to map each of its elements to your real business components. A well-designed Business Model Canvas will help give a direction to your business and it will put all of your objectives in sync. The following list and questions will help you brainstorm the precise idea for your next business model innovation:
You have to figure out who your key partners are. What is their motivation and why would they want to be associated to your business?
What actions and activities does your value proposition entail? Figure out and list down the activities that will help your business stay on top of its game. Ask questions like what key activities your value proposition consists of.
Identify and note the key assets you need to operate your business. You should at least be able to write down three resources. You should also figure out what key resources are crucial for your distribution channels and customer relationships.
What is the value that you promise to give your customers and how do you plan on doing that? Contemplate what can help you stand out against your competitors and why should you opt for it.
Customer relationship is the most important factor for a business. Initially, you should figure out how your customers will interact with your business. Are they going to contact you through contact form on your site, phone or email? After you have determined that, write guidelines to maintain and develop relationships with your customers.
What are the channels you are going to use to reach out to your customers? Note down different channels through which you will reach out to your customers. Figure out which channels work the best and how much they cost.
To get a better understanding of your customers, you need to understand several facets of their specific segment. Is your customer segment a single or multi-sided market? Then move deeper with a closer analysis of who your individual customers are.
Now that you have written down the important elements of your business, you should have a better idea of your cost structure. It is also important to consider the type of costs that your business will be incurring. Are these costs fixed or variable? Will costs be linear with scaling or will they be fixed?
Analyze your segments and think about the patterns that occur. For example Persona 1 may engage with Value Proposition 1 and 2. This would be an example of a revenue stream. How much are your customers willing to pay for the value that your provide them with.