What is the Business Model Canvas (BMC)?
Business Model Canvas is a strategic management and lean startup template for developing new or documenting existing business models. It is a visual chart with elements describing a firm's or product's value proposition, infrastructure, customers, and finances It assists firms in aligning their activities by illustrating potential trade-offs.
Here's an illustration of the canvas and its components:
- Value Proposition
- Customer Segments
- Key Activities
- Customer Relationships
- Key Resources
- Key Partners
- Cost Structure
- Revenue Strucure
Some of the Questions Owners Have to Answer
- What unique value do you provide to your customers?
- What problems do you solve?
- Who is your target market?
- How do you reach your target market?
- What are customers really ready to pay for?
How to Get More Help on the BMC?
More information can be gained at this discussion on its evolution as a planning tool.
A lot more information and guidance is available at Strategyzer.com and Canvanizer.com - the latter has the capability for developing a canvas online and sharing it with others, such as your SCORE mentor!