What is a business model? How can your business model help your business grow? What does a business model tell you? Subscribe to our channel now to learn everything about starting and running a sustainable business. Watch the full video here and learn why you need to develop a business model.
What Does A Business Model Tell You
1) How to find and win new customers
2) How to sell them a product or service
3) How to deliver it to them
4) How to manage the organisation that does all of these things.
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At the heart of the business model are the customer segment and your value proposition. And the goal of the business model is to find a product-market fit.
Product-Market Fit
A product-market fit is a value proposition that a customer segment must-have. The sign that you have a product-market fit is when customers send you a message and say, “when can I get one?” Or, like I always say, when money exchanges hands.
You can use the Business Model Canvas to develop your business model. It’s a tool developed by Alexander Osterwalder which is made up of nine basic building blocks.
Uses Of The Business Model Canvas
There are different uses of the business model canvas:
1) Used to develop a new business
2) Reevaluate an existing business and re-strategize
3) Team onboarding
4) Look at your competition business and see what they are doing right and where they are leaving a gap that needs to be filled
5) You can also use it for your customers
6) Mergers and Acquisitions; You look at two organisations and stretch them out and see if they fit each other.
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In subsequent videos, we will examine the business model canvas in detail, the nine basic building blocks, and how they interlock.
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Watch the full video here and learn why you need to develop a business model.
