The Business Model Canvas (BMC)
It is a one-page document that works through the fundamental elements of a business or product, structuring an idea in a coherent way. It allows people to understand your business and go through the process of making connections between what your idea is and how to make it into a business. Therefore, this tool is very useful to quickly and easily define and communicate a business idea.There are nine main building blocks in the business model canvas template:
1. Key Partners: The strategic relationships your business creates with other companies or people.
2. Key Activities: Activities or tasks that are integral to operating your company.
3. Key Resources: Assets that are required to operate and deliver your company’s value proposition.
4. Value Proposition: The fundamental need that your company is trying to fulfill for its customers. Why your company exists.
5. Customer Relationships: The type of interactions your company has with its customers and the level of support it gives.
6. Channels: Different methods your company uses to deliver its products and value proposition to customers.
7. Customer Segments: The different groups of customers that your company interacts with.
8. Cost Structure: How a company spends money on operations. The key costs and level of cost focus for your company.
9. Revenue Streams: Your company’s sources of cash flows.