Before you jump into the deep end of the business pool, we are going to make a plan!
A business model helps you to put down your concrete ideas about how your business is going to profit. It also helps you to capture the different assumptions and hypotheses about your business. You will identify what problem you are solving and for who, why your solution works better than anything else in the market, what your revenue streams are, how you are delivering your solution to your target market and what metrics will indicate success.
We often see entrepreneurs that have sat down to write long business plans that ended up gathering dust on a shelf because they were too longwinded. Rather than struggling to write out a multi-page document, the Business Model Canvas was created to help entrepreneurs quickly put down their ideas in a concise, straightforward and structured way; essentially a one-page business plan.
Today, you will learn to use the Lean Canvas to come up with a one-page business plan for your business.
Understand what a business model is:
This video will take you through each step of creating a business model. In one hour, you will have your own business plan!
Before you start, download your business model template from here.