Your Business Model:
How to Create a Business Model Canvas
A business model canvas tells in one page the story of your business-how your unique product or service will fill a need for customers or clients and earn you money. This story is your "business model."
Why the one-page plan works
Whereas it can take weeks or months to create a conventional business plan, you can produce a business model canvas in under an hour. That's because you're not aiming for perfection or even complete certainty. You're simply sketching the business model for the first product or service you plan to take to the market so that you can try out your entrepreneurial idea as soon as possible.
Aim for "done," not "perfect"
Like an artist painting and repainting the same scene, you'll likely redo your canvas multiple times. As you test your ideas by taking them to market, the market will give you feedback. You'll learn what works and doesn't work, figure out which assumptions you need to reconsider, and identify parts of your model that require more research or analysis. As you adjust your approach, you'll revise your canvas to show the changes to your evolving business model.
Your first business model will probably contain gaps, and you may need to do some research to fill in missing information. The key, though, is to do the minimal research needed to support your idea. Better to complete a business model canvas in time to test out your idea than to create the "perfect" canvas for a business idea that dies on the vine.
Download your Business Model Canvas here.
How to fill in your canvas
Watch this instructional video to learn how to develop your business model step by step:
- Capture Your Business Model in 20 Minutes by Ash Maurya, creator of the Lean Business Model Canvas and author of Running Lean .