Before embarking on a new project, it is important to have a few certain, clear, and established points to make it profitable, sustainable, and scalable.
Before embarking on a new project, it is important to have a few certain, clear and established key points since we cannot forget that any new business must be profitable, sustainable, and scalable.
That is why we leave you with 9 key elements of a business model created by Osterwalder & Pigneur, “The Business Model Canvas”:
- Ask yourself, who are you creating value for? Make sure you have a strong, established, and clear niche to establish your objectives and strategy around them.
- Where will you connect and communicate with your target? The way you communicate with your target will strongly depend on where you connect with them. May it be through social media or massive advertising channels like television and radio. This is a key element in how you develop a relationship with them beyond just buying your services.
- What’s your promised value? Think of what you’re offering your clients and if you’re fulfilling their needs accordingly.
- What are your resources and key services? Before starting and exposing your business, always make sure that you have the necessary resources (physical and human) to establish yourself on the market.
- Where’s your income coming from? Will you earn project by project or will you have a set price for your clients? In order to stay afloat, this is an important question to have in mind from the very beginning.
- Think of key partnerships. Who are those key people in your life that could provide you some key resources? Or who can you partner up with to help strengthen your value and what you can offer consumers?
- Don’t forget your humanity. Keep in mind that your clients, just like you, are also people. They have needs, desires, objectives, and also have their clients to deal with. Treat them all equally as you want to be treated.
- Your team above all. A connected team is what will push your business and elevate it to places you’ve never even dreamed of. Make sure that you have people on your team that not only know what they’re doing but are also willing to learn and work with others to help grow the business; as it is also theirs.
- How’s your chain of value built? This is how you assure success to your business: having a strong chain of activities and a clear path of how your business model will work to ensure your promised value.
We hope these 9 key elements of a business model help you to have greater clarity while embarking on the trip to starting a new business!
And don’t forget…#TrustTheProcess