9 steps to creating a successful business — Business model canvas explained

What is a business model?

It is a plan you create for the successful execution of business, for example, What are the value proposition, how is the revenue generated, who are the key partners.

Why do we need a business plan?

1. Easy to manage business
2. it gives you a flexibility
3. Easy to communicate
4. Easy to understand using canvas
5. Possibly you can stop what can go wrong.

9 segments of business model canvas

1. Value proposition : what are your products or services? What is the job you get done for your customer?
2. Customer segments : Who are your customers ? How do you identify them? .
3. Channels : How do you communicate with your customer? How do you deliver the value proposition?
4. Customer relationships : How does this show up and how do you maintain the relationship?
5. Revenue streams : How do you generate revenue for the business?
6. Key Resources : The people, knowledge, and money you need to run your business
7. Key Activates : What do you do every day to run your business model?
8. Key Partners : partners without them you can’t run business.
9. Cost structure : Revenue generated, expenditure of the company .