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Why You Need To Develop A Business Model For Your Business

Why You Need To Develop A Business Model

What is a business model? How can your business model help your business grow? What does a business model tell you? Subscribe to our channel now to learn everything about starting and running a sustainable business. Watch the full video here and learn why you need to develop a business model.

What Does A Business Model Tell You

1) How to find and win new customers

2) How to sell them a product or service

3) How to deliver it to them

4) How to manage the organisation that does all of these things.

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At the heart of the business model are the customer segment and your value proposition. And the goal of the business model is to find a product-market fit.

Product-Market Fit

A product-market fit is a value proposition that a customer segment must-have. The sign that you have a product-market fit is when customers send you a message and say, “when can I get one?” Or, like I always say, when money exchanges hands.

You can use the Business Model Canvas to develop your business model. It’s a tool developed by Alexander Osterwalder which is made up of nine basic building blocks.

Uses Of The Business Model Canvas

There are different uses of the business model canvas:

1) Used to develop a new business

2) Reevaluate an existing business and re-strategize

3) Team onboarding

4) Look at your competition business and see what they are doing right and where they are leaving a gap that needs to be filled

5) You can also use it for your customers

6) Mergers and Acquisitions; You look at two organisations and stretch them out and see if they fit each other.

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In subsequent videos, we will examine the business model canvas in detail, the nine basic building blocks, and how they interlock.

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Watch the full video here and learn why you need to develop a business model.

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