We’ve already looked at a whole heap of different online business models purely just to give you an indication of the many different ways people can make money online by selling their goods and/or services.
But how many different sorts of “models” exist? Which one do you “choose”?
Well, the answer might surprise you, but there are millions of them, so that makes it impossible to choose just one!
Each business should have, at its core, it’s own “proprietary” business model. A model that has been specially crafted for the particular circumstances and situation of that business!
So that’s what we want to do here… and that is to introduce you to a very clever method of designing your own businesses model, using something called the Business Model Canvas (BMC).
And by using the BMC, you can quickly…
If you want to initially just “test” an idea, then your purpose here would be to “design” something based around ONLY the MAJOR facts you know, and the MAJOR assumptions you have made. Suggest that you should use different COLOURED notes for facts V assumptions!
Remember what we said at the start of this lesson… By using the BMC, you can quickly:
- draw up a possible business model for your business (in under 30 mins with practice),
- work out what needs to be tested, and how,
- test it (and restest if needed) to determine viability,
And then, once you’ve done several iterations of testing, then it’s time to either:
- expand on it and do that more in-depth research that we talked about before… And from that, develop a more “complex” model which includes all the results you’ve discovered, and get into more of the “nitty-gritty” 🙂
- go back to a blank canvas and construct a different variation
- go back even further and look at totally different keywords/niches!
But for now… let’s move on and discuss all of these different building blocks in a lot more detail over the next few lessons.
NEXT UP » Front End Building Blocks.
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