Wow… we’ve covered a lot in the last five lessons about what is involved in a supposed “lean” startup business plan LOL. Well, compared to the traditional approach normally taken, that was fairly quick!
Remember, the whole point of a “lean startup business model” such as the Business Model Canvas, is for you to be able to quickly:
- draw up a possible business model for your business,
- work out what the MAIN/KEY assumptions and facts are,
- decide what needs to be tested, and how,
- test it (and restest if needed) to determine viability,
In case you didn’t see it…
The Key Word here is TEST!
Then, once you’ve done several rounds of all-important testing of your key facts and assumptions, it’s time to either:
- expand on it and develop a more “final” model which includes all the results you’ve discovered,
- FAIL FAST and go back to Step 1
I would, however, like to add another very important building block which I am sure has been overlooked in this particular business model… and I am NOT saying that just to be a little bit different LOL
And that missing building block would be…
The “YOU” Building Block 🙂
We’ve spent a fair bit of time in this course talking a LOT about YOU, and your WHY and your business WHY, and what sort of online business might suit YOU? etc. etc.
I feel it is VITAL that you also INCLUDE the key elements of your findings about YOU, into whatever business plan you develop!!!
I’ll just take a few moments here to ask just a couple of questions as examples…
- Are your current SKILLS and ABILITIES useful, or do you need to factor in more EDUCATION for yourself? What?
- How does that LIFESTYLE you see yourself living fit into the business model you developed?
- Can this business model help you to become THE person you want to be?
There are plenty more questions you could ask here, and we’ve covered a lot of them already! Please just ensure that you account for YOU in this part of the process 🙂
More on Strategyzer
I’ve also only just scratched the surface here with my info on the BMC and the VPC. If you want to find out more, then I strongly encourage you to sign up with Strategyzer here (it’s 100% free).
Once you’ve done that, you can learn more about their methodology. You’ll also get access to 30+ free resources (downloads and videos) that you can use to better design, test, and assess your business. And of course, you can find out more info about their premium projects and training courses if you wish (and they are not affiliate links).
Moving Right Along…
I’ve got to at least mention it… because no course would be “complete” without at least some discussion on the Traditional Business Planning model. So that’s what we’ll spend just a little bit of time on in the next lesson!
Just remember, if you are seeking any significant amount of finance to fund your new business idea, most lenders will probably want to see a more traditional business plan! So you will have a lot more work to do if that’s the case!
NEXT UP » Traditional Business Planning.