It takes a tremendous amount of planning for a business to get from just an idea to a profitable company. Essential to this process is the formulation of a business plan.
A business plan will form the framework for your business. It allows you to consider all the various aspects of putting a business together in one legible document.
A strong model of your business should ideally include the 9 Key Building Blocks:
- Customer Segments
- Value Propositions
- Channels
- Customer Relations
- Revenue Streams
- Key Resources
- Key Activities
- Key Partnerships
- Cost Structure
If all these building blocks have been properly formulated, the business model becomes a powerful template to build your business from.