This week your assignment is to begin researching a small business of interest to you and then start the process of organizing and writing of a formal business model. You will want to select a small business or franchise for which you have some expertise, knowledge, experience, and (most importantly) considerable interest. Before you attempt this Model, please review some of the resources listed in the Reading & Resources section of the Week 6 Lesson.
Once you have reviewed the resources in the lesson, the next step in this process is to watch the video hyperlinked below. We will be using the model design that is covered in this short 9-minute video. Before you start the video, download and print out a copy of the Outline sheet that has been inserted below, it will help you in your note taking as you watch this video.
The Business Model Canvas – 9 Steps to Creating a Successful Business Model – Startup Tips
Now that you have a good feel for the business you want to model, and the format we are going to use to develop your Business Model, it’s time to get to work formatting your business plan. We will follow an organization much like the video you just watched, with two exceptions (see the outline below):
Section 1 – The company description, location, and name
Section 2 – The Value Proposition
Section 3 – Customer Segments
Section 4 – Channels
Section 5 – Revenue Streams
Section 6 – Key Resources Required
Section 7 – Key Partners
Section 8 – Key Activities
Section 9 – Cost Structure (no numbers required, just layout what is important to plan for as important (a) fixed costs, (b) variable costs, (c) activity costs, (d) logistics costs, and (e) legal, license,
How you present this Model is up to you, it can be a PowerPoint presentation or MS Word report. Your submission will be assessed according to the following criteria
The thought that was put into each of the 9 segments. Was everything considered and has the author considered all of the important factors affecting each part of the model? Is it complete with no missing elements?
How creative was the model presentation
How professionally narrated, written, or presented the Model is?
Manage your time carefully, this project could easily take more time than some of the others. Submit your Model by Sunday, Midnight.