Business model canvas template

Use this template to outline all the advantages, targets, challenges, risks, costs, and opportunities of your business. After completing each step, you'll have an exportable canvas representing all the key details.

What is a business model canvas?

A business model canvas (BMC) is a simple, one-page tool that breaks down the key components of a business model. It provides a clear, concise overview of a company's value proposition, target customer segments, revenue streams, cost structure, partnerships, and channels. Think of it as a blueprint that you’ll base your entire business off of (no pressure).

It also covers how you'll engage with customers, generate revenue, and the key resources and activities needed to keep things running. According to the Bureau of Labor Statistics, about 20% of new businesses fail within their first year. Prevent that by filling out a BMC so you can gain a deeper understanding of different business models, identify areas for improvement, and develop strategies to achieve their goals.

The business model canvas template helps with:

• Gathering observations across an organization and build a strategy

• Aligning teams around a common vision

• Identifying areas for improvement

• Making it easier to communicate your ideas to others

How to use the Business model canvas template

Use the following building blocks to build a cohesive business strategy. Here’s an example to get your creative juices flowing:

Step 1: Identify your customer segments

Who are the people or organizations that will be using your product or service? Try to be as specific as possible — build a customer persona to consider factors such as demographics, psychographics, and behaviors.

For an added level of detail, map out the customer journey to identify key touchpoints.

Step 2: Define your value proposition

What is the unique value that your product or service offers to your customers? This should be a clear, concise statement that summarizes the benefits of your product or service, and how they address customer needs.

Step 3: Identify your channels

Which methods of communication do you plan to use to spread the word about your business to your customers and your key partners? Will you be using online marketing, social media, direct mail, or some other method? List all the channels you plan to use.

Step 4: Describe your customer relationships

How will you interact with your customer base? Will you be providing customer support, offering loyalty programs, or engaging in other ways? Be specific about the types of relationships you will be building with your customers.

Step 5: Define your revenue streams

How will you generate revenue from your product or service? Will you be charging for subscriptions, selling products, or using advertising? List all the revenue streams and pricing models you plan to use.

Step 6: Identify your key resources

What are the resources you need to deliver your value proposition? This could include things like technology, equipment, human resources, intellectual property, or physical assets.

Step 7: Describe your key activities

What are the core activities required to operate your business? This could include things like product development, manufacturing, distribution channels, marketing, sales, or customer service.

Step 8: Identify your partnerships

What external parties will you need to collaborate with to achieve your goals? This could include suppliers, distributors, or other businesses that complement your product or service. Understanding key partnerships can help give you a leg-up against potential competitors.

Step 9: Define your cost structure

What are the costs associated with operating your business? This could include things like salaries, rent, utilities, marketing expenses, or product development costs.

Step 10: Review the canvas

Once you have filled out all the sections, review your canvas and make any necessary adjustments. You may want to consider whether there are any areas that need further refinement, or if there are any inconsistencies that need to be resolved.

Step 11: Next steps

Use the canvas to guide your decision-making and strategy development. You may want to share it with your team, investors, or other stakeholders to get their feedback and input. Update it regularly as your business evolves and grows to inform your roadmap.

Tips for creating a business model canvas using this template

• Invite more collaborators: More team members in your Mural workflow can help with building out each section of the canvas. Team members can provide valuable feedback and unique insights that will strengthen the quality of your business model canvas.

• Try use cases other than business plans: A business model canvas can be used for more than new business models or an existing business strategy. For example, try gathering insights across an organization to build a more inclusive environment.

• Keep it simple: The canvas is meant to provide a high-level overview of your idea on a single page. Avoid getting bogged down in details and keep your descriptions concise and to the point.