Welcome to the Topic “An introduction to lean canvas ”

As a guide for entrepreneurs, the Lean Canvas is heavily influenced by the lean startup methodology and serves as a tactical plan. You can use the lean canvas to develop a single-page business plan that breaks down your business idea into its most important assumptions.

The components of lean canvas 

Problem

One to three high-priority problems are listed in the problem box in Lean Canvas. When a number of businesses fail to put forth the necessary effort, time, and money, the wrong products are created which is why it is critical to gain a thorough understanding of the issue before proceeding further.

Customer Segments

It’s been found that if you want to appeal to different types of customers, such as engineers and accountants, it’s better to design a separate canvas for each of those groups. 

Customers and problems are inextricably linked in the ‘Problem’ box, as you can’t think of problems without thinking about customers, and vice versa.

Unique Value Proposition

The Lean Canvas has a unique value proposition in the middle of it. A value proposition is a promise made to customers that they will receive something of value in return. This should be the primary reason for a buyer to choose your company over the competition. 

The best way to understand your product’s unique value proposition is to think about why your product is different and why your customer segments would want to purchase or invest in your business and your product.

Solution

Once the issue has been recognized, a solution must be found. Empathy-driven value propositions and long-term business viability are both enhanced when the focus is on real problems that need to be solved.

Key Metrics

A startup does better if it focuses solely on a single metric and improves on it. What services or products you’d like to offer should be reflected in the metrics provided. Therefore, finding the right metric is critical because it could be disastrous for the startup. Every business has a set of metrics that it uses to measure its performance.

Channels

Your Customer Segment is best served by using channels to communicate with you. Focusing on the channels and not considering scale is critical in the early stages. Social media, email, pay-per-click (PPC) advertising, radio and television, blogs, webinars, and articles are all examples of channels.

Structure of the Costs

The total cost of the project, both fixed and variable, should be listed here. Here, questions about the cost structure should be considered. How much money does it take to run your business for a month? In what ways will be interviewing your target market’s members cost you money? What is the price of a market research paper? etc. Break-even points can be estimated from these costs and revenue streams.

Revenue Streams

Your business’s star rating is based on the model type you use. Start-ups are known for lowering their prices or even offering it for free in the beginning in order to attract new customers. The key is that it delays or even prevents the validity of the information from being checked. Because people prefer freebies to paid ones, getting them to sign up for something is much more difficult than asking them to pay for it.

Unfair Advantage

Always be able to tell whether or not your startup has an unfair advantage over the competition. Expert endorsements, dream teams, insider information, and existing customers are all examples of unfair advantages.

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