cornwall business start-up workshop · lean canvas a live document populate with your thoughts and...

C O R N W A L L B U S I N E S S S TA R T - U P W O R K S H O P

Mobile phonesPitch

A new business model

Planning Your New Business

What is a business plan?

Who needs it?

How do you feel about generating one?

Business plans

A new business model:

Lean Canvas

Good news!

What is Lean Canvas?

Business planning

tool

A one page document

For you and your

business to use

Focuses on 9 key questions

Lean Canvas

A LIVE documentPopulate with your thoughts and ideas throughout workshopSuccess = on your office wall / updated regularlyCommon strand as you continue to work with us

The problem

PROBLEM

Why do people buy?

The power behind the ‘Why’?

Work on the ‘Problem’ section of your canvas

Why do you buy?

Why do you buy?

FUNCTIONAL NEED

EMOTIONAL NEED

FUNCTIONAL PURPOSE/RESULT

THE WAY IT MAKES YOU

FEEL!

THE WAY IT MAKES YOU

LOOK!

Are you looking to address…

FUNCTIONAL NEED

EMOTIONAL NEED

Both?

Key messages

What are the key problems or

emotional drivers?

Why is your offering a viable

option?

How do people solve it today?

Have you validated this?

Customer segments

PROBLEM CUSTOMERSEGMENTS

Customer segments…Who will be your most important customers?

Who will understand your products, the benefits and value?

Who are the people who will talk about you?

Is it a business to business or a business to consumer offering?

Have you made assumptions about your potential customers?

If you are talking to everybody, you are talking to nobody.

Who will be your early adopters?

WHO WILL LISTEN?

WHO WILL GET IT?

WILL THEY SELL IT

FOR YOU?

What does your customer look like?

How old?

What gender are they?

What interests do they have?

Where do they live?

What’s important to

them?

Your customer segments?

WORK ON YOUR CUSTOMER SEGMENTS

CONSIDER B2B or B2C

WHAT ASSUMPTIONS

HAVE YOU MADE?

COULD THERE BE ALTERNATIVES?

HOW WILL YOU TEST IT?

Key messages

You can’t sell to everyone

Keep focused

Be clear as to who you will target

How are you going to validate your

customer segment?

The solution

PROBLEM CUSTOMERSEGMENTS

SOLUTION

Key Elements

Features and Benefits

Brilliant Basics and Compelling Differences

The clever element(s) you provide which solve the problem

Features & Benefits?

What the customer derives from using your product or service

Remember...People buy benefits not

featuresDefine the

value provided by the features

Help your customer

connect the two

This wetsuit is built from a unique composite material making it the thinnest steamer suit on the market

Who might benefit from this product?

The elite performer

Intermediate improver

Fashionista

What benefit might they gain?

The elite performer

Ability to achieve more dynamic movement

Intermediate improver

Ability to stay in the water longer

Fashionista

They feel and look cool!

A single feature

Providing numerous benefits

Applicable to different buyers

Think about your businessWhat are the primary features that address the problem

you have identified and the associated benefits?

Job done?

Brilliant Basics and Compelling Differences

Your benefits must also:

Be compelling for the customerand

Differentiate you from the competition

How often have you seen this?Come to our restaurant!

Good foodFriendly service

Great atmosphere

Is this enough to attract customers?

These are ‘brilliant basics’…

Good food,Friendly service,

Great atmosphere.

NO!

…the minimum we expect.

‘Compelling Differences’ are vital

What will make you stand out from the

crowd?

What will prompt customers to

change?

If there is nothing to differentiate you from the competition why might

anyone buy from you?

Lose or Win?

Brilliant Basics – without them you lose customers

Compelling Differences – with them you win customers

What are the brilliant basics & compelling differences for your business?

BB CD

BUILD – MEASURE – LEARN

• What assumptions have you made?• How will you test your assumptions?

IDENTIFIED A PROBLEM OR EMOTIONAL

DRIVER

IDENTIFIED YOUR

CUSTOMER SEGMENTS

IDENTIFIED A SOLUTION

Progress…

What is your…

Minimum viable product…

“A product that has just enough features to enable you to test the market place and get feedback”

Created a conceptual idea

Used KickStarter to

validate interest

It could be…

Initial market research

Perfecting your conceptual pitch

Creating a prototype

What is your minimum viable product?

How will you test your minimum viable product?

Build – Measure – Learn

WHAT IS BML?

WHY IS IT BENEFICIAL?

SHARE CASE STUDY

BUILD

MINIMUM VIABLE

PRODUCT

MEASURE

HOW IS IT RECEIVED?

LEARN

TAKE NOTE OF

FEEDBACK

REPEAT THE PROCESS

BUILD – MEASURE – LEARN

Helps to reduce the risk

Allows you to pivot or change your offering

Ensures you focus on your MVP

Allows you to connect & listen to

your customers

Homework

Think some more about your minimum viable product.

What might Build – Measure – Learn look like for your business?

PROBLEM CUSTOMERSEGMENTS

SOLUTION

REVENUESTREAMSCOSTSTRUCTURE

IDENTIFIEDASSUMPTIONS

KEYACTIONS

What is your unique value proposition??

• Value proposition is a clear statement that. explains how your product solves customers' problems or improves their situation (relevancy)

• delivers specific benefits (quantified value)

• tells the ideal customer why they should buy from you and not from the competition (uniquedifferentiation)

Our goal with MacBook was to do the impossible: engineer a full-size experience into the lightest and most compact Mac notebook ever. That meant reimagining every element to make it not only lighter and thinner but also better. The result is more than just a new notebook. It’s the future of the notebook. And now, with sixth-generation Intel processors, improved graphics performance, faster flash storage, and up to 10 hours of battery life,*MacBook is even more capable

MacBook Light. Years ahead.

Unfair Advantage?

Arealunfairadvantageisonethatcannoteasilybecopiedorbought.

• We have feature X

• We are better at SEO and social media

• We all have MBA’s/PHD’s

• We are passionate/work harder/are cheaper

• Insider information

• The team

• Authority/credibility/reputation

• Single minded uncompromising obsession

This isn’t! This is!

Channels?

Channels are how your business will reach your customers (those very important people who are going to pay you!)

There are four main functions of Channels:

1. Communicating your offer to your clients – how they will find you (Can be pushing out to them or pulling them in)

2. How will you actually get your product or service to them? (Distribution)

3. Sales – How will they actually buy the product? Online, at a store over the phone? How will you get the money in?

4. Post sales support – How will you look after them once they have received your product? Guarantee's, refunds, faulty goods, re-ordering

Work through your canvas and identify each of the potential channels for your product or service.

Remember…..

Your channels may differ depending on the customer segment you have identified.

THANK YOU!

If you and are looking to start a business in Cornwall contact us to see how we can support you!

INFO@BREAKTHROUGHCORNWALL.CO.UK

WWW.BREAKTHROUGHCORNWALL.CO.UK