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Episode #72 Design & Plan Your Business

July 9, 2021

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There is no wrong way to get started in business, all ways are the right way. You pick whatever works for you and whatever means you have for getting started. I love using a Lean Value Canvas as a living document to keep you anchored in the process. It keeps evolving as you investigate and make adjustments  of your experiments. Everything that you do is giving you more information about what works and what doesn't work for all nine of the sections. Today’s episode is all about skipping the business plan development process, and jumping into Lean Business Development with tons of experiments.

 

In this episode, we talk about:

  • Becoming an entrepreneur
  • The Lean Approach to Business Development vs the business plan model 
  • The 9-part-holy-grail of the Lean Value Canvas
    1. Customer Segment
    2. The Problem
    3. The Solution
    4. The Unique Value Proposition
    5. The Unfair Advantage
    6. Revenue Streams
    7. Channels
    8. Key Metrics
    9. Cost Structure

 

Time Stamps:

[04:27] Lean Approach to Business Design: There are a lot of different ways that you can start up your business but the lean aproach emphasizes the model and speed over the plan. Think of it like this...

 

[07:29] Meet the Lean Value Canvas: This one-sheet is a really great anchor to figure out what you're going to experiment with in your business. Use this guide to deconstruct your idea into 9 key parts.

 

[09:22] Part One, Customer Segment: Think about who exactly are you helping. Use these questions to determine their role in your business.

 

[11:12] Part Two, The Problem: Put together a problem state by considering both the dream and the problem. Here's what I mean.

 

[12:07] Part Three, The Solution: You've tried a bunch of things to get to where you are in your journey. Here's how to use those different components to come up with your secret sauce.

 

[13:05] Part Four, The Unique Value Proposition: There's actually a simple formula for putting together your Unique Value Proposition, it goes a little something like this...

 

[15:04] Part Five, Unfair Advantage: Richard Branson has the crazy ideas and the right kind of drive to get to space. Here's one way of thinking about it.

 

[18:36] Part Six, Revenue Streams: There are so many different ways to generate revenue aside from your products or services. I'm dropping 5 ideas right here!

 

[25:05] Part Seven, Channels: Think about all of the different marketing channels you can get business. I even share one of the ways I discovered a way to do free local ads for speaking or workshop events. 

 

[31:33] Part Eight, Key Metrics: When you break out metrics to show your progress in between, it helps you stay in the game. We don't want you to quit, consider these ideas in measuring your progress.

 

[34:19] Part Nine, Cost Structure: Consider all of the money you're putting into your business and then some. Most people think fixed costs, marketing dollars, and variable costs, but they always overlook this.

 

Lean Value Canvas

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