>Business >Tips and Tools >My Business Model

My Business Model

The My Business Model canvas can help you turn your business ideas into reality. Whether you're interested in starting, acquiring or repositioning a business, use our canvas to create your business model.

Why using My Business Model^®

The My Business Model^® canvas not only helps you communicate your project effectively, it also encourages you to think strategically and facilitates teamwork and the exchange of ideas. Jot down short sentences in each block, add sketches and use arrows to make connections.

Above all, be creative—your business is one of a kind.

Visionnez la vidéo d’introduction de Mon modèle d’affaires

Watch the introductory video

Download the canvas and complete your business model

The Business Model Canvas is an essential tool that will accompany you throughout your strategic planning process. It is based on the nine building blocks of My Business Model^®.

Download the canvas

A clear vision of your business in 9 blocks

Your value proposition is your product's value added as seen through your customers' eyes.

Try to determine what needs or problems your product or service addresses.

What value does it create?
What are you actually giving your customers?
What are the features of your product?
What are the advantages of your offering?

Customer segments represent the different groups of individuals targeted by your business.Ask yourself these questions to identify your customers:

Who do you create value for?
Who are your target customers or customer segments?
Who are your biggest customers?
What are their needs?
What problems do they have?
What is their profile?

Your offering is closely related to your customers.

Look again at the questions about your value proposition and analyze its impact on your customer segments. This will help you establish a solid link between the two blocks on the canvas.

The next step is to decide on effective communication and distribution channels for your business.

Bearing in mind the different channels that businesses can use (including websites, online stores, bricks-and-mortar stores and warehouses), answer these questions:

How do you reach your customers?
What channels do you use to distribute your products or services?
What channels do you use to communicate with your customers?

Remember that the channels you use must be consistent with your value proposition and customer segments, as defined in the two previous blocks.

You've identified your customers, thanks to the Customer Segments block. Now it's time to define the kind of relationship and service that will suit them best.

For example, some products and services require personalized service, while automated service works better for others. Decide what's best for your business by answering these questions:

How would you describe your relationship with your customers?
What type of relationship do your customers want?
How can you attract these customers or increase their loyalty?

After modelling your business's relationships with customers, look again at your distribution channels to make sure that they are appropriate.

Key resources are all the assets that help keep your business running smoothly.

These resources are manifold and may include staff, tools, property, permits, patents, know-how, experience and reputation. Identify your business's resources by answering these questions:

What do you need in order to deliver on your value proposition?
What resources are essential?

Your key activities help you deliver your value proposition and bring your product or service to market. They also make your business more competitive.

For example, a manufacturer might stand out from the competition not only for its products, but also for coming up with a new production method. Similarly, a professional firm could set itself apart by creating and patenting a new problem-resolution method. Ask yourself:

What activities are key to delivering on your value proposition?

Your key activities are dependent in large part on your key resources. Take another look at the previous block to make sure that it is clearly linked to your activities.

Setting up your business and keeping it profitable will require you to work with suppliers, subcontractors, distributors and other partners who are essential to delivering on your value proposition.

Bearing in mind that partnerships come in a variety of different forms (for example, you might form a strategic alliance with a competitor or launch a business with one of your suppliers), ask yourself these questions:

Who are your most important partners and suppliers?
Which partners help you carry out activities that you do not perform in-house?
Which partners provide you with the resources that you don't have in-house?

Remember that a good partnership brings many benefits, including maximizing profits and reducing risks.

Revenue streams are a key component of the business model, for both your business and your investors.

Whether your revenues come from fees, contract agreements, subscription agreements, rental/leasing agreements or licensing agreements, it's important to set prices according to what your customers are willing to pay for your product or service. Ask yourself these questions:

Where do your revenues come from?
How do your customers pay?
How do they prefer to pay?
What are your most profitable products or services?

Businesses face a number of different costs. These may concern resources, employees, training, relations with partners, distribution, operations or taxes.

It's in your interest to be familiar with the costs you face and to find an innovative structure that means you don't depend on resources and activities that eat into your profits. Ask yourself these questions:

What is the cost of your key activities and key resources (fixed and variable)?
What are the costliest aspects of your business model?

The Institute for entrepreneurship National Bank - HEC Montreal is dedicated to promoting and supporting business creation and entrepreneurial takeovers. It helps develop innovative entrepreneurs via educational activities and training, carrying out and communicating cutting-edge research and providing coaching and networking opportunities. It also offers activities intended to identify, assess and present the issues faced by Quebec business creators and SME owners. The Institute has four distinct roles:

An observatory of Quebec entrepreneurial trends and best practices
An idea accelerator for innovative businesses
A centre for knowledge transfer and customized training
A networking and event space

To learn more about the Institute's activities, visit iebn.hec.ca

Note : The website is available in French only.

Going further

Legal advice, mentoring, accounting, telemedicine and more: by becoming a client, you can take advantage of special offers from our partners.

Explore our partner offers

Image of a toolbox with a door and a window representing a company

Useful Articles

Resources to develop your business

What are the benefits of defining your company values?

How to survive starting a business

Download the canvas

Schedule a call with a business expert

^®MY BUSINESS MODEL and the MY BUSINESS MODEL logo are trademarks of National Bank of Canada.

Created by: Business Model Foundry AG

The creators of Business Model Generation and Strategyzer.com

This work is licensed under the Creative Commons Attribution – ShareAlike 3.0 Unported licence. To view a copy of this licence, visit http://creativecommons.org/licenses/by-sa/3.0/ or send a letter to Creative Commons, 171 Second Street, Suite 300, San Francisco, California, 94105, USA. Content of the sections of the Business Model Canvas: © All rights reserved 2015 HEC Montréal ^TM MY BUSINESS MODEL and the MY BUSINESS MODEL logo are trademarks of National Bank of Canada.

^®BUSINESS CENTRAL is a trademark of National Bank of Canada.

My Business Model

Why using My Business Model®

Download the canvas and complete your business model

A clear vision of your business in 9 blocks

Value Proposition

Customer Segments

Channels

Customer Relationships

Key Resources

Key Activities

Key Partners

Revenue Streams

Cost Structure