This topic is a bit extensive, even the name of the post has a lot to say. Many people have the dream of starting their own business, being their own boss and forget about worrying of having to deal with bad workplaces and work mates. But I have not met anyone that says that starting their own business is easy.
I am one of those people who dream of starting their own business, not because of the idea of being my own boss, I think that is the scariest part (a lot of responsibilities). For me it has to do more with creating a working environment in which I feel my team and I can work happy, in which the creativity flows and in which everyone feels motivated to work.
The final assessment for Professional Design was to create a business. At the beginning I wanted to work on my own studio, but then Julia appeared with a fun idea and thought it might be interesting to do it with her. This blog posts will be focused on my idea of my business and later on, another blog post will be done to talk a bit more of Colletivo (me and Julia’s studio).
This topic is divided into two blog posts, on this one, the idea is to explain and understand what the business model canvas is and how it might help me in the future. The other post will be centred in the concept of “Start With Why” from Simon Sinek.
The business model canvas is a tool used to understand a business model in an easier and structured way. Using the format or canvas provided, the business owner can create insights about the customers, the value propositions, the channels, and the way the business will make money. It is also a good tool to be used when someone needs to understand the business model of a competitor. Knowing their business model will allow the business owner to create something with a unique trait, something that other business don’t offer, setting their businesses apart and having that innovative side that will make or break the business. At the end, the business model is a canvas used for visualizing, assessing, and creating business models. It describes the rationality behind a business and sets its value.
As I said before, in other posts, my brand is named VICA and I want my studio to be named the same way. The business model for VICA, based on the image above, is:
Customer segments: People with above average income, people who are about to open a business and need help with the whole concept, people in charge of the design and decoration of their home or space.
Value proposition: VICA Studio is a place where we create a relationship with our clients based in trust, in which creativity is the road to solving their problems. VICA Studio focuses on solving problems by exploring all the creative aspects behind a client and its project.
Revenue streams: Being and interior and graphic designer that is just starting in the industry, the intention is to charge $125 per hour. Depending on the project and on the customer, a pricing can be done per room. The scope of works and the deliverables also depend on the needs of the client, and they must be discussed with them before quoting a project.
Channels: The communication with the clients will be done by the website, social media, with a physical studio and with online presence. The online presence is a key factor because the intention is to continue working on projects from Colombia.
Customer relationships: The interaction with the customers depend on the stage each customer is in. If it is a potential customer, it will be done every day and a half through posts on social media. If the customer has a project with us, the interaction can be done each week to discuss the progress and approve as we go.
Key activities: Some steps that can be done to move ahead from our customers are promoting the services by social media; attending networking events from the industry; designing workshops where people can attend the studio and learn some tips of design; and offering free consultancy to get to know the potential customers and start to create a relationship.
Key resources: The resources needed to make the idea work are having graphic and interior design skills and the physical assets (computers, internet, physical studio).
Key partners: The partners that we need and that we wouldn’t be able to exist without them are a lawyer that can help with the elaboration of the contracts; a relationship with builders and suppliers that can help in the elaboration of the projects; and an accountant that will help managing the money.
Cost structure: The most fun and the one I have absolutely no idea. This is one that can be taken slightly and that needs more research. Maybe another post will be targeting only this subject.
The canvas is very helpful to visualize the business and it starts to throw some ideas on how my business will be different to others. Another thing that I think is important and that the business model doesn’t have, is the way the environment in the studio can be managed. I think it is a key element and it is something that will help the studio grow and be sustainable in the future. This is linked to the key resources, the people that work in the studio, the people who make the studio what it is. That will be discussed in the next post.
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