The Lean Canvas

How to create a lean canvas

• Step 1: Problem the first question to ask: what problem does your product or service seek to solve? How common is this problem, how many people have it? How much would people be willing to pay to fix this problem?
• Step 2: Solution what top three features does your product or service have, that work toward solving the problem? Are there other businesses out there with a similar solution?
• Step 3: Key metrics what are the indicators you can use to determine whether your product or service is working correctly and your business is succeeding? Your key metrics can be a mix of engagement statistics, revenue, and customer satisfaction scores.
• Step 4: Cost structure list all operational costs here. What is the cost of customer acquisition? What about distribution cost? Identify key partners in your venture and look up costs of potential suppliers or manufacturing, shipping, and other logistical issues to get at the true cost of operating.
• Step 5: Unique value proposition what are you bringing to the table that your competition is not? How many competitors in this space are there, and what can you do to separate your business from theirs?
• Step 6: Unfair advantage how can you ensure that your product or service cannot be copied? What steps are you taking to ensure your maintain a competitive advantage?
• Step 7: Customer segments who are your prospects and how do they connect to the problem? In this step, you should identify specific personas among your potential customer base, how they perceive the problem you’re solving, and the unique value prop you can offer.
• Step 8: Channels what paths do you need to take to reach customers? Understanding your customer segments is critical to informing this step. Know where your audience is and you can know how to reach them: over social media, content marketing, billboards, etc.
• Step 9: Revenue streams what is your revenue model? Gross margins? Lifetime value of your product or service? Make sure not just to model how much you will earn initially, but recurring revenue and how much value you expect to generate from each customer over time.
• Step 10: Review step back and consider everything you’ve mapped, and share with your team for alignment. Use all of this information to spot weaknesses and strengths in your business, and to hone in on your overall strategy.

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