The Business Model Canvas (BMC) is a one-page planning tool which can help you get your ideas out of your head and down on paper. The beepurple team recommends that you complete a BMC when you are first analysing your idea and deciding whether you should turn it into reality. The team also recommends that you update your BMC once you have started your business, when you have a better understanding of your products, services, costs and revenue.
A buyer persona template is a useful tool to help you develop an understanding of your potential customers, including details of their characteristics, values, goals, challenges and objections etc. The beepurple team recommends that you create a few buyer personas before you start up, and that you update these with more accurate information once you are in business.
If you want to analyse your business idea in more detail than with a BMC, it is helpful to write a business plan. A business plan will help you develop a clear picture of how your business will operate and stand out in the marketplace. If you are applying for a UK Government-backed Start Up Loan or looking for private investment, you will need to write a business plan as part of the process.
A cash flow forecast is an important business planning tool which you can use before you start up and once you are in business. It helps you gain a clear understanding of how your business is performing financially because it captures how much money is coming in and out of your business. Even if you don’t write a full business plan, the beepurple team recommends that you complete a cash flow forecast whilst you are analysing your idea and deciding whether to pursue it further.