Business Model Written

 BUSINESS MODEL CANVAS

Who will help you?

KEY PARTNERS

For my business, the key partners I aim to work with should be a part of another publishing company, so that we can collaborate and contribute to each other’s work. I may also seek to write my own pieces for another company in order to make some extra profits, and so it is important that I form connections in the relevant industry. Therefore, it is a necessity to form an alliance between non-competitor publishers.

Moreover, later down the line when I hope to sell merchandise, I will have to find partners who can do this for me, such as graphic designers, so I also need to seek these connections.

The most important motivation for forming partnerships with other publishers is a difference in opinion, which is vital in appealing to a wider audience.

How do you do it?

KEY ACTIVITIES

The activities I will be hosting will be writing and editing, of which will be the preface of my business. As a music blog, most of my content should be text in article form, and so this is the key activity. However, I may present other activities such as reader contribution and reviews.

Reader contribution will play an important role in distribution channels, as it will be online content for now.

What do you need?

KEY RESOURCES

In terms of resources, my proposition does not require much at all. We will function purely off human and intellectual resources from myself, which is obviously already available to me. In terms of physical resources, the only ones I can think of are the materials required to distribute and create merchandise.

My business will only need access to the internet and social media to function.

What do you do?

VALUE PROPOSITION

My company is an online-based music blog/magazine with the aim of satisfying customer entertainment needs while serving as a reliable form of information in terms of music.

My business will focus on satisfying customer need rather than customer problems, which is luckily the most popular form of customer satisfaction as entertainment need is the most desirable. I will be producing online articles and blogs for the reading pleasure of an audience rather than helping them solve a problem they have. If they seek to find out more information on a certain artist or find new music that they will enjoy, that will be the purpose I serve –purely entertainment.

My blogs can also serve as a reliable source for other publishers such as if I decide to hold interviews or communicate directly with an artist, which is important as this then develops and expands the purpose of my company to a wider audience.

My target audience will be the younger generation, more specifically young people between the ages of 16-25, as they are typically more interested in music and are also more impressionable, and so recommending music and broadcasting new artists should be both effective and appealing to my audience and business as a whole.

How do you interact?

AUDIENCE RELATIONSHIPS

As I aim for my business to be a reliable, enjoyable and transparent source of information, my audience should expect the same from the relationships I build with them – honest and reliable. My tone in my work must be approachable and intriguing in order to attract an audience and more specifically for my target audience, I must regularly and effectively engage with them online in order to keep them interested as well as perhaps allowing them to submit their own work from time to time. I aim to develop and build my business upon my audience’s best interests, so this will allow both my business and customer relationship to grow. II must consider setting costs based on customer affordability and opinion as to keep them satisfied, as well as the content I produce – I will be driven by customer satisfaction.

How do you reach them?

DISTRIBUTION CHANNELS

I aim to reach my audience through virtual distribution channels, as this is both the most popular form of distribution but also the easiest to reach my audience and communicate with them. As well as this, this also works out the cheapest as well, so in terms of costs, this is thankfully something I don’t have to worry about. This is also relevant considering that almost all journalism is now published online, so I must remain relevant through posting online. It may be important to consider producing physical channels later on though in the form of hard issues to reach a wider audience, and if I want to appeal to the older generation eventually.

What will it cost?

COST STRUCTURE

In terms of cost, the activities I run in my business should not cost much if anything at all. Setting up my blog will be free and writing and editing my articles will be free. I may have to consider paying for advertising though, but this will be where the majority of the costs will go towards.

Eventually, however, the production of ethical clothing for merchandise will prove more costly, but this is not vital in the running of my business.

How much will you make?

REVENUE STREAM

How much does every revenue stream contribute to the overall revenues?

In terms of revenue, I plan that the majority of the income will come from adverts on the blog or in the journal. Income may also come from the distribution of merchandise and a subscription service, but all of these things will be very affordable.