Business Models 101:Key Resources

In this part we will discuss the Key Resources, meaning what do you need as equipment, material, support to make your business turn.

I have to repeat it on every page but starting something on your own, creating value for you, your family and the world is a totally recommendable thing to do. You want to create your company. This is GREAT. The world has been made by people like you. Entrepreneurs. Self-Made Men, Creators, Builders people that believed an obstacle is just another great challenge to overcome, to solve and put behind them as an achievement. 

The Key Resources

 What will you require to fulfill the value proposition and support the development of your business. Will it be humans, machines, financial, intellectual resources.
Once you know what you need to go forward, you can then also evaluate what they will cost, where to get them from, etc....

Same as for the activities, you need to understand clearly what resources you will need for your activities.

For our cupcake factory activity, the main resources will be our staff mainly. Then, if our online presence is essential, we will need someone that takes care of the website. It could be the same person that takes the orders in too. In that case it could be part of our staff or we could hire an external web design company.

If we go for offering franchise, then we will have to supply them with goods and services for their activities to turn smoothly.

key resources

So you have to go through each box in your business plan sheet and look at what key resources are needed by each of them but mainly needed by:

  • our value proposition?

  • our distribution channel?

  • our customers?

  • our revenue stream?

  • our cost structure?

 

 

Previous: Key Partners

Next: the Key Activities

 

Download the template from here.

 

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