A business model canvas is a visual chart template designed to develop and test new business models before launching a startup.
Creating a fashion startup requires a precise set of tools and skills to succeed. There are some fundamental pillars to start, and through the creation of a strategic business canvas, you can focus on the value proposition of the brand, its positioning, competitors, and buyer personas.
We have covered all these topics in a comprehensive free online course, and today we share with you one of the most important elements. We are going to discuss the Fashion Digital Brands Business Canvas and its peculiarities.
A “business model canvas” allows you to collect all the necessary information on a single page, to have all elements together at a glance. It allows you to organize logically and visually how your company creates value, reflecting in a single sheet the strengths and weaknesses to obtain the complete picture.
This model was invented by Alexander Osterwalder in 2008 and gained incredible success becoming the most important tool to be used by entrepreneurs at the first steps of their journey.
Indeed, the canvas is a tool that forces people to think about the key aspects of the business and their interdependences, making sure at least on paper that all aspects are coherent.
After Osterwalder’s original Canvas, many new templates have appeared to adapt to different niches such as the Lean Business Model Canvas, but also for a specific industry.
It is a visual chart with elements describing a firm’s or product’s value proposition, infrastructure, customers, and finances.
We at FTA often meet fashion students and entrepreneurs willing to start a fashion brand. Their needs and aspiration are very specific, though.
When explaining the traditional Business Model Canvas, we realized that this template was not perfect for them and their needs. Different aspects were not applicable to the fashion industry, whilst others relevant to the industry were not touched in the traditional canvas.
For this reason, we decided to create the Fashion Digital Brands Canvas.
You can have a preview of the document here below.
We have included a number of different aspects which are fundamental for digital fashion brands to become successful. Here’s a quick breakdown, you can download the whole document for your perusal at the end of the blog.
The main elements we are going to assess and discuss are:
The Product Offering. Choosing the right merchandising plan, it’s fundamental for a fashion brand. Moreover, many can opt for a direct-to-consumers model reducing the variety of the catalog in the first phase.
The Buyer Personas. Communication in fashion is a very relevant aspect. Defining customer segments is not enough. It’s important to develop the profiles of the main buyer personas to craft a perfect communication plan to reach through the right channels in each cluster.
The Branding. A relevant space is assigned to the Brand Identity. The type of relationship you want to create with your customers starts from the promise you make with the values behind your brand.
E-commerce. Discover how to craft your sales funnel and which actions lead to immediate results. Constant optimization of the different phases will play a major role in your company’s development.
If you want to have a better view of how to properly use our version of the Business Model Canvas for fashion startups, check out our latest course!
Are you ready to learn and put in use the overall elements you need to create successfully the business model canvas for your fashion startup?
Get the ebook and template here for free: download three different formats for your perusal (.ppt, .keynote and .psd) complete with instructions of use. You will complete your task effortlessly. And, last but not least, get in touch and let us know if you find it useful for your purpose!
Giusy Cannone is Chief Executive Officer of Fashion Technology Accelerator.
She is the reference point for FTA’s corporate projects, also creating business connections for startups in the Acceleration Program and mentoring participants of our Masterclasses,