So, now you have your business idea. You know about the competition, trends that affect your business and the customer needs. You have a good base for developing your business model.

Before we dive into the business model, we also want to give you an overview over different aspects of your business that you can develop. Each aspect gives you an area where you can innovate, come up with new, fresh ideas, that give you an advantage in the market.

There are so many aspects of a business that allow you to innovate. We tend to think that it is the product, or the service that we offer, that needs to be different from the competition. But think about all the new methods of paying that have emerged over the last five years. Or home delivery of food (the food is the same, but the way we get the food is different). For your business, take a moment to think through all the aspects, and try to figure out if there is anything that can be done in a new and better way.

After having read about the ten types of innovation, take a moment to think about your business idea.

Can it be improved? Are there any aspects of your business that you can do better than the competition? Are there new and convenient ways for the customer to get access to your products or services?

If you need help, please take another look at the customer experience slide from the last section, and imagine your customers experience. What can you improve?

• In the Business Model Canvas, revenue streams is one part. Understanding where the money will come from, how much you will need to sell at what price, is of course crucial. Even so, many new business owners fail to do this analysis before starting the business, and realise to late that their calculations were wrong.
• A break-even analysis is a financial tool which helps you to determine at what stage your company, or a new service or a product, will be profitable. In other words, it's a financial calculation for determining the number of products or services a company should sell to cover its costs.
• Here you find a tool that helps you do the calculation. 

• Creating a business model can be hard. There are many parts to understand, and many aspects to think about.
• If you have access to an advisor, please involve her or him in this process. That person can provide you with support, and with more knowledge about the tools we mention here.
• Also, involve your future collegues, a potential customer or two, your smart friends...a group of people will do this better than just one single person.