As an entrepreneur, I have decided to create a business model plan so that I could clearly see where INSYNC-MK is at the moment, and where I want it to go in the future.
My Business Canvas Model can be viewed below:
"A business model describes the rationale of how an organization creates, delivers, and captures value" - Business Model
Customer segments
Being an online magazine platform, I have my readers as my target audience to direct my content towards to interest and engage with my website. This is my target audience as I explained in my previous blog posts, which is both males and females between the ages of 16 to 25, based in Milton Keynes. This is my main audience, as I'm not disregarding the fact that older and younger ages can also read and engage with my content as well. In order to establish and maintain this relationship, I need to ensure that I am creating new and engaging content to keep my audience interested and updated with news and events in the area. This is like providing a community creative service to the area, as I'm utilising my platform in a way to give content to my readers. As I'm focusing on the Milton Keynes area, I have a geographical audience, which turns my market into a niche market due to serving a specific area.
This is a form of hyperlocal journalism (similar to Style Birmingham as mentioned in blog post 1 and 2) due to covering a local area and providing content for this audience, rather than on a national scale.
As well as my readers, I have also looked at the fact that I'm actually serving a multi-sided market, as I need readership to attract advertisers. My advertisers, sponsors and partners will help my enterprise develop and be successful, due to these being the companies that will provide me with a form of profit/revenue to stabilise my company. To make advertisers want to post their advert on my website, I need to be reaching a large audience and having a strong engagement by my readers. Therefore, both audiences work hand in hand, as when I provide unique and interesting content for my readers to click on, advertisers will also want to reach this audience and will pay to do so.
Value Proposition
INSYNC-MK has a range of company values to show that we are committed to providing great and reliable content to our readers. We aim to gain our audience's trust, particularly as being a young student myself, I want to post relatable and trustworthy content so that my readers feel as if I'm not bias and reporting solely facts. INSYNC-MK's value proposition consists of creating quality and creative content, as well as growing and being recognised for what I post. I feel as if this is a way of helping society and influencing them by showcasing local talent and news that may have been overlooked by larger publications. This way, it informs the audience in topics that they are actually interested in and therefore benefits my readers