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  8.11. Nailing the Business Model (5 min.)

The next step in the Nail It Then Scale It process is "Nailing the Business Model." What is the business model? The business model is the map of how you create value and deliver it to customers. In other words, it's all the sections of the Business Model Canvas. The business model is nailed when all of the sections of the Canvas are completed (i.e., identified, tested, and validated), and you have a business that creates sustainable value to customers and creates sustainable revenue for you.

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At this stage, you have already done a great deal to uncover and test many of your assumptions, including the customer pain, the solution to the pain, and the go-to-market strategy. If you have followed the Nail It Then Scale It process to this point, you have actually done an exceptional job at completing many of the sections of the Business Model Canvas. You are no longer acting on just guesses - you have data!

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So now it is time to complete the remaining sections in your Business Model Canvas in a robust way, and then launch the product. Specifically, in this phase you will validate the financial feasibility of your idea, launch your product and go-to-market strategy, and then develop a continuous flow of data to monitor your progress forward. By the end of this phase, you will have nailed the entire business model (i.e., the entire Business Model Canvas), are beginning to grow, and are well on your way to scaling your business!

If you haven't already done so, we encourage you to download the following checklist, which will help you as you go through the Nail It Then Scale It process.

(See Nail It Then Scale It, pgs. 159-161)