Key partners

Lesson Details:

Video Transcription: In this video we're gonna go over the key partners area of the business model canvas and you'll notice that it's next to the key activities and key view sources because if you are filling this out just as the way it is on this canvas they can point to each other so some key partners can help you with some key activities or provide some key resources so you can sometimes have like lines and arrows going from one another it's not particularly necessary but it makes it a little nicer and more engaging to fill this out so let's go over what your key partners are there's a couple of things you can get from partnerships do they supply some kind of materials goods inventory or do they help you promote usually their resellers in the online world today for example you often have like people who can promote you sort of maybe influencers in your industry they are really good for potential partnerships because they can get you immediately more traffic and sales so anybody with a marketing reach is potentially reseller and also one thing that's common today is outsourcing people who you can hire like freelancers to outsource some of work can free up some of your resources and make things more efficient and you'll notice like you can apply this toward traditional business but the online businesses today they really fit this model as well just in a very different way in a way so the benefits you get are obviously more efficiency more production and extra promotion and what I would add today and especially for entrepreneurs and first-time entrepreneurs peer relationships they're not gonna get you immediately more of stuff but they're gonna get you that advice and coaches and mentors in the beginning that's also quite a bit of what you need and those are also common partnerships the key resource is advice and mentorship because for a new entrepreneurs and the people in this course are mostly first-time entrepreneurs so for new entrepreneurs that's the extra resource is the advice and just being able to be there and bounce ideas off and brainstorm that's also helpful so this section is not a particularly complex section for most online businesses today there's no inventory to supply so much so a lot of that isn't there unless you're out sourcing products from something like China and reselling them on Amazon but other than that a lot of the online businesses don't necessarily have suppliers but the key relationships and partnerships are with peers and within your industry just for advice you need or extra promotion you need things like that.