Business Model Canvas - Iteration and Reflection

Creating a Winning Business
Project 2 Workbook:
Business Model Canvas - Iteration and Reflection
Student Id: [type here]
Lecturer: [type here]
Submission Date: [type here]
NOTES
1. You should stick to one page for each of the parts. To achieve this, you may reduce the font size if needed (no smaller then 8) and you can delete the guidance words
in italics
2. Make full use of the Guide questions in italics in the Workbook
3. For Versions 2 and 3 of your BMCs – you ONLY need to show the changes from the previous version
In the box below, please explain in simple terms, your business idea. Maximum of 100 words
Page 1
The new business idea chosen for this exercise is to open a brand new hotel within the hospitality markets called Destime. The
hotel is located in a popular area of London UK and services customers of all economic classes. The hotel can be booked by
customers through traditional and online approaches and operates on standard check in and check out schedules. The hotel has
a dedicated restaurant to feed its customers, with the hotel employing waiters, chefs, managers, accountant, marketers and
hotel staff. The hotel is also insured by third party insuring company against damages.

Business Model Canvas Version 1: Initial Idea (Maximum 400 words for the page)
Cost Related Revenue Related
Key Partners
The key partners of Destime
include partner restaurant that
provides food at hotel to
customers. The suppliers of
Destime hotel’s peripherals, the
investors, insurers and legal
partners of Destime, Chefs of
partner restaurant.
Key Activities
The key activities of Destime
include providing
accommodation services to
customers, providing them with
food through restaurant,
effective customer management
to possess high customer
satisfaction levels, cleaning and
maintaining the hotel premises
to standards etc.
Value Propositions
Destime provides value to
customers through its services
by offering local people and
tourists with affordable
accommodations in the central
area of London, in a popular
tourist area, the likes of which
are not offered by competitors at
affordable prices (Joyce and
Paquin, 2016). The hotel also
provides value through its
restaurant.
Marketing & Sales
Communication
Destime promotes and
advertises to the public about its
operations using both traditional
and digital channels of
marketing through tools such as
websites, social media
platforms, TV and radio
commercials, newspapers,
magazines, billboards etc.,
Customer Segments
The target customers of Destime
include local Londoners and
tourists belonging to upper and
middle classes of society.
Destime caters to couples,
bachelors and families of all
sizes towards providing them
with best accommodation
services as possible.
Key Resources
Physical Resources of Destime
include the operational building,
equipment, ICT systems,
restaurant etc., human resources
include accountants, managers,
chefs and hotel staff. Financial
resources include investments,
cash.
Product & Service Delivery
Channels
Customers can book rooms as
per their requirements through
phone call or online website of
Destime in addition to various
other third party websites, to
receive the accommodation
services of Destime for their
preferred time durations.
Destime also provides efficient
Page 2

Business Model Canvas Version 1: Initial Idea (Maximum 400 words for the page)
after sales service to customers
taking care of all their
accommodation needs during
their stay and after check out as
well.
Cost Structure
There are several costs attached to operations of Destime such as employee wages,
energy costs, maintenance costs, purchasing from suppliers etc. Employee wages are
the most expensive activity for Destime (Toro-Jarrín, Ponce-Jaramillo and Güemes-
Castorena, 2016). The business model operates on a cost basis with not much room
for economies of scale.
Revenue Related
The hotel primarily makes its revenue from customers who engage in transactions
with Destime in exchange for their accommodation services. The hotel generates
additional revenues from customers choosing to eat at their restaurant. Customers can
pay by cash, online wallets, online banking etc. The majority of revenues are
collected by providing accommodation services.
End of page 2
Page 3

Business Model Canvas Version 1: Reflection (Maximum 400 words for the page)
Explain the history behind your idea:
During my time in London, I found out that there exist numerous hotels and
accommodation businesses in the central area of London, but not many cater to the
middle classes of the population and offer diverse services to this particular section of
the consumes. This is why I have decided to open a hotel in the very popular central
area of London, with the intention to primarily service the middle classes of the
tourists and local European. I feel that using this strategy can help the business
become successful, as there aren’t many competitors in the area who offer
accommodation services to tourists at affordable prices (Ojasalo and Ojasalo, 2018). I
am qualified to develop this idea as I have previously worked within the hospitality
industries of UK for last 8 years.
Reflection:
I feel that reflecting on the business idea and my operations is a good way for me to
assess my progress as through reflection practice, I can evaluate the strengths and
weaknesses of my own operations and assess the ways in which I can improve myself
and my business idea for both personal and professional development.
Assumptions:
The main assumptions of the business idea relate to the main concern that plagues the
operations of the entire world relating to the creation of a vaccine for the
Coronavirus (COVID-19) through which my business would be able to operate again
as soon as possible towards profitability. As the virus has stopped tourism industry of
UK, a vaccine is needed for the productive and profitable operations of Destime in
the future. If such vaccine is not discovered, then Destime cannot operate successfully
within the hospitality industries of UK.
The business also operates under the assumption that changes to Brexit will
encourage tourism further within the UK, with increased number of tourist coming to
London for profitability.
End of page 3