The BMC describes the key operations of a business: the Value Proposition, the Key (Operating) Activities, Partners, Assets/Resources, Customer Relationships, Go-To-Market Channels, Customer Segments, Cost Structure and Revenue Streams.

Filling out this form creates a document that captures what a business offers, how it reaches which customers (GTM) and how profitable it could be.

A well defined value proposition is the most critical thing. Next, understanding the customers and customer segments is also quite important. Last, the cost structure of the business is critical. This determines burn rate and capital requirements. For an early stage company, most of the other categories, including revenue model can be fuzzy. But the more detailed and fleshed out the BMC, the better.