arlamay

[arlamay]

Progress of Start-Up Venture- Week 13

Hello! I hope everyone had a fantastic week. Looks like candles are not for summertime but still really relaxing and inexpensive. I have sold 2 candles but honestly its a warm market meaning families and friends. Time will come I will sell in cold market too. I really had fun doing this course it boost me up to start my own business which I never thought that I can. Thanks to my instructor and to the whole class Congratulations to us! We've finally unlocked a new chapter and hopefully we all do great in the business world. Slow progress is still a progress! My entrepreneurial journey will not end here. I hope we are all be successful and happy whichever path we will take.

[arlamay]

Progress of Start-Up Venture- Week 12

An awesome week to know the market. I have studied my competitors and also the big companies. I went to winners, Walmarts and superstores. I have noticed that candles are displayed everywhere but people are not noticing it. What could be possibly the reason for that? Is it just a wrong place and wrong target market that goes to grocery stores? The candles are good too. Great smell, some used soywax and really good matte glass jars. I guess its not a good idea to sell candles in places you know it will be unnoticed. For start up business its better to start online, although I have mentioned in the beginning that it will be really slow to see the revenue. Well, I learned from my competitors and really have to think what will be my next step for my business to grow.

[arlamay]

Progress of Start-Up Venture- Week 11

What an amazing week! I have started making candles and finding different scents like cucumber melon. I'm searching for a shipping box. I thought of getting a secured box from uline.ca. I might add some crippled papers since its glass jar. I'm not sure if bubble wrap is a great choice as it is a plastic and not a good idea for the environment. crippled papers are recyclable so I might go with it.

[arlamay]

Progress of Start-Up Venture- Week 10

Hello week 10! We are now entering phase 3 and some restrictions are lifted but we can't let our guard down from covid-19. My mind keep on running and thinking ideas. Today I went to a thrift shop and found 35 pieces of small unused organza fabric bags for only $10. While working on my candles, I thought of different scents like blueberry muffin or cappuccino. Since I don't have a physical store people might want to try different scents. I thought of adding at least free 3 tea light candles as a sampler using the organza fabric bags that I bought so that when my customers received their lavender candle they can have the idea of buying again but different scent. Offering different scents helps me as a business owner to track what people like to have. It is important for me to know what they like and need. For me it is like a map so I don't get lost in the business world.

[arlamay]

Online Customer Showcase

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Progress of Start-Up Venture- Week 9

I did not expect this week will end very quickly for me. So I plan to have a product liability insurance after I finished the other things needed necessarily for my business. I did check demographic profile of targeted customers. Majority will be women and let's say 15% men. I got my shipment from canwax.com and can't remove the curve on my lips I was very happy. I got a wax, my scents, and wicks. For my label, I've ordered through online and you can check them out too, market.tph.ca. They are awesome! They have other marketing supplies that is very interesting. I practiced multiple times until I got the right formula for my candles. I chose suppliers that is within my area. It's very important to choose good suppliers and read reviews.

[arlamay]

Progress of Start-Up Venture- Week 8

It was very interesting week for me. I have found a good printing service that is close to me and hopefully at the end of this week we'll get all labels printed. I have found a supplier you can check them out too at canwax.com. They have other interesting products like different kind of wick and essential oil. I will start with my personal savings to start with it. I will start practicing after I ordered and then I will contact TPH.ca to print my desired labels. I need to add some things on my label like French translations, what it contains, and any other things to follow legalization. I will post an update soon!

Next week agendas:

Product liability insurance

Shipments from suppliers

Practicing candle scents

Check demographic profile of targeted customers

[arlamay]

Progress of Start-Up Venture

Last Sunday morning while having the best coffee I made for myself. I began to question myself like "what am I doing", "why did I choose scented candles knowing a lot of competitors out there". I started losing the fire in myself if I can do this or not. What I'm trying to say is not all the time we are motivated but we still have to continue. I began to understand that an entrepreneur must be resilient and courageous. I thought of myself that I do not need to be competitive all the time but I can start from the beginning where everyone started. I look on the other perspective that all business owners started in Chapter One. So here I am, writing my Chapter One. I'm glad to share my small progress I did this week and that is my budget report. I don't need to pressure myself with large quantities of orders but I can start with 6 of 8oz candles. I'm also starting to create my labels with burning restrictions. I am hoping to find good printing service for label stickers in Toronto. I finally found my timeline and that is not looking to others but focusing on my own. As Yoda in Star Wars says, Do or Do not. There is no try. I hope everyone in the business will start trying before giving up.

[arlamay]

Financial Sources

When you start a business, you will need to a have money to start-up. Some businesses usually starts with personal investment. It is not easy as a sole proprietorship or a small business because it has unlimited liabilities. Once a business grown a little, you can start looking for angel investors before you go to government financing. Government financing will be the least to take for a small business because of its huge terms and conditions. A start-up business also needs to follow financial steps so it will not fail. You have to have a courage and to take risks. Investing you personal money and time will add fuel to your motivation same when you have an angel investors. You will have a goal to be a successful entrepreneur.

[arlamay]

Business Operations Plan

To start a business, there are many things needed to consider. It is recommended to make a checklist for the requirements needed. A business can't start without a business name. The business can be personal or something very catchy so it will be easily remembered. You can't use the same business name that is within the market already like big corporations such as McDonald's, Wendy's, etc. You must register your business name and get the appropriate permits and licenses. We need to ensure that we follow legalities and regulations so we will not put ourselves and the business at risk. A business also need insurance like Product Liability Insurance to protect the business against a claim and that we are not financially liable. The business must ensure the safety of the public. We also need to make sure that the ingredients that we will be using is coming from a registered manufacturer. After the legalities and regulations, the business can start the production.

[arlamay]

Creative Advertising Exercise

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Customer profiling or Marketing Persona helps us to understand our target market and their needs. It can be done individual or in major group of people.

[arlamay]

Local Competition

Competition makes the market more active and push other entrepreneurs to innovate more ideas that will catch more attention to their target market. An entrepreneur knows how to be competitive in the same ground. It takes a lot of courage to be competitive in a wide market. Being an entrepreneur also take some risks.

[arlamay]

USANA Health sciences is a multi-level marketing company that produces and manufactured vitamins and supplements. I am taking it for years and it is really worth it. It helps me improve my health condition. It is mostly recommended by Doctor's for vitamins and food supplements! Many athletes use this for their training. World-class!

[arlamay]

Strengths & Weaknesses

I always think that every morning is a brand-new day and the end of the day is a lesson that I’ve gained. I consider myself half introvert and half extrovert. I am currently working as a customer solution specialist for six amazing years and it contributes a lot in my strength and identifies my Achilles heel. Recognizing my strength and weakness is my weakness unless another person would tell me. Long patience and empathy are considered as my strength. I always put others first than mine. Understanding the situation than ignoring it is one of my core values. I am responsible and organized but sometimes folding clothes are tiring. I am optimistic and creative. I like taking opinions and feedbacks of others that will contribute in work or business related. I am dependable if given any tasks. The important lesson that I have learned in this industry is integrity. My strengths highlight my weaknesses. Sometimes I lack in interpersonal skill such as decision making and persuasion. I make impulsive decisions that turned to be a failure. I lack in leadership skills such as public speaking and presentation. I am also easily distracted and an overthinker. As time passes by, I am hopeful that all these weaknesses will add up to my strength someday.