gregquinn

[gregquinn]

Week 13 Progress

Having submitted my final report, I feel good about this week. It capped off the last bit of sales I had lined up ultimately I came up slightly short of my main goals but only slightly and would consider it a success overall. It’s been tough but alot of valuable lessons have been learned and starting a business isnt something that can happen overnight. it requires alot of thought and planning. These are all things I will carry with me into the future.

[gregquinn]

Week 12 Progress

Week 12 has seen some selling. Production is easy now as all the pieces are together and everything is pre-fabed, word is our and people are interested. Towards the end of the project things are becoming slightly more routine as the business is finding it’s groove. Building a solid clientel is a strong positive is what i’m finding. People who like your product and are willing to purchase more than a single product and recommend what you’re selling goes far. With multiple sales and beginning to turn a profit on the business this week was excellent. Again what i’m touching on this week is the building of the product. The reputation your business receives, and the overall reviews your business receives  can carry quite a weight. If you can come out and produce a quality item or a quality service, or both. You will ultimately acquire a great reputation which will carry throughout the community or search column and draw nothing but positive attention to your business. This is what we’re drawing on currently and over the course of this week, and we’re creating progress and success.

[gregquinn]

Week 11 Progress

Week 11 Has gone better than previous. The more word of mouth and the more people that hear of the business and the products im offering, the farther the word spreads, the more people interested. What seems to be striking to people is the quality of the products. When people hear of the quality and uniqueness of the items they’re receiving they seem to want one of their own. The key in this business is getting the word out there. It seems like the original targets are still attainable the longer the business goes on as long as we can continue to spread the word. We’re workng towards the main goals still and have been able to see some profit. ultimately it looks like were projecting to come up slightly short of our original goals but still will be in the black come the end of the project. which is a win in my eyes. As long as we keep moving forward its a positive.

[gregquinn]

Week 10 Progress

This week was one of the most challenging weeks yet. The key thing i’m learning with the whole thing is time management. I’ve been unable to hit some goals with the School and business side of this project, through mostly no faults of my own but simply life getting in the way. The good thing about it is i’m learning exactly how much time and effort it will take in the future when considering opening a full scale business. What’s working is outcome of my products. They look good, and I’m able to produce exactly the quality I was looking for which has been good for customer interest. I’ve moved a couple units and been able to see some revenue in the business. The project isn’t coming along as I’d originally hoped but its definitely teaching me some valuable lessons as well as providing decent information. I’m learning to find attainable goals and do the proper research and thorough planning for what you want to dive into. I’ve also learned that if you’re marketing a product to have a good beta for people to see your workmanship. I’m hoping things can start trending back in the right direction for me this week. 

[gregquinn]

My Progress - Week 8

My progress from week 7-8 did not go as planned. Unfortunately life gets in the way sometimes and prevents you from getting to exactly where you would like to be, but that being said there was forward motion. Production is underway and looking ahead at week 9′s video assignment I should be back into proper position once again. I’m actually feeling the project becoming increasingly difficult and i’m going to need to dig to find more time to be successful. Again i’m learning that running a business is no small feat and dedication is key. Learning that I myself need to give it 100% to be successful and make sure my research, goals and execution has all been thought through thoroughly to make it all come together. This coming week will be a challenge with goals to keep moving ahead!

[gregquinn]

My Progress - Week 7

So far I feel i've been progressing on schedule. I've been able to secure material and begin manufacturing. My ability to navigate these tumblr posts is lacking as I've missed a few that I must have overlooked. As far as the business goes I'll know more by next week what isn't working but for now I'm doing alright. Making time for this project is becoming challenging and I'm learning that running a business will take more than part of my time invested into it if I want to be successful. Learning the ins and outs, how to recognize cashflow, what markets to target, how much location comes into play, and all the little things that are required to make an idea a reality is astounding and by no means a small feat. Simply taking an idea and making it seem feasible is a big job within itself let alone making it happen. In ways, it is discouraging seeing the margins for error, but at the same time its exciting gaining the knowledge needed to make sure you can be successful in your business. It's exciting thinking about and using all of this new information and putting it to use for a real idea of a business. Making sure you have as much chance to be successful as possible is all you could ever try to hope to achieve as an entrepreneur. What I'm learning about myself is that I need to be sure of myself. I need to make sure I really want what I want and am willing to put the time and effort into achieving it. I'm learning that i need to be passionate and dedicated. I'm learning that there's a hell of a lot of work involved in what it takes to be successful. I know I will be re reading a lot of this information in order to better understand it going forward so I can retain as much as possible. I hope to be able to build on these same questions in next weeks tumblr post and get a better understanding of my own microbusiness and business ideas for the future.

[gregquinn]

Where Will I Get The Money

If I were to start a new small business in the future, I believe I would lean towards three of the seven recommended sources of start up funding. These being, Personal investment, Government grants and subsidies, and Bank Loans. Being able to personally invest in my business will be the main priority as it will ensure that I will be financially ready to start a business with some backup and pitfall money in case of inevitable snags along the way. This I feel is absolutely vital in being successful and not trying to start something when you’re already behind the 8 ball. Secondly, any government grants or subsidies that could be provided to me along the way are a no brainer. If i’m already able to personally invest then that will be greatly beneficial in receiving grants as they may ask for a matching investment. And Third, A bank loan can ensure that the business will remain fully mine once paid off.

[gregquinn]

Business Operations Plan

For my Microbusiness I plan on acquiring some of my product materials through Local craft stores in the area. I will first window shop and do some research as to where I can get the highest quality material, as well as the lowest cost. With this I will make my final decision on what to purchase. The most costly material will be the lumber. This I will obtain through a local sawmill, having connections with the owner where I can get top quality kiln dried wood, at cost. This will allow me to get the best quality for the cheapest price. I have already secured the lumber, just deciding on which materials I will go with for the rest is to be decided. In order to launch my business a few tools I will need will simply be a computer, and cellphone. The products themselves will be handmade by myself and I already have all the appropriate hand/power tools to make them. If I were to expand my business, by doing some research using the tools provided through the links and other research, I’ve come to believe that I would need to apply for an Ontario Business Name, possibly a sign permit if I chose to erect a sign for my business within my municipalities, and if it really expanded then an export permit if I chose to sell outside of Canada. Again, given the fact that it’s so small I shouldn’t need a Business Registration Number unless I were to grow the business or produce over $30,000 of income. In order to launch I will advertise on social media, use word of mouth through my friends, family and colleagues, and create ads on popular websites such as kijiji. With all of this almost complete, this should set me up nicely to start selling in week six and attain personal goals. I will create more goals as the weeks progress and keep them in perspective.

[gregquinn]

Location Competition

Through web searching and local shopping I have found three main companies in the String Art industry that I will be putting my business up against. Scholastic Inc., String of the Art, and Craft-Tastic, each have their own unique String Art products that make them different from competitors.

Scholastic Inc. is the largest company of the three and has manufactured many products for children since 1996. They have a great relationship with the education system in North America, promoting their products at Book Fairs within schools and providing kids with catalogues to order from. They also have a great website that is easy to navigate through. They are mainly geared towards children, and provide a Book kit that explains to kids how to create string art as well as shows them what their finished product should look like, and provides the material. I think they do a great job of promoting to their target audience as well as providing a fair price for what you are receiving. One of their weaknesses would simply be their limited options. 

String of the Art also sells String Art kits that are more geared towards an older demographic. they have higher quality products such as hand sanded and stained wood boards for creating a more appealing product for an adult to display in their home. The website design feels cold and kind of primitive, it could definitely use an update, but is relatively easy to navigate. It’s price point is much higher but that’s reflected in the higher quality material. They don’t have a concrete store you can buy from as all their sales are online but they do ship within two business days. Quality and design is definitely a strength of this company as it offers many more options. It’s weaknesses might be it’s lack of promotion and eye appeal.

Craft-Tastic is another company that focuses mainly on children’s crafts. It has a great selection with tons of different styles and patterns to choose from. they offer more than simple DIY canvases with 3D models also being part of their catalogue. the packaging looks great and they can be found all over Amazon, Indigo, Walmart, Toys R Us, etc. Their price point seems high to me especially after reading some unsatisfactory customer reviews stating that their material is cheap and and advised people not to buy. Quality in this company looks to be a weakness to me as well as the fact that I could not find a Craft-Tastic website or brick and mortar store to browse. The looks of the products themselves and the amount of stores that carry their products are definitely a strength.

[gregquinn]

[gregquinn]

My Strengths and Weaknesses

I’ve never been one to shy away from an opportunity. At 26 I’ve already gained an abundance of diverse work experience that’s taken me many places and opened my eyes to just how many different options we have in this life. This has led me to some great experiences, but has also bit me more than once.

I’m someone who doesn’t care what others may think about me or what I do. I see this as a strength because it allows me to make my decisions without fear of being judged. I’m able to concentrate fully on my goals and ambitions while blocking out any outside noise. I think my ability to manage people is above average. I’ve been on the receiving end of many situations where people managing others have done a poor job of communicating with the team and It’s led to failures or lack of commitment/will to complete the tasks at hand. I’ve used these experiences to become a better leader myself, coming to find that communication is a vital key.

Sales and negotiation is something I believe to be in somewhat of a middle ground between strengths and weaknesses. With somewhat lack of sales experience, but being confident in my ability to connect and communicate with people, I see this trait as something that I may not be poor at but can definitely improve on.

Financial planning is an area that needs improving. Lack of research/knowhow puts this entrepreneurial trait in the weaknesses category for me. Its something I very much hope to learn the ins and outs of in order to properly set up a business from start to finish. With guidance and work effort I hope to turn this weakness into a strength.