hopeshelley

[hopeshelley]

START UP VENTURE WEEK 13

WHAT IS WORKING?

This week, not much has changed from last week. I have been working on getting all existing orders completed and delivered or shipped! I have completed my final written report, and all things are running smoothly and going in the right direction! Based on my report, I learned my real final profit numbers and what I spent, and the result was very pleasing for me! So, I would like to think this course has been quite successful for me.

WHAT IS NOT WORKING?

I realized in my final report that I had a problem with overspending on materials. Because of this, my profit margin was lower than it potentially could have been. I am still very happy with my profit margin, I just wish I could have budgeted better. But, now I know for the future!

HOW DO YOU FEEL THE PROJECT IS COMING?

I feel right on track! my very last assignment is about to be started and I have completed the objective of the course. I feel great about the project!

WHAT ARE YOU LEARNING ABOUT RUNNING A BUSINESS?

I am learning that running a business is not just about making a product and selling it. It's about presentation, budgeting, time management, researching, and so much more. It is filled with challenges and struggles, but it is so worth it. Running a business is very fulfilling mentally as it provides you with a platform to showcase your products or services, and have people love them and want more! (hopefully, haha!).

WHAT ARE YOU LEARNING ABOUT YOURSELF?

I am learning that to be successful, I need to change my mindset from just creating pretty products and selling them to a more in depth thought process. I've learned that my products are wanted and that I have the capability to market them and be successful in doing so, but to really push it to the next level I need to practice self control, time management, and budgeting skills.

[hopeshelley]

START UP VENTURE WEEK 12

WHAT IS WORKING?

This week, on Saturday April 1, I had the opportunity to take my crochet items to a local vendor event to find out what people were interested in what things, and what they weren't! at the show I brought:

-purse/lanyard charms

-lily of the valley car mirror charms

-granny square scent bags (essential oil)

-a crochet crop top for display and advertising

-waffle knit dish cloths

-round doiley style coasters

At this particular market, the customers were in the older generation, so the dish cloths and coaster sets were a success! In addition, the few younger people who came seemed to love the scent bags and the bag charms. Since the audience was older, no one really took interest to the top, which has proven success in my younger customers, totaling 5 orders at $35/each since I debuted them a few weeks ago. The market was a great experience to learn what customers were interested in what, and what things were not as popular among certain age groups!

WHAT IS NOT WORKING?

Because I took so much time crocheting items for my market experience, I have put off completing other orders (which my customers were made aware of and were okay with), but I definitely bit off a little more than I can chew. In the future, I know that I should not accept market spaces until all my orders are cleared,or unless I only have small orders that can be easily completed.

HOW DO YOU FEEL THE PROJECT IS COMING?

I feel the project is really coming along nicely. The market was a great experience, and taught me things about running a business that you can't get on paper, which is a real life experience - interacting with people and seeing their body language and attitudes towards certain things, and opinions. I feel I have a good comprehension of the final written project due next week, and I think I can write about so much as I've learned a lot and feel so much more confident about my business and carrying it on after this course is over!

WHAT ARE YOU LEARNING ABOUT STARTING A BUSINESS?

I am learning that to have a small business like mine, opinions and real life experiences like markets are such a valuable asset and take away. It's easy to communicate online and make your photos look pretty and build a customer base that way, but it's a whole new ball game to sell your items in person, where customers can physically pick up and look at your items before purchasing, and to interact with you personally to create a meaningful connection. In my opinion, when your offering a product, these interactions are definitely necessary to grow a customer base and grow your business further.

WHAT ARE YOU LEARNING ABOUT YOURSELF?

Like I said above, I feel that this week I have bitten off more than I can chew with 3 active orders and a market last minute. I am learning that I need to impose boundaries for myself for my business, as I am learning how much I can truly handle at one time, and also how to not hyper-fixate on one particular thing. I spent all week from Tuesday to Saturday preparing for this market, but I put off my other orders because I was hyper-fixated on preparing for the market. In the future, I need to learn how to have balance between projects and not pour all my time and energy into one thing only.

[hopeshelley]

START UP VENTURE WEEK 11

WHAT IS WORKING?

This week, it still seems that consistent advertising and marketing through Instagram and facebook marketplace is showing the greatest success in terms of grabbing new followers and attention to my pages and my work. Instagram has proven more successful than any social media sell place I have tried, as more younger people use instagram than facebook now, and most of my products are marketed towards teens and younger adults. Ie, My Car-mirror hanging plant, crochet crop top, etc.

WHAT IS NOT WORKING?

Although my product showed tons of success receiving more than 10 messages for the corset back crop top, it seems to be proving quite difficult to receive prompt answers from seemingly interested customers. Because the tops require size measurements, and each shirt is custom made, I have to ask my customer a small series of questions so I can make them their appropriate sizes. Unfortunately, customers seem to private message me, then I answer asking for their approximate measurements along with the colour they'd like, and it seems that if I don't answer that customer right away (meaning in the first 5 minutes I receive a message) it takes quite a while for a response, or ends in no response at all for days on end. This makes it difficult for me to fulfill orders because I know they would like a top, but cannot make it unless I receive a reply.

HOW DO YOU FEEL THE PROJECT IS COMING?

I feel quite good about how the project is coming. There are spring markets popping up soon around my area which I am hoping to secure a spot for to gain more knowledge about what items would be popular among who, and I am coming up with ideas to curb my message and answer problem from above. Things are starting to fall in line nicely.

WHAT ARE YOU LEARNING ABOUT STARTING A BUSINESS?

Aside from last week, I am learning that not everyone wants custom items, and to stray away from my comfort zone may actually help me drive more sales. Having items made and on hand in different colours and styles may prove to work well fro my business. I am learning that running a business is not as straight forward as it may seem. There are lots of twists and turns needed to be made when navigating marketing and what works and what doesn't.

WHAT ARE YOU LEARNING ABOUT YOURSELF?

I am learning to start to step out of my comfort zone and do things I normally wouldn't do when creating and advertising my business. If I don't think of ways to step outside of the box, I will be stuck in this same loop of getting hits on products, but not receiving timely replies, which results in delayed sales or no sales at all.

[hopeshelley]

START UP VENTURE WEEK 10

WHAT IS WORKING?

¬ In my hand knit and crochet business, it seems that crochet projects are having a much higher success rate than that of my chunky knit items. Particularly, I have recently made a crochet summer crop top design that is proving to be a huge hit, with 2 orders in the first 48 hours of launching, and 2 more unconfirmed orders that should be confirmed soon! In addition, I tried a new photography edit and aesthetic to stage my projects, and it seems to be driving sales significantly better than the photos I was taking previously.

WHAT ISN'T WORKING?

¬ In lieu of all the orders and success I have received over the last two weeks, it seems that advertising through Etsy is not proving to be a success, as Etsy is flooded with other crochet projects making it hard to get my listings in most customer's scroll range.

HOW DO YOU FEEL THIS PROJECT IS COMING?

¬ I feel this project is coming along quite well! Through learning other strategies I didn't previously know about or understand so far in this course, I have been able to really drive my sales and make a considerable profit! I do feel like there are still some aspects to work on, but I feel right on track to get there by the end of this 14 week course.

WHAT ARE YOU LEARNING ABOUT RUNNING A BUSINESS?

¬ I am learning that running a business has far more elements to it than I previously would have thought, however these elements are proving to be enjoyable for me as I enjoy a good challenge and thrive off of problem solving and the satisfaction of being able to tackle these elements! In addition, learning about budgeting and financial topics are probably the hardest topics for me to understand as I tend to struggle with math related problems and so it is a little more difficult for me to understand, but this course has so far s=made it much easier for me and has helped me make a logical budget for my own business.

WHAT ARE YOU LEARNING ABOUT YOURSELF?

¬ I am learning that I am capable of more than I ever thought I would be. I never thought that I would have the confidence to make something and like it enough to actually sell it, and having others display or wear things that I have made is very fulfilling to me. I am learning that I thrive off of problem solving, and that the problems I struggle with (ie, math) are easily conquered with the right studies!

[hopeshelley]

Please click ''PRESENT'' to view the full effects!

[hopeshelley]

Where Will I Get The Money?

For my knitting business, I would likely go the route of choosing to get a business loan. As of now, I forsee this business remaining in the small to medium category, so a loan would be best suited for my type of business now and in the future. Loans are more easily attainable with a business plan, which I will have by end if this course. As well, loans may offer customizeable repayment which would greatly benefit my type of business as potential customers are much harder to identify than that of a baking business for example.

[hopeshelley]

BUSINESS OPERATIONS PLAN

For my business, I plan on purchasing products and sourcing materials from Micheals, and my $50.00 start up price will have been spent there only. All my products use only yarn and occasionally stuffing, and all my packaging is from there as well. Recently, I have made a deal with a local salon to sell my product in shop, so I have sourced my selling areas in advance. I have also currently been selling my items online as well through social media channels, and have shown success. For my particular business, I couldn't find any regulations or permits needed to sell as I'm not selling a consumable item and I'm not required to enter anyone's home. I envision future success of my business being a solely online business, and I hope to start selling through etsy as well. One tool that would help me make more sales is a good photography area to take better photos of my products and make them more aesthetically pleasing.

[hopeshelley]

Creative Advertising

Name: “jewelry pins”

Quote: “keep your jewelry organized using jewelry pins!”

How many times have you gone to look through your little jewelry box for your favourite necklace or bracelet, but they’re all tangled? Now you have a mess… and no jewelry! String 2-3 necklaces or bracelets on the jewelry pins, and hang somewhere safe! These versatile pins can basically hang anywhere; old clothing, over filled stand up jewelry boxes, old canvases, you name it! These pins are cost effective and promote recycling versus buying expensive jewelry boxes! Get creative with the jewelry pin today!

[hopeshelley]

Local Competition

Competitor 1: Great Lakes Yarn and Creations

The Great Lakes Yarn and Creations website seems to be very user friendly, but could definitely benefit from the use of more popping colours and photos that have cohesive colours and/or filters to make it seem more professional! The website does have a few grammatical and spelling errors, which makes it seem less professional. Subsequently, they are an online only business local to Sault Ste. Marie. They offer shipping to large ranges of locations as well as accept a wide range of payment forms which makes buying and receiving their product much easier for the customer. They also offer a promo code for those local to Sault Ste. Marie so that they have the options to choose local pickup instead of mailing, which is a smart idea to help customers keep shopping locally. Their pricing seemed kind of erratic. Hand made goods, for example, were all over the place in terms of prices compared to each other. For example: their ''ear savers'' product was priced only $2.00, yet their very small baby blanket was priced at a whopping $75.00, so consistency was definitely lacking in terms of pricing. However, their retail skeins of yarn were averagely cheaper than those of local box stores like Micheals. I couldn't find any reviews on their website or social media page. Their facebook page's posts were inconsistent in regards to how far apart they were making posts, but the posts they did make were relatively eye catching and contained good detail!

STRENGTHS: providing lower than retail priced yarn to local and national DIY-ers. Strategy to keep local shoppers shopping locally. large range of payment options and shipping locations.

WEAKNESSES: non-eye catching website that contains grammatical errors. Inconsistent pricing on hand made items. Inconsistent social media posts.

Competitor 2: Winners/Homesense

Surprisingly, Winners did not have a very user friendly website. The website needed to have your store location in order for you to actually view and purchase their items, but unfortunately it was not working. They do have a ''Get Inspired'' section on their site which offered trendy and professional interior design type advice using products which you can find at Winners or Homesense. Their prices-as found on the website- are apparently 20-60 percent lower than that of other retailers, and they offer the infamous ''COMPARED AT'' stickers on their price tags, which is definitely enticing as a consumer. It's also noted that their selections change frequently, offering new and fresh items to keep customers engaged and not bored with same old product. They do have an in person store locally, located in a semi-busy strip mall along the trans-canada highway. The mall is also very close to other popular stores, like Starbucks and Canadian Tire. There is no other store like it in its subsequent area, making it ''the place to go'' for those walking on foot and driving past. The store has a 4.3 star google rating, with very few poor reviews.

STRENGTHS: using lowered prices and visible price comparisons to their advantage to drive sales and entice new shoppers. Has good location strategies, located on busy highways and in high trafficked malls. Is not near any local competition.

WEAKNESSES: Very non-user friendly website, has some poor reviews.

Competitor 3: Quilts Etc.

This company has a very aesthetically pleasing website, with very minimalistic and bright photos. Right when you enter the site, you immediately see sales and reduced prices right off the bat. The site is very user friendly, as all their product categories are clearly laid out and easily accessible. The site contains intriguing blog posts for those curious about products and consumers opinions, and also has a well advertised FAQ section found at the bottom of the page. The store contains very fair prices, more so it seems almost everything is on sale, and it makes you wonder why there are so many discounts being advertised. However, their products - similar to winners - contain a 'compare' option, so customers can see if they are getting a good deal or not - which may be why there are so many discounts. This company also has an in person local store, located in the very trafficked downtown mall. The mall attracts tons of customers each day, and is easily located by foot due to its downtown location. However, It is on the far side of town, meaning most customers will need to take local transit or have their own transportation in order to get there. There is no other blanket store in its nearby vicinity, making it its only competition. The in person store is quite small compared to the options of the online store, so customers may be more driven to use the online option. The store has a 4.4 star rating on google, with very few poor reviews. The company also uses a hashtag ''myQEstyle'' to promote real life photos of their products for new customers to see before making the decision to purchase their product.

STRENGTHS: very user-friendly website. contains blog posts. uses real life images to promote product. good reviews. little competition nearby.

WEAKNESSES: small in person store offers limited product and styles. too many discounted items, feels overwhelming and questions why it is all on sale.

[hopeshelley]

This week, our assignment is to make a ''message map'' of one of our favourite companies! I chose AERIE for inspiration for my message map, as I believe they are a very successful business, and my morals align with their missions and values. (see photo for in depth analysis on these missions and values!)

[hopeshelley]

Strengths and weaknesses

If someone had of told me 5 years ago that in 2023 I would have the ambition and courage to take risks and opportunities to put myself out there and learn how to start a successful business, I would have thought they were nuts! But, here I am, learning the potential I have to start my dream business of owning a themed cafe!

A lot changed for me when I started my current occupation of supervisor/management at Starbucks. I believe this position has showed me the strengths I possess; that i knew I had but never realized before. I learned that I LOVE leading a team, especially one where I know my missions and values are leading a team who love what I love! I strive to always be the very best I can be, and to lead everyday knowing I set the examples for those around me. I feel at my best when I am control, as I trust my instincts and thought processes completely. Interacting with others and learning how to read body languages, and how to de-escalate issues without causing conflict is now a strong suit of mine! I am a very artistic person, with many visions for myself and my career. For example, during the pandemics first year, I was unemployed and decided I wanted to start a small micro business and sell my paintings and drawings online! I made a generous profit, and learned through the process what it takes to run and keep up with small business demands and challenges. In addition, when I moved to the north, I started a small business selling hand knit items, and even got to participate in a local market! These experiences have done wonders for my self confidence and ambitions going into my dream career.

As for weaknesses, there are still some aspects I struggle with. Though I mentioned above I have worked my own micro businesses before, and I have proven confidence in my work, there is always a fear in the back of my mind that it may fail. But, as I continue my small businesses, this fear gets smaller and smaller. In addition, I sometimes struggle to ask for help when help may be needed as I like to feel in control of the things I have created. Everything I have made has come from my own hands and hard work, so I struggle to ask for help when I know I am capable of doing what I do, regardless of the stress levels it may put on me. This is definitely something I hope to overcome in my career! Everyone has their weaknesses, and I strive to overcome them a little each day to be the best I can be, for myself and for everyone around me.