Simmons Sustainable Swim

Blog for Course Entrepreneurship I

[emily-simmons-101]

Progress Update Week 13

What is working? As the semester is beginning to come to and end, I am feeling confident in my ability to achieve my organizational goals and sales targets I established prior to launching my business venture. To counter the lost sales incurred due to the weather cancelling one of the Farmer's Market I have been marketing my products to my network within the area. So far I have received a very positive and encouraging response, enabling me to believe this will serve as an effective alternative to possible future market cancellations.

What is not working?

I have had to be very diligent in managing my time to manufacture the required quantity of my products on top of preparing for the end of term exams. I would not necessarily say this is not working, however it has definitely been an obstacle that has required significant effort to overcome.

How do you feel the project is coming?

Overall I feel the project is coming extremely well, and I have enjoyed selling my products at the Farmer's Markets I have so far attended. It has been a valuable and fun learning experience that I am looking forward to utilizing in my future professional life.

What are you learning about running a business?

I am constantly learning how much time and effort are required to run a business, and particularly to do so independently. I completely understand when business owners have referred to their business as their child in the past now. Although I've never personally had children, I can definitely attest that starting Simmons Sustainable Swim has been a lot more work than owning my cat has ever been!

What are you learning about yourself? I am learning that I am very capable of rising to challenges, and developing creative and efficient alternatives to overcome obstacles. This has been most evident in regard to my success with time management, which is a skill that I had previously considered myself to struggle with.

[emily-simmons-101]

Progress Report Week 12

What is working?

So far my micro business venture has been working overall. I have been able match my anticipated sales forecasts during every Farmer's Market that I have been able to attend. All product reviews thus far have been positive, and I have - knock on wood - not run into any issues regarding my manufacturing process thus far. Additionally, my affordable price point has resulted in the positive manner of feedback I had hoped for.

What is not working?

The persistent rain Prince Edward County has experienced this summer has posed a slight issue, as it has resulted in the cancellation of one of the markets I had intended to participate in.

Furthermore, it has definitely not been a walk in the park to juggle a full course load on top of running a micro business. However, I would not say this is necessarily something that isn't working, but that has without a doubt been an aspect requiring the most effort.

How do you feel the project is coming?

Overall, I feel the project is coming well. In my opinion, it would be unrealistic for me to assume the entire experience would be smooth sailing, but with that being said I believe I had handled the road bumps I have come across with resilience.

What are you learning about running a business?

At this stage, one major thing I am learning is how crucial it is to anticipate all the risks associated with a business idea. Although selling through the market has been overall easier for me than my initial plan of selling through Instagram would have been, I did not anticipate the level of rain that the region has experienced so far this summer. At this point, missing a market due to the rain has set me back in regard to my expected sales volume by the end of the 14 weeks, and I have had to look at alternate options to make up the lost sales.

What are you learning about yourself?

I'm learning that I am significantly more resilient than I had thought I was, and additionally I am improving my time management skills constantly over the course of this project.

Also - I am learning that I need to ensure that I remember to write my Tumblr posts prior to attending the Sunday market to sell my products!

[emily-simmons-101]

Progress Update No. 2

What's Working:

This week I participated in my first Farmer's Market through which I have planned to sell my products, and I am pleased to report it was a success! Having sold out of my inventory, I am currently on track to meet my projected sales and profit targets.

What's Not Working:

I personally do not feel I can say anything is not working at this time. My cat keeps trying to steal all of my thread out of my sewing box, but other than that everything has gone off without a hitch since my last update.

Feelings About Project Progress:

I am feel exceptionally well about the project at this moment. The targets I have set for myself have proved to be manageable without having a negative impact on my academic performance in my other courses. Additionally, the customer response I received at the market was extremely positive, and encouraging.

What I'm Learning About Running a Business:

As I mentioned before, the foundational aspect I have learned about running a business is the level of detailed planning that is involved. Even now that I have advanced past the initial planning phase to the selling phase, I am finding that it requires ample time management skills in order for me to maintain my business, academic, and personal lives. I've also learned the value of networking, as my personal network within the region has vastly benefited me throughout this process.

What I'm Learning About Myself:

Something noteworthy I've learned about myself has been that I enjoy trying new, and challenging things more than I'd previously thought. I've historically always been someone who quickly gave up any pursuit that didn't naturally come with ease, but this project has helped me to expand my view of my own potential, and increase my over all willingness to persevere.

[emily-simmons-101]

Progress Update No. 1

What is working?

One noteworthy aspect that has been working for me has been my financial management and budget. Through using only locally sourced, thrifted, low-cost materials, I have been able to keep my expenses minimal, and have had no issue remaining within the $50.00 initial budget.

What isn't working?

During the planning process, I have made the decision to alternate my initial method of sales. I had originally planned to conduct 100% of my sales via Instagram, but quickly realized that route would entail far more difficulty than anticipated. Upon realizing this, I have decided to capitalize on the selling space provided by a popular local Farmer's Market featuring handmade and artisanal products.

How do you feel the project is coming?

I personally feel the project is going very well. I have managed to remain within my budget relating to my cost of goods sold, and am confident the Farmers Market will provide a successful selling space as it is always busy. At this time, I am scheduled to attend my first market this coming Sunday, July 4th.

What are you learning about running a business?

The most significant takeaway I have learned about running a business is the importance of a thorough planning process. Don't get me wrong, I never thought starting a business was easy, but I can confidently say I vastly underestimated the amount of time, detail, and effort required throughout the planning phase before even selling a product.

What are you learning about yourself?

I've learned throughout this process that entrepreneurship is something that I may be suited for, when I had previously thought otherwise. Understanding how to break down the process of starting a small business step by step has significantly diminished my pre-existing perspective that starting a business was too much for me, or just too much work in general.

[emily-simmons-101]

Financial Sources Going Forward

For the purpose of this post, I will be operating under the assumption that I will be proceeding with my start-up sustainable swim venture beyond the duration of this course.

After reviewing my projected revenues, expenses, profits, and the financing options available to me, I have concluded my best course of action for Simmons Sustainable Swim going forward would be Personal Investment. In the case of this particular start-up, I have projected an ability to maintain minimal expenses through sourcing 100% of my materials second-hand. My profit projections for the duration of the course far exceed the potential additional expenses I have considered, such as needing to repair my sewing machine. Therefore, I see no reason to seek financing options beyond that of my own personal capacity.

Additionally, the pillar of sustainability on which I have centered Simmons Sustainable Swim negates the chance of incurring additional costs resulting from growth in manufacturing levels, or increased shipping costs. Producing small-batch handmade products that are sold only locally allows me to optimally minimize the carbon footprint of my business.

The only foreseeable expansion expense could potentially arise if I were to desire to move my business out of the farmer's market, and into a brick-and-mortar retail location. However, if this were something I were pursuing, I would personally not choose to do so until my personal funds allowed me to feasibly do so. This is primarily for the reason that I do not want to run the risk of incurring unmanageable debt, and particularly not currently, when I have existing student debt.

[emily-simmons-101]

Business Operations Plan

RESOURCES

For my first product release, I intend to source 100% of my bikini fabric resources from thrift, and second-hand stores. Upon conducting the necessary research and calculations, I have determined that this will allow me to procure the largest quantity of material for the lowest cost. Additionally, it is important to note I have already acquired enough fabric for approximately 10 bikinis, sourced from donations of second-hand swim or athletic apparel from friends and family.

My first product release will consist of one bikini style, a standard string bikini, in various sizes, colours, and patterns. My reasoning behind this is that the standard string bikini style requires the lowest quantity of fabric, and therefore will expand my ability to produce more while staying under my $50.00 budget. Consequentially, it is my plan to spend $20.00 on purchases of bikini fabric resources. Fortunately, I am able to source these resources locally, which will allow me to negate potential gas costs associated with product sourcing.

My desired inventory for my first release is 20 bikinis, with 4 in each size (small, medium, large, and extra large). Due to already possessing an inventory of assets in relation to my business prior to receiving this assignment, I am confident I will be able to achieve my desired production for my first product release with the thread and elastic I already have.

SELLING SPACE:

Instagram:

I currently have created a professional Instagram account for my business, which is free of cost. I also possess a Canva membership – paid for by a previous employer – that I will use to create promotional materials.

Picton Farmer’s Market:

Date and Time: Every Sunday through until September 30th

Cost: $10.00 (tax included)

Licenses/Permits: Covered by Picton Town Hall

Included:

Table

Chair x1

Tent

Additional Notes:

Sign up is done on a weekly basis through the Picton Town Hall Event Planner, Judith, whom I have been in contact with.

Vendors are not required to return weekly

Market location is >0.5km from my residence, and will not cause additional gas costs

One promotional sign is required and will cost $3.50 at Printcraft, the local printing service.

MANUFACTURING SOURCE

Sourcing 100% second-hand fabric for my bikinis allows me to negate the cost of purchasing and shipping fabric through a second-party manufacturer. Furthermore, once I have acquired the necessary resources, the physical manufacturing of the finished product will be done by myself, in my home.

Thread: Michaels

Michaels has the required variety of thread and elastic I need to manufacture my bikinis, and is additionally located in Belleville, where I often already have to take trips for various recurring appointments. Keeping an accurate inventory should permit me to avoid making an additional trip, or the subsequent gas costs.

Labels: PEC Embroidery & Printing

After researching various alternatives, such as Vista Print, I have determined it is most efficient for me to have my labels manufactured locally at PEC Embroidery & Printing. Sourcing locally will also allow me to pick up my finish labels while running my weekly errands in town. Additionally, I am fortunate to have a personal rapport with the owners, so I have been able to acquire my labels at a discounted rate. We have already discussed the details of my first order, and I have received a quote for $6.75 for 20 printed labels. These labels will include my business name, size, and all other requirements outlined in:

Textile Labelling and Advertising Regulations

Textile Labelling Act

LICENCES and PERMITS:

Currently, there are no existing licenses or permits I am required to obtain prior to beginning to conduct my business.

TIME SENSITIVITY:

Ensuring all my resources are sourced in time has been a topic of concern for me. Physically shopping for resources has not been an option, and it is no secret that shipping times have been less predictable than usual. However, with the confirmation of the changing provincial restrictions as of June 11th, I am now 100% certain I will have no issue sourcing my resources in a timely manner that allows me to meet my desired production. My current plan is to purchase my required materials over the coming weekend of June 11th – 13th, and begin the manufacturing process immediately.

BUDGET SUMMARY:

Initial Investment: $50.00

Fabric Expense: - $20.00

Labelling Expense: - $6.75

Ad Expense (sign): - $3.50

PFM Vendor Fee: - $10.00

Total Expenses: $40.25

Remaining Cash: $ 9.75

[emily-simmons-101]

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[emily-simmons-101]

Customer Persona: ALLEGRA the INFLUENCER

ABOUT ALLEGRA

Allegra is a female in her mid-twenties who lives in a condominium located in Toronto, Ontario. Allegra makes her living from being an influencer on Instagram and YouTube, and has over one million followers on each channel. Her content is focused on fashion and lifestyle. This profession allows her to work remotely. As a result, Allegra enjoys frequent travel, and can often be found on a beach.

Aside from her knowledge and expertise regarding fashion, Allegra has an awareness of apparel industry's contribution to the climate crisis. She has made a personal commitment to sustainability because of this, and does not support brands who do not share her commitment.

BENEFITS

The foundation from which Allegra has been able to achieve success is by developing an expertise in financial management. This is something she stresses the importance of to her followers, insisting they need not break the bank in pursuit of style.

Simmons Sustainable Swim would offer Allegra a product that:

Firmly aligns with her commitment and standards regarding sustainability

Is on-brand with her fashion and style content focus

She, and her followers of average income could seamlessly afford

USE CASE

Allegra unboxes her newly delivered, and sustainably packaged Simmons Sustainable Swim bikinis. Impressed by the quality and stylish appearance of her products, she then tries them on.

Allegra then posts a series of photos of her wearing the bikinis to her Instagram captioned:

"You guys aren't going to want to miss this one! Simmons Sustainable Swim is an independent, female owned, Canadian brand making handmade, sustainable, and stylish bikinis at prices that won't make you cringe. Full video is up on my YouTube channel now - Link in bio!"

On her YouTube channel, Allegra features a 10 minute video of her trying on her bikinis. While doing so she also verbally explains to users the benefits of Simmons Sustainable Swim - sustainability, style, and affordability. She ends the video by reminding viewers of the importance of sustainable apparel in the fight against climate change, and instruction to follow the link in the caption of her video to check out Simmons Sustainable Swim.

PREVIOUS SOLUTION AND PAIN POINTS

Prior to finding Simmons Sustainable Swim, Allegra had always found herself struggling on how to realistically advise her followers on sustainable swimsuit fashion. She is aware that many of her followers cannot afford to shell out $200+ for a swim suit - especially in the financial wake of the pandemic. However, she also knew she could not uphold her personal commitment to sustainability while promoting cheaper brands with poor practices. So, she continued to promote expensive, but sustainable suits.

This created a problem for Allegra:

She would receive negative comments from followers accusing her of assuming everyone had her financial status and ability to afford a $200+ bikini

She began to lose followers who felt her bikini suggestions were unaffordable and unrealistic

She herself had convictions about paying $200+ for the small amount of material used in a bikini

BUYING TRIGGER

Allegra refused to believe that bikini shopping for women was destined to be a wicked problem, or a choice from which their is no desirable solution. She was determined to find a bikini brand that was stylish, sustainable, and affordable to her followers.

BUYING PROCESS

Allegra always begins her buying process with a Google search of something like "sustainable and ethical bikini brands", which is how she first came across Simmons Sustainable Swim (SSS).

Allegra's next step was to browse through the products shown on SSS's platform. She reviewed the brand's sustainability commitment posted to the About section, and confirmed it to be legitimate. Satisfied so far, she then reviewed the individual product descriptions to confirm the materials and processes used aligned with the given sustainability commitment.

Having confirmed SSS as a sustainable brand, Allegra took note of how the price point of the products fit within the average budget of her followers. Additionally, she noted the bikini styles were in alignment with current fashion trends for the 2021 summer. She then added 3 bikinis of different styles to her cart, excited to share this find with her followers when they arrived.

CHOICE FACTORS

The following three major factors were taken into account by Allegra when choosing her solution:

Relatability and Affordability:

A large quantity of Allegra's followers fall under the middle-class demographic and household income status. In order to maintain her ability to market herself as relatable to her followers she must present them with style suggestions within the personal budgets she has encouraged them to develop.

Sustainability:

Allegra has seen fast fashion brands with cheap products, and unsustainable unethical practices capitalize off of influencer marketing. Due to her awareness of the contribution of the apparel industry toward the ongoing climate crisis, her mission is to encourage her followers to adopt a similar commitment to sustainability as her own by promoting only sustainable brands.

Style Conscious

Although Allegra strongly values sustainability, her platform is also primarily used as a fashion and lifestyle advice blog. Therefore, it is pertinent that the brands and products she promotes are not just sustainable, but also style conscious and on trend.

[emily-simmons-101]

Local Competition Analysis

* click to enlarge and scroll through each competitive analysis

Strengths are highlighted in BLUE

Weaknesses are highlighted in ORANGE

[emily-simmons-101]

Ten Tree Message Map

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Strengths and Weaknesses

Personal Entrepreneurial Strengths

Through ten years experience working in the hospitality industry I have gained valuable skills, and experience in the realm of sales and negotiation. Restaurant severs make below the minimum wage rate in Ontario, $12.20/hour, and rely primarily on tips to sustain their income, which typically range from 15-25% of the total bill amount. As a result servers who are able to sell more, and increase the amount of their patrons bills are able to earn substantially more. Experience in hospitality also granted me a skillset in people management. The most recent four of my ten years were spent in management, where I learned how to interact with various personalities and behaviours. Additionally, I gained ample experience handling confrontation among staff, patrons, and infamous Karens.

Personal Entrepreneurial Weaknesses

One skill I will fully admit I did not gain through my time in hospitality is financial planning. As mentioned, serving can be an incredibly lucrative job, and that fact held true for me. However, despite years of multi-hundred-dollar cash tip days, I had little to show for my efforts as a result of my lack of planning.

This is something that I have made considerable improvements upon in recent years as I have retired from hospitality. Through adopting a healthier lifestyle, working with my financial advisor to develop a budget, as well as continuing to gain further insight through my studies I am confident this will not remain a weakness for long.