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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.

#entr1281 #entreprenuership #financial planning

A Soapy Competitive Analysis

#MAN200 #ENTR1281

Progress Update - Week 8

What is working?

So far I’m noticing that once someone uses my soap, they’re interested. I have so far sold consistently to my half-brother. His mother has now used the soap and had a unique experience following where her friend had to literally sniff her out because they were intrigued by the smell! So what is working is samples. Were I able to set up a shop with a tub of water where people could wash their hands to try the soap I would be selling out within the day, by the looks of it! However, I have a feeling that sort of budget would fall on breaking some covid guidelines or need a certain level of precaution that isn’t viable in my timeframe. Thus, will not be able to do that at the moment, though it does open up a ‘word-of-mouth’ advertising that I could try to capitalize one by offering samples on my next few sales as an experiment with the pretense that the samples should be given to a friend of the buyer, so as to increase my level of exposure.

What is not working?

The price and the limited platform I’ve been sticking to. I’ve created new ads on Kijiji and will be paying for their boosted listing advertisement after they get a few more views. Time will tell if it is actually worth it or not with this type of product. My vote is no, but I won’t really know unless I try.

How do you feel the project is coming?

I’ve created new ads, each with a new penetrative price, as lately the prices I have been giving are too close to my competitors. As a small business and also untrained in the craft, I knew in the back of my mind the prices I was asking for were too greedy. It costs less than $2 to produce each bar of soap, and I was asking for over double that price. I’m going to drop my price and offer a more general deal to bulk buys, hopefully with increased exposure on Kijiji and a lower price all-around, I will find myself with a better outcome than I’ve been mentally projecting lately. So far, I’ve sold two of the combo deals and offered a sample on top of it to my half-brother's mother. Monetarily, she is my largest contributor now.

What are you learning about running a business?

It’s a lot of work, I never doubted that. However I expected the level of business to ask for a respective amount of attention. My energy has been waning with so many different things on the go, personally, I would have expected with my ads on facebook and kijiji and just renewing the ads that they would have been fine and I would have gotten a couple sales outside of my circle by now. I’m going to need to get back my motivation from the beginning and double my efforts before it’s too late.

What are you learning about yourself?

I’ve got a lot of things on the go and am falling prey to something I’ve tried medication for in the past without any positive outcome. Once I have one too many things on the go, I start to let go of them all. At this moment I’m back to work once every few days, which forces me to have much more competitive selling ideals than I would ever want to officially adopt, personally. Then I have a few family matters that are taking my attention both with my partner and my my direct family members.

#entr1281 #man200

Coffee Lovers rejoice! This, is Coffee Soap. Made by a coffee lover, for other coffee lovers!This soap is made by melting a soap base, bought by a supplier, ...

My Business’ Commercial! (Should be Live at 7PM!)

#ENTR1281 #MAN200 #entreprenuership #CoffeeSoapNorthBay

What is working?

So far I’ve been selling to my own circles which has yielded me a decent amount of business. My brother in particular is continuing to buy my soap and has high praises and says he prefers it to other brands.

What is not working?

I’ve made a number of posts, one for each of my types of soaps, on Facebook Marketplace. Thus far, I have not had any business that is noteworthy. I have branched out the number of groups I’m listing on but will be adding to the number of platforms I’m selling on. Kijiji in particular is my next best idea.

How do you feel the project is coming?

As a business, not the most profitable so far. However, as a hobby or activity one could do, I love it. I have no doubt I’ll continue to try my hand at the craft even after this class and hopefully make a few sales even after this class. One important thing I noticed is that a Tea Tree Oil that was bought from Giant Tiger will get more than enough use through this business's lifespan as opposed to a fragrance oil that was bought from Michaels four double the price, that has an increasingly limited number of uses. This may say something about how I often get too excited and act before making a proper plan. Already knew this was something I had to work on, but just realized it was in effect with this class too with going over my budget assignment!

What are you learning about running a business?

I never really adopted the arrogant attitude of “My product is amazing, everyone will buy it, no doubt!” However, I did expect that soap, in a time of practicing intense hygiene, would be selling far better than it has. I definitely need to look into some budget friendly marketing solutions and expand how I’m offering it. I wish I had a car so I could have a sign printed and hang it in my back window. I’m not the largest “people person”, unless the person in question is a complete stranger oddly enough, so pestering the people I know for their business is a bit humiliating for me. However it may be an action I need to explore soon.

What are you learning about yourself?

I have a relatively clear idea on who I am (at least at this moment) so I’m not really learning much at this time. I know my energy levels have been lower than I want them to be lately, so that’s definitely impacting my attempts here. I definitely think I need to find a spark of extra enthusiasm in the coming weeks. On a more light note, I have confirmed that coffee, as well as sandalwood, are among my favourite scents!

#entr1281 #man200

Invito Coffee - A Message Map, derived from their home screen and supporting information found on their website.

Invito Coffee is a company that roasts an ethical cup and keeps the world clean while doing it! They have a single-point origin, they roast their coffee in small batches and they are Vancouver's first zero-waste coffee company! Buy now! https://invitocoffee.com/

#invitocoffee #entrepreneur #entr1281 #messagemap #vancouver

HeavyCan Ltd. - Competition and Distinction

In London’s constantly growing environment, numerous PPE suppliers are vying for the attention of businesses and individuals who prioritize safety and compliance. Competitors range from large, established companies and small businesses alike, in industries such as mining, construction, and transportation.

Providers of PPE around London often compete on price, product variety, and brand recognition, making it challenging for newer entrants to gain a foothold. HeavyCan Ltd faces this intense competition head-on by focusing on what sets it apart from the rest.

PPE providers such as Work Authority and The Safety Supply Co. are very present in the market. These providers have used their size and resources to dominate the local market, building extensive product lines of very general PPE of all sorts. PPE adequate for ALMOST all workers.

HeavyCan however has the niche and specialised product to effectively and efficiently corner our piece of the market in the driver/mechanic sections of the market, and the workers who inhabit it.

HeavyCan Ltd distinguishes itself in the London PPE market by offering a unique combination of high-quality PPE products at affordable prices, ensuring that customers don’t have to compromise on safety due to budget constraints.

Beyond price and quality, HeavyCan emphasizes comprehensive customer service, providing personalized support that goes beyond the sale. If we don’t have the product you want, we can and will pursue it, while maintaining what makes us who we are. This includes easy access to knowledgeable a representative, quick response times, and a customer-first approach.

Additionally, HeavyCan offers a solid warranty on its products, giving customers peace of mind and confidence in their purchases, further solidifying its reputation as a reliable and customer-focused PPE provider in the crowded London market.

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