Taylor

Student 

[tayylormclaren]

Week 13-Progress Start-up Venture

What is working:

Be okay with failure-

The truth is: when you start a business, you’re likely going to fail at some (likely many!) aspects of it. 

It’s important to recognize that you’re going to fail (a lot!) and get comfortable with that. 

Set daily, weekly & monthly goals for yourself-

I like to stay on track by structuring my work around specific, tangible goals. For example:

research photographers / schedule brand photoshoot

set up LinkedIn business page

write/schedule 2 blog posts

 Invest in a great website-

A website is extra essential for a web designer, as it’s also showcasing my craft, but it’s still essential for any other industry that aims to connect with potential customers via the internet. 

With an online business, you need to a) find potential customers, b) woo them, and c) convert them—all via your website.

what is not working:

It matters less what you start with & more what you do with it-

Have you felt any of these?

I don’t have enough money to leave my job.

I don’t have any business training.

I don’t have any clients/customers.

I’m too old to change careers.

I invested too much in my education and shouldn’t throw it all away.

I don’t have enough time to have a side hustle.

Now, it’s of course important to make reasonable financial and professional decisions—

My business: 

Week Four I sold 1 mirror ($25.00) 1 Framed Art ($20.00) 1 accent pillow ($25.00) 2 books ($10.00). Week five, I sold one small chair ($100.00). I am so happy with what I have accomplished in these sales, especially in week 5. I just finished up my chair, and I posted it on Instagram; I stole it within 10 minutes. 

 What Are You Learning About Running A Business:

Perseverance is essential-

If you’re looking to start a successful business, it’s important to settle in for the long-haul. (True, some people get lucky and their business blossoms very quickly, but that’s more the exception than the norm.) More often than not, it takes quite a bit of back-end toil before reaping any sort of benefit.

Know your audience-

It’s more cost-effective and a better use of your time and resources to narrow down a clearly defined target audience and go after them with intention.

What Are You Learning About Yourself:

How You Learn-

You are going to constantly need to learn new skills if you want to work on your terms and thrive in our dynamically changing economy.

Your Habits-

Your habits tell you everything about how you spend your time, money and energy. Your lifestyle is the sum of your habits. Therefore, it’s essential to build the right habits if you want to start working for yourself.

Your Personality-

Understanding the quirks in your personality will help you better understand how you like to work and the type of people that best complement your personality type.

[tayylormclaren]

Week 12-Progress Start-up Venture

What Is Working:

Have the Time-

The time commitment needed to run a side business varies by industry. From launch a startup, I typically devote a couple of hours to the business every workday. Also, spend working weekends as well.

Know When to Call it Quits-

Knowing when to quit your job is essential if you want to transition from your part-time business into a full-time venture.

Know-How to Resign-

When the time comes to move to my startup full-time, remember to resign professionally. I will Thank all my employer for the opportunity and speak fondly of my colleagues.

What Is Not Working:

From doing research, I’ve learned a certain percentage of people think of themselves as entrepreneurs but are really in it for the quick money. Those are the ones that will first tell you about the hardships of entrepreneurship for all the wrong reasons. There are no shortcuts here, no guarantees, and indeed - no quick money.

My Business:

My project is coming along well. I am making sure I created a reasonable price for my projects. I made a chart for my sales. 

Also here are my sales I made over the past three weeks. 

Week 1 I sold two men's gifts. Week 2 I sold1 Framed Art ($20.00)Pet Interest($10.00), Book($5.00) Mirror ($25.00). Week three I sold 2 Large shelves ($35.00). 

What Are You Learning About Running A Business:

Don’t Compete with my Employer-

Don’t run a side company that is in direct competition with your Employer. Unfortunately, this creates a conflict of interest. If your side company competes with your Employer, the only course of action is to resign.

Don’t Use Your Employer’s Office or Equipment- employer’s office is their place of business, not yours. Do not work on your business on their premises. This rule is for ethical and practical reasons.

What Are You Learning About Yourself:

My “Why”-

When I started my business, I thought of this “Beyond money, why do you work? Of all the different options for work, why do you do the work you do?”

My Values-

I like to think of values as your code for guiding your actions and responses to any variety of circumstances. They provide a core set of parameters for how you will design your life and work going forward.

My Motivations-

Your motivations will be your new boss. You’ll also need to understand how to harness the power of your reasons to provide you with a sustainable source of energy as you design your ideal lifestyle.

[tayylormclaren]

Week 11-Progress Start-up Venture

What Is Working: 

Set flexible work hours-

My employees and I don't need to work strict business hours, so long as we get done effectively. Discuss what works best for both ends and stick with that plan.

Invest in the right tech-

Running my business from home, I am making sure I have the right technology and software to ease day-to-day operations, like payroll and document management.

I am not working with my employee's side by side, so I am making sure I have an efficient way to communicate with them—for example, video conferencing services or messaging software.

Spreading my business-

There are several ways to market my business. I am doing it online as well as offline. I have been deciding to list my business in my local phone book and run ads on print media like newspapers. Brochure, flyers, and business cards too do well.

What Is not Working:

Create a workspace in my home- Setting up an environment that is strictly my workspace is critical. Lately, I've sometimes been ending up rolling out of bed, grab my laptop, and start working.

Take a break- Allow some flexibility in my schedule; I am trying to set regular break times for myself and my employees.

My Business:

My business is going great. I have sold some of my products. Some examples are mirrors, wall art, and benches. From doing more research about running a business, I have been getting great ideas from my competitors. In any industry, competitors play a vital role in gathering ideas from their business. I am following them and keeping close eyes on the strategies they adopt to run their business successfully. From doing this,

It helps me make a better version of similar designs with a little bit of tweak. Also, I have been thinking about my services I plan to offer in years two and three.

Year Two

Decorative Accessories–Tabletop Accessories

Home Textiles–larger Accent Rugs

Personal Accessories–Jewelry

Seasonal Decor–Valentines

Seasonal Decor–Other ( Christmas trees)

Year Three

Personal Accessories–Cards & Stationery

Garden Decor–Accent Furniture

What I Am Learning About Running My Business:

Set ground rules-

I need to set ground rules with whom I am sharing my home. For example, I have to clarify my boyfriend and roommates when I need to let them know when I shouldn’t be disturbed.

Keep Calm When The Money Comes In-

It was tempting to quit one of my jobs when I started up my business. But I realized It might take longer than a few months to gauge my product or service.

What I Am Learning About Myself:

Save yourself some time-

Use Sling. This app is a great tool to use to schedule your staff. Another app is Veem. It is a  unique multi-rail payments platform that allows you to send, receive, and track payments.

[tayylormclaren]

Week 10-Progress Start-up Venture

What Is Working:

Pricing- If your prices are too high and you limit your customer base. If they're too low and you're not pulling in enough revenue to stay afloat. It's a very, very fine line.

The wrong people- The most successful business owners and entrepreneurs know to surround themselves with people smarter than them. It would help if you had a strong team.

Offer benefits for my staff-

Family and Medical Leave Act (FMLA)

Health insurance

Retirement savings

Paid vacation and/or holidays

Disability insurance (required for some states)

Life insurance

Implement the right tools for my growth strategy-

See how each one of those tools can make that process more comfortable or more efficient.

Compare how much value the tool is providing vs. the amount it will cost you.

Spread my message-

Communicating with potential customers:

Email outreach and marketing

Social media

Business website

Content marketing

Get out of the office-

Almost everything we do can be done online, so it's tempting to hide out behind my computer screen. I have been getting out and communicating with other people.

What Is Not Working:

No money- Launching and building a business is expensive. It would help if I had capital, investments, loans, and revenue to get me through the lean times.

Remember to listen- I have been taking the time to listen to other people's opinions and gathering great feedback. I have been engaging in social listening and conduct surveys.

My Business-

I have been planning more about products and how I will be selling them. Here are them below. 

Decorative Accessories: That provide character to a home and give it a personal feel, the price-points in this category will range from $10 to $250.

Candles and clocks

Desk and office accessories

Tabletop accessories

Floor lamps 

Accent Furniture:  unique furniture. The price-points ranging from $100 to $500.

accent furniture

Tables

Shelving

Benches

Footstools

Wall Decor: One of the fastest growing product . Price-points in the category will range from $25 to $250

Mirrors

Framed art

Home Textiles: Known as the “soft elements” in the home decorative market, our home textile offering will provide the finishing touches to a room or table setting. Price-points in this category will range from $15 to $150.

Accent pillows

Accent rugs

Tabletop linens

Special Occasion Gifts: For unique gift giving occasions. The price-points in this category will range from $10 to $70.

Men’s gifts

girlfriend gifts

Housewarming gifts

Baby gifts

Personal Accessories: Customers will use for themselves, lifestyles and home environments. Price-points in this category will range from $10 to $50.

Jewelry

bags

Personal interest books

Pet interests

Seasonal Decor: Seasonal decor will allow our customers to decorate their homes and entertain family and friends The price-point from $20 to $150

valentines gifts

Halloween decor

Fall Harvest decor

Christmas/New Years decor

Garden Decor: Allowing our customers to extend their living environments outdoors, This category will range in price-point from $25 to $300.

Planters

Fountains

Garden gifts

I am working on some ads for my business. I have created a lot on Canva. I have created some videos as well as weekly posts to show discounts and free shipping. I’ve also been doing follow-ups from running my business. I am making sure  I am keeping up on recent posts on the internet about home decor

What I Am Learning About Running A Business:

Do not dump your marbles on the table-

Don't go into a meeting immediately saying, "Here's what I'm selling."

Introduce yourself, and listen and figure out why they think they're there and why you're there.

Do not work so hard closing that door-

Some people may be excited about your product, but they may not be able to afford it, or the timing might not be right. Some salespeople just dump them and move on.

Do not be afraid to recommend someone else's business or product-

 I recommend someone else's product because we don't fit their needs. This way, you make friends in the industry. 

What I Am Learning About Myself:

Don't just do it-

I used to be that kind of person that just went right into it without making a list of pros and cons. But I am learning I need to take my time and create my business. For example, I rushed in my logo for my business, so I stopped for a second. I thought about how so many clients and designers think of a logo as being a peculiar kind of shape that stands out from others. But there has to be a fundamental editorial proposition behind the logo.

Don't do a handshake deal-

I always used to handshake deal with my friends, but I realized that I want to establish agreements with everyone working on a project. Get in writing who gets what and how long they have to stay to get it.

Opening up-

I learned to open up with myself to be able to talk to customers. At first, it can be overwhelming, so I started with decisions that are not made or break for my company.

[tayylormclaren]

Online Customer Showcase!

[tayylormclaren]

Week 9-Progress Start-up Venture

What is working:

Need To Talk To Your Customers-

Every business should talk to its customers as often as possible. If you run a retail store, talk to them a few times a week (if not every day). Find out what they like—and what they don’t like.

If you run an online business, ask a few survey questions after check out, or send a quick survey to your customers.

Buy Your website-

I am not buying a free website. When people come to my free website, it says that you’re not committed to this business and could be a total flake—first impressions matter.

Get Down To The Dollars And Cents-

I want my business to make money. I set a goal on how much I want to make for the year. I have broken down the number into each month to hit that goal.

Coupons-

I have handed many referral sources coupons to hand out to their clients to get their attention to stop in at my business.

What is not working:

The drawbacks-

I planned on still working full time and running a business, but in the end, I won’t have much time to pursue my own business. I will be mentally drained doing all my business work on weeknights and weekends, which I’ll sometimes have trouble doing. I want my business to do very well, but my business will take longer to start-up if I choose to stay employed.

I need to manage my cash-

One reason small businesses go bankrupt is a lack of cash, not a lack of profits. I struggle with my money, so I need to do good cash planning and understand the levers in my business that can affect my cash.

Bookkeeping-

 I tried to handle the bookkeeping position, but I realized that I need to hire a professional to help with this, but it’s essential to have a working sense of where things stand on my balance sheet.

My Business:

I love my home decor business because interior design and Home decoration are among the most popular in the industry. In the world, people want their homes decorative. I have many products that I will be selling in my business, such as Floor Decoration, Window Decoration, Garden & in-home planetary Decoration, Ceiling Decoration, Lighting Decoration, Christmas & Sessional Decoration, Kitchen Decoration, Bedroom Decoration, Livingroom Decoration, and Wall Decoration. From starting my business, I will not invest so many product holding and maintenance in the warehouse. From doing reach wholesaler companies are available in the market. Those companies provide you items in less amount, and they handle all the care of themself.

I choose to focus on the services that I offer to my customers. My service offering will provide one-on-one design inspiration for the customer, allow the customer to shop in various ways, and design a trade client base. These are my examples of the services I will be offering.

Corporate Gift Program: our corporate gift program will allow a business to purchase fun and unique gifts for their client or employee at a 10% discount. Another example is Newsletter:  To communicate with our customer base, we will publish a quarterly newsletter highlighting design trends, new product offers, gift-giving ideas, and decorating tips.

Others services are the following: Customized Giftwrap, Corporate Gift Program, Gift Certificates, Gift Registry & Wish List, Birthday Recognition, Makeover In A Day, ASID Discount, Newsletter, Customer Comment Card, Personal Shopper, Preferred Customer Shopping Events and Creative Workshops.

What I Am Learning About Running A Business:

It would be best if you listened online every day-

Your business is "always-on", even if you only operate between 9 am and 5 pm, Monday through Friday. Every business should set up alerts online to gauge what your market is saying about you, your competitors, and your demand in general. Google Alerts is an excellent tool for "listening" online (and it's free). Be the first to know when a customer gives you a bad review.

Need to know your competitor-

I need to know and understand both your direct and indirect competitors. I always need to keep an eye on my competitors. I need to know what they are doing, how they market, and their pricing.

It would be best if you had a higher purpose: a mission-

People like to work for businesses that are more than just a machine for making money. That doesn't mean that you can't have sales goals and profit goals; it just means that your employees will work harder and be more loyal if they feel like they contribute to a greater mission.

Keep your ego in check and listen to others-

Always be useful to your word and follow through on commitments, even when difficult and challenging.

What I Am Learning About Myself:

Don’t get discouraged-

Running a company is hard but Enjoy the process!

Find a problem, create a solution-

Talking to people is critical. Then create your product, brand, and marketing based around their needs and desires. It doesn’t work as well in reverse.

Partner up (If it’s right for you)-

I love working on my one and am motivated, so I will not recommend partnering with someone. Working on my own is rewarding.

Passion always beats money-making-

There are always unique opportunities in the market to make money. I know the reason why I wake up is not to make money. There is more life than to just money.

[tayylormclaren]

Week 8-Progress Of Start-up Venture

What Is working:

Good communication-  I know creative flow can catch us by surprise, and it happens regardless of who may be needing our attention. So I am making sure I keep up with all my employees, let them know my goals, and be on the right page about willing to achieve this goal with me.

Social media- I have been making my online more straightforward to access what my customers want. I have also made many new coupons for my customers to use, such as Extra 10% Off on 1st Order, Free shipping 1st order, weekly sales, birthday coupons, and Flash sale $5 for gifts.

Utilize the right tools- As I mention on my Tumblr post for week 7, I struggled with excel, and I got me a bit frustrated at first, but I am figuring it out now. I am purchasing large whiteboards so I can place them in the meeting rooms. I will be writing it down and then show my employees what I am talking about.

What Is Not Working:

Fear will always be there- When I think about my goals, I want to achieve, such as how much money I would like to make my first year.  I get this nervous feeling sometimes in my stomach. I realize that I can’t fight these feelings; I have to learn to understand why they’re there.

My Business:

My project is coming along really well. As far as the schedule, I am a long-distance runner, so I cherish having the ability to stop working, and go for a run, whenever my schedule is free (not whenever a boss might allow or want me to go).I also love taking the initiative, exploring ideas, and empowering team members to do the same. It's so rewarding when my position allows me to turn those ideas into something unique, and that can make a difference for the business, our customers, and my employees. I am getting a great response with my home decor products, useful feedback from my customers.  My customers mention that it is easy to access what they are trying to find on my website. I am excited about this journey!

What Are You Learning About Running A Business:

Strengthen my decision- Don’t be afraid to make a choice and move forward. It will teach me and show me the way.

What others think of you is none of your business-

I know in the world there are always going to be people who don’t like me. But I have to smile and remember that I’m not working for them. I have to be myself and be there for my client and customers that value who I am.

We are each unique- I know if you try to make yourself something you’re not, you will struggle. My gifts, my strengths, my style, and my voice is all unique to me.

Ask better questions- I have been making a Pro/Con list can help me make a good decision. I am thinking about asking the right questions about my business ideas and products I am selling. I have to see multiple angles with problems I might run into or and strategeries on how to make my business run.

Lessons When Running Your Business Teaches You-

Don’t take yourself too seriously-

From running my own business, I learned that we all produce our best results when we’re enjoying the work we do!

Insourcing is the new Outsourcing-

Learning from others and seek guidance, but make sure you’re not always turning to outside sources instead of going within and acknowledging your intuition and wisdom.

Money is great, but it doesn’t equal happiness-

I used to struggle with running myself with no sleep. Focusing on my business, I’ve learned my priorities should be fulfillment and being true to yourself.

[tayylormclaren]

Week 7- Progress Start-up Venture

What Is Working In My Business:

Know My Organization-

I compare my organization to industry standards using your CPA’s tools and resources. I know my business is not like anyone else in the industry, but I identify areas in other companies to help my business make different decisions about spending money significantly.

Be Flexible-

Revisiting my budget is a very healthy exercise for my business success. I don’t want to wait until the end of the year to compare my actual results to the budget; I will be behind the loop.

Build The Right Budgeting Team-

It’s essential to build the right team to create my budget. I understand that one person should not make a budget. That’s why I hired some great employees who will be held accountable for the account; then, they should influence creation within my business.

Follow Up, Follow Up, Follow Up-

After losing my first potential client because I didn’t follow up, my mind changed entirely about how I needed to be approaching my sales process.

What Is Not Working in My Business:

Utilize the Right Tools-

Most accounting software has a built-in budgeting tool, but I get frustrated with your Excel budget, so I need to take a step back and check whether I have a current software that has a tool I could utilize to assist.

Working From Home- I wanted some employees to work from home, but I've come to some conclusions on why it is not a good idea. I have to change it, so it is fair for everyone.

It Would Be Unfair to Allow Select Employees to Work from Home-

If I get some of my employees to stay home and some to come to their offices, it will be a problem. It will cause divisions among my staff. Those stuck in the office will resent others who get to work from their homes' comfort.

Lack Of Control

Employees that are not in the office is much more difficult to control. Having everyone work in the same building means being able to have better control and walk from the desk-desk to communicate with my staff.

Missed Opportunities For Collaboration-

Even though there are great technologies like video conferencing. When workers are forced to spend time around each other, they learn to communicate in more profound ways than remote technology allows.

How do I feel about my project:

I love my Home Decor business because it allows me to work on many different, exciting topics, such as designing custom artwork, helping on a budget, and make a family happier or just a single person. My company is very hardworking and decides to help. There is a sense of pride in that. I feel like the luckiest person in the world to be able to run my own business. It's inspired by unique creativity among one or multiple individuals. I love that I get to create things that my clients will use and cherish. Also, I love creating my business because I get to decide whom I am hiring. I ended up hiring my sister to check emails and social media apps. She enjoys doing that, plus I get to see her more often.

What I’ve Learned About Running A Business:

Success Comes To Those Who Work-

Every time I put in work, I get a proportional amount of results and successes from that work. The more work that I put in, the more success that occurs in my life

Sales Is An Important Skill To Learn-

Learning not just to “sell,” but also to communicate with people in a way that makes them interested in an essential skill, not only in business but also in life.

Don’t Be Afraid To Take Risks-

If you don’t take risks, you aren’t going to achieve the level of success you want to accomplish in your business. I understand that risks are sometimes bad, but taking risks that you have faith in might be your path to success.

What I’ve Learned From Myself:

Burned Bridges Stay With You For Life-

I understand working yourself; you realize how meaningful all relationships are. A burned bridge will stay with you forever, and you quickly learn that forgiveness is an essential tool for success.

Beliefs Aren't As Important As Your Behavior-

How you act and talk to others about what you believe in is more important than the actual belief. Treat others with kindness and respect, no matter how different their views are.

Almost Everything Is Simple, But Almost Nothing Is Easy-

As I started to grow my own business, I begin to learn most everything is relatively simple. I recognize that I don't worry so much and that things seem to fall into place. Understanding this and accepting it as truth, however, is never easy.

[tayylormclaren]

Financial Resources- Where Will I Get My Money?

Advertising makes my business money. I will use the $50 to invest my business for the advertisement part. I will pay my monthly fee for Canva. I will also be using Facebook, Instagram, Twitter, and Youtube to promote my business.

I will always put 100% in my Advertisement since it attracts customers to my business and increases my sales. When consumers see healthy and positive advertisements, they are more willing to buy and ready to choose my company.

I used the following information and experience from this course to start my home decor business and support breast cancer awareness. I choose to use the following sources for my business. I plan to use personal funds, financial support, and bank loans.

Personal Investment:

From this article, it states that starting a business, your first investor should be yourself. From doing it proves to investors and bankers that you have a long-term commitment to your project and are ready to take risks. I agree that I am ready to start taking risks. I will be creating two separate saving accounts. My first account will be if something goes wrong like my car breaks down. The one other saving is for my commitment home decor business.

Love money:

This is money loaned by a spouse, parents, family, or friends. Money that will be repaid later as your business profits increase.

I have borrowed money a few times in the past with a family or friend before. But when it comes to my business, I will not be using “love money”. If I were in a horrible financial state, I know they would be there to help me in a heart beat. I would pay them off when my business would be in a better place. But I would never use the money if they want to have equity in my business or ruin my relationship with them.

Venture Capital:

I understand a relationship with a venture capitalist could be highly beneficial for your company. But the kind of my business I’m running, my goals and my analyses so this is not a good source. I don’t want to leap in and ruin my business.

Disadvantages 

Not In Control-

This loss of control may turn out to be financially beneficial for me, or it may destroy my business if the right decisions aren’t made.

Lack of Discipline in Spending-

If I get an injection of capital, I may be tempted to make some quick decisions. This could include bonuses or extra purchases. I know the most critical key is budget skills, especially when my business is just starting.

Possible Parasites-

I never used this source before, so I would get my lawyer to look over it to understand the contract thoroughly.

Angles:

Angels tend to keep a low profile. They are often leaders in their own field who contribute their experience and network of contacts and their technical or management knowledge. From doing other research, I learn that you have to contact specialized associations or search websites on angels to meet them.

It is called "The National Angel Capital Organization (NACO)" is an umbrella organization that helps build Canadian angel investors' capacity.

Advantage: No-Debt Financing-

Angel investor funding is a much cheaper form. Angel funding does not require monthly payments on the capital and interest.

Advantage: Funding Range-

Angel investors usually invest in amounts from a few hundred thousand dollars up to $2 million, providing most of a company's needed start-up capital.

Advantage: Business Acumen-

Angel investors, however, do expect entrepreneurs to handle the daily operations of a business.

Although sometimes seen as a better solution than venture capital funding for some businesses, working with an angel investor also has disadvantages.

Disadvantage: Control-

As one of the few investors in a start-up, angel investors may take a significant part in decision making.

I understand that angel investors may provide the necessary guidance, but others may make demands my business control that I might find excessive. I will not be using this source since too much involvement are inflame when an angel investor does not have industry experience.

Government grants and subsidies:

Canadian Small Business Financing Program (CSBFP)-

Canadian Small Business Financing Program (CSBFP) is another source of revenue.The Canadian Small Business Financing Program is developed by the government of Canada and is offered through banks. It's a program designed to help small businesses and start-ups gain the financing they need when they cannot access it through traditional means.

I understand that the financing option I choose will impact my business's success, and I firmly believe this source doesn't affect. I wouldn't say I like this source because, on average, it can take between 30 to 90 days to receive your funding. Also, approval can go beyond that if more information is required. My credit score is fantastic, so why wait even longer. Getting a bank loan is less complicated.

A Business Line of Credit-

A business line of credit is a revolving loan that comes in two forms: secured and unsecured.

I will be using a business line of credit to start-up my home decor business. I choose this finance source because I have a great credit score, so this won’t be an issue to get. I also love that this course works a lot like a credit card but with better features. A Business lines of credit typically have lower interest rates and higher credit limits. I choose this because I can typically finance my short-term business needs like day-to-day operations such as paying for suppliers or to help with cash flow problems.

[tayylormclaren]

Business Operations Plan

Materials needed:

1. Paint - several small painting projects that you can use to update your home decor

2. Fabric- the fabric used in your room can define the home decor style

3. Wallpaper -Wallpaper isn’t just for the walls and ceilings. If you find a wallpaper that has a pattern you love, use it as a décor accent!

4. A camera- (take/post photos of my home decor collection.

5. A Computer with access to wifi ( to answer emails/access to my inventory/upload picture of home decor

6. Spreadsheet app - categories of price, home decors, and conditions description( of when I first bought it verse to the new finished product )

7. Cleaning product- such as Old Wood Furniture ( white vinegar, lemon juice, and coconut oil for a multipurpose cleaner)

Most of my expenses will go to purchasing my home decor. Since I already have most of the tools to build / great new designs for my home decor products.

Products I will be selling.

( New product / used product that turned into a new design

1.Mirrors- Mirrors are a cheap and easy way.

2. Pillows

3.Throw Pillow Covers

4.Tables

5. Trays

6. Vases

7. Blankets

8. Artwork and Wall Decor

9. Table Lamps & Floor Lamps

10. Baskets

11. Area Rugs

12. Table Settings

Selling Space:

I will start running my business from my home first. Now I have a workshop at my farmhouse, so spacing isn’t an issue for me right now. But as my business grows, I will be changing locations. I am very grateful that I live close to small towns where I can receive customers—my goal is to move to bigger cities when my business grows. Now, selling my products from home is great since my customers can drop off/ pick up or locate a meeting stop for the delivery.

Working at home is an outstanding advantage since there is no rent expense you need to worry about. Now it will allow me to used that money to purchase more products or materials when required.  

Manufacturing, Logistics & Purchasing:

My business is still new, so I do all the manufacturing. This provides me with expense balance, such as my products and delivery cost), quality control, and satisfaction.

I will be purchasing some other home decor/future as I will be fitting them up and creating a new style with the products.

Now many people are busy with their lives, and sometimes customers want their products delivered. I will be charging delivery fees.  I can use the money towards materials I might need for a new product or maintain the delivery truck. I also use Canva Pro to help me create more advertising business tools on my Instagram and Facebook. I spend $12.95 monthly, and I will continue using this app since I get great replies to my pictures.

I will use knowledge to purchase home decor and materials at a reasonable cost that remains within my budget. I will also learn from online research/peers that I know is a free tool.

Policies, Processes, Procedures for my business:

Polices-

My business, as of right now, will be no refunds. Most of everyone knows second-hand stores provide no refunds. Since I will be creating new home decor products and buying second-hand products such as furniture and fixing them and creating a unique style, I am still not doing refunds.  I will show before and after pictures of the home decor through my website, or if they prefer to look at it in person.

Processes and Procedures:

Item Purchased-

When purchased products it will be placed into my spreadsheet by category of decor, description of work, and price such as when I bought it verse to what I did to fix it up or how much it cost to me build it)

Once home decor is sold, they will be a spreadsheet sheet highlighted light yellow to track my products, and they will be a form for them to sign saying they are happy with the product and no refunds.

Process and Procedures with home designing a home-

There are six stages to the design process

THE MEETING- (Excitement and Exploration, Programming)

DESIGN DEVELOPMENT - I will get them to text/email on what the problem is, what they would like to be in that space, and a budget they prefer.

THE DESIGNS STRUCTURE- (Space Plans, Materials, Design Boards, and Decisions)

Home accessories organiser- services to furnish a bland and empty space with all the comforts of home, such as window dressing, rugs, coffee tables, cushions, decorations, kitchenware, dining sets and cutlery.

Whole room or whole home makeovers- Whole room or entire home makeovers , communicate what customer likes, dislikes, and needs.

Furniture re-upholsterer - want their existing furniture re-upholstering to fit with a new home colour scheme rather than buying brand-new furniture.

Eco-friendly home decor services- offer an eco-friendly home decor service with an ethos to only use ‘Green’ environmentally friendly products, or even re-cycled or up-cycled furniture and fabrics.

   4. CONTRACT DOCUMENTS-There will also be an interior and exterior specifications document that outlines all the materials, finishes, and installation methods. These documents are critical to making sure builders and trades can give fair bids. If you’re dealing with a bank, they often ask for these documents for lending.

   5.  THE WAITING (getting Quotes, Proposals, Orders, Deliveries

   6. THE REVEAL  (designing away!)

Business Goals:

- To have my home decor cataloged into a spreadsheet by the end of 6 weeks -Take photo/upload 15-20 photos of home decor onto my website in -My goal is to sell close to $100-150 of home decor from my website in the 14 - weeks

License and permits:

Individuals who want to start home-based businesses are often so eager to get underway that they omit a critical step: making sure they have all the requisite licenses and permits to operate their new business legally.

License-

For Canadian Companies: I will apply for a CA Identification Number is a five-digit identification number preceded by the letters CA (ex: CA00000).

Permits-

I will be getting a vender permit since my businesses sell goods and that required to obtain a vendor's license, generally from the state and sometimes from the county or city. This will also allow me to provide the authority (and obligation) to collect any appropriate sales tax.

[tayylormclaren]

#creativeadervertisngexercise 

[cutebedroom]

tall mirrors are a great way to make a room feel bigger!

[tayylormclaren]

[tayylormclaren]

Local Competition:

Home decor is involving overtime since it can affect everything from our self-perception to our feelings and productivity. The business has enormous competition that are selling Home decor. From doing reach, I have narrowed it down to three of my competitors. The competitors are Wayfair, Bed Bath and Beyond, and Homesense. Each of these businesses has trigging strengths but do contain some weakness.

Wayfair: 

Webite: wayfair.com

Quick information-

Wayfair specializes in the online world. Wayfair is one of the best online stores. They are known as "leading online retailer." They have one store physical store in Natick, Massachusetts. They offer millions of home furnishings options, and it would be impossible even to show a small portion of their product in physical stores. Wayfair is known for their furniture options and a more comprehensive range of prices than you'll find in most furniture stores. Did you know that Wayfair sells everything you could need for your home with a broader selection than even Amazon. They have over 7 million different options in home decor.

Strengths (Promotion/sales, Customer service)

Promotion/sales-

Wayfair has intriguing Promotion. From doing research that I found that promotions are always ongoing, which keeps their customers active. They have Daily sales of up to 70% off, Seasonal sales, coupons codes, and free shipping over $49. Shipping is a significant value for customers when placing an order.

Price-

Wayfair's product ranges in price from high end to low budget items. Wayfair website always provides the picture-perfect family look that is affordable on any budget.

Customer service-

Shopping online can be much more comfortable than driving from store to store. Delivery can be complicated. This company has delivery methods. You must pick a delivery method for large items at checkout so we can ensure a smooth delivery. This company has a customer page that gets customer attention to look at it. They have a Wayfair Rewards Program, WayFair@Home free online magazine, and Wayfair Room Inspiration Page, which provides great inspiration and ideas for holiday decorating, entertaining, DIY projects.  

The community-

The Wayfair Charitable Giving Program encourages company employees to set an example by donating their time and money to nonprofit organizations. Every WayFair team member is also given a day off every year to participate in a community service project.

The company itself donates $75,000 every year to qualified charitable organizations and additional money to emergency relief funds.

Wayfair is proud to support:

Habitat for Humanity International, an organization that helps to make comfort and shelter a reality for everyone by building affordable housing.

Cradles to Crayons provides children in need with the items they need to thrive at home, at school, and during play from birth through age 12.

FamilyAid Boston, a charity dedicated to providing homelessness prevention assistance,, supports homeless families with emergency shelter programs and affordable permanent housing.

Weakness of Wayfair:

From having your business online, you will find aways issues. Wayfair struggles with items occasionally do not match their online picture, and Shipping and handling are not refunded for returns.

Here are some key points that this business is facing: criticism after employees protested the company's apparent sale of mattresses destined for a border detention camp for children. Some customers and companies are boycotting the online furniture retailer until the company apologizes.

Bed Bath and Beyond

webite: https://www.bedbathandbeyond.ca/

Strengths (Products, Target Market and Forms of Promotion/sales)

Products-

Bed Bath and Beyond is a home furnishing store. The one thing people love is that they sort their categories well. The categories they have are Bed & Bath, Kitchen, Dining, Home Décor, Storage and Cleaning, Baby and Kids, and Seasonal. Did you know that they have additional products they offer, such as traveling supplies such as luggage, backpacks and briefcase, Pet supplies, Wedding essentials.

Target Market-

Bed Bath and Beyond target people that are homeowners. Since they have their vast selections for home-based products, research shows they have a higher number of customers looking for supplies to put in or out of their houses.

Forms of Promotion/sales-

Bed Bath and Beyond's slogan is "Beyond any store of its kind." This Company does well with pricing strategies. The business will have one commonly used in internet coupons, email promotions, and in-store/ online deals.

Weakness: ( Dependence on technology)

One of the weaknesses that this business carries is a dependence on technology. Bed Bath & Beyond shifts its merchandising and marketing online, it will rely more heavily on technology. While the Company will gain some expertise from the people and systems it acquires. The Company is not at its core of technology yet and has a competition with Wayfair and Amazon. It is not at its core a technology company. Other information shows the Company is talking about is how it will require changes from the boardroom to the shipping desk.

Homesense

Website: https://www.homesense.ca

Strengths ( product frequently changes, Stores/ Customer needs )

Product changes frequently-

Home sense's selections change more frequently than our other home decor business. Every time you go into Homesense, there is always something to look at; people call it "Treasure hunt." Cumsotes will by brought they tend to see since they don't hold replenishment stock in back rooms, and most of the time, store managers don't even know what's coming until they throw open the delivery truck doors!

HomeSense Stores/ Customer needs-

This business is very flexible. They have no walls divided between departments, so they can quickly expand and contract merchandise departments to respond to new trends and customer needs.

Weakness: ( Product and Promotion )

Product-

From sometimes having their selections of products that change so quickly, they do have downfalls. It will be a hit or miss on things you might be looking for in the store and keeping an online website for the customers to by their products. HomeSense locations are created equal. With their inventories changing constantly, they struggle with reliability, cleanliness, organization, and to meet customer services.

Promotions-

This business's weakness is a lack of promotion forms since they don't use coupon sales or gimmicks. They place their new and exciting merchandise. Now I understand that products are 20%-60% below the full-price retail; some customers still find it high.

[tayylormclaren]

[tayylormclaren]

Strengths And Weaknesses

My story:

Throughout my whole life, my mom was a single mom of twins. My mom, my sister, and I lived in a two-bedroom apartment. My mom had a boyfriend, and they have been dating for years. My mom found out she was a couple of months pregnant. Her boyfriend ended up leaving since he didn't want the kid. Our mom told us the news, and we weren't happy since we didn't have enough room in the apartment. Anyways my mom ended up having the baby. My sister and I ended up loving our brother. But my mom ended up having postpartum depression for two and a half years. My mom stopped working. Every day after school, I went to work to help pay for bills. While my twin sister helped around the house and with my brother. At home, it got stressful that my sister needed to move out. She ended up living at my auntie's house. I told my mom I love her, but I needed to leave. I had alot of stress on my plate. I didn't want to live with my sister at my auntie since my sister and I needed space apart. I went with living on my own. Living on my own had some excellent experience and bad experiences, but it made me stronger.

Financial Planning:

From living on my own for a year, I then moved into my auntie's house for two years. I've done well to save the money I've earned. Working three jobs wasn't easy, but I had a goal to keep a certain amount for my dental program. Also, Seeing my mom struggle with money and how my friends spend money makes me more aware of spending my money. Throughout living at my auntie, I lived off only one paycheque. My other two jobs, cheques, always went right into my savings. By the time I was ready to go off to college, I had enough to pay for my dental program and a decent leftover. I made a bank appointment to talk about investments, RRSPs, etc. I wanted to speak to them about my business goal and other things down the road like owning a house, having children, marriage.

Sales/Negotiation:

In starting a new business, I feel like I will do well in sales. In one of my current positions, I do well at suggestive selling and advising for different products. Customers will ask my preference, or if I have one, and usually follow my guidance. Many customers will try new things simply on my suggestion. I feel like I have great strength in colours and coordination of such.  

An example of this is my style. When I decide to purge my closet per say, my friends/family will choose/pick out things they’d like to buy from me and ask what I think would go with it. I would point something out or show what I wore with these items, and they usually take that item. Now I do have a weakness in negotiation skills, as I’ve never had to do this. If I sell personal items, I always get what I ask and have never bartered or went back and forth with price offerings. I would benefit from some price/product searches and internet browsing to see what products are being valued and selling for.

People Management:

I am working multiply jobs. The jobs that I work at are all the following: at a grocery store part-time, a factory in London, a merchandiser with a company called Counter Intelligence, and at an orthodontist place. Now having these jobs, I come in contact with a lot of people. I love being around people. Now every job, you have to be professional how you communicate with others.

First, working at a grocery, you see regular customers come in or once a week customers. I have made lots of casual acquaintances.  

Secondly, I work at a factory in London to coronavirus screening for truck drivers before entering the building. Now it can be hard sometimes since customers hate filling out the forms. But I always remain calm and try to make conversation with them. The customer typically mood changes into a cheerful attitude.

Next, My other job, I am a merchandiser. I am an independent contractor. This job is relaxing. They give you dates your services are supposed to complete. You can go whatever day during the week that works best for you. I only communicate to the receiver in the back of the store if I can't find the product for a specific service or if we still can't find it, I might have to speak with the store manager.

Finally, Working at the orthodontist place, I see regular patients coming in for their appointment. Since the coronavirus virus is happening, we have to communicate with the parents more since they aren't coming in the children. We have to walk the patient out and tell their parents what we did at his/her appointment. I find it a bit nerve-racking at first from time to depending on the parenting tone when you first walk their child out. When this coronavirus first started, I messed up talking to parents. But the more you do something over and over, and it gets better.

In the end, I get along with all my co-workers, and most people I come in contact with the practices from my jobs down the road and have right now. In my opinion, I feel like I am a follower more than a leader as of right now. I tend to find myself observing my boss and co-workers communicating with people and use what I learn from them to speak to other people.  

I know I have excellent communication skills to lead me in coming to a leader. However, starting you my own business in home decor will help me push my self more into becoming a leader, which I am excited.  

The one thing I need to improve on is my communication through emails. I don't get a lot of practice in this since I come in contact with people face to face.

[tayylormclaren]

Hiya

My name is Taylor. Welcome to my Tumblr blog! This blog is created to start-up my "Home Decor" business project for the Entrepreneurship course I am currently taking.

I am very excited to meet and show new people what I can do on this new journey!

My Reminder About Home Decor:

There are ways to get there, even on a limited budget. Decorating for psychological comfort isn't a luxury item. For the first step in making changes in a home, You have to be in the moment and understand your feelings inside a room. Then you can start planning what you would like, such as eye-catching accessories, wall arts, and essential colour schemes.