Navigating the Seas of Finance: Choosing the Right Funding Path for Your Business"

Investigating Financial Options for Your Entrepreneurial Journey 🌐🚀

Hi there, fellow business owners! 👋💡

It's been quite the adventure starting this firm with only $50 in seed money. 💸 However, as the trip progresses, it's time to look further forward and investigate other funding options. 🌈

🔍 BDC's "8 Sources of Start-Up Financing" have outlined a plethora of options, each with specific requirements and benefits of its own. Don't put all your eggs in one basket, as the expression goes! Together, we can explore the vast array of financial possibilities and choose the best ship to take us on the path to success. 💼

In light of the elements outlined in the BDC article "4 factors that could affect financing your start-up," the following is my assessment on the kind of funding that best fits my company's goals:

🎱 Individual Investment:

Positives: Shows a dedication to the long term. Cons: Personal risk and limited cash. 💡 Venture Finance:

Positives: External expertise and high development potential. Cons: Selected sectors; compromise of equity. 👼 Angels:

Advantages: Well-off people with expertise. Cons: Possibility of stock sharing; active participation. 💸 Using crowdsourcing

Pros: Widespread financing and public backing. Cons: Tight liquidity; issues with regulations. 🏖 Business Angels:

Pros: Shared resources and high-tech assistance. Cons: Short duration; independence after a while. 🌐 Funds and Incentives:

Government assistance and non-repayable funding are advantages. Cons: Competition and strict requirements. 💼 Credit:

Advantages: Standardised terminology; shared source. Cons: Hard for new businesses; no certainty. Setting out on the financial seas, I can't help but be pulled towards Credit . It provides the ideal balance of structure and support for expansion, which is consistent with my company plan. Always keep in mind, my fellow explorers: the secret is to locate a source that aligns with your particular path. 💪♓

#Entrepreneurship #ENTR1281 

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.

A Soapy Competitive Analysis

Jshirts Update #3

What is working?

This week was a great success. First off, I created my first t-shirt.  I am very pleased with the finished product. I was a little worried about what kind of quality I would end up with given I have never designed and printed a t-shirt before but it couldn’t have turned out better. On top of that, I made my first sale and I have 3 new orders to deliver. Things are off to a good start. 

What is not working?

Making my t-shirts took a fair amount of time. When I picture it on a larger scale, one that might be able to supply an Etsy account, I don’t think I could continue to manufacture in-house. I also need to improve my workspace. The space where I made my first batch of t-shirts was not ideal. I need to look into a more longterm space that I can modify to suit my production process.

How do you feel the project is coming?

I am really enjoying the project much more now that I just get to take my business and run with it. Normally, I prefer a fair amount of structure in a course but getting to be creative and navigate the world of running a small business on my own, has been an excellent experience thus far. 

What are you learning about running a business?

I am learning that making mistakes is an inevitable/important part of running a business. I made some rushed choices when sourcing my materials. I later discovered cheaper and perhaps better quality materials that would have improved my margins. I need to slow down my decision making, make a plan and then execute it.

What are you learning about yourself?

I am learning not to doubt myself. The worst thing that can happen is failure, but from that I learn something new and improve going forward. I had my doubts about the quality of product I could create on my own and I proved myself wrong.

Week 12 Tumblr Post:

What’s working?: At the moment I have begun heavily depending on the usage of social media outlets for our business so those outlets are working well, and people seem like they’re interested.

What is not working? at the moment citizens are not looking to lend their dogs to us because the government is enforcing that people stay in their homes!

How do you feel the project is coming? the project is coming along well I am currently working on my final report and presentation, and am excited to finish this wonderful project up.

What are you learning about running a business? I am learning that running a business is a massive commitment and takes your full and devoted self at all times and must never be taken lightly.

What are you learning about yourself? I am learning that myself and staying inside do not work well, and I am happy that this global pandemic has forced me to work harder and focus on things that really matter in my life.

#Entrepreneurship #week12 #ENTR1281

ENTR1281 Week 6 - Where will I get the money

Creative Advertising  ENTR1281

#Entrepreneurship #ENTR1281

#Entrepreneurship is all about taking risks! #EntrepreneurshipI #ENTR1281

#EntrepreneurshipI #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.

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

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!

Week 11, things are slowing down!

Here’s a short one from me! 

What is working?

At the moment, nothing to report. My ads are slowing down and business has been at a soft halt. 

What is not working?

I’d say my ads but I haven’t been actively managing them at the moment.

How do you feel the project is coming?

This week and the week coming has been mostly working on the final assignments. Demand has stopped, which obviously isn’t good, but since we’re nearing the end, it shows as a natural stopping point for my business. 

What are you learning about running a business?

Everything has its life cycle, and while I wouldn’t say my business has reached it’s end, it definitely seems like it’s taking a nap. Once I know how I can manage my time in the future, I may continue this little business, but for now I think Coffee Soaps North Bay is gonna close its doors for a bit!

What are you learning about yourself?

Same old me! Nothing new learned, just more things refined! Moreover my academic brain is kicking in now that we’re ending the semester and my business brain is set to thinking about my daytime job and how to make sure I stay ahead of my new coworkers with the little hours I’ve got to claim! 

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.