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Progress on your Start-Up Venture

What is working?

Continued sales uptick and sales trends remain promising. Revisited community posters after receiving feedback from customers on where they engaged with them. Focus on fine-tuning some fundamentals of the marketing a mind branding aspects with mixed results, overall positive. 

 What is not working?

Some frustrations over obtaining new, compelling images. But that’s a whole other learning curve that came with this business model, learning the photographic side that’s part of the process as well.

How do you feel the project is coming?

Very optimistic about the current project, I’ve exceeded my initial projections and I am fascinated with how to maximize the business going forward. Among other inquiries, Im reviewing an interesting opportunity at the local library maker program that offers large-scale prints at a fraction of online drop shipping. Considering mixing in the product segment to increase overall GP with local community shipments to target the local community more fully and aggressively price the product offering. 

What are you learning about running a business?

I have come to the significant realization that as much as I have learned I still have so much to understand. I mentioned previously working to understand marketing and it is a fundamental key in the total business positioning. There’s more, but accepting I don’t understand it all and being a student of business and a lifelong learner is a key part of it.

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Progress on your Start-Up Venture

What is working?

Refocused on the business web portal on Shopify has yielded significant results over the past 2.5 weeks. Sales and profits have exceeded initial projections for the project completion in week 14. Adherence to focusing on the low-cost operating model and cost mitigation was a key contributor to achieving this milestone. Reviewing the price positioning for the entire shop lineup and discontinuing the 10% discount promotion supported GP and subsequent net sales. 

 What is not working?

Foray into reviewing repositioning with Etsy 3 weeks ago, the website was set up but paused as I took the time to rethink my approach to what I currently had set up on Shopify. The sales lag that I saw weeks back was disheartening, but the rebound that followed over the past few weeks made me refocus and double my efforts on Shopify. 

Inquiry into a local manufacturer seems to have fallen through as my primarily night-focused imagery would be too dark for their processes. Disappointing as this could have helped with product pricing and GP even further.  

How do you feel the project is coming?

Very optimistic about the current project, alignment on product pricing and market positioning appears to have been the opportunity. Will be continuing with the business post-project wrap as it appears to be financially viable and the subject matter is fascinating to me. 

What are you learning about running a business?

I would echo my prior week's sentiment: “Product positioning and pivoting on the current offering well remaining true to the initial vision is possible”. The past few weeks have added a bit more heft to the notion, as it proved true by following this path within the Shopify business. I definitely, saw the dividends that come with marketing efforts there was a bit of delay between site traffic and realized sales. Worthy of note, going forward when tracking marketing success is understanding that potential dynamic with realized sales. 

What are you learning about yourself?

I remain invested in this business, it has caused me to truly dig into and look at a multitude of ways to grow and expand it. I see a plethora of options to pivot it or expand it that I couldn't see initially. 

Finally, patience is a virtue that I could use more of. I was close to completely pivoting away from the current digital shop based on lagging sales initially. The ability to move both at speed and take the time to evaluate new ideas is critical to long-term success.

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Progress on your Start-Up Venture

What is working?

Continued transition to open Etsy portal successfully. In conversation with a local manufacturer on producing coasters with photographic images. Sites traffic remains active.

 What is not working?

Sales continue to lag at present product and site presentation. Looking into differing formats and pricing. Doubling down on collecting new unique images, considering branching out in subject matter with the new Etsy shop launch. 

How do you feel the project is coming?

I remain optimistic with the current project, better alignment on product pricing and market positioning appears to be the opportunity. Interesting speaking with local wholesale manufacturers for future steps.

What are you learning about running a business?

Product positioning and pivoting on current offering well remaining true to initial vision is possible. So many possibilities exist within this product segment, will be interesting for this project and into the future. 

What are you learning about yourself?

I’m thoroughly invested in the business idea, I find the multi positioning capacity within this segment open to a multi pronged approach I find exciting. The challenges surrounding sales uptake have been interesting challenges to overcome and understand. I Enjoyed it much more than I expected!

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Progress on your Start-Up Venture

What is working?

Prior week's trending remains consistent with webportal activity, coming from a surprising number of representations throughout the US market as well. Not translating into sales yet, but perhaps the site's name is drawing traffic by itself? Interesting to say the least and something that's working well presently. 

 What is not working?

Leveraging last week's sale win into consistent results seems to be the opportunity. Will continue with current assortment and push before venturing into other sales avenues/ web portals.

How do you feel the project is coming?

I remain optimistic with the current project and traction thus far. Using this time to understand this business further. Both price point, marketing and logistical costs, I feel there is much more to crack there that can unlock pricing and most importantly margins. To be determined as I actively research this.  

What are you learning about running a business?

Product assortment, margins and logistical costs (headaches). Last week's first sale was fascinating to see the chain of activity and customer insights. Branding and presentation of product works well, I remain unsure in the market positioning however and may look to transition to the Etsy webportal to see if volume can be achieved. 

What are you learning about yourself?

I quite enjoy the excitement of the first sale on the site. As a side venture without the stress of reliable input of wages the joy that comes with a single sale can be thoroughly enjoyed. Really would like to be able to scale this to a small/medium business that offers supplementary income. Well perhaps just a microbusiness at the moment, I’ve grown surprisingly attached to the website and product. Will look in the coming week towards a pivot on webportal and product pricing and offering.

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Progress on your Start-Up Venture

What is working?

Webportal traffic continues to see incremental increases week over week since launch. Initial marketing push completed week seems to be yielding dividends, accelerating prior site traffic trend and resulting in the site's first sale!

 What is not working?

Initial marketing push through flyers within the local area seem to have been an initial hit. However, for broader appeal and transactional volume a larger campaign needs to be sorted out. Next steps focus on social media and driving awareness.  

How do you feel the project is coming?

I continue to be pleased overall with the project, the initial sale helped put a bit more wind into my sails. Pleased with initial marketing efforts, but figuring out a sustainable model that works for this business and adapt/scale with it remains more elusive. 

What are you learning about running a business?

Overall understanding of product assortment, pricing and GP. It’s easy to flood a shop with a large number of products that underperform. Looking to find that right balance of assortment that drives top and bottom line results. I understand much more surrounding marketing than at the outset of the course. However, it remains my highest level of focus next to the product offering and pricing. 

What are you learning about yourself?

I quite enjoy figuring out some of the concerns surrounding product assortment and positioning, more than I perhaps thought that I would. As much as sorting out some of the larger concerns for viability of the site and product, it's enjoyable. I assume that this is not my primary source of income or financial drain lowers the potential stress level as well. Figuring out the right balance on all of this is obviously key to success in any business in scaling, not to fast and not to slow.

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Progress on your Start-Up Venture

What is working?

The overall feel and look of the website is solid, as I discovered an easier task to accomplish then I anticipated. Implementation of third party drop shipping integration was relatively seamless as well. Adjustment and review of retail pricing scaled upwards from an average GP of 15%-22% to offer flexibility both in future promotional pricing, reducing the break-even point from sales in half of the projected sales. Finally, to allow some flexibility in regards to pivoting the business into a digital offering within the Amazon or Etsy market places and still remain profitable, despite the additional fees.   

What is not working?

The marketing aspect continues to be the most challenging aspect to correctly land. Balancing the budget for this project with marketing that drives ROI and limits customer acquisition and retention costs is critical for exposure and profitability. This past week a lot of time was spent on researching and understanding options fully. 

How do you feel the project is coming?

I remain pleased with the project's progress so far, my understanding of how all of it ties together is the biggest focus for myself. Excited for the next steps and seeing some traction on sales.

What are you learning about running a business?

I have enjoyed looking at the opportunities surrounding pricing, logistical costs and complexity along with the marketing aspect to tie it all together. Site exposure through marketing is key to driving sales and is a key component that needs to be unlocked.

What are you learning about yourself?

Balance remains the biggest component to me. I see the significant potential to drive increased margins by owning more of the manufacturing aspect. However figuring out work, life, school and family is the challenge. I’m fascinated by the differing b2b companies that exist to drive business overall, and enjoy researching all differing avenues.

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Progress on your Start-Up Venture

What is working?

I am pleased with the progress on the website, the overall look and feel of the site and the general direction the initial steps in this project have taken me. Quite frankly I thought these steps would be more difficult than they are proving to be with designing a site and getting it up and running and selecting and integrating a third party drop shipping company. Refining the foundation of the overall offering I have presently to align even closer with my vision for marketing is the next step.

What is not working?

I am not sure how to quantify this 100% yet, the marketing aspect is the most challenging aspect, not the business setup as I had assumed prior to this course. Understanding this more fully and creating a detailed plan that delivers in customer traffic and sales is the next challenge. I have taken some first steps on this without much movement, additional research and thought needed to make this work.

How do you feel the project is coming?

I am pleased with the project's progress so far, my understanding of how this all ties together is the biggest focus for myself. The fundamentals of a business are intact here, whether this turns into generating sales and profits for the project still needs to be seen. However, the intent behind the project was taken to heart and the efforts towards it being more than term project are intended. 

What are you learning about running a business?

The exposure to the fundamentals behind starting up a business is fascinating to me. The thoughtful planning and focus toward budgeting and purposeful investing is clearly imperative. It is easy to get emotionally wrapped up in an idea that perhaps is not the one that's received well from the public. Keeping a bit of that emotional distance and focus on the quantifiable financials and mid to long term planning is essential. Truly understanding the cost and potential profit of running any venture before you even begin can truly be eye opening!

What are you learning about yourself?

Balancing work, life, school and family is difficult at the best of times, integrating entrepreneurial endeavors into the mix is a challenge. Being interested or passionate is a definite support to being successful for the mid to long term as early results cannot be expected or guaranteed. I am also a little more creative than I gave myself credit for initially and pivoting ideas and approach to the initial business idea presentation. All of this has definitely sparked an interest in me that has me thinking and planning on how to expand on these learnings and grow the business venture further. 

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Financial Sources consideration

Understanding current cash flow requirements and future projections for a fledgling business seems to fall into the part science and part art segmentation. Getting the correct balance of both investing in the business while subsequently not starving the growing demands of the investment is critical. When to be cautious, when to take some risks and calculating this balance for the long-term success is definitely not a linear journey.  

               The article by BDC “4 factors that could affect financing your start-up” encapsulates understanding your business financial picture and your own, given how the two can we significantly intertwined within a new small business. Overall self-preparedness is represented as key, given your representation as the face of the organization, and the key to its access to additional financial resources.  

               A small business loan looks towards being the most likely source of initial funding for consideration. Private investment/partners represents a level of complexity that is not needed at this juncture. Given a small business loan from a financial institution looks not just at the business model in general but whether I would satisfy their risk assessment. Review of the business fundamentals, breaking down cash flow/burn rate and segmented cash expenditures is critical for this to be successful. Coupled with individual credit scores, financial strength and individual investment. 

                Further, underestimation is highlighted as a key point of failure when applying for a loan, both in needed finances, projected business break-even and profit point along with marketing expense. My initial steps into launching a small business has also revealed marketing as the single most critical component to get right. Both in total marketing spend but also where and how these dollars are spent to generate the biggest ROI and minimize overall customer acquisition costs.  

               The importance of taking caution and planning the initial first steps to plan and secure funding cannot be overstated. None of this is uncomplicated, but taking the proper review on the front-side is a significantly easier route then attempting to secure funding on the back side of a situation.  

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Local Competition

Given the digital storefront of the businesses and no physical location being planned, apart from the online, the ‘local’ competition encapsulates a much broader geographic area then the traditional interpretation. Regardless a review of Canadian branded art in this subject matter is less revealing, having completed a scope of the offerings within the GTA. Businesses offering images focused on the moon are not representative within the larger format of independent web portals, or specific store fronts. Upscale art shops do exist; however it is in largely impressionistic artistic impressions and not photographic in nature. As such they simply would not be considered in direct competition with this small businesses planned demographic or product offering.  

Where competition does exist in the digital space is hosting within small shops on sites such as Etsy. On Etsy alone there is an offering of lunar specific image and astrophotography focused sites.  

Image the Cosmos (https://www.etsy.com/ca/shop/ImageTheCosmos)

+ website store front experience is exceptional, professional look and feel.

+navigation and broad product assortment from photographic to interpretive and more artistic in nature.

+/- pricing ranges from the mid/low tier to the mid/low range dependent on subject matter and medium chosen.

+4.8/5 on customer satisfaction reviews

Despite pricing scale, the site does not delve into the digital offering and price point being considered for the small business.

No marketing or branding evident of the site or the photographer.

Arvecta (https://www.etsy.com/ca/shop/Arvecta)

+Pricing, offering a single photo of the moon in digital form for $2.79

+Resolution or image quality not provided besides brief description.

-Website branding or any marketing is not evident, basic personalization of storefront

-No personalized information on the artist or the subject matter aside from the image

The small business represent within the Etsy store shops aside, one other website persisted in my searches that offers a large assortment of images and a unique pricing model that demands consideration:

MEGAPIXL (https://www.megapixl.com/moon-stock-photos)

+Exception amount of image selection, resolutions and medium

+’Free’ images accessible marketing allowing select images to be downloaded during the trial period

+Unique retro style branding on website, layout and search functions are speedy and professional in nature.

+independent digital web portal

-image reuse/use rights limited in nature and tied to increased pricing

-after 1 week trial period pricing is subscription based, scaling from $15/month to $219/month

-site lacks any connection to the individual photographer/artist

-large selection of images can play to devalue a single image alone

Finally, in completing this search and reviewing possible competition a few key items became extremely clear:

First, given the specificity of my small business’s offering (positive or negative), there simply is not a plethora of competition on the local level. Within the digital space there definitely is competition, and there is some further though to given on a finalized product and pricing position.

Finally, the lack of branding and marketing within the store fronts is very much apparent. This is key to being successful in this space, the importance of tying a story or unique branding to a product cannot be overstated. This positioning on pricing is directly tied to the value the consumer attributes the brand or the individual representing it. Photography falls within the artistic realm, so this value or worth assigned an image is amplified even more so.  

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Strengths and Weaknesses

               My career in retail management has exposed to some of my innate strengths that translate to entrepreneurialism, such as financial planning and people management. Conversely overtime I have become more self-reflective and aware of my opportunities and weaknesses. I am not naturally an extroverted and overtly positive individual. Well, this is somewhat reflective of my strengths; I’d rather work through financials, spreadsheets and mid to long term business plans. Coupled with considering every possibility why something will not work, before figuring out how I can make it work. I am keenly aware of how as a leader your team looks to you for that energy and cadence to spark and drive results.

               I have adapted and grown personally and professionally over my lifetime, to think about things differently. I allow myself a certain amount of time to rip new ideas and approaches apart, and then stop. I stop and then revisit it from a more positive perspective. Asking first, what this new offering will bring to my business. Further to that, putting individuals and their growth at the forefront of my efforts has brought me into some very rewarding friendships and work relationships.

               As a final thought, I am exceptionally good at breaking things down and figuring them out (financials, structures: people or processes). However, given my long career within the same industry and employer, I see this to be a weakness within entrepreneurialism spectrum. My concern lays with the ability to adapt and pivot, needing to be the ‘idea person’ or visionary. Well, I am not devoid of unique ideas and thoughts, I don’t know that I can always easily or naturally see the next big thing.  Perhaps just finding a ‘Jobs’ to my ‘Wozniak’, definitely easier said then done!