roy's blog

what is working?

The business concept , I am really proud of myself for this fact. The business structure and  potential revenue are realistic. This make for the success of my  business ultimately achievable. 

what is not working?

The transition from idea to project is a little rocky. My mind has great ideas , but I find myself over thinking the little things. If I think too hard , I know I will never make a move and this business will go no where. 

how do you feel the project is coming?

Overall I am confident in this project and look forward to interacting with potential clients and completing my first full service decor project. Since I know my weakness I know what to fix and will be able to move forward.

what are you learning about running a business?

Got to keep moving forward.

I am very lucky to have been exposed to the operation side of a large corporation and many things I am leaning in this class I already knew, however this has allowed me to comprehend things on a deeper level . So now I can take all this and applying it  to my own business. Learning that it is necessary to plan such things as budget, expense and customer persona to such a level of detail before my business is off the ground and pair that with the knowledge that these are the same things that a large company did daily, is rooted in me differently. Also the importance of understanding my clients has proven to be higher up on the list that I thought.

what are you learning about yourself?

Save. Save. Save.

To start this business I am going to have to use my personal funds. I have been saving for 2 years to gather the right amount of funds. I have also made investments in some of the personal items such as a laptop that are a High enough quality to operate my business from. I also had a discussion with my partner and they understand I will be relying on them to provided for our daily  expenses in addition to the money I have saved.We have made the caution decision to not rely on love money or any financial support from our family members as we feel it can put to much stress on family relationships.

Once my business has been successfully running for 12 months I will be applying for additional funds to expand the business. 

Considering the operations of a service-based business is rather difficult. It’s not about ordering supplies and preparing for product sales. So what exactly are my operation plans.    

Location: At home for the most part working online for both the marketing and networking opportunities, but once I have a confirmed client, the final stage of work is from at their home.

Equipment: A high performance computer , and design program. I will also need a car to get to clients and potentially pickup some clients products. 

Labour: To start this will be a one man show, but I may recruit additional labour for larger projects, and manage consultations.

Process: Most of my business is conducted online. Manage emails and social networking sites will be priority. Handling bookings and completing consultations. Creating sample works for reference. Researching latest designs and up to date on trends. Online product review research to insure quality furniture for my clients. Shopping trips to find deals and bargains. Follow up with completed project to ensure quality. Request great testimonies and recommendations 

About Them –Rose Richards is 30 she has been married to Henry  Richards for 5 years and their 2 boys Alex and Max will be 7 this summer.

Rose works as a customer service rep at the head office of a big box retail company and she is usually in the office 5 days a week 9 am to 4pm she brings home $40,000 a year. Henry works as a manager for a gym and he is required to be on site from 6am till 2pm Wednesday to Friday and 8am to 5 pm on weekends .He takes home $68,000.

Use Case – Rose has been looking for away to provide her space with a fresh new look, she can see in her head what she wanted but is having a hard time executing 

Previous Solution & Pain Points – She looked to Pinterest and tiktok to recreate the DIYs 

She can’t find furniture in her budget that match the looks she liked 

She want to go with a designer but they costs double what she was willing to spend for guidance 

Benefits – She was able to have input. She was able to see options before choosing . She had the option of doing it herself . She had someone making the budget work 

Buying Trigger – While siting at her fold down desk that she made after watch a tiktok video, the table broke from the weight and she cracked her laptop screen.

Buying process –She was googled searched decorating ideas and service - and found decordova design. This lead to a giving a call and speak with a designer right away. They informed me that they can book a free consultation at a time that was most convent to me in person or virtual. So I booked the virtual consolation for 10 pm because the kids would in fast asleep in bed. I received an email promptly after to confirm my consultation time.They told me to respond to that email by taking some pictures and any images of designs I liked.During the 1 hour consolation the designer took the time to listen to me and asked me what I was looking to and expecting to pay. They took the time to get to know about my husband and my two kids and myself. I painted a picture of what my day looked like. I talked about my favourite food and why I like it so much . We talked about the images I sent them and the DIY project I found .They then gave me a some examples of different looks and asked why  I did or didn’t like it. We were also informed that we had the option to take on the project our self once the designs were sent. They stated that would cost $250 and would get us three looks, provide a furniture/decor cost including all the needed stores near by and links to shop online . They also provided an estimate on time for delivery and the overall project . 

The other option was if we would like we have to hire the designer as full service in which the designer would shop, arrange and complete the full look including removal of anything we are not keeping for an hourly charge of $24  which they sated my project would be around 30 hours. I decided to have the designer as I didn’t want to stress any more projects. I was a fast and easy option   

Critique the sales approach Michael is using. Suggest alternatives.

“Michael decided he would have to sell his service by personally going door-to-door. He approached each customer with a big smile and his hand ready to shake. “I’m Michael, and I noticed the exterior paint on your house is a real mess,”he would begin. When that got no positive responses, Michael began varying his approach: “Hey, how are you? Look, you want a really good paint job for cheap?” Or: “You interested in saving some money on paint work?”” [1] 

My notes for Micheal

Note 1:“I’m Michael, and I noticed the exterior paint on your house is a real mess,” sounds like an insult 

Note 2:“Hey, how are you? Look, you want a really good paint job for cheap?” sounds like a shady deal

Note 3:“You interested in saving some money on paint work?”sounds likes you will cut corners

what he could have said 

Hi, I am Micheal, I specialize in painting and repairs of home exteriors like yours. Do you currently have reatlible service provider for this line of work?

this may help get a quick understanding of what your clients perspective is and tell them what you offer.

[1-Skinner, James R. Business Plan, Business Reality. Pearson Education Canada, 2014. [VitalSource Bookshelf]

It would be unrealistic to think I could get into the world of decorating and design with no competition. There is freelancers and companies with a team to get the job done. For example :

S&A Decor - Interior Decorator in Toronto is located a few blocks away from me. They came up first on google search when looking for local decorators. They also have a 5 star review on google. With a clean easy to browse website with professional pictures of their work it is understandable that my competition is tough. They offer hourly design consolation if you just need guidence or a full service you. would like someone to take care of the work. 

However I notice they focus their own design and don't advertise any pricing.

There are companies like Elegant Living Space that have all the same positive qualities plus display their cost of consultation which is $450 in advance. 

However that is almost double the price I offer. 

But your clients may not go choose me over my competition just because my price is better there are other reasons. 

Companies like  Sterling that are in the Whitby that also offer additional service of professional painting. 

I am confident, calm and handle stress extremely well. These are the foundation of who I am. I build upon this and now venture into the realm of business and I know I will achieve my goals because I also possess the three Entrepreneurial Skills; financial planning, sales and people management. However, no amount of confidence will change that I am human. Just as I am aware my strengths I am aware of my weaknesses. 

my strengths:

financial planning was always a passion that led me to accounting

Problem Solving

Organizational skills

Attention to Details

sales & negotiation came naturally and worked well for my job

Writing terms at the right time

Talking more than money

Knowing when to walk away

people management was drilled into me as I climbeed the corporate ladder

Managerially Presence

Empathy

Communication

However, no amount of confidence will change that I am human. Just as I am aware my strengths I am aware of my weaknesses. 

my weakness:

financial planning takes time I may not always give

Energy and Persistence

sales/negotiation is limited by experience 

Speaking with the decision maker

people management has more depth then I have expolerd 

Empowerment.

My intention is to grow and improve all my skills , there may be times one area is neglect or requires more attention or may require me to turn to someone else. And that is perfectly find . I have great  people around me to do just that.