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Week #9

What is working?

This week, we have three clients scheduled, one of whom is a repeat client for a new project. Additionally, this client has referred us to several other potential clients. Furthermore, we are Planning on marketing strategies for the upcoming month, including social media campaigns and local advertising.

Reviewed financial statements and expenses to ensure profitability.

This week's focus was on expanding client base, optimizing operations, and planning for sustained growth.

What is not working?

We need to enhance our marketing strategies. Relying solely on Facebook isn't reaching everyone, so we should explore other avenues to promote our services.

How do you feel about the project coming?

Our plumbing business is currently experiencing a slowdown, likely due to external factors such as weather conditions. Despite this, we remain optimistic about the future. As the weather improves, we anticipate a shift in the local atmosphere and an increase in job opportunities. We are looking forward to a busy summer season that will bring new projects and positive changes to our business.

What are you learning about running a business and myself ?

Learning to run a business in a small town has taught me valuable lessons in patience and financial management. Balancing the demands of daily operations with personal life requires focus and determination for long-term success. I'm continually adapting to the challenges of sourcing materials from distant cities, which often comes with high costs. This experience has emphasized the importance of strategic planning and resource optimization in achieving sustainable growth.

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showcase

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Week #8 progress

We've recently completed several jobs, including significant projects like repipe a house and installing a new hot water tank.

We have a few client lines up too for this coming week. And we have a few client already contacted us, and they are just waiting for the fund.

With the inventory we stock up, we are able to do the job more efficiently.

We are excited about this summer coming. How are they gonna bring upcoming client.

We use mostly Facebook and word of mouth for spreading our business, and I find it pretty reliable.

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My progress - Week# 7

What is working?

*Building strong relationships within the community ties is crucial. Word-of-mouth referrals are a significant source of our business, so building and maintaining good relationships with customers is key.

What is not working?

*Fewer customers within a given area, which can affect the volume of work and the overall profitability of the business.

* Travel distance and time, limit the number of jobs that can be completed in a day.

Project coming

*The business has been performing well recently. Over the past few weeks, we've successfully completed several projects and anticipate continued patronage from our customers in the future.

What we learn about running business

* Strategic planning, financial management, and marketing strategies are important

*Efficient route planning and scheduling are crucial to minimizing travel time and maximizing productivity.

* Word-of-mouth and local reputation are extremely important.

What am I learning about myself?

* Running a business in a small town requires extra patience, as well as a deeper understanding of financial management.

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Financial source

1. We use personal savings since the business has been running for almost 2 years now. we are able to have some inventory like tools and starter equipment.

2. Small business funds like BDC help small businesses that might not qualify for traditional bank loans also worth looking at.

3. Business Lines of Credit: Unlike a loan, a line of credit allows you to borrow up to a certain limit and pay interest only on the money you actually withdraw.

4. And for the area where I am at, there's Paro funding as a non-profit social enterprise to empower women's entrepreneurs to strengthen small business and promote community economic development across ontario.

Each of these sources has its benefits and drawbacks, and the right mix will depend on the specific business needs, risk tolerance, and long-term goals.

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Here are a few key element's on the business plan

1. Market Analysis

Research the local area to understand the demand for my plumbing services. And, Identify competitors and assess their strengths and weaknesses.

2. Services Offered

We offer a range of plumbing services, including repairs, installations, maintenance, and emergency services. Moreover, we have specialized in certain areas such as water heater installations or septic system maintenance based on local needs.

3. Target Customers

Identify potential customers such as homeowners, farmers, small businesses, and local government facilities. And, build relationships with local contractors and real estate agents for referral business.

4. Marketing and Promotion

Utilize both online and offline channels for marketing, including a professional website, social media presence, and flyers. Offer promotions or discounts for first-time customers or seasonal specials.

5. Equipment and Supplies

Invest in high-quality tools and equipment to ensure efficient and effective service delivery. Also, establish relationships with suppliers for plumbing materials and parts.

6. Licensing and Insurance

Obtain all necessary licenses and certifications required for operating our business in the area. Secure appropriate insurance coverage to protect the business and customers.

7. Customer Service

Provide excellent customer service by being responsive, reliable, and professional. And, ensure clear communication with customers regarding pricing, scheduling, and service expectations.

8. Community involvement, build a positive reputation by supporting community initiatives and demonstrating our commitment to the area.

9. Financial management, keeping track of expenses, revenue, and profits to ensure the financial health of our business. Furthermore, consider investing in accounting software or hiring a professional accountant to manage finances.

10. Growth Strategy

Continuously evaluate and adapt our business strategy based on market trends and customer feedback. Also, explore opportunities for expansion into neighboring areas or offering additional services based on demand.

and always remember to regularly review and update business plans for the business to grow and evolve in the area.

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Customer persona

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Local competition

My local competition is only one plumber in town. It can be tough, but they also present opportunities for growth and improvement. We are considering focusing on excellent customer service, quality workmanship, and competitive pricing. Building strong relationships within our local community can help me generate referral and repeat business. Staying adaptable and continuously refining my strategies can help me stand out in the market. With a few plumbing businesses in the area, it gives me a lot more opportunities in the business area.

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Starting a plumbing business requires careful planning, hard work, and dedication, but with the right approach, it can be a rewarding and profitable venture.

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Strength and Weakness

Regarding my strength, I am good at connecting with people with influencers in the business sector. My job experience working with several top shoe brands under foreign employees makes it easy to communicate with people from different countries, especially Asia. Working in different countries and learning their way of living made me think of many ideas of what will be good for my business as an Entrepreneur. I am passionate about learning new things especially when comes to people's needs and wants. As an entrepreneur listening to what people need and what is more important is as an Entrepreneur customer is king. Moreover being an entrepreneur is not only about building a business and making money but also about having a big impact on the people around me. I love challenges when people say impossible I will say anything is possible.

My weakness is the language barrier. As bilingualism. English is not my first or second language it takes me sometimes and multiple dictionaries to find the right word that I meant. I need to learn more about how to approach people and how to make them interested in what I say or sale. My other weakness is patience as I know building a business needs so much patience to grow and have the revenue to get and that will be my challenge as an entrepreneur. and also need to learn business math.

Thank you.