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Start-Up Venture Progress (Week 14)

What’s Working

Brand Recognition: The name resonates with clients, reflecting trust and professionalism.

Client Engagement: Free consultations and networking have helped secure my first client.

Skill Utilization: My expertise and clear communication have been key strengths.

What’s Not Working

Marketing: Social media engagement needs improvement.

Time Management: Balancing school, tutoring, and the business is challenging.

Resources: Limited tools for marketing and client management are holding me back.

Lessons Learned

Growth takes time; patience and adaptability are essential.

Leveraging existing skills and networks is more impactful than costly tools.

Support from peers and mentors has been invaluable.

Looking Ahead

I’ll focus on building a stronger online presence, exploring affordable tools, and managing my time more effectively. With each step, Northern Numbers Accounting comes closer to becoming the trusted firm I envision.

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Start-Up Venture Progress (Week 13)

What is working?

The website is live, and I’ve added a blog where I share small business accounting tips. This is starting to position me as an approachable expert in my field. My network is growing steadily, and I’m getting more comfortable pitching my services. I also made progress in clarifying my pricing structure, which is making discussions with potential clients smoother.

What is not working?

Managing my energy is becoming an issue. I’m feeling stretched thin with school, tutoring, and business tasks. I’ve also noticed that some networking leads aren’t converting into meaningful opportunities, which means I may need to refine how I approach these connections.

How do you feel the project is coming?

I feel a sense of accomplishment seeing tangible results, like the website and growing interest in my services. However, I also feel like I need to pause and reassess some priorities to avoid burnout. Overall, I’m still excited about the direction things are heading.

What are you learning about running a business?

I’ve learned that not all efforts pay off immediately, and that’s okay. Persistence is key, but it’s also important to focus on high-impact activities. Additionally, documenting processes as I go is becoming invaluable, it saves time and ensures consistency.

What are you learning about yourself?

I’ve realized I’m highly motivated by progress, no matter how small. This helps me stay optimistic. On the flip side, I’m recognizing the need to set boundaries with my time and energy to maintain focus and avoid feeling overwhelmed. I’m learning that sustainable growth is more important than rushing toward quick wins.

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Start-Up Venture Progress (Week 12)

What is working?

This week, I focused on refining my marketing strategy, and it’s starting to show results. I’ve set up a basic social-media page for my business, and having an online presence is already drawing interest. I also reached out to local business groups, which helped me expand my network and learn about potential clients’ needs.

What is not working?

Time management remains a struggle. With school, tutoring, and marketing efforts, I still find it hard to dedicate enough time to strategic planning for the business. I also realize I underestimated the time required to manage a social media content consistently.

How do you feel the project is coming?

It’s moving forward steadily, and I’m gaining clarity about my business goals. I’m feeling more connected to the community, which makes me optimistic about building a client base. There’s a lot of work ahead, but the momentum is encouraging.

What are you learning about running a business?

I’ve learned that building relationships is just as important as technical expertise. People trust a brand more when they feel a connection to the person behind it. I also realized that a well-maintained online presence is vital in today’s competitive market.

What are you learning about yourself?

I’m discovering how much I enjoy connecting with people and understanding their challenges. This reaffirms my commitment to creating a service that genuinely helps others. I’m also learning to be more patient with myself, acknowledging that progress takes time and consistent effort.

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Start-Up Venture Progress (Week 11)

What is working?

This past week, I’ve seen progress in streamlining my workflow. I refined my service offerings to focus on small businesses, which has resonated well with potential clients. Networking efforts are paying off, as I’ve had a few promising follow-up conversations. Additionally, using tools like Excel and accounting software more efficiently has saved me time, which is critical given my current schedule.

What is not working?

Despite some successes, client acquisition is still slower than I’d hoped. I realize I need to dedicate more time to marketing strategies, like building an online presence or social media outreach, which I’ve been putting off due to other priorities. Balancing school assignments and peer tutoring with business tasks continues to feel overwhelming at times.

How do you feel the project is coming?

I feel more confident this week compared to before. While the pace is still gradual, I’m starting to see how small, consistent efforts are adding up. It feels like the foundation is getting stronger, even if there’s still a lot to do.

What are you learning about running a business?

This week highlighted the importance of prioritization and delegation. Even though I’m currently running everything myself, I’m starting to explore ways to eventually outsource or automate repetitive tasks. I’ve also learned that consistency in client communication is key to building trust, even if immediate results aren’t always visible.

What are you learning about yourself?

I’m realizing how much I thrive on problem-solving and the sense of accomplishment it brings. However, I also recognize that I tend to overcommit, which sometimes leads to burnout. Learning to say "no" to things that don’t align with my goals is something I’m working on. Additionally, this week showed me how important it is to celebrate small wins—it keeps me motivated for the long term.

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Start-Up Venture Progress (Week 10)

What is working?

The foundational aspects of the business are coming together well. I've defined the core services I want to offer and created a clear brand identity. Networking and leveraging my background in banking and finance have also been productive in attracting potential clients. My coursework and practical experiences are enhancing my technical skills, which directly benefit the business.

What is not working?

Managing time effectively between school, tutoring, and building the business has been challenging. I’ve also noticed that marketing and outreach need more focus, as gaining visibility in a competitive market is harder than expected. Additionally, understanding all the legal and compliance aspects of setting up an accounting firm has been more complex than anticipated.

How do you feel the project is coming?

I feel optimistic overall. While progress is slower than I’d like, each step feels like it's building towards something sustainable. It's exciting to see my vision start to take shape, even if there are hurdles along the way.

What are you learning about running a business?

I’ve learned that running a business requires balancing multiple responsibilities simultaneously, from marketing and client acquisition to legal compliance and service delivery. Communication and adaptability are key, and it’s essential to embrace problem-solving as part of the journey. Planning is crucial, but so is being flexible when things don't go as expected.

What are you learning about yourself?

I’ve discovered that I’m more resilient than I thought. Juggling school, work, and building this business has tested my limits, but it has also shown me that I can persevere. I’m also realizing how much I value structure and planning, which drives me to create systems that will eventually support both my business and personal life. This process is reinforcing my passion for helping others through financial clarity.

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Start-Up Venture Progress (Week 9)

What’s Working Lately, my promotional efforts are starting to gain some traction. Posting in local community groups on social media has helped spread the word, and I’ve had a few people reach out with questions.

What’s Not Working Despite these initial signs of interest, turning leads into actual clients has been challenging. Many small businesses are cautious about hiring a new accounting service, so building trust is taking longer than I anticipated. Balancing my coursework with the business has also been tough—I sometimes feel stretched thin trying to keep up with both.

How I Feel the Project is Coming Along Overall, I feel cautiously optimistic. I’m making progress, even if it’s slower than I’d hoped. I’m seeing small wins with client interest and learning a lot, which keeps me motivated. There’s definitely hard work ahead, but I feel like I’m moving in the right direction.

What I’m Learning About Running a Business Running this business is teaching me that business success depends on consistency and patience. Getting clients takes time, and every new lead requires follow-up and attention. I’m also learning how essential it is to network and reach out to other small business owners, even if it feels a bit out of my comfort zone.

What I’m Learning About Myself Through this journey, I’m realizing that I need to improve my time management and organizational skills to balance school and business tasks more effectively. I’ve also discovered that I genuinely enjoy helping people understand their finances, and this gives me confidence in my choice to pursue accounting as a career.

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Start-Up Venture Progress (Week 8)

What is Working? I'm thrilled to report that my networking efforts are yielding positive results! I have made connections with a number of mentors and possible clients who have given me insightful information about the field. I'm also receiving good feedback on my service offerings, and my marketing plan is beginning to take shape. Using social media to establish a strong online presence has also contributed to interest.

What Is not Working? Even though I've improved my networking, I'm still having trouble completing my business plan. Striking a balance between the plan's technical elements and my firm's creative vision is difficult for me. Moving forward has been somewhat delayed as a result, therefore I need to figure out how to make this process go more quickly.

How do you feel the project is coming? I'm feeling both excited and frustrated. The relationships I'm forming are exciting, but I'm getting impatient with my business plan's sluggish pace. All in all, I'm hopeful and determined to get past these obstacles.

What are you learning about running a business? I'm discovering that adaptability is essential. Being able to change course and modify my tactics is crucial because the business environment can change drastically. I'm also coming to understand the value of feedback—actively seeking out other people's opinions can result in better choices and more polished concepts.

what are you learning about yourself?

I've learned through this process that I'm stronger than I initially believed. I'm learning to accept discomfort as a necessary component of the business journey, and the problems I face are helping me to develop. I also realize that I work best in teams and value other people's assistance more than I had anticipated.

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Start-Up Venture Progress (Week 7)

What’s Working: Planning the business structure and clarifying my service offerings are going well. I’ve also identified key target clients, which is giving direction to my marketing efforts.

What’s Not Working: Securing financing has proven challenging. I’m still navigating how to present my business plan effectively to lenders and considering adjustments to cash flow projections.

How I Feel: Overall, I’m optimistic but aware of the hard work ahead.

What I’m Learning: Business success requires patience, adaptability, and strategic thinking.

Personal Takeaways: I’ve realized I need to improve my time management skills to balance my studies with business planning.

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Where will I get the Money?

When taking my accounting firm forward, I would prioritize a bank loan. A few key points from BDC’s article, “4 Factors that Could Affect Financing Your Start-Up,” help guide this decision:

Professional Profile: My background in finance strengthens lender confidence.

Project Viability: A detailed business plan will demonstrate how the loan fits my strategy.

Financial Strength: Solid cash flow forecasts and good credit are critical.

Personal Investment: Showing personal financial commitment boosts approval chances.

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My Business Operations Plan

For my accounting business, the focus will be on providing services like bookkeeping, tax preparation, and payroll management. Since this is a service-based business, I don’t need to purchase physical products. However, I will need to invest in reliable accounting software such as QuickBooks or Xero to manage client accounts efficiently. Additionally, I’ll need cloud storage for secure document sharing and communication tools to stay connected with clients remotely.

I am confident that I can set everything up in time to launch within the final 6 weeks of the course. Since I am working solo, I will handle tasks like marketing, client outreach, and setting up the software myself. A key part of my preparation will be registering my business name and ensuring I comply with any local business regulations. I might also need liability insurance to protect my business from any potential errors or issues.

To get started, I’ll need a business website, accounting software, and a simple invoicing system. Marketing will involve building an online presence through social media and networking with potential clients. My goal is to have all tools in place to offer services smoothly and start building my client base right after launch.

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Creative Advertising Exercise

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Customer Persona

Persona: Ana Martinez, Small Business Owner

Age: 35-45

Occupation: Owns a local retail store

Location: Niagara Region (Canada)

Income Level: Mid-range; her business brings in a steady revenue, but she's concerned about optimizing her financial management.

Hobbies: Enjoys reading about entrepreneurship and personal finance.

Pain Points: Ana struggles with understanding tax regulations and optimizing cash flow for her business. She has had difficulty keeping accurate records for her small business and needs professional help to grow without overwhelming costs.

How You Help: Your accounting services would provide her with affordable, easy-to-understand financial insights, helping her save time and avoid costly tax mistakes. She’s looking for personalized service that simplifies her financials so she can focus on growing her business.

Preferred Channels: Maria engages with business-related content through LinkedIn, small business forums, and local business networks.

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Local Competition

Assante Wealth Management: Led by Tina Tehranchian, this firm is known for creating custom plans for wealthy clients and those interested in charity. They focus on building strong relationships with their clients.

Strengths: Personalized service, expertise in charitable giving.

Weaknesses: Not ideal for clients with smaller amounts of money. https://tinatehranchian.com/

Impact CPAs LLP: One of the first firms registered with CPA Ontario, they offer a range of services, including tax help, business valuation, and commercial financing. They cater to both small businesses and wealthy individuals.

Strengths: Wide range of services, deep expertise in different areas.

Weaknesses: Focuses more on businesses, which might not appeal to individuals who want personal financial advice. https://www.impactcpas.ca/

Paul Gupta and Associates: A small firm in Oakville that helps individuals and small businesses with accounting and financial planning. Their size allows for more personal attention, and they are known for creating custom financial plans.

Strengths: Personal service, suitable for smaller clients.

Weaknesses: Smaller presence and fewer specialized services compared to bigger firms. https://www.paulguptaandassociates.com/

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Message Map

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Strengths and Weaknesses

When it comes to starting an entrepreneurial project, I believe I bring several strengths and a few areas for improvement. One of my main strengths is my background in business accounting, which gives me a strong foundation in managing finances, tracking expenses, and making data-driven decisions. I am highly organized and detail-oriented, which helps me stay on top of deadlines and ensure nothing falls through the cracks. I also have good problem-solving skills, which I rely on when unexpected challenges arise. These abilities, combined with my eagerness to learn, give me the confidence to tackle complex tasks.

Another strength is my communication skills. Whether it’s working with partners, clients, or team members, I can explain ideas clearly and ensure everyone is on the same page. I also value collaboration and enjoy working in teams to develop creative solutions and share insights.

However, I recognize that I have some weaknesses as well. One area I need to improve on is delegating tasks. I sometimes take on too much responsibility because I want things to be done perfectly, but I realize that trusting others and allowing them to contribute is essential for the success of any project. Another challenge is that I tend to be cautious, which can hold me back from taking bold risks that could lead to growth.

By continuing to work on these areas while leveraging my strengths, I believe I can overcome obstacles and build a successful entrepreneurial venture. With persistence and adaptability, I’m ready to take on new challenges and grow as an entrepreneur.