rishi-popat

[rishi-popat]

Progress of Start-Up Venture—Week 12

What is working?

Sold more clothing through kijiji!

Sold the HP laptop on Facebook Marketplace!

What is not working?

eBay auctions are still not generating any bids.

eBay ads are also not getting any responses

How do you feel the project is coming?

I believe that my project is coming along well. I have successfully sold the Ninja Foodi Grill and a few items of clothing. Furthermore, I have recently just sold more clothing through Kijiji as well as my HP laptop on Facebook Marketplace.

What are you learning about running a business?

I am learning competing on a global competitive selling space such as eBay is a lot harder than using local platforms. I have also realized the importance of marketing and presenting items attractively to draw in more buyers. Additionally, managing customer inquiries and maintaining good communication are essential skills that I am continuously developing.

What are you learning about yourself?

I am realizing that I have a better knack for maintaining local deals and relationships than I am on a global competitive space such as eBay. This has taught me the value of community connections and how they can lead to more successful transactions. I find that building trust with local buyers not only enhances the selling experience but also fosters repeat business and positive reviews.

[rishi-popat]

Progress of Start-Up Venture—Week 11

What is working?

Kijiji ads are getting some responses.

I have recently received some more positive reviews!

What is not working?

eBay auctions are still not generating any bids.

I am receiving lowball offers for all of the items I have for sale, which suggests that my pricing strategy may not be entirely accurate.

How do you feel the project is coming?

I am satisfied with the progress of my project; I have successfully sold the Ninja Foodi Grill and a few items of clothing. Furthermore, I have received 5-star reviews from everyone I have done business with, which greatly boosts the reputation of my profile!

What are you learning about running a business?

I am learning that reputation means everything when you're trying to do business in such a saturated and competitive field. By making an effort to price my items fairly, accommodate my buyers needs, and provide detailed pictures and descriptions, I have started to build up my positive reviews, therefore adding to the reputation of my business.

What are you learning about yourself?

I am realizing that I feel satisfaction from receiving positive feedback from my buyers. I have made every sale fair and convenient for both me and the customer, which adds value to my business and gives me the confidence to keep going.

[rishi-popat]

Progress of Start-Up Venture—Week 10

What is working?

eBay ads are finally getting some attention.

Selling locally is proving to generate more traffic.

What is not working?

eBay auctions are not generating any bids.

Potential customers from Toronto and farther away are still interested in some of my products, but they are unable to meet me in person.

How do you feel the project is coming?

I feel that my project is coming along ok; I have managed to sell the Ninja Foodi Grill and have generated some views and responses on some of my eBay ads but still have not made any sales on that platform so far.

What are you learning about running a business?

I am learning that just because you may have a great product at the best price, if the demand for it isn't there, you might as well have nothing. As a reseller, I have realized that keeping up with trends and the market demands is the most important factor in running a successful independent store.

What are you learning about yourself?

I am realizing that I feel somewhat emotionally attached to my stores. When my eBay auctions received 0 bids, it made me feel disappointed and a little depressed.

[rishi-popat]

Online Customer Showcase

Rishi's outlet—refurbished goods & collectibles

The problem that my business addresses:

These days, everything keeps getting more and more expensive. Even finding everyday items at affordable prices, such as clothing, household appliances, etc., is difficult to come across. Not everyone can afford to buy items brand new and shouldn't be expected to, given the current state of our economy and their individual circumstances.

My solution:

My business focuses on providing people with everyday items and collectibles at affordable prices. By focusing on offering refurbished goods, Rishi's outlet provides an affordable alternative to new products, helping customers save money while still accessing quality items. This approach makes everyday essentials more attainable and promotes sustainability by extending the life of existing products. Furthermore, Rishi's outlet also caters to those who are looking for "unique finds" by offering collectibles such as trading cards, sports memorabilia, etc.

The value my business brings to my customers:

My business not only offers affordable prices to my customers but also the opportunity to discover rare and interesting items that may not be available elsewhere. This combination of affordability and uniqueness enhances the overall shopping experience for customers. Additionally, Rishi's outlet fosters a sense of community among collectors and enthusiasts, providing a space where they can share their passion and connect with like-minded individuals.

Interesting facts about my business:

Affordable and high-quality products guaranteed!

Deals both locally and internationally through Facebook Marketplace, Kijiji, and eBay.

Local delivery service is available for oversized items such as stoves, fridges, etc., within a 100-kilometer radius for a fee.

The business is fully digital with no storefront location. I operate solely from my primary residence.

Contact information:

Company Name: Rishi's Outlet.

Location: Brantford, ON.

Email: rishipopat1990@gmail.com.

Phone #: email to inquire.

Selling platforms you can find me on: Facebook Marketplace, Kijiji, and eBay.

Social media: Coming soon.

[rishi-popat]

Progress of Start-Up Venture - Week 8

What is working?

Facebook Marketplace and Kijiji ads are getting attention.

I have finally sold my first product!

I have included more flexibility for my meeting locations and have received positive feedback for my efforts.

What is not working?

Listing on eBay has proven to be more difficult than I thought at first.

Potential customers from Toronto are still interested in some of my products, but they are unable to meet me in person.

How do you feel the project is coming?

I feel that my project is coming along well; I have finally made my first sale, which I am proud of! I sold a Ninja Foodi 5-in-1 grill for $150 locally, approximately 2.5 km away from my personal residence. I aim to continue monitoring trends and provide products that meet my community's needs.

What are you learning about running a business?

I am discovering that hidden fees, whether they be transactional or through the platform you are selling on, are inevitable. These hidden fees can significantly impact profit margins, making it essential to account for them in pricing strategies. As I navigate this aspect of business, I am learning to be more diligent in understanding all associated costs.

What are you learning about yourself?

I am realizing that I feel a lot of satisfaction through making sales on my online business. This satisfaction stems not only from achieving financial goals but also from the personal growth and resilience developed while overcoming challenges in the sales process. Each sale reinforces my commitment to improving my skills and understanding of the business.

[rishi-popat]

Progress of Start-Up Venture - Week 7

What is working?

Facebook Marketplace and Kijiji ads are getting attention.

My pricing strategy seems to be working, as I have had people agree with my prices without any negotiating.

What is not working?

eBay ads have received zero responses so far.

Some customers are not willing to meet me at my specified locations.

How do you feel the project is coming?

I feel that my project is coming along ok. While I haven't made any official sales yet, I have active buyers interested in the fish tank and air fryer. I hope to take these offers further by proposing to set up a day and time to meet in order to foster commitment from my prospective customers.

What are you learning about running a business?

I am learning that running a business takes a lot of research, planning, and trial and error. I was always told that "failing to plan is planning to fail." I now realize just how true this statement is. Had I not done prior internet and market research, I wouldn't be receiving the level of engagement for any of my products, like I am now. By focusing on needs and trends instead of my own likes/dislikes, I have been able to draw the attention of a completely new customer base and demographic.

What are you learning about yourself?

I am realizing that I have a knack for this particular business structure. My researching skills have always been formidable; by applying those skills to a real business, I have been able to increase the levels of engagement on my seller profiles more than I ever have before. I aim to continue monitoring trends and the needs of my community to further develop my products pricing strategies and market potential.

[rishi-popat]

Financial Sources

The following are financial sources that I would consider for a future business startup and my current business should I continue to move forward with it after this course:

Personal investment: I would try and build off of the $50 I started with and move on from there to minimize expenses and risk as much as possible. For a future startup, I would start with approximately 30% of my net worth.

Business loan: I would consider a business loan after building off of my own seed money to expand and keep up with demand should my business continue to output consistent profit.

Government grants: I would conduct research into any grants that may pertain to my business and apply for them. This approach is a great way to receive government support and, down the line, receive additional financing for my business.

[rishi-popat]

Business Operations Plan

Products

Charizard Vstar PSA 10 (Pokémon card): $600

various men's clothing: $200

30-gallon aquarium kit (with stand): $150

Ninja Foodie 5-in-1 grill: $150

Bench vise: $50

Bench grinder: $50

Purchasing of product(s)

I purchased the majority of the items listed from friends and various marketplace sellers. I have also included some items from my own personal collection, such as the Pokémon card, clothing, and the aquarium. I have personally spent a total of $50 on these items since the start of this project, which falls within my budget.

Startup process

I have already purchased the items I have listed, whether it be recently or before this course. I believe that I have enough to make my projected profits by the end of this course; however, the items and pricing may change as I work through this business. I will also need to start advertising on the platforms I am selling on to generate attention to my profiles.

Licenses and permits

There are no licenses or permits required to resell on Facebook Marketplace, Kijiji, and Amazon. However, there are restrictions on what can be sold on these platforms, such as alcohol, tobacco products, etc.

[rishi-popat]

Advertising Exercise

Greetings,

I am an independent seller on Facebook Marketplace, Kijiji, and eBay. Through my online stores, I sell a variety of different items, including but not limited to home appliances, jewelry, clothing, kids toys, and collectibles.

I am also a buyer on these platforms and would be thrilled to view your profile and even purchase items that you have for sale.

I am located in Brantford, Ontario, and typically operate locally within a 100-kilometer radius; however, I also ship internationally through my eBay profile should you be interested in something I have to sell and are outside my local range.

I look forward to doing business with you!

[rishi-popat]

Persona: Ideal customer

Name: Susan Smith

Age: 35

Occupation: Elementary school teacher

Location: Brantford, Ontario

Lifestyle: Susan is an elementary school teacher who is married and has two children. She likes pottery, traveling, and the outdoors.

Demographic:

Gender: Female

Income: $60,000 annually.

Family: Married, with two children who are also in elementary school. Her husband works in construction.

Health: Exercises regularly and is in excellent health

Attitudes and aspirations:

Personality: Joyful, adventurous, spontaneous.

Values: Good quality, usefulness, warranty (on certain items), and what her kids are interested in.

Buying Preferences:

Types of items: home appliances, furniture, clothing, kids toys, and jewelry.

Budget: Her budget depends on the type of item she is interested in. She is willing to pay a premium price if the item serves her needs and is of high quality.

Brand Loyalty: Prefers trusted and well-known brands with the exception of homemade items such as jewelry, clothing, etc.

Decision-Making Process:

Evaluates her family's needs and makes notes of what is needed in the house to make everyone's life easier as well as what toys her kids are interested in.

Consults her friends and husband before contacting sellers to ensure that what she is purchasing is worth it.

Prefers to meet in person to evaluate the quality and integrity of the item she is purchasing before entering into negotiation.

[rishi-popat]

Local Competition

Below is a list of the three primary competitors I have selected to conduct a competitive analysis on in my chosen field.

medelfan (medelfan | eBay Stores):

Website experience: This is a simple eBay seller's profile. There is no social media, blogs, or promotions. There is also no method of contact other than messaging them directly through the eBay app. They have an "about description" explaining how they find unique items to resell because someone will always want them. Each item they have listed includes photographs along with a description of said items.

Market positioning: They sell a variety of different items but mainly men's and women's shoes and clothing as well as home and garden figurines, plates, gnomes, etc. The total number of items listed is 2,194.

Reviews: They have sold 661 items and have 35 followers. Their profile shows that they have 98.7% positive feedback. Over the past 12 months, they have accumulated 152 positive reviews and 2 negative reviews. Their overall detailed seller rating is also sitting at 5 stars for shipping speed and communication and 4.9/4.8 stars for accurate description and reasonable shipping cost.

Pricing: Their pricing ranges from $17.38 to $1,453.45 plus shipping costs depending on the item. The reviews indicate that this seller is known for pricing their items fairly.

Shipping: The seller ships each item from Saint Paul, Minnesota, United States. You can track each item shipped with a tracking number provided by eBay. The average reviews for reasonable shipping cost and shipping speed show that they provide an excellent shipping service through eBay.

Social media: There is no social media listed on their profile.

Vonvino Vintage and Value (Vonvino Vintage and Value | eBay Stores):

Website experience: This is a simple eBay seller's profile. There is no social media, blogs, or promotions. There is also no method of contact other than messaging them directly through the eBay app. They do not have an "about description." Each item they have listed includes photographs along with a description of said items.

Market positioning: They sell a variety of different items such as jewelry, hair and beauty, etc., but mainly their store is built around collectibles.

Reviews: They have sold 869 items and have 77 followers. Their profile shows that they have 98.9% positive feedback. Over the past 12 months, they have accumulated 167 positive reviews and 2 negative reviews. Their overall detailed seller rating is also sitting at 5 stars for shipping speed and communication and 4.9 stars for accurate description and reasonable shipping cost.

Pricing: Their pricing ranges from $2.33 to $2471.97 plus shipping costs depending on the item. The reviews indicate that this seller is known for pricing their items fairly.

Shipping: The seller ships each item from Austin, Texas, United States. You can track each item shipped with a tracking number provided by eBay. The average reviews for reasonable shipping cost and shipping speed show that they provide an excellent shipping service through eBay.

Social media: There is no social media listed on their profile.

MSW Furniture (MSW Furniture | eBay Stores):

Website experience: This is both an eBay seller's profile and an extension to their main business website. They also have a store located in Markham, Ontario. Their "about description" is highly detailed with what they sell, services they provide, contact information, and store policies. Each item they have listed includes photographs along with a description of said items.

Market positioning: They sell high-quality small appliances, furniture, and kid’s toys.

Reviews: Through their eBay seller profile, they have sold 129 items and have 20 followers. Their profile shows that they have 97.3% positive feedback. Over the past 12 months, they have accumulated 40 positive reviews and 1 negative review. Their overall detailed seller rating is also sitting at 5 stars for shipping speed and communication and 4.8/5.0 stars for accurate description and reasonable shipping cost.

Pricing: Their pricing ranges from $9.99 to $1,099.99 with free shipping within Canada. The reviews indicate that this seller is known for pricing their items fairly.

Shipping: The seller ships each item from Markham, Ontario. You can track each item shipped with a tracking number provided by eBay. The average reviews for reasonable shipping cost and shipping speed show that they provide an excellent shipping service. They have also stated in their store policies that all items will be shipped within 1 business day in most cases and that returns are accepted within 14 days of delivery. The average reviews for reasonable shipping cost and shipping speed show that they provide an excellent shipping service through eBay.

Social media: Although they don't list a social media profile, they do offer external contact information via phone number and email.

[rishi-popat]

Good afternoon, attached is my message map that I created using Bubbl.us

[rishi-popat]

Strengths and Weaknesses

Strengths

- People Management: During my tenure working for a logistics company, I would delegate tasks and manage my team on a regular basis. By recognizing that each individual has different strengths and weaknesses, I was able to assign tasks according to each of their unique skill sets, which therefore maximized efficiency and minimized risk. This approach not only fostered a positive work environment but also encouraged team members to develop their skills further. 

- Time management: This is a strength that has taken me time and effort to build and maintain. In high school, I never knew how to manage my time effectively. On a regular basis, I would be late for school and could never find the time to finish my homework. It wasn’t until I started working my first job at McDonald's that I started to manage my time effectively. After a while, I learned how to make time to get work done instead of finding it.

Weaknesses

- Beginning with the end in mind: While I try to use clarity to put effective strategy and planning into place, I often forget to start with the end in mind. During my time as a detailer in the auto industry, I received a piece rate salary. My dedication to quality work ultimately hindered me, as it took me longer to complete cars, resulting in a reduction in my pay. This is why I believe I need to focus on improving my planning skills, enabling me to seize opportunities rather than letting them seize me.