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We looked inside some of the posts by staynercornholewithmikem and here's what we found interesting.
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Week #13 Progress
The end of the course is about here. Although I did not produce and sell as many sets of Cornhole boards that I thought I would, I know that I will, shortly down the road. Even though this was a school project, I plan to continue building and selling boards. That’s why I wasn’t too concerned about really pushing hard to move sales. I will be taking delivery a lazer engraver that I plan to use to make professional, intricate designs on the boards among many other products. I will have some boards in inventory now to engrave as an early laser project.
I will come up with a Stayner Cornhole logo and engrave it on my boards. So if you see one of these boards, maybe years down the road, you will remember that school project that started it all!
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Week #12 Progress
Week 12 saw some progress. The first 2 sets are complete with another 2 sets part way through production. I have decided to hold off on marketing through Facebook marketplace for now. I am still not completely set up to be able to meet the influx of sales that I’m confident will come via this market. I am also using these first few builds to work out any flaws in the process. I have come across a few issues that has caused production delays and has hindered quality, however, I believe that I will be able to eliminate these issues in future builds. Until then, I need to keep sales down! The only reason I’m not worried is that the season is still a few weeks away, and I’ll have time to prepare. Not to mention, I should have access to the lazer engraver within a month! That will be a gamechanger in the graphic designing.
In the meantime, I am still getting the initial orders finished and word is already spreading. This week also produced another sale. This new sale was the result of a very pleased first customer who knew someone who was looking for a set. I feel that even though I will get sales online later this summer, word of mouth initially will be more than I will be able to handle.
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Week # 11 Progress
Week 11 was another slow week at Stayner Cornhole. Covid took its toll and is still not 100% gone. However, I was able to complete the fabrication portion of the cornhole boards. A few components will need some rework. I have plans in the future to get a better manufacturing process implemented so that rework like this doesn’t occur. Not only will this save precious time but it will increase quality. The next step will be doing the top designs and finish of the boards. I plan to do one in coloured paint and the other using wood stains. This is my favourite part of the process. Can’t wait.
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Week #10 progress
COVID! Well, Covid has finally hit our household. This past week has been a bit of a write off. My daughter, who is a nursing student, appears to have contracted Covid from a co-worker at her hospital placement. We are all vaccinated in our household but she still is having a rough go of it. Despite taking immediate action when she developed symptoms, it appears to have spread to my 11 yr old son and then my wife. They aren’t too bad with symptoms...cold like. I have been keeping my distance the whole time, trying to not get sick as I cannot afford to be down and out!
Luckily, we have an upstairs that can be a completely separate apartment and I have been isolating away from them here. So far, so good. I am still testing negative!!
Unfortunately, I have not made any progress this past week but plan to double my efforts in the coming week......as long as I don’t get sick!
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Video
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Took a crack at creating a video production for the first time for my showcase assignment. I would say it’s more a promo than an infomercial. Hopefully it’s acceptable for this project!!
DISCLAIMER: Just in case!! Any media borrowed from the internet for the production of this video is not intended for personal gain. This is purely for educational and entertainment purposes only.
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Week #9 Progress – Stayner Cornhole
Another week has passed. The weather has been mostly terrible so I made only a little progress on the actual builds. I cut all the legs and am now ready for sanding and painting. Things are starting off slow due to the weather and the present circumstances with my work area. However, the coming weeks look amazing and there will be a huge push not only to finish the builds, but for customers looking to buy.
This week is also our showcase assignment; therefore, time has been devoted to doing this project. This can be looked at as the marketing portion of running the business. Being in front of the computer, whether it is for marketing and advertising, or even doing the administrative tasks, will be a huge expense of your time.
So basically, it feels a little like a non-value-added week, it is also something that needs to be done. The weather not being very nice really emphasizes the need for an insulated work area. Until that is achieved, I’ll have to deal with it by managing my time a little differently.
Something that is really important when running a business is time management. I still struggle with identifying priorities and managing my time properly. You may have to manage your time while having to deal with unexpected situations. The ability to pivot and reorganize your priorities is also very crucial. In my case, I am diverting time from the manufacturing process to the marketing part for this course. But also, I am trying to complete non-business-related tasks in order to free up future time that can be invested back into the manufacturing process.
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My Progress- Week # 8
I am in the midst of the build process. I was able to get some materials for free. I had to spend on the top boards as they are the most important aspect of the boards. There are many different wood types to choose from. Ideally, a ¾” hardwood is better for durability but for cost effectiveness, weight and to keep the price point down, a good ½” smooth plywood will work. I went with a white pine with a beautiful grain if you want to good with a clear coat design on all or some of the board. Using screws on the corners and an air brad nailer along the edge which will stiffen up the ½” top to reduce bounce.
One of the challenges I am facing is the cold weather. I have not finished insulating my garage space so on colder days, it is difficult to work on the projects. With the recent, beautiful weather, I was able to get half a build put together. Another challenge is budget. One build without bags included is normally $130 if all materials were purchased at retail. I was able to get enough scrap and donated materials to keep the budget close to the $50. However, due to pre-orders and the ability to reduce production time, I invested a little more money in order to have enough material to build 2 sets at first. I will then be able to produce 2 more quickly, using the previous profits to start building an inventory.
One thing you learn when running a business, is that time becomes a bigger commodity than you thought. We all under value our own time. When you break down the numbers, you realize that you are never getting per hour what you think you are getting or should be getting. Time management and not wasting time is one of the most important things in my opinion.
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Progress with Stayner Cornhole
This is the weekend where I begin to fabricate the first boards. Up until now, I’ve been preparing the workspace in order to be able to begin production. I will be using saws and paint, and since they are messy processes, I’ve been clearing a proper work area. My family and I moved just before Christmas to a new house, and the garage was the last area to get organized. As you can imagine with moving, the garage was packed to the ceiling with things.
During this time as well, I have been sourcing out materials to complete the builds. As I’ve mentioned in previous assignments, the profit margin is greatly affected by the cost of materials. A profit can still be made by purchasing new materials at retail, but I can also repurpose other items or use scrap wood, if I can source it out. Time is always a big factor as well. Social media has helped in getting leads on materials. I have also priced out all the materials from retail outlets
I have a couple of longstanding orders that I will fill immediately and once the product begins to flow, I will open up to more marketing to bring in additional sales. Word of mouth will be the source of the first few sales and hopefully more after. Once I can show some finished products, and show some of the different design options, I will begin advertising on Facebook Marketplace. My advertising budget will be zero as social media is free! I don’t need to expand beyond that at this point as I would not be able to keep up with demand in my opinion. I look forward to getting my hands dirty and doing the “fun” part of the business. The woodworking and design!
I have owned a couple of businesses before and am starting a new one as we speak. What I have learned from them which is applicable here. You really need to learn the bookkeeping side of things. Hence the reason I’m taking this course….it is a part of the overall certificate. Knowing how to do proper accounting can really help see the health of your business today as well as providing a good vision of where it is going.
What I have learned about myself is that I can accomplish many things when I put my mind to it. All the things I’ve done in my personal life along with taking these courses, has shown that I am willing and able to put in the time and effort. I just need to head in the right direction. I hope that my life experience and education up to now, has finally going to pay off!
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FINANCING MY START UP
At the moment, Stayner Cornhole will only be a small, part-time business. However, it could be a piece of a larger business going forward. In reality, I am starting a side business of Lazer Engraving this Spring. This business will start out as a part-time business also, with the potential to become full time in 1-3 yrs. I will continue to produce some Cornhole boards, but now I’ll have the ability to engrave the tops, setting them apart from a backyard hobbyist. Both businesses would and will use the same options of financial sources. I will finance the equipment through a lender, at 0% for the max limit (2 years) to preserve cash flow while I learn the equipment and begin to produce products. This is a lender through the equipment supplier however, using a bank would also be a viable option. The advantage to obtaining a bank loan would be that you could secure more money than just the equipment cost as well as an option to reduce the payment by extending the loan term. This, however, would come with an interest rate. By upping the payments, I will save thousands on interest with the 0% rate. I will then fully own a large asset with many years of usefulness left. The other source of investment will come from personal investment. Start up costs such as workshop preparation, marketing, shipping supplies and raw products to engrave, will be covered from my own pocket. The reason this business is appealing is that it is home based, and part time. The initial start up costs and ongoing overhead are low. Working a day job can pay the bills and the part time business only needs to cover its own costs at first. There will be pressure early on to generate those profits, while I build experience and sales. The game plan is to grow that profit margin to a point where it is easily self sustaining and then the next phase, the ability to replace the full time job. Beyond that, the potential to expand even bigger is there. At that point, bank loans, love money or angel investors could be the next step.
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Business Operations Plan for Stayner Cornhole
The plan to operate this business will start off as simple as it can be. Once the materials have been sourced, the first step will be to produce the first set of cornhole boards. Due to the low start up amount, a larger inventory is not possible. Once the first set is produced, it should sell quickly as I have had interest from multiple people, and they are just waiting for me to get started.
Once the first one sells, there will be enough profit to build two, then four and so on. At that point, the first point of advertising and promoting the business will be through social media, more specifically, Facebook marketplace. As Spring approaches, there will be more demand for the product as it is primarily a summer game. As time goes on, the manufacturing process will become more streamlined and faster as well cost efficient. As the business grows, opportunities to increase the product choices through custom vinyl wraps or laser engraved designs, becomes more feasible. Through a contact that performs laser engraving, I will be able to make the boards look more professional. This opens the door to much more intricate and detailed designs which will also allow me to increase my retail price, leading to a higher profit margin.
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A Hooker’s Best Friend
The Quick Hook is the easiest, most convenient way to switch baits and be back fishing in no time flat! This handy little device allows fisherman to switch from a hook to a lure, back to a hook, maybe to a different hook, to a lure, back to a hook and back one more time without having to tie any knots or fumble with a tiny leader with a clasp only eagles can see!
Made from a patented, top secret metal alloy developed in military laboratories hidden deep in the African jungles, this device will withstand the bite of 10 Great White Sharks! The shine off the polished metal never fades and can attract fish from miles away. Other options include fish painted Quick Hooks to attract those hungry monsters lurking in the weeds! This device will be a fisherman’s prized tackle in his box. Get a Quick Hook now and receive 2 extra ones for free. That’s 3 Quick Hooks for the price of 1! Every fisherman needs a Quick Hook! Run downtown and get one today!
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Local Cornhole Supplier Competition
The popularity of Cornhole is on the rise, especially over the last couple of years. Therefore, the market is not flooded with suppliers at the moment. In my case, I fabricated my own set 2 years ago and it’s been a huge hit at our trailer park. Leagues are beginning to form, and ESPN now airs Cornhole tournaments from the U.S. with prizes up around $10-$20K.
The 3 main competitors producing and selling boards are Muskoka Cornhole which is located about 1.5 hrs from me, homebased businesses selling on Facebook Marketplace or Kijiji and lastly, large, online shopping platforms like Wayfair and Etsy. Retailers like Walmart and Canadian Tire sell Cornhole boards but they are almost always cheap, undersized sets. Cornhole has a specific set of parameters for the size, angle and finish of their boards, so for this comparison, I am excluding any box store competition.
1. Muskoka Cornhole.
They look to be the only “serious” local business into the Cornhole market. They have a nicely laid out website with lots of pictures and good information. They have options for the smaller, “portable” boards as well as professional sized ones. Some come with sets of bags as well as options for different graphics on the boards, including custom designs upon request. Their pricing of $250+ is relatively standard to the industry with options to add customization and accessories. They offer shipping dimensions and weights so that customers can input their location to calculate costs that would be additional to the sale price. Reviews that were available on their Facebook page appear to be all positive about the product and customer service.
2. Private, home-based sellers on Facebook and Kijiji
Cornhole boards are easy to produce at home if someone possesses average woodworking skills. There are a handful of people around Ontario producing these boards for sale. There are even fewer that are advertising the ability to take many orders with different options. Due to the size and weight of this product, shipping costs can severely throw out profit margins. Therefore, these vendors are more likely to be selling to their local area where customers can pick up the product. Also, many of them may have a more, homemade feel to them, especially when it comes to the graphic designs. Prices are also along the same as everywhere. $200 and up for the boards only. Like everywhere else, bags are around an extra $50 a set (2 colors of 4 bags each). Social media is the main source of marketing. Reviews aren’t too readily available.
3. Large Online Selling Platforms like Etsy and Wayfair
Since these platforms are available to anyone worldwide, there are many available options. Vendors on these sites are selling as a serious business and have constructed beautiful pages showing their products. The options may be plentiful but again, due to the size and weight of the product, shipping costs become a big problem. These platforms include a review section that is key when purchasing online without the security of being able to return the product easily or ensure the product is exactly what you are looking for. Pricing is all over the place. Some price the product low but then tack on extra for the shipping. For example, one vendor was selling a set for $90 but also charging $300 to ship! These sites are better suited for American customers, especially if the vendor is close by. Some of them may have social media pages to accompany their Etsy shop but they would be catering more to their local area.
Overall, the business of producing and selling cornhole boards would be a tough one to make a full time living at. The production process would have to be streamlined and the customer demand would have to be quite large in order to justify the investment of time and equipment to produce large batches of inventory. Sales of accessories would have to be a big part of the business as well.
Local competition is small, and the homebased builder is only a threat in their limited local radius. Personally, it appears the only significant competitor would be Muskoka Cornhole which is still far enough away to not greatly affect sales in my area. Large online selling platforms are great for the accessory side of things including parts and decals that can be used in creating your own boards at home or for a vendor of boards to increase their options.
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I decided to do this assignment on the company I watched pitch on the Dragons Den. I felt I could relate to this as I am one of their demographics!
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Strengths and Weaknesses
I am older than most students, so I have a lifetime of experience behind me already. A lot of failures and learning experiences, as well as a lot of good times.
Throughout these years, I have dabbled in business and self-help education. Recognizing your strengths and weaknesses is an exercise I’ve gone through many times. Over the years, theses traits have changed for me as life doled out its lessons.
For myself, the strengths that have been with me throughout my adult life is the drive to find success and happiness. The balls to follow through on risks and the determination to keep getting up when knocked down. I have sacrificed a lot of time and money in the pursuit of success. Throughout this journey I have gotten my money’s worth in life lessons as well as business.
My weaknesses that I’m always trying to correct are being too passionate at times with arguments (this pandemic creates many!) as well as being too concerned about what others think and trying to please everyone. These sound like strengths, but I have learned that the reality is that you will most likely not succeed at things if you don’t take a stand and focus on what you need to do for yourself to move forward. By no means do I mean that you need to lie, cheat or steal but to be successful, but there will always be someone who will be upset over something you say or do.
As I move on to the next big chapter of my life, I will need to use everything I’ve learned to make things happen!
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