Wednesday, 30 March 2016
A Picture Paints a Thousand Words
Hi everyone! Here are a few pictures of the shelves I had built and some of the stationery I started selling the first time. My son claimed one of the shelf for his figurines and video games. He said I had enough left for my supplies. If only he knew how correct he was because I had minimal supplies to start off with, but a start none the less which I was proud of. I also had my fax machine and my printer and laptop so I was set to go.
Friday, 18 March 2016
Finding a location for my business
Having funded my project it was now time to 'set up shop'. I did not have the required amount of money to rent a physical space and as I had a daytime job which required my attention, I decided to dedicate a room in my home for my business office. This allowed me to work comfortably when I was away from my day job on weekends and some evenings.
I had a few bookshelves installed in the room to store the products I would purchase. I got the bookshelves built for an excellent price from a young man in my community and even though I wanted an office desk I could not afford one at the time. I decided therefore, to use my computer desk for my workspace in the interim. My home office was looking good and I felt proud.
When starting a new business there would always be challenges, but having a positive outlook along with supportive family members and friends help tremendously. I was fortunate to have that and to also have a friend who was a seasoned entrepreneur. He gave me some very valuable advice that encouraged me to keep at it despite the challenges.
When it was time to order the products I wanted to sell, I went to John Dickinson at Factory Road in Diego Martin and with my business account already opened there, I placed an order and wrote out a cheque for the cost of the items ordered. Writing out that cheque felt awesome. Little old me had a business account and was writing out a cheque for items purchased on a company's cheque, 'my company'. I felt so privileged. When I got home, I spread the items on my bed and looked at them for hours before I could arrange them in my workspace.
The following day I started selling. I had previously told a few friends about the products I would be selling and so to support me they bought a few items. The pens and pencils I had were quickly bought by students at the school I taught at in Belmont. I had asked permission from the Principal to sell to the students and she said yes. That same week I reordered some additional pens and pencils. I was also able to sell some stationery items to the school's administrative staff. They already had a supplier that they were loyal to but they decided to give me some sales as well. I also was able to sell to fellow teachers. Sales is an area that can be challenging yet rewarding. Budding entrepreneurs be mindful to always stay positive. The experiences you get as you try to market and sell your products or services, let those guide you as to how to improve in your strategy and style. Stay focused and positive.
I had a few bookshelves installed in the room to store the products I would purchase. I got the bookshelves built for an excellent price from a young man in my community and even though I wanted an office desk I could not afford one at the time. I decided therefore, to use my computer desk for my workspace in the interim. My home office was looking good and I felt proud.
When starting a new business there would always be challenges, but having a positive outlook along with supportive family members and friends help tremendously. I was fortunate to have that and to also have a friend who was a seasoned entrepreneur. He gave me some very valuable advice that encouraged me to keep at it despite the challenges.
When it was time to order the products I wanted to sell, I went to John Dickinson at Factory Road in Diego Martin and with my business account already opened there, I placed an order and wrote out a cheque for the cost of the items ordered. Writing out that cheque felt awesome. Little old me had a business account and was writing out a cheque for items purchased on a company's cheque, 'my company'. I felt so privileged. When I got home, I spread the items on my bed and looked at them for hours before I could arrange them in my workspace.
The following day I started selling. I had previously told a few friends about the products I would be selling and so to support me they bought a few items. The pens and pencils I had were quickly bought by students at the school I taught at in Belmont. I had asked permission from the Principal to sell to the students and she said yes. That same week I reordered some additional pens and pencils. I was also able to sell some stationery items to the school's administrative staff. They already had a supplier that they were loyal to but they decided to give me some sales as well. I also was able to sell to fellow teachers. Sales is an area that can be challenging yet rewarding. Budding entrepreneurs be mindful to always stay positive. The experiences you get as you try to market and sell your products or services, let those guide you as to how to improve in your strategy and style. Stay focused and positive.
Saturday, 12 March 2016
Project Funding
Hello everyone.I have put together two video clips on how I financed my business project. Do enjoy and feel free to comment.
Friday, 11 March 2016
Sunday, 31 January 2016
The Business Idea
THE IDEA
While reading one night, the genesis of an idea began to form in my mind. What if I started my own business? I love reading so why not start with something I love? It was then I decided to form my sole trader business. I needed some more information and quickly got out of bed and googled "forming a business entity". The wealth of information I accessed was overwhelming.
After reading I decided to access the Ministry of Legal Affairs Company Registry website at
http://www.legalaffairs.gov.tt/companiesForms.htm to download the forms needed to register as a sole trader. The first form I needed to fill out was form 25 application for name search and name reservation. After filling out this form and taking it to the Ministry of Legal Affairs a search was done as to whether anyone else had the same name as the one I wanted to use. The original name I wanted to use was JenNa Book and Stationery Loft. The Jen was from my first name and the Na from my last name but this name was rejected by the officer as it was close to another business name. After trying many names, I finally settled on using my full name. In my next post I will speak about how I completed registration and upload a copy of my registration certificate.
While reading one night, the genesis of an idea began to form in my mind. What if I started my own business? I love reading so why not start with something I love? It was then I decided to form my sole trader business. I needed some more information and quickly got out of bed and googled "forming a business entity". The wealth of information I accessed was overwhelming.
After reading I decided to access the Ministry of Legal Affairs Company Registry website at
http://www.legalaffairs.gov.tt/companiesForms.htm to download the forms needed to register as a sole trader. The first form I needed to fill out was form 25 application for name search and name reservation. After filling out this form and taking it to the Ministry of Legal Affairs a search was done as to whether anyone else had the same name as the one I wanted to use. The original name I wanted to use was JenNa Book and Stationery Loft. The Jen was from my first name and the Na from my last name but this name was rejected by the officer as it was close to another business name. After trying many names, I finally settled on using my full name. In my next post I will speak about how I completed registration and upload a copy of my registration certificate.
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