Lesson 3

This week I wrote a business plan for my $100 Challenge. It was a very eye-opening experience and I was able to learn a lot about the type of business I want to create for the next three months. It was actually really fun coming up with how I want to price and promote my product. I used this equation: Cost x 2=wholesale price. Wholesale price x 2=Retail Price. I was surprised at the ending price I’ve decided on…but I can always lower it once I feel out the market. Concerning promotions, I tried to think of what some of my favorite small businesses have done in the past. I came up with a contest idea for the first few people who place order with me. I’ll have a drawing for one free canvas of their choice. Hopefully this will encourage people to place orders with me sooner rather than later.

I really appreciated the Heather Evans case study. I was able to learn a lot about the process of gaining investors through her written experience. It is way harder than it sounds, especially if you’re starting a business that is relying on your unproved and untested creativity. It also gave me a chance to think about what I can offer to future investors. It can’t be all about me and what I want, but I have to make people want to join me instead.