This week I found someone to be a lender for my business. Franklin has agreed to participate. He will provide me with twenty-five dollars for my start-up supplies. Our agreement includes that I will repay him the twenty-five dollars before the end of July and he will also receive 3% of sales for the next three months (June-August.) He is excited about this opportunity. I am confident that I will be able to sell the product through social media and word-of-mouth. I have even thought about talking with a few stores in the area to see if they would allow me to put the product in their stores. This obviously would have added expenses, they will not do it for free. It depends on how much they want from me to use their space. I am not sure how well sales will be either, this is something I will have to watch and contemplate. I have purchased the supplies to make the product and will be beginning this weekend to put it together. I also have been working on the tag for the product. This will show a company logo and washing instructions for the product.
Some of the studies this week were about budgeting. This is important for businesses to keep track of what they make, expenses, and products sold. I liked learning about accounting from my financial accounting class last semester so I am looking forward to this part of the business.
I have been reading the book The E-Myth for this class. It highlights some mistakes that new entrepreneurs make. I am learning a lot, what not to do, and how to start and grow in a good way. It points out things I hadn’t thought of before. I will write a report in a couple of weeks and share more then.