Tag: my business journey

Drop Shipping is a Useful Opportunity

Recently on Sheri’s Dream Catcher’s My Business Journey Journal our topic of discussion was Drop Shipping is a Useful Opportunity. We learned that Drop Shipping is not for everyone and nor is it easy. However, it is a low-risk business model that allows you to sell products to your customers without incurring huge running costs. Stemming off of our previous My Business Journey Journal Topics, we are expanding our options when it comes to our goods and services that we want to sell for a profit while giving value to our customers.

What is Drop Shipping?

Drop shipping is a low-risk fulfillment method where you do not need to store actual inventory onsite. Instead, orders are fulfilled, and inventory is shipped directly from a third party to the customer. As a result, you only pay for the item when it is purchased, thus lowering your overhead costs.

Envision Dream Versatile Head Wrap
Envision Dream Versatile Turquoise Head Wrap

What is a drop shipping procedure?

When you have a drop shipping business model, you are not required to have a physical store. For instance, a drop shipping business is typically seen as an online store. Previously in our Storefront Vlog we learned the differences of a physical storefront and a virtual storefront. Some physical retailers may keep potential drop-shipped items on display and provide details on how the customer can purchase the product. For this reason, the retailer may arrange for the products to be shipped directly to the customer from the manufacturer.

The Pros and Cons of Drop Shipping

The pros for drop shipping is that there is low risk. Such as not having to invest a ton of money into inventory that potentially may not sell. Since you do not need to stock up on inventory, you do not need to secure a warehouse to store your inventory. Therefore, you end up with very little overhead costs too. Drop Shipping can be useful for both small and large businesses in the long run. However, the con is that drop shipping is not for everyone.

Envision Dream Head wrap
Envision Dream Versatile Turquoise Head Wrap

Benefits of dropshipping

The benefits of drop shipping can include the advantages of quickly testing different business ideas with limited risks. Due to the low risks, it gives the business an opportunity to learn a lot about how to choose and market in-demand products. Thus, making drop shipping a great business model for aspiring entrepreneurs to start with. See our list of benefits of drop shipping below.

  1. Less Capital is required
  2. Easy to get started
  3. Low Overhead costs
  4. Flexible location
  5. Wide Selection of Products to Sell
  6. Easier to Test
  7. Easier to Scale

Businesses that utilize drop shipping gain the ability to list and potentially sell products before having to purchase large amounts of inventory. In addition to low over head costs, ecommerce businesses do particularly well as their sales grow. Due to the fact that additional work comes with sales growth, drop shipping sites can rely on the manufacture to help with the increased sales volume and customer support.

What to know before launching a drop shipping store?

Before launching a drop shipping store, it may be beneficial to you, your customers and your store to educate yourself on what ecommerce is. In addition to learning the ins and outs of the virtual business world, it might be a good idea to research your products, suppliers and competitors as well. Not only do you want the best ecommerce business, but you also want the best ecommerce platform to run and host your online business. For instance, the best ecommerce sites will come with tools that will have hosting, design, pricing, payment options, marketing tools and reports.

Let’s not forget

Do you anticipate heavy traffic to your online store? If so, consider how much you will sell. Of course, if you tend to grow, having an ecommerce platform with a solution that offers lots of online storage space, inventory and bandwidth is ideal. Additionally, checking for must-have features such as payment security and sales reports will be beneficial in the future. Clearly provide enough payment and shipping options for your customers.

TO LEARN MORE ABOUT Why drop shipping is a useful Opportunity-WATCH OUR FULL MY BUSINESS JOURNEY JOURNAL VIDEO DISCUSSION BELOW- Drip Drip Drop

https://www.youtube.com/watch?v=cd8ZM2gpdfU

True joy of nature is when every drop of water shines like a pearl

Anamika Mishra

If you enjoyed reading Drop Shipping is a Useful Opportunity subscribe to our e-mail list at Sheri’s Dream Catcher to stay updated with new blog posts

Opinion Disclaimer-This is a personal blog. Any views or opinions represented in this blog are personal and belong solely to the owner and do not represent those of people, institutions or organizations that the owner may or may not be associated with in professional or personal capacity, unless explicitly stated. Any views or opinions are not intended to malign any religion, ethnic group, club, organization, company or individual

Counting Inventory, Save Time and Money

Recently on Sheri’s Dream Catcher’s My Business Journey Journal our topic of discussion was counting inventory, save time and money . In other words, knowing what to stock and how much to take in at a desired time will help your business in the long run. Stemming off of our previous My Business Journey Journal Topics, we decided to focus on our goods and services that we want to sell for a profit while giving value to our customers.

Needing a product to count

First, in order to have an inventory, we need to have a product. In this case, a product is defined as an article or substance that is manufactured or refined for sale. It can also be defined as a substance produced during a natural, chemical, or manufacturing process. Additionally, commercially manufactured articles, such as recordings, viewed collectively. Not only can a product be a thing or person that is the result of an action or process but it also can be a person whose character and identity have been formed by a particular period. In short, from last weeks vlog “Merchandise Me” we briefly glazed over the importance of creating a merchandise strategy.

  • Head Wrap
    Envision Dream Head Wraps
  • Beach Towel
    Envision Dream Beach Towels
  • Yoga Pants
    Envision Dream Yoga Pants
Envision Dream Collections

Marketing a product for inventory

For the most part, we want to save time and money with our inventory. For this reason, we want to make sure the product we are marketing will be made available for the consumer to purchase. Furthermore, a product in general can be a service or an item that meets the need and desire of the buyer. Clearly, every product is manufactured at a cost and is sold at a price. Basically, the price of your product charged to the customer will depend on the market, the quality, the marketing and the segment that is targeted.

What is Inventory?

First, inventory is defined by the dictionary as a complete list of items such as property, goods in stock, or the contents of the building. Similar terms are listing, catalog, directory, record, register, roster, statement. Second, it is described as a quantity of goods held in stock. Specifically, in accounting the entire stock of a business, including materials, components, work in progress, and finished products is classified as a current asset on the business’ balance sheet. Furthermore, it serves as a buffer between manufacturing and order fulfillment. Overall, inventory is considered tangible items, products, or goods that you intend to sell to customers. As a result of selling your inventory, your business makes a profit and your customer gains value for their purchase.

Why is inventory needed?

In particular, inventory is how a business can save time and money. For instance, having inventory management skills will give you the tools to problem solve what you need to stock up on and when. As a whole, the backbone of your business is knowing what you have in stock, how you will market it for resale and when it is a good time for the product to excel. To clarify, we have 5 basic reasons for keeping inventory. They are time, seasonal demand, uncertainty, economies of scale and appreciation of value.

Inventory to start an online store

Do you need inventory to start an online store and how much? The answer is no, you do not need inventory to start a virtual storefront. However, you do need a product or service to sell. Furthermore, inventory costs can range from $0-$1000 to start. With this in mind, the amount you invest here will vary greatly depending on whether you are drop shipping and how much inventory you want to start with. It should be noted that having good inventory management skills will benefit your online business too!

TO LEARN MORE ABOUT Counting Inventory, Save time and money-WATCH OUR FULL MY BUSINESS JOURNEY JOURNAL VIDEO DISCUSSION BELOW- Inventory

https://www.youtube.com/watch?v=HJuyfMIyv8I

Focusing on the unmet need (not the judgement) is more likely to get the need met

Marshall Rosenberg

If you enjoyed reading Counting Inventory, Save Time and Money subscribe to our e-mail list at Sheri’s Dream Catcher to stay updated with new blog posts

Opinion Disclaimer-This is a personal blog. Any views or opinions represented in this blog are personal and belong solely to the owner and do not represent those of people, institutions or organizations that the owner may or may not be associated with in professional or personal capacity, unless explicitly stated. Any views or opinions are not intended to malign any religion, ethnic group, club, organization, company or individual

An Open Space to Gain Attention

Recently on Sheri’s Dream Catcher’s My Business Journey Journal our topic of discussion was about an open space to gain attention . In other words, a storefront. Stemming off of our previous My Business Journey Journal Topics, we decided to focus on where we are going to sell our merchandise or services for a profit.

What is a storefront?

When researching the definition from the dictionary, we defined a storefront in three ways. First, we found out that it is described as a façade of a store. More specifically, a façade is the face of a building where the principle front looks onto a street or an open space. Second, we read that it is a room or set of rooms facing the street on the ground floor of a commercial building, which is typically used as a store. Third, we uncovered that the function is to attract visual attention to a business and its merchandise.

Storefront
An Open Space To Attract Visual Attention

So then, what is an e-commerce storefront?

An e-commerce storefront has the same function as the dictionary’s definition for attracting visual attention for a business and its’ merchandise. However, instead of having a physical location in a building, your business and merchandise can be seen on a virtual storefront. Also known as an electronic storefront or online storefront. In particular, this is a solution for merchants who want to host a website that advertises their products and or services. In turn, the consumer can make a transaction generated online. Specifically, the transaction of money, funds, and data.

Transactions can be done in 4 Ways

Just like entrepreneurs have 4 ways to set up their business, an e-commerce can perform in 4 different ways. Unlike the business set up, the transactions can be done business to business, business to customer, customer to customer and customer to business. Of course, you have the ability to conduct your transactions in all 4 of these ways.

  1. Business to Business (B2B)
  2. Business to Customer (B2C)
  3. Customer to Customer (C2C)
  4. Customer to Business (C2B)
Virtual Transaction
Virtual Transactions

Common Skills for an Electronic Storefront?

To boost competitiveness in an increasingly digital marketplace, companies are searching and hiring in-demand e-commerce skills. Basically, an individual could possess 1 of the 4 skills or preferably all 4 skills would be highly beneficial. Software Development is the key to an e-commerce success as with Search Engine Optimization, Data Analytics, and Artificial Intelligence.

  1. Software development
  2. SEO
  3. Data analytics
  4. Artificial intelligence

Can you save money with e-commerce?

If I was to answer this question, I would say why yes, you can save money with an e-commerce. Keep in mind, it has both it’s advantages and disadvantages. So, how can you save money? Well, you won’t have to worry about large overhead costs. For example, money spent on rent, utilities and other physical store front costs. I have read that it’s a big expense for running a physical retail store. When you create and open an online store you gain the advantage of gaining more customers virtually by engaging with them. As a result, an e-commerce store has become an important tool for both small and large businesses worldwide.

Successful façade and online stores will have:

Since businesses want to save money and gain money at the same time, we have dissected the 10 rules for having a successful storefront design whether it’s a façade or online. Ultimately, you would like your vision to tell a story that will guide your design, your service ethics, the mood and the experience of your store.

  1. Create a vision
  2. Polish your storytelling
  3. Design for engagement
  4. Make it look like your concept
  5. Meet the sidewalk
  6. Let people sit
  7. Be transparent
  8. Send a loud and clear message
Envision Dream Head Wrap and Neck Cover
Envision Dream Versatile Head Wrap/Neck Cover

The Top 10 E-commerce Platforms

When finding a platform to display and sell your merchandise on, you might want to review the top 10 e-commerce platforms named for the year 2021. They are ranked highest to lowest. Importantly, these platforms include both an easy online store launch and website builder. It should be noted, e-commerce sites will allow your online shop to flourish as you sell online.

  1. Wix
  2. Square Online
  3. Go Daddy
  4. Big Commerce
  5. Woocommerce
  6. Squarespace
  7. 1&1 Ionos
  8. Shopify
  9. WordPress.com
  10. Network Solutions

Should I start an Etsy Store?

I really don’t have an answer for you at this moment in time. Currently, I do not have an Etsy Store. However for this blog, I found out that Etsy is a marketplace similar to eBay and Facebook Marketplace. Except, the merchandise you sell on Etsy is for handmade goods and vintage items of 20 years or older. It does provide an easy way for talented crafters and artists to sell the fruits of their labor.  Keep in mind, it will limit your sales to only Etsy clients. For exposure and brand awareness, I could possibly have an Etsy store in the future. As of today, I am still focusing on building my personal e-commerce business site foundation and its growth.

Have you heard of the three S’s of E-Commerce?

In addition to the 4 ways you can conduct transactions with your e-commerce site, there are 3 S’s of e-commerce. First, you will need sufficient storage space. For instance, the best e-commerce platform will let your virtual shop sell online without any limitations. Specifically, it will offer inventory space and bandwidth to fit your growing needs. Second, you will need to make sure your site provides safety for both you and your potential customers. Indeed, having safety is a must for all e-commerce websites. Third, you will want to invest in a user-friendly interface. Of course, the best sites will have tools to help you select your desired options easily.

Undoubtedly, a top-notch site builder will make it easy to continue to build your online store as you grow. As a result, having well-designed menus, filters, and sorting options will minimize the amount of time it takes to find a product and purchase it. Clearly, saving money and gaining money at the same time is your ultimate goal, right?

  1. Storage space
  2. Safety protocols
  3. Site Design

TO LEARN MORE ABOUT AN OPEN SPACE TO GAIN ATTENTION, WATCH OUR FULL MY BUSINESS JOURNEY JOURNAL VIDEO DISCUSSION BELOW- STOREFRONT

https://www.youtube.com/watch?v=zmE_zujyFFw

Someone is sitting in the shade today because someone planted a tree a long time ago

Warren Buffett

If you enjoyed reading An Open Space to Gain Attention subscribe to our e-mail list at Sheri’s Dream Catcher to stay updated with new blog posts

Opinion Disclaimer-This is a personal blog. Any views or opinions represented in this blog are personal and belong solely to the owner and do not represent those of people, institutions or organizations that the owner may or may not be associated with in professional or personal capacity, unless explicitly stated. Any views or opinions are not intended to malign any religion, ethnic group, club, organization, company or individual

Established My Type in 4 Ways

Recently on Sheri’s Dream Catcher’s My Business Journey Journal our topic of discussion was Established My Type in 4 Ways. Stemming off of our previous My Business Journey Journal Topics, we decided to review the 4 Types of Entrepreneurs and the 4 Ways to set up your new company. Originally, we had a mound of dirt and then we decided that we would sell our mound of dirt in 3 sizes or collections for a profit. As we continue on our business journey, we realized that we need to figure out what type of company we are setting up and what way will our business entity be protected.

Let’s Review the 4 Types of Entrepreneurs

What do you mean when you say 4 Types of entrepreneurs? If you or anyone is interested in starting and running their own business, they should determine which type of entrepreneur model they would prefer to operate as.

  • Small Business
  • Scalable Startup
  • Large Company
  • Social Entrepreneurship
My Business Journey Journal Live Schedule
My Business Journey Journal Live Schedule

What is considered a small business?

A small business could be considered as a company, restaurant, or retail store that’s launched by a founder without any intention of growing the business into a chain, franchise, or conglomerate. Additionally, small business entrepreneurs usually invest their own money to get their companies off the ground. Basically, they only make money if the business succeeds. However, they lose their own money if the business doesn’t succeed either.

What is considered a scalable startup?

A scalable startup is less common however, they tend to attract a lot of media attention. Initially, scalable startups begin on a very small scale. Such as when the lightbulb goes off in your head for an idea. As the idea is nurtured with sun, water and tender loving care, like a seed that has been planted, it begins to grow. In this instance the farmer who nurtures the plant is considered the outside investors who provide the necessary funds and additional needs until the business grows larger.

What is Considered a large company Entrepreneur?

A large company is already established and well grounded. Sometimes, entrepreneurs work within larger, established companies. For instance, the entrepreneur may come up with an idea for a new division of the larger company. If it is a division of the larger company, that means it operates on it’s own but is backed financially and marketed by the home company.

What is considered a social entrepreneurship?

Well, a social entrepreneurship launches an organization that’s fundamentally about enacting positive social change. In addition, they are not operating to generating profits. Nevertheless, a social entrepreneur is willing to take on the risk and effort to create positive changes in society through their initiatives. For instance, the social entrepreneur seeks innovative solutions to community-based problems. Specifically, the social change to environmental conservation, racial justice, or philanthropic activity in an underserved community.

unprotected vs protected

What are the 4 Ways to Set Up Your Business?

  • LLC
  • Corporation
  • Non Profit
  • DBA
Provided below are the definitions per the dictionary-

LLC- A limited liability company is the US-specific form of a private limited company. It is a business structure that can combine the pass-through taxation of a partnership or sole proprietorship with the limited liability of a corporation.

Corporation- A corporation is an organization—usually a group of people or a company—authorized by the state to act as a single entity and recognized as such in law for certain purposes. Early incorporated entities were established by charter. Most jurisdictions now allow the creation of new corporations through registration. 

Non Profit- A nonprofit organization, also known as a non-business entity, not-for-profit organization, or nonprofit institution, is a legal entity organized and operated for a collective, public or social benefit, in contrast with an entity that operates as a business aiming to generate a profit for its owners.

Doing Business As- You might need to register your DBA — also known as a trade name, fictitious name, or assumed name — with the state, county, or city your business is located in. Registering your DBA name doesn’t provide legal protection by itself, but most states require you to register your DBA if you use one.

My Business Journey Journal

How did Envision Dream, LLC Find their type and which way did they get set up?

Envision Dream, LLC is owned and operated by one person. In other words, a sole proprietor. As a sole proprietor, the entity decided to sell merchandise for a profit. Along with taking on all the risks of losing the their own money invested and all the revenue made successfully. As a result, the entity fell into the small business category out of the 4 Types of Entrepreneurs

Now that we established the type of entrepreneurship as a small business, we needed to set the company up with protection. First we went to LegalZoom.com, which is an online legal technology company that helps customers like Envision Dream, LLC to create legal documents without having to hire a lawyer. We chose to be a limited liability company because a DBA doesn’t protect our business name from being used by others and we wanted our personal property to remain separate from the business.

TO LEARN MORE ABOUT Establishing Your Type, WATCH OUR FULL MY BUSINESS JOURNEY JOURNAL VIDEO DISCUSSION BELOW- Established my type

https://www.youtube.com/watch?v=h3bvLdPfpZs

Strive not to be a success, but rather to be of value

Albert Einstein

If you enjoyed reading Established My Type in 4 Ways subscribe to our e-mail list at Sheri’s Dream Catcher to stay updated with new blog posts

Opinion Disclaimer-This is a personal blog. Any views or opinions represented in this blog are personal and belong solely to the owner and do not represent those of people, institutions or organizations that the owner may or may not be associated with in professional or personal capacity, unless explicitly stated. Any views or opinions are not intended to malign any religion, ethnic group, club, organization, company or individual

Accomplishments in 2020 with My Business Journey

I said to myself, in order to showcase your accomplishments Sheri, you need to start somewhere!!  And since we are ending the year 2020, I had decided to start reflecting on the accomplishments in 2020 with My Business Journey. Specifically, I compared this year verses last year in 2019. I thought, hey, it’s a great way to analyze all that I have completed and not completed. Furthermore, it helps me plan for the objectives I would like to achieve in order to grow.  My goal with reflecting is to take this information and see what I can improve upon for the upcoming year.

What is the meaning of accomplishment?

How do I know what my accomplishments in 2020 are with my business journey if I don’t know first what the word accomplishment means? I decided to look up the word accomplishment from the online dictionary. It says that an accomplishment is something that has been achieved successfully. It also says that it is the successful achievement of a task or planned objectives. Next, it says that an accomplishment is an activity that a person can do well, typically as a result of study or practice.

Sip N Think with Sheri
A Recent Accomplishment Achieved with the formation of Sip N Think with Sheri Live Chat Discussions on Instagram.

What are some examples of personal accomplishments?

As I continued to research the meaning of accomplishments, I learned that some examples of personal achievements can include charitable work, entrepreneurial success, establishing good health, financial stability and obtaining a college degree. Again, these are just examples to help you recognized your own personal achievements as we move forward into 2021.

How can you showcase your accomplishments best?

You can best show your accomplishments in 4 ways. In the video below, I actually tried to apply and showcase my accomplishments by mapping it out, pointing to the goals, keeping it simple and showing room for growth. The key word here is apply. Take what you have accomplished in the past year or years and apply the knowledge and lessons you have learned as you move forward into the upcoming year and future.

  1. Map it out.
  2. Point to goals.
  3. Keep it simple.
  4. Show room for growth.
My Business Journey Journal
Sheri’s Dream Catcher

WATCH OUR FULL JOURNAL VIDEO DISCUSSION BELOW- ACCOMPLISHMENTS IN 2020 WITH MY BUSINESS JOURNEY

https://www.youtube.com/watch?v=g9oXTeqChVw

Start where you are, use what you have and do what you can

Arthur Ashe

Our next “My Business Journey” Journal Discussion is scheduled for January 5th, 2021 with the Topic: Introduction to My Business Journey Live on Instagram @sherisdreamcatcher 8pm eastern standard time. 

If you enjoyed reading Accomplishments in 2020 with My Business Journey subscribe to our e-mail list at Sheri’s Dream Catcher to stay updated with new blog posts

Opinion Disclaimer-This is a personal blog. Any views or opinions represented in this blog are personal and belong solely to the owner and do not represent those of people, institutions or organizations that the owner may or may not be associated with in professional or personal capacity, unless explicitly stated. Any views or opinions are not intended to malign any religion, ethnic group, club, organization, company or individual