https://padlet.com/wfre65844/blvzrvk6d7yz en-us 2020-01-10 14:44:04 UTC 2023-02-19 00:29:59 UTC hello@padlet.com wfre65844 https://padlet.com/wfre65844/blvzrvk6d7yz/wish/430760783 I have been doing extensive research over what I already had in my notecards, and starting a business is easy compared to keeping it running and actually make money. Advertising and promoting seems like an easy task but doing it in a way where people want to buy your products or services is harder than expected. Being face to face with consumers is so much easier, with the experience of my normal day job at zumiez. An online business where you don't see and can't directly interact with customers is a struggle. On another note, having the tools and things in your possession is so much easier than being a middle man. For example, having a place to print shirts makes it easy to make products and is cheaper. ]]> 2020-01-13 14:29:27 UTC https://padlet.com/wfre65844/blvzrvk6d7yz/wish/430760783 wfre65844 https://padlet.com/wfre65844/blvzrvk6d7yz/wish/495326103 This is my business plan. This is important to show to investors, bank loan managers, and landlords. This 8-20 page plan has every bit of information about your company so it is important to put every detail here.]]> 2020-04-06 17:06:25 UTC https://padlet.com/wfre65844/blvzrvk6d7yz/wish/495326103 wfre65844 https://padlet.com/wfre65844/blvzrvk6d7yz/wish/495395235 TMA has moved into an unexpected turn. It will now be an action sport facility that sells product and services. There has been much effort to do this. The next goal for this to happen is to negotiate the lease price, and hopefully sign it. From there we'll own the building. Due to the recent pandemic, the first thing we want to do is sanitize, clean, and organize the building for an appealing and refreshing look. As of now we are finalizing our business plan, financial plan, and marketing plan. When these are in order we send this to the landlords of the building we are trying to lease.]]> 2020-04-06 17:39:14 UTC https://padlet.com/wfre65844/blvzrvk6d7yz/wish/495395235 wfre65844 https://padlet.com/wfre65844/blvzrvk6d7yz/wish/495409752 A new opportunity has arose for TMA that will be talked about in Blog #3. For now we have just started on an official and professional business, marketing, and financial plan. I had to do a ton of research on what all goes into each of these plans and it is a lot! The business plan alone has taken me a week just to start. We also are looking at a profit and loss projection according to the previous owner. The reason we do this is to see if the previous owner made money doing what he was doing. From here we can trim fat out from the balance sheet to see if we can make a larger profit. This allows us to see his insurance policies he bought, expenses, assets, and what he spent his money on with the business to see if he turned a profit. If he turned a loss it's a good idea to go back and see why and see if it's consistent. If it is the business shows a record of losing money which means it might not be a good idea to invest in it.]]> 2020-04-06 17:45:59 UTC https://padlet.com/wfre65844/blvzrvk6d7yz/wish/495409752 wfre65844 https://padlet.com/wfre65844/blvzrvk6d7yz/wish/495434296 This is a real example of Kyle's profit and loss projection. As possible owners, we need to look at this to see if something went wrong, if the company is making money, and if there is anyway we can cut any expenses or catch why there is a loss of income. According to this P/L projection, compared to 2019 he lost about 6,000 compared to January 2019. This is not a year long projection. This is just the month of January for 2019, 2020 and the loss or profit difference between the two years. Again, this is not a 12 month projection.]]> 2020-04-06 17:58:25 UTC https://padlet.com/wfre65844/blvzrvk6d7yz/wish/495434296 wfre65844 https://padlet.com/wfre65844/blvzrvk6d7yz/wish/495453640 This is what a year long a profit and loss projection looks like. This is every single dollar spent and earned into the business tracked on one PDF document. Enabling this skill to be able to track everything will be important to see if you have made a profit or a loss.]]> 2020-04-06 18:08:02 UTC https://padlet.com/wfre65844/blvzrvk6d7yz/wish/495453640 wfre65844 https://padlet.com/wfre65844/blvzrvk6d7yz/wish/500970546 I finally finalized my business plan and profit and loss projection. Those two things have been turned in to the land lords that own the building. The reason they need these things along with a resume, is to see if your reliable to take care of a building and be able to make payments on it. They want to see what your doing with the building, how you plan on making money, what things have you invested in, projections, insurance, assests and so so much more. It took me personally 2-3 weeks to write up a solid business plan that I was happy with. My final business plan will be on artifact #4 and my profit and loss projection will be artifact #5. What happens next? Well the landlords look over everything, determining whether or not they want to lease the building to you. From their you determine conditions over a contract to keep things in order between the land lord and the buyer. ]]> 2020-04-09 17:11:29 UTC https://padlet.com/wfre65844/blvzrvk6d7yz/wish/500970546 wfre65844 https://padlet.com/wfre65844/blvzrvk6d7yz/wish/500988088 This is the final business plan sent into the landlords. This contains every bit of information that has to do with the business and what I plan on doing with it.]]> 2020-04-09 17:21:36 UTC https://padlet.com/wfre65844/blvzrvk6d7yz/wish/500988088 wfre65844 https://padlet.com/wfre65844/blvzrvk6d7yz/wish/500991832 This is a profit and loss projection over the course of three years. What we do for this is take a look at "The books" from the previous owner and see if this business can actually make money. Then we make an educated prediction based on the last years records to then see how you can improve financially. After your first year projection, landlords and investors want to see your plans the year after your first year in business.]]> 2020-04-09 17:23:40 UTC https://padlet.com/wfre65844/blvzrvk6d7yz/wish/500991832 wfre65844 https://padlet.com/wfre65844/blvzrvk6d7yz/wish/500996906 Investors vs. Bank Loan
The reason I bring this up is because these are the two ways an entrepreneur can borrow money for their business. There are pros and cons to both. Starting with investors, the pros to this is there is no guarantee or penalty if your business fails. Angel investors know they are running a risk with trusting someone else with their money. The possible con to getting investors involved is that if you somehow turn a massive profit, a chunk of that goes to your investors. This is why some people choose a bank loan, as I plan to, because once the loan and interest are paid for, you do not owe anymore money to the bank. The problem with a bank loan is if your business fails and can't get a positive return on investment, your kinda screwed until you pay it off. A small loan of something like 10,000 dollars is pretty safe for a bank loan as you can still pay this off with a regular full-time job.]]> 2020-04-09 17:26:27 UTC https://padlet.com/wfre65844/blvzrvk6d7yz/wish/500996906 wfre65844 https://padlet.com/wfre65844/blvzrvk6d7yz/wish/506910585 Today is a big day. I'll be on a conference call with the landlords of Pinnacle (the lot name) where we will discuss I am assuming the business plan and profit and loss projection. I am very nervous as this could make or break our opportunity. This call will also answer a few of our questions. For example, whether we get to move into the building for a cut rate rent as the current COVID-19 pandemic is still an existing problem in Colorado. I will update as soon as I get off the call!]]> 2020-04-14 17:09:49 UTC https://padlet.com/wfre65844/blvzrvk6d7yz/wish/506910585 wfre65844 https://padlet.com/wfre65844/blvzrvk6d7yz/wish/511292442 I SCREWED UP!!! I keep learning new things about how to start a business everyday through this process. I called old vine (the land lord company). Everything was going great, they liked my ideas, they liked my business plan, but then the rain came. In my business plan I referenced in the funding that I would be taking a loan for 10,000 dollars. Which is way to small for a business and building as big as this warehouse is. They told me even 100,000 dollars would be small. The other part of the problem is that the bank would never loan someone with no equity and no past experience for a loan that large. The landlords said they would much rather see angel investors involved instead of a bank loan. So now I have fixed my business plan, my funding, and am now on the hunt for angel investors for a loan of 150,000 dollars.]]> 2020-04-16 17:38:54 UTC https://padlet.com/wfre65844/blvzrvk6d7yz/wish/511292442