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Showing posts from May, 2024

W06 Reflection: Legal Structure

This week's material was probably the least exciting out of anything we have learned so far but it was necessary. This week we learned about the different legal structure options available to different types of businesses depending on their wants and needs. The most common structures include sole proprietorship, LLC, and corporate just to name a few. Each structure comes with separate conveniences and benefits depending on how quick and easy you would like to start your business or how much credibility and protection your business requires or wants.  Because this company deals with heavier risks and technicalities, the corporate structure seems most appropriate. We also learned about and researched specific licenses and taxes that are required for the type of legal structure you use and the type of business you create. This is dependant not only on the type of legal structure you chose but also on the requirements for running your type of business or service and whether you have pe...

W05 Reflection: Site Design

 This week I learned a lot of important things such as: The importance of web design, image, navigation, and payment methods. Staying up to date on current trends can help maintain a healthy audience that visit your site and trust using it. Importance of keeping a website simple and clear with easy directory to customers' most common interests or needs. Making sure the website is not too busy or crowded is helpful when trying not to overwhelm customers.  Using design layouts and prompts that lead customers to stay on the website and perform an action or carry out a task.  How helpful data can be and utilizing best practices that have brought success to other companies. Sometimes you have to customize your website to whatever methods bring in business so paying attention to analytics is important.  Making sure my web design is responsive and adapts to the various screen sizes customers may be using will help with customer satisfaction and utilization. Choosing a good ...

W04 Reflection: Site Builder and Hosting

 Take it from me, researching and finally choosing a site builder and hosting option is definitely an overwhelming task. There are lots and lots of options and each one is better and worse at some things than others. It is very important as you do your research to have a certain set of criteria that both a site builder and host meet.  Personally, I liked the idea of choosing a host that offered web building and domains so that I didn't have to shop around and make multiple purchases. It was nice that I made one transaction that included all of the necessities. I think it would be helpful to choose a host first and then a web builder and domain, in that order because otherwise you may miss out on bundled deals and make an unnecessary purchase. Luckily most of these businesses offer refunds if you cancel their products early enough.  This can be confusing so I suggest doing lots of research and watching lots of youtube tutorials because I think at the end of the day one of ...

W03 Reflection

 Howdy! I'm back with an update on my business and to share what I have learned so far about sourcing a product! This week I learned about affiliate marketing and drop shipping as sourcing options for my business. I also learned more about the differences between a manufacturer, a distributer, and a wholesaler and how you may have to put quite a bit of time into your company before you are able to run things through the channels you are hoping for due to marketing, success, and competition.  I learned a technique that helps to quantify and compare various options you have, objectively, when making business decisions and acknowledging pros and cons to each.  I became familiar with professional etiquette when reaching out to businesses you are interested in marketing or vending for. I intend to utilize the information I was exposed to this past week to gain their business and also their trust.

W02 Reflection: Choosing a Business

Hello! Welcome to my blog where I reflect on my experience learning how to build a successful company. I'll be sharing my insights on things that went well as well as any failures or mistakes I make to try and help others avoid making the same.  One thing I learned is how important it is to understand different business models, marketing strategies, target audiences, and demand and competition. This will ensure you start out on the right foot and in the right market with a chance at success. I also learned to utilize web search engines that can give you insightful information and statistics that can help motivate your decisions regarding what to offer and how to be different from and better than your competitors. Finding and using the resources available to you can reduce the amount of trial and error you run into during your entrepreneurship. I'm excited for the responsibility and opportunity of creating a business and hope to learn all I can!