Reclaimed Glory | Application Preview
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General Information
Business Registration Number: 85-2165300
Location: Woodbury, MN, United States
Length of Operation: 1-5
Number of Employees: 1-10 Employees
Annual Gross Income: Less than $100k
Annual Gross Expense: Less than $100k
Open to Loans: YES
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Funding Usage
This will help me keep the lights on and pay my employees as we build out our product portfolios. The process of researching market trends (in things like products, keywords, and styles) is much more time consuming than creating an item itself, but it is critical to achieving SEO and is a one-touch investment. Once it is created and posted, it can sell for eternity and won't require manual interaction outside of resetting the quantity once or twice a year. As products are added, my shops will move up in the algorithms and start gaining momentum, at some point becoming self-feeding machines. I just need help getting through the initial uplifting of the business. Please consider me for a grant! Thank you!
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Business Plan
Over the next five years, I plan to create a robust, sustainable product portfolio for each revenue stream, and add additional artists and buyers as revenue increases. In the Print on Demand business, it is important to add new product designs regularly, and stay up to date on SEO. In Dropshipping, I will monitor upcoming trends and evaluate new potential vendors. I plan to open pop-up stores at local events, selling popular items from each category, to spread the word in our local community. Word of mouth recommendations can spread far and wide for an online retailer! I am a professional Business Analyst and hold an MBA and a B.S. in Information Technology. I believe that I have created a business strategy that is resilient against market and economic fluctuations and covers a lot of ground with very little overhead. By creating an articulated business, each stream is part of the whole, but can move independently when needed. Any given environmental factor - like gas prices, shipping costs, and manufacturing delays - will not negatively impact all revenue streams at the same time. For example: digital products won't be impacted by increasing shipping costs, and reclaimed furniture is available NOW, whereas people can wait 9-12 months for brand new items. If the economy recedes, clothing resales will be in higher demand, and people may purchase printable items for a lot less than their physical equivalent. In addition, by utilizing POD, dropshipping, and Amazon KDP, I won't tie up capital in inventory that could potentially not sell; in fact - most of the products I sell will never be paid for with actual business capital at all. The item cost is taken from the sale; the remainder is paid out as income.
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Self Identified Competition
My top competitors are SEO giants and stores with large product portfolios. FanMadeFitsUS, for example, is an Etsy competitor who sells custom shirts. The shop is almost a year old, has made over 3.5k sales, and has 102 products. Impressions Online Boutique is presented first in a Google search. They opened in 2012, so they are established and probably running pretty smoothly. Their photos are clear and bright, and their shop layout is clean and easy to navigate. Toplineapparelstore is an Etsy store that is competitive in price. I suspect that they purchase products in bulk to get wholesale pricing, and with a subscription, they may receive even lower prices. I am different from my competitors for a few very important reasons. First: I still work a full time job, so I am able to reinvest all income generated by my business back into my business. This gives me room to make well thought out decisions, to focus on growth and longevity in addition to (and not 'instead of') shorter term goals. Second: my background and education in Business and IT gives me unique insights into operating a technology-based business. I learn new technology at a rapid pace and can increase productivity through software integrations. I also understand critical factors on the business side, like protecting my business against trademark infringement. I strictly require a trademark search and captured proof of a negative result before any new design is published, and I monitor new trademarks for my previously created designs. Having an Etsy store shut down is a risk that is, in my opinion, underestimated by many shop owners. I believe my shop is different from competitors in that we offer a wide variety of products, through multiple sales channels, and my products overlap into almost all of them. When I create one design, it should ultimately result in many skus and many listings. Lastly, I created this business out of love. Initially, I started it during Covid to keep my family busy. I hired my kids so they can invest income into Roth-IRAs. Then it expanded, and I started training more people - friends and family. This business is a way to help others help themselves. Instead of paying for my mom's expenses, I taught her how to earn it herself. My friend has four kids and money is tight. She can't take a full time job, but she can create designs at her kitchen table. So, in summary, I'm different from competitors because my purpose behind this business goes way beyond money.
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Contact Applicant
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