Hello Everyone !

I’m participating in the SEC-S20W1 contest with my entry titled "Dev's Jewelry Creations." In this post, I’ll share my business ideas for launching a handcrafted jewelry line, including our plans for growth, product offerings, and how we intend to expand. So let's start.

^{Designed by me , edited on Canva}

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Question #1- Are you planning to start a business or already in business?

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Yes, I have been thinking about starting a business for a long time. In our college, we have subjects related to business where we are given ideas on how to manage a business. This has sparked a lot of interest in me. Our teachers have also guided us, explaining how difficult it can be to stick to a regular job because we often have to follow someone else's instructions.

One of our teachers, who teaches us business, has frequently advised us to start our own business, even if it's a small one. He emphasized that we should never hesitate because business brings blessings and teaches us a lot. Even if we face failure, we gain valuable experience, which can help us become successful business owners in the future, no matter how small the start.

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I’m planning to start a business, as our teacher has guided us about platforms like Shopify, where we can sell products online. Our teacher himself is running an online store and managing everything on his own while earning well.

I was particularly motivated by an example shared by our teacher. He told us about a street vendor who used to sell chips outside their hostel. This vendor had no job and was struggling until he came up with the idea of making special sauces to accompany the chips. He started selling them and gradually gained attention because of the unique taste.

As time passed, more and more people started visiting him, and his small stall grew into a restaurant, offering a variety of food. His success came from the hard work and creativity he invested in marketing and improving his product. This story motivated me and my friends to seriously consider starting our own business.

Inspired by this, three of us friends have decided to start a business on Shopify, where we will sell jewelry, which is currently in high demand on online stores. We have already discussed partnership and investments and are planning to proceed together.

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Question #2- Keeping in mind that you can start your business alone or on a partnership basis, what is your idea of your business model? Describe in 200- 250 words.

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When it comes to starting a business, if you are smart and capable, you can definitely launch your own venture, even if you don’t have prior experience. However, I believe that starting a business on a partnership basis is more beneficial, especially for beginners. The main reason is that partnerships allow us to generate diverse ideas and make better decisions together.

One person alone cannot always make the right choices, so having a partner helps share responsibility. Additionally, partnership helps in reducing costs and investment pressure, as the expenses are divided.

For example, as I mentioned earlier, I plan to start a business with my friend. We’ve already decided to work as partners, assigning specific roles and responsibilities to each other. This approach makes things easier and reduces stress.

If one of us is unwell or faces any issue, the other can take over the responsibilities. Moreover, when we encounter challenges, we can come together to find solutions, which makes running a business smoother.

For our Shopify store, we have divided our roles. One friend will handle marketing, especially on social media platforms, another will manage the manufacturing of products, and I will be responsible for stock management and overseeing the overall store operations. Running an online store, especially on platforms like Shopify, can be quite challenging, but by working together and dividing tasks, it becomes more manageable.

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Another advantage of partnership is that since we live in different areas, we can gather information about customer preferences from various regions. This will help us understand what kind of products are more popular among different people.

Our initial plan is to manufacture jewelry at home, and as part of our marketing strategy, we’ll distribute free samples to local people during Eid to get their feedback. This will give us insights into what designs and styles are most liked by different groups, and we can tailor our products accordingly.

So, for me, starting a business on a partnership basis is the best approach, as it offers more support, shared responsibilities, and creative solutions to problems.

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Question #3- Keeping in mind partnership businesses have both advantages and disadvantages, what is your idea of your business model? Describe in up to 200-250 words.

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Running a business individually or in partnership both come with their own advantages and disadvantages. Here's a detailed analysis based on my perspective:

Individual Business:
Pros:

• When you run a business alone, you have complete control over all decisions. You can implement your ideas and strategies without needing approval from others.

• You have the freedom to work at your own pace. Whether you want to innovate, change something, or take breaks, it's all in your hands.

• Whatever profit the business makes is entirely yours. You don’t need to share it with anyone, and this can allow you to reinvest or expand as you see fit.

Cons:

• One major drawback is that if you fall ill or face any personal challenges, there is no partner to take over and run the business temporarily. This could lead to setbacks.

• If the business suffers a loss, you will bear the entire financial burden. There is no one else to share the risks with.

• Running a business alone means handling everything by yourself – marketing, management, finances, etc. This can lead to increased stress and burnout, especially when things don’t go as planned.

Partnership Business:

Pros:

• In a partnership, work is divided among the partners. For instance, in my own partnership plan, one partner handles marketing, another manages inventory, and I focus on managing the online store. This makes the overall work much easier and more efficient.

• Having partners means more ideas and perspectives are brought to the table. Each partner can contribute their thoughts on business growth, which can lead to better innovation and problem-solving.

• In a partnership, the financial risk is divided among all partners. This means that if the business faces any loss, each partner bears only a part of it, reducing the burden on an individual.

• A partnership also provides support when someone is unavailable or faces difficulties. For example, if one partner falls ill, the others can step in to handle their responsibilities.

Cons:

• The main downside of a partnership is that profits are shared among all partners. So, while the business might be successful, the individual share of the profit may be less.

• Sometimes, partners might disagree on certain ideas or decisions. For instance, you might have a great idea, but your partners may not agree, which could create conflicts and slow down progress.

• Although risks are shared, if a partner makes a bad decision, it could negatively impact the business as a whole, and everyone will bear the consequences.

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Question #4- You are in a business now and doing well; let's know what your plans are and what efforts you are making to expand your business for the long term. Will you do it on your own or hire professionals?

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As we approach the end of this year, we are planning to launch our jewelry business. Initially, we'll manufacture jewelry items like lockets, tops, and bracelets at home, using materials sourced from the market.

If our business takes off and customers like our jewelry, we plan to expand our product range to include hair accessories, as they are currently in high demand. We'll keep adding new designs based on what our customers prefer and market trends.

Our primary focus will be on jewelry, and we'll continually create new designs over time. One of my friends, who is very creative and has experience in graphic design, will handle the jewelry designs. We've already shown some of our designs to friends in college, and they liked them, which boosts our confidence.

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Initially, we'll distribute our jewelry within our college to get feedback on what people like. As the business grows, we'll invest more in marketing. If the business succeeds, we might also start designing dresses since my friend has a knack for dress designing and has received positive feedback on her designs from our college friends.

For now, we plan to manage everything ourselves. We believe that with our combined talents, we can handle the business effectively without hiring professionals. If we decide to move from an online store to a physical store in the future, we might consider hiring staff to help with operations.

That's it from today's blog I hope you will like it. With best wishes ❤️. Now I like to invite @norat, @yenny47 and @neelofar to participate in this amazing contest.

Thanks alot for reading ❤️🤗 .

My introduction post

Regards : @hudamalik20 .