Hi, Steemit community!

I’m excited to participate in the contest SEC-S20W2 | My Business Ideas | Capital Management organized by @aviral123 and @dove11. I can’t wait to share my plans for starting my jewelry business and how I will handle the money side of things. I hope to learn from all of you and share ideas as we start this journey together🤗🌼🌸.

^{Designed by me , edited on Canva}

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Q1: Initial Investment Value

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As I mentioned earlier, my friends and I are planning to start a homemade jewelry business, which we will sell through an online Shopify store. For our initial investment, we will first need to purchase a Shopify store subscription, which costs around $50 (equivalent to approximately 257 Steem at today's rate). This will allow us to set up our online shop.

Also, we need around 1852 Steem, which is approximately $360 based on today's exchange rate, to buy the necessary raw materials. These materials include beads, metals, and other tools required to make the jewelry. We’ve already found a wholesale supplier for these items.

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Apart from the materials and store setup, we also plan to spend about $10 to $15 (equivalent to approximately 52-77 Steem) on marketing through Instagram and other social media platforms. Running ads will help us reach more customers and promote our products effectively. This initial investment will cover all the essentials to get our jewelry business up and running.

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How do you plan to manage profits and losses in your business, what strategies will you implement to make it successful, will you reinvest the profits or use them for personal purposes, and what are your expected expenses for staff and establishment?

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When starting a business, it’s natural to have concerns about whether it will lead to profits or losses. My focus will be on delivering high quality products to my customers rather than fixating on immediate profit or loss. Before launching, I plan to analyze the demand in my area and understand what types of jewelry people prefer.

In the initial month, I will concentrate on marketing and building customer relationships. I aim to ensure that my products meet customer expectations, which I believe will help cultivate loyalty and encourage repeat purchases. My strategy will include promotions and discounts to attract customers, making our products affordable without compromising quality.

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Once we start making sales, I’ll carefully track my expenses related to materials, tools, and advertising. By deducting these costs from total sales, I can assess whether my business is moving toward profitability or incurring losses.

As I've been planning this business for some time, I'm optimistic about its potential for profit, especially given the rising demand for jewelry among women today.

In terms of reinvesting profits, my intention is to reinvest any earnings back into the business to increase inventory and expand our product range. We aim to create beautiful and unique designs that cater to our customers' tastes.

Regarding staffing, my friends and I will collaborate closely in this venture. We won’t need to hire external staff since we can rely on each other and possibly involve our sisters, who are also interested in helping

This will allow us to keep costs down and share the profits among ourselves without the burden of additional expenses. Overall, my focus will be on growth, customer satisfaction, and quality, ensuring that our jewelry business thrives in the long run.

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Q3. Loans and working capital: Have you taken any loans for your business, and if so, how do you manage repayment, interest rates, and installments? Do you have or plan to have a working capital loan?

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Yes, as my friends and I plan to start our business, we have considered our financing options. Fortunately, we anticipate that our families will provide us with the necessary investment, which means we won’t need to take out loans.

The amount we need isn’t substantial, so I will primarily seek support from my parents. In our country, interest rates on loans can be quite high, leading to significant repayments that can complicate our financial situation.

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Instead, we can borrow from friends or family, allowing us to repay only the amount we borrowed without any interest. This is a more manageable and cost effective approach. I plan to request funds from my family for our initial investment, as it’s beneficial to avoid high-interest loans that many banks offer.

In the future, whenever I consider business planning, my strategy will be to seek funds from friends or family, ensuring that I can invest in our venture without the burden of interest payments. This way, we can focus more on growing our business rather than worrying about loan repayments.

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Challenges I Anticipate Facing When Starting My Business

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Yes, when we start our business, we face many challenges. I have noted down some key challenges that I might encounter. First, market competition is increasing significantly. Every day, new companies are emerging, trying to create better and higher-quality products to capture customer attention and establish their name in the market.

Therefore, we need to enhance the quality of our products so that customers are satisfied and can afford to buy them at reasonable prices.

Another challenge is that when we start a business, we often don't know how much material we need to prepare. Sometimes, customer demand can suddenly increase, and if we don't have enough stock, it can lead to losses. We will try to keep a good amount of stock ready so that whenever a customer wants to buy our products, they are available immediately.

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Also, we may face unexpected financial costs. Sometimes materials can get damaged, or other reasons may lead to extra expenses. Customer demand is also not constant; they may not always prefer our new and unique products, so we need to pay attention to what they are interested in.

There are also several marketing challenges. For example, if social media apps suddenly go down, it can pose a big problem since we plan to market our products through those platforms. Moreover, we need to spend money on advertising, and if the apps are down, our efforts could be wasted.

Despite all these challenges, I am ready to face these issues and will work to improve my business strategy so we can achieve success.🤗🌼🌸

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

Thanks alot for reading ❤️🤗 .

Regards : @hudamalik20 .