Start Up Advice

October’s EDGE (Entrepreneurial Discussion Group Exchange) meeting focused on the Start Up Experience.  We began this meeting by hearing from two businesses that have recently kicked off operations, to serve as case studies for the evening’s round table discussion.

K Parsons Designs – Krista Parsons

After working in the industry for 15 years, interior designer Krista Parsons decided to break out on her own with the opening of K Parsons Designs. What sets K Parsons Designs apart is that they do it all, from concept development to making sure all contractor work, millwork, appliances and furnishings are acquired and installed as planned. K Parsons opens the doors of design possibilities that only a talented trained designer can do to develop plans, and once it is agreed upon, they work with contractors to make sure that the renovations are completed with in the manner they were planned on, on-time, ready to deal with unexpected circumstances that arise when renovating, sourcing and installing millwork, appliances and furnishings. K Parsons, is not only a time and resource saver, but its services are also designed to buffer clients from undo frustrations and worries.  They apply their years of experience to successfully navigate the sometimes-volatile issues when scheduling, delivery or unforeseen situations arise that potentially can undermine a renovation project. Despite only officially starting off in September, K Parsons already has a project underway with two more ready to come online shortly.  You can find out more about the talent and unique services offered by K Parsons at kparsonsdesigns.com

Tea Oh – Matthew Finley

Matthew Finley has always had a passion for foods and drinks created from locally sourced produce.  Its fresher tasting, healthier (no preservatives), and its unique.  This was the inspiration for starting up Tea Oh, an exclusive hand blended tea company that Matthew kicked off in July.  Matthew’s concept, approach and structure for Tea Oh was honed through course work that he took attending the Entrepreneurship Business Transfer Program at Durham College and Ontario Tech University.  He successfully competed for a spot in the Business Advisory Centre of Durham’s Summer Company Program which provided him with funding, mentorship and further training to enable him to kick off operations this summer. At which time he introduced unique and flavourful blends like Sweet Orchard Bliss, Cacao & Spice and Peach Glow Up.  He held several pop-up tasting events where his Tea Oh blends received rave reviews.  Tea Oh tasting booths were set up at select markets in Durham Region this summer and fall where Matthew has been able to share his passions for his teas directly with event attendees visiting his booth.  The Tea Oh tasting booths were a hit, creating much buzz at these events. Customers can purchase these exceptional blends online and learn about Tea Oh’s latest inventions at teaoh.ca .

Using K Parsons Design and Tea Oh as case studies, EDGE members discussed the value of how important it was for people like Krista and Matthew, who have ideas, passions and talent to make the leap and turn their entrepreneurial dreams into a reality.  In both cases they have been able to start off their businesses taking limited financial risks, which is a plus as neither of them are experiencing the stresses and pressures related to financial duress during the critical early start up period, but it does limit the initial scalability and growth in the early stages of operations.  In the case of both businesses, the smaller scale approach allows for experimentation in order to learn more about what resonates with their customer base.  The group emphasized trying different things and don’t be afraid if ideas and initiatives fail, as you learn so much when ideas and initiatives do not necessarily work out as planned.

In a related theme, learning from feedback and reviews, the group pointed out that it is necessary to listen carefully to feedback that you receive, but it is critical to evaluate the veracity of these comments.  It is important to decipher between an individual with an axe to grind versus people providing honest but less than positive feedback.  We talked about methods to distinguish between the two, including setting up metrics and frameworks from which to continually build a data base to input feedback to look for repeating patterns that might highlight areas for improvement.

This led to a discussion of how to handle criticism, building a thicker skin especially with something as deeply personal as setting up a business that is a total reflection of who you are.  We talked about rebounding from it through resiliency.

Relationship building is an essential part of any business.  Networking whether in formal or informal settings is a keyway to learn about opportunities that might materialize immediately or some time down the road.  Sincerity is an essential component when meeting people, you will lose people’s interest if they sense you are only talking to them because you want to make an immediate sale.  Planting seeds through relationship building is far more effective.

Finally, we talked about using all the insights you gather to really understand your customers/clients, and to deliver the services that provides them with a meaningful experience that totally resonates with them.  At the end of the day having your customers feel a connection to you and your business, means they will likely try what you are offering, return as a repeat customer, provide positive testimonials and encourage their friends, family and colleagues to also try your services. All this provides a strong foundation for a first year start up, not only to survive, but to thrive and grow as large as you wish it to be.

Thank you, Krista, Matthew and everyone who attended our meet up for participating in a well rounded and dynamic conversation.  And a big thank you to the Shelwan family and everyone at Via Delhi for hosting this event and serving the best Indian food in the GTA!

Please feel free to add your thoughts about this meeting in the comment section below. If you are interested in coming out to future EDGE meet-ups or just want to stay informed about our group (including participating in our online forums) join our online group by clicking HERE