Hard to believe it’s been a month since I announced my goal of opening an eco-space in the Bronx. I thought I’d share some updates on the progress.
- Business Plan:
- I started writing the company business plan and finished the description section which you can read pieces of it on the official Bronx Eco-Space page.
- I’m presently working on the financial costs for Phase I so that I can complete that Phase I financial projections. I’m hoping that Phase I doesn’t cost anymore than $5k with the bulk of that being the business filing (see below), pop-up location fees, and initial wholesale supplies. I’d like to do crowdfunding/investment opportunities for Phase II for I know that will have major expenses.
- Interest Survey:
- I created an interest survey and so far 35 people have completed it. I need to get more folks to complete so I get a better perspective of where the location should be.
- Majority of the survey participants said they would visit a pop-up location so I am going to figure out what pop-up options I can pursue. There is a major event that takes vendor applications which I applied. I’m going to see if there are some places open to me renting their space or setting up a table. I’d like to have my first pop-up late September/early October.
- People also provided insight on the initial sustainable products to purchase which seem to be cleaning or self-care related.
- Business Filing: After tons of discussions with other business owners and a legal associate, I’ve decided the type of business – Social Enterprise LLC. It isn’t cheap to be an LLC in the state of New York because you have to do a month+ long advertising campaign within 90 days of becoming a company. The campaign costs $1500+ — cost more when live in the Big Apple. I can’t have pop-ups or have product without filing for you need a resell license to get product. Y’all this is why it took so long to determine business type.
So my goals for this month are to
- Complete the market analysis and financial projections for Phase I of the business plan. Those are the only areas needed for this Phase…the true heart of the business plan is Phase 2 which will take some additional research and writing.
- Get a logo for the company. I have had an ordeal of a time getting someone to do the logo. Ironically, my minor in college was art so I could totally do it BUT I’d rather focus my energy on the plan and research components. Hoping my recent inquiries pan out for I will need the logo to do pop-ups.
- Try and file for the business by no later than early September.
I totally appreciate the donations people have made towards this endeavor. If you haven’t seen I’m hosting a donation campaign for the month of August as a way to celebrate my birth month. I created a donor page and have started listing those that have agreed to on the page. All donations can be made via my Ko-Fi page (or you can contact me for other options).