Conclusion

This page will serve as our conclusion of our journey in ET9135.

Given what we've went through since October 2021, we've definitely came a long way with these past few months. Overall, we've managed to execute quite extensively whatever we've proposed since our Business Plan presentation in October.

What will be provided here will be:

Profit & Loss
Our results
Feedback from Customer

Profit & Loss

This is our ending P&L throughout the 6 months since Felix Natura has incorporated.

Thanks to the team, we were able to push out good sales volume, especially at the end thanks to the start of our workshop in late Feburary & early March, which pushed our volume significantly higher. In addition, we were able to capitalise on many new product listings to help increase and diversify our revenue streams.

What we achieved

This picture summarizes what we have achieved in the past 6 months since we started our journey in MIE and also incorporating our company.

We started the process with a product trial phase where we had to source for our local/foreign suppliers to build towards our Minimum Viable Product (MVP). Concurrently, we also started on developing on our marketing strategy and building our website.

For the construction of our website, we design it such a way where it relates to our product - nature and relaxation. Therefore we based our design of the website around that and depicted pictures of plants and scenery which projects feelings of relaxation. We also make sure that our customers are able to customize their terrariums on our website when they are purchasing their terrariums. There is a review section in our website to allow customers to see the satisfactory reviews of our customers and also to increase credibility of our business and website. There is a contact us page as well to allow customers to send in their questions to us. There is a instruction guide on our website for building terrariums and a plant maintenance guide on our website. We also integrated Linktree by having a QR code on our package sleeve to allow for our customers to have convenient access to relevant websites such as our guides and socials.

After we developed our MVP, we conducted a product trial phase with micro-influencers which our marketing team had reached out to conduct product trial phase in late november - mid december. After which, we made a few more adjustments to our product before we started with our 0-to-1 sales conversion in December officially to kickstart Felix Natura as a whole. In the month of December, we also started our Christmas sales to boost our sales volume.

While our sales were on-going, we managed to strike a deal with a courier company on a service level agreement which guaranteed 3-days delivery and also insurance claims up to $100. This arrangement was extremely beneficial to us as our terrarium are time-sensitive items which we would need to ensure the plants survival up to arrival and the fragility of terrarium casing are damaged easily.In January of 2022, we developed 2 new product lines, which are Classic & Enclosed with different themes in mind for us to reach out to a wider and larger market, with the common theme of placing ourself as a cheaper alternative in this market. With that in mind, we also prepared ourselves for Chinese New Years festivities in Feburary and started to reach out to Financial Advisors to add on to our sales in late January.

In Feburary, we had back-to-back festivities of CNY and Valentines' day, which led to us having to push 2 concurrent marketing sales to help us bolster our sales volume, together with a paid marketing strategy - dateidea.sg, to help us expand our marketing outreach. Simultaneously, we also had develop our workshop process flow and also reached out to external suppliers to create new creative product (Pokemon).

In early March, we held our first workshop with Wepack, which was clinched in late Feburary through our sales network. We were delighted to be able to hold the workshop with great success and we intend to build upon this success. In addition, we also clinched a deal with NTU Welfare Service Club to hold a workshop for them on the 13th of March!

Feedback from customers

Through our various experiences with our workshop and B2C sales, we've gotten quite a decent amount of feedback from our buyers/micro-influencers.

For micro-influencers whom we reached out during our product trial phase, since the objective is to test out our initial product launch, this segment was what received major critical feedback for this venture such as the box being too big to having no instruction manual, which we now provide various sized boxes and sleeves which contain the instruction manual on how to build our terrarium. At first, we've also gotten feedback on how our packaging could be better, with which we've decided to add in fillers into the box.
For customers/first-time buyers after we started on our 0-to-1 sales, there was some feedback regarding the size of the cactus being too big, unable to fit into some of our glass housings. We took that feedback and restricted some combinations with cactus and housing on our website.
For the workshop session, we've had great feedback from the customers. Many of the participants feedbacked that the workshop was well organised and that the session was fun and engaging, with our slides being informative as well.

Conclusion

A lot of the past 4-5 months has been us experimenting building our MVP, building our marketing strategy and other form of R&D.

We hope to continue expanding on our B2B workshop as we are able to gain larger sales volume while being able to cut back on alot of our costs (such as packaging & misceallnous costs). We will also continue to build upon our B2C sales & marketing.

The journey for us has barely started as we look to continue building our branding and see where we go from there.

But at the end of the day, entrepreneurship is a journey, may not be a smooth sailing one, but with the right people, which we all fortunately do have one another as company, the tough times wouldn’t feel that tough.

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