Back on Track…
I admit. I got off track.
Back to the drawing board. Actually, as you see, it was a napkin. My entire approach was re-worked on this napkin to present Cargo Metro…online. Due to a combination of things, Cargo Metro as a brick and mortar storefront started to become less and less realistic. With a few store closings recently on high street and the daily worsening of the economy, the thought of opening a storefront and introducing an entire new retail concept to the Short North neighborhood shown to be even more risky. However, business is risky. So, I am going forward but in a slightly different direction.
I still believe the concept cannot be truly realized unless its in a physical presence. The new challenge is to convey that same feeling of the physical storefront, online. It’s full steam ahead to launch the site and test Cargo Metro’s proof of concept.
Let the Branding Begin
Sample Mood Board
This weekend will be dedicated to branding Cargo Metro. The first task is to build mood boards. Designers use mood boards to convey the overall feel of a project, putting together images, textures, colors and objects which inspire, target desires and facilitate creativity and innovation. As the boards are created, I will post them to gain your feedback.
The next phase after the mood boards will be concepting the mark (logo) and color palettes. As I mentioned in a previous post, Cargo Metro’s brand needs to be lean, awesome, memorable but understated. I’m already anticipating the need for several different rounds of re-working the concepts to encourage the best possible outcome of the final art.
Milestones
Milestones are essential. Since Cargo Metro is on a tight time line, each milestone must be met on time. I have already documented the high level tasks needed to open the store by early summer, which includes distributing the business plan to potential investors/lenders, securing commitment from investors/lenders, launching the e-commerce website, obtaining the brick and mortar storefront, renovating and buying equipment for the space, opening the store to the public, executing the planned marketing tactics, and lastly, surpassing sale numbers the first three months to ensure stability. Just to name a few 
.
This weekend, even though the business plan is complete, I’m going to add an open-to-buy plan and a detailed milestone chart. Early next week, I will produce copies and distribute the business plan to my network. Getting excited!
Potential Scholarship
UPDATE (1/16): I submitted my scholarship application to Ramit Sethi before the deadline last night. I am very pleased with the outcome of the application. Looking forward to February 2 when finalists are contacted.
Yesterday, I was informed of an awesome scholarship opportunity for social entrepreneurs. Cargo Metro fits the criteria of the scholarship to a tee and the award is $2500. Although I’m still working on raising funding for the store, this scholarship award would be used for renovations. I’m submitting my application tomorrow, the actual deadline date. Wish me luck!
Here are a couple excerpts I included in the application (p.s. what do you think?):
Similar to the popularity of online social networks, the store will represent the power of self-organization, allowing local artists access to a bricks and mortar marketplace by creating value through collaboration. Unlike the needle in a haystack model where artists gain exposure and sell their work through large vendors, publishers or labels (e.g., iTunes, Barnes & Nobles, etc.), Cargo Metro will harness public ownership and broaden community participation. The store will educate, promote and display the works of local artists in an exclusive fashion, transforming that needle to a cinder block. For example, Cargo Metro will provide young artists with a stepping-stone to the marketplace that will enable them to transition from secondary education to the real world economy.
Every penny will count to achieve the environment and perception needed for the business. If awarded this scholarship, I will invest it in Cargo Metro, but the return on this investment will be seen not just in terms of supporting the store’s startup costs, but also in supporting local artists. I see this as a unique way to help others drive their business while also improving the overall art economy in Columbus.
Balance Sheet
O, the dreadful balance sheet — well, it seems to be dreadful to me. I have completed the other three financial statements for Cargo Metro, but the balance sheet, which acts as a snapshot of a company’s financial condition, always seems to be the most difficult for me to complete. I understand the concept to balance your company’s assets, liabilities and ownership equity, however, there is a certain level of comfort with the other financial statements. I haven’t reached a point in my limited financial experience to look at a balance sheet and make adjustments to my operations plan accordingly. With the cash flow, income and retained earnings statements, I have a better understanding or even a certain intuition with each number and how it relates to the operations. Specifically for Cargo Metro’s balance sheet, getting the start-up loan, depreciation and inventory (with half of it being consigned) to all balance troubles me. I plan to compare my numbers to other sample financial plans tonight, especially consignment shops.
Last year, I used my accountant to review the last set of financial statements that I completed for CampRoster. With the minimal revisions that my accountant actually implemented since I drafted the statements prior, it still cost me a few hundred dollars. This time around, with these statements not as complicated as CampRoster’s, I’m seeking the help of my network (or a friend’s friend) and take them to lunch to review the statements, especially the balance sheet!
One Down, Four To Go
It’s 2:04 am on a Thursday night and I just finished saving out the last PhotoShop document as a jpeg. All outstanding freelance is complete. I will not be doing any side projects for the next few months. It’s time to focus in on the Cargo Metro brand. I’m excited! Luckily, I have been collecting inspirational pieces and cutting out magazine pages so the mood board phase can begin immediately.
So, from my last post, one down, four to go (shut down CampRoster, explore day job contract possibilities, sell the car and of course, keep planning Cargo Metro)
Staying Productive is Hard Work
At this very moment, I’m working a full time job as a web designer, planning Cargo Metro, handling the dissolution of another business, CampRoster (I reference it in my first post), working sparingly on freelance design work, hitting the fitness gym daily and eating a strict diet. I admit, I am overwhelmed! However, I do see light at the end of the tunnel. Once all of the accounts tied to CampRoster are cancelled and the taxes are filed, I will feel a great sense of relief. I also will stop taking on freelance work after one last project for a friend that is outstanding. And, hopefully, my new strict diet and gym routine regiment will prevent any winter colds and keep me moving strong.
Since I’m in serious saving mode for Cargo Metro, I also need to cut my expenses more and take a look at the day job. Luckily, I’ve been in the process of cutting my expenses. The last big item that I feel I can cut is having a car. So, I’m going to place it for sale next week. Of course, to add to the complexity, my day job is becoming a hassle. After two years, my job’s dynamic is changing and its starting to cause fustration that I can’t afford at the moment. This is probably the lowest priority item but I may look for contract work. With that, I could potentially make more money which will be needed for the store. So, in conclusion, my sincerity and focus is on Cargo Metro.
“Hop cop-out?” vs. “Best Arts Event in Ohio”
The Gallery Hop. If you currently live or have lived in Columbus, Ohio, you know this event very well. The first Saturday of every month, over 20,000 visitors come to the Short North to celebrate art and partake in an evening of shopping, food, music and cosmopolitan fun. Over 40 galleries and non-traditional art venues spotlight Ohio-based artists.
Just published this past Saturday, the Columbus Dispatch article, “Hop cop-out? Gallery owners think Short North event gives short shrift to its original purpose,” discusses the Gallery Hop and the lack of its arts focus–its grassroots origin. Even though the Short North has as many galleries as its every had at any one time, several art gallery owners state in the article that “[the galleries] have scattered or moved north — outnumbered by upscale boutiques, prime restaurants and innovative bars” causing commercial rent to rise significantly, shutting out galleries and independent shops. One gallery owner claims that rather than being an arts district, its now an “entertainment district.”
On the other hand, last year, Ohio Magazine, January 2008, listed the Short North of Columbus, Ohio of having the “The Best Arts Event in the State.” Despite the claim that the Gallery Hop has lost its arts focus, the traffic and number of people coming to the Short North every month remains steady and seems to be growing.
Of course, I see this as a huge opportunity for Cargo Metro. The entertaining and experiential element of the store will bring a different spin to the area. With the current perception of the art galleries and restaurants/bars/boutiques being on different ends of the spectrum, Cargo Metro has the opportunity fill a void. An opportunity to help the Gallery Hop bring art back as the main focus by placing attention on different type of artists that aren’t necessarily being showcased, at this time. Due the social nature of authors, designers, musicians and photographers, the store will display their work and introduce a new angle to Columbus, Ohio.
