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    Friday, December 29, 2017

    Accomplishments and Lesson Learned Friday! - (December 29, 2017) Entrepreneur

    Accomplishments and Lesson Learned Friday! - (December 29, 2017) Entrepreneur


    Accomplishments and Lesson Learned Friday! - (December 29, 2017)

    Posted: 29 Dec 2017 05:07 AM PST

    Please use this thread to share any accomplishment you care to gloat about, and some lessons learned.

    This is a weekly thread to encourage new members to participate, and post their accomplishments, as well as give the veterans an opportunity to inspire the up-and-comers.

    Since this thread can fill up quickly, consider sorting the comments by "new" (instead of "best" or "top") to see the newest posts.

    submitted by /u/AutoModerator
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    My Ultimate Guide to Starting a Morning Routine - 8 Habits That Have Had a Powerful Impact on my life and How You Can Implement Them Too

    Posted: 29 Dec 2017 03:46 AM PST

    If there was one piece of advice I would give to every entrepreneur out there. It would be to incorporate a morning routine into your life. Period

    Why?

    Because a morning routine has been the single greatest thing I have implemented into my life that has had the greatest benefit. And I mean this 100%. Lets look at why..

    So a morning routine is something that I have recently incorporated into my life and has had a profound impact on my productivity, goals, my mood, energy levels and just really my overall outlook on life. And I want to help share what I have learnt with others.

    Why do I believe that a morning routine is the single greatest self-discipline especially for us entrepreneurs?

    Well tell me this..How many times have you found yourself super motivated after perhaps watching an inspiring video or reading an inspiring quote or book.

    Only to find that you wake up the very next morning and all of that motivation has gone out the window and you're back to your same old self. I know was like this for a very long time.

    You see motivation comes and it goes and can be impacted by so many factors. But habit on the other hand that is something that when used correctly can have a tremendous effect on our life in turn our motivation.

    I am sure that you have probably seen one or two articles or videos floating around on the topic of morning routines they seem to be popping up more and more. But the problem is that most of these articles just list the habits without ever going into how to ACTUALLY implement them.

    Which is why I decided to create an ultimate morning routine guide of the 8 habits that I perform every morning so that it can hopefully inspire others to perhaps incorporate a morning routine into their life and start to see its amazing benefits like I have.

    Here is a basic breakdown of the 8 morning habits that I perform every day:*

    1.Wake up Early: I wake up at 6:30am every single morning. And cannot believe how much more time it has given me.

    2.Drink a Glass of Water: As soon as I wake up I drink a glass of water. It gives me a boost of energy and instantly wake me up. Why? Think about it when was the last time you went an entire 8 hours without drinking anything at all? Probably never. Well when you sleep you essentially go an entire 8 hours without drinking anything at all. Which means when you wake up your body is in a state of slight dehydration which is why giving it water first thing in the morning is so beneficial.

    3.Make a Plan: After I drink my water I then go through and plan out my entire day using a system called MITs aka Most Important Tasks.

    4.Mindfulness/Meditation: I then go into 5-10 minutes of mindfulness meditation. It helps me to start my day with a clean slate and relax my mind before going into the day

    5.Exercise: I then go for a 10-20 minute run. Why? Because exercise is not only beneficial for your body but also your brain. I find that after I exercise I can focus better, think more clearly and concentrate for longer. All thanks to exercise.

    6.Eat a Nutritious Breakfast: After my run I then eat a nutritious breakfast. What constitutes a nutritious breakfast? Well contrary to popular belief the best meal at breakfast in terms of fuel for the body and for the brain is High fat and High protein. Because fat is actually the preferred fuel source of the brain and protein is slow release calorific food which means you stay fuller for longer and have long lasting energy. My breakfast consists of scrambled eggs and 1/2 avocado. A perfect combination of fat and protein.

    7.Eat my Breakfast Mindfully: I always ensure to try and eat my breakfast mindfully at the very least for the first 5 minutes of my meal.

    8.Make My Bed:My final habit is making my bed and I have found this to be one of the most simple yet powerful habits I have implemented.

    Once I have completed all of these habits which takes about 1 hour I then go into doing my most important work and thanks to these habits I always find that I am able to think clearly and perform at my best.

    I got these habits from reading many books and articles on topic of morning routine as well as studying the habits of many of the worlds so called "successful" people such Tony Robbins, Tim Ferris, Oprah Winfrey, Jim Kwik, Robin Sharma and many more.

    I then consolidated them into 8 habits that I found worked best for me and started implementing them every morning and I honestly can't believe how beneficial it has been. Which is why I felt compelled to actually create an entire video to guide people through how to get started with a morning routine.

    So if you have always wanted to have a morning routine but have put it off because you don't know where to start then consider checking out my video below. I have taken the time to make it as informative and detailed as possible.

    I hope this is able to help my other fellow entreprenuers out their, because honestly the only thing I regret is that I didn't start having a morning routine early.

    Best of wishes :)

    Isaac

    Ultimate Morning Routine Guide: https://www.youtube.com/watch?v=40bqd4RHOVY

    submitted by /u/izzablen
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    How to monetize 500k views/month?

    Posted: 29 Dec 2017 11:47 AM PST

    I have a YT channel where I do animated self-improvement videos, just like fight mediocrity's channel.

    There's only 2 other channels that do similar videos in my country, and I can influence the YT algo much better than they can, the views reflect that. I don't do book reviews, but instead subjects that are wide and will interest most people, such as 8 ways to become more confident, how to avoid awkward silence, etc.

    I'm currently getting 500k views a month after 3-4 months of work, and as you know, YT pays jackshit from adsense, even more so because I'm in a poor EU country. I have a few ideas how to monetize the attention these videos are getting, but none seem really lucrative. There's only 2 I came up with

    -collect email addresses by pitching a lead magnet at the end of the video, then make and sell exclusive courses through the list. Maybe affiliate links as well.

    -promote a book that goes well with the video's topic (affiliate)

    I found great success in this niche in my country's language, but I'm really thinking about shutting it down, because it's not worth my time to do these videos. Any ideas?

    submitted by /u/ezpc510
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    Accounting question for buying an existing business

    Posted: 29 Dec 2017 08:32 AM PST

    I am meeting with a business owner in a few days about buys his existing cafe. I am familiar with the business and know the person well. I am looking into buying with a partner. I know I will want to have an accountant look over the information as well as have a lawyer draw up a contract. I am curious about how much I should expect to pay the accountant and lawyer. I know this will probably vary but I am just looking for a ballpark. I live in Indianapolis if that helps. Also any advice on finding a good lawyer/ accountant for this sort of thing?

    submitted by /u/tikotako
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    Best bank for a small ecomerce start up?

    Posted: 29 Dec 2017 12:50 PM PST

    Right now I'm just finalizing the foundations of the legal setup of my business and was wondering what would be the best bank for an ecomerce start up? I started an LLC and plan to get my feet wet with Amazon FBA and Shopify.

    I realize that this question is completely dependent on a lot of factors but I'd just like some guidelines for business bank accounts since I've never made one. I just want to get all my ducks in a row before I pull the trigger.

    Thanks!

    submitted by /u/anonymous_jpg
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    Licensing Ideas........... Safe without Patent!?

    Posted: 29 Dec 2017 10:15 AM PST

    Stephen Keys says it's safe to license ideas without a patent. Anyone have experience? Hasbro tried to steal Lonnie Johnson's ideas and he was rich and powerful enough to go after them. https://gizmodo.com/the-super-soaker-was-invented-by-a-former-nasa-engineer-1000981041/1460130897

    submitted by /u/LIVE_GIRLS
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    How do I sell purest whey protein isolate?

    Posted: 29 Dec 2017 08:40 AM PST

    Hey entrepreneurs, wannabe entrepreneur here :)

    I live in Ireland and started talking to a guy living in my home country (also the European Union). He started a whey protein factory and is producing whey protein isolate of the purest quality. It is 93% pure protein and uses the best whey to create his isolate. They also produce creatine using the state of the art technology, vegan protein powder (organic pea protein isolate), and other supplementation like carnitine etc. At the moment they only sell in my home country and it's a small operation since he's a doctor full-time, obsessed with quality, and the company grows organically without any real marketing or 3rd party investments. However, they have a means to produce much larger quantities if needed. Since they work in one of the poorest EU countries, the price is much lower than their western EU competitors.

    I was thinking about offering him to set up webshop for Ireland/UK, promote and sell their products here. I'm a software engineer so setting up Wordpress shop, payment etc. won't be a problem. Also, I could invest 10-15k EUR in marketings and ads. I also have some ideas on how to promote the products offline and online.

    Here are my questions:

    1. If I'd do this, how would I protect myself from being cut out when they see nice profit rolling in? Their logo and website are on the packaging so later they could pay someone to add support for Ireland/UK and other countries and offer a discount if ordering directly from them. It seems I'm the only one taking the risk now and investing time and capital.

    2. Will I need any special permits since I'll be reselling products that people eat? I won't mess with it in any way, it is all packaged and sealed in another EU country so it seems to me that I'm good to go here but who knows...

    3. Is anyone doing anything similar to this and could you share your insights?

    TLDR; I have access to highest quality whey protein isolate, creatine, carnitine etc and want to import it from one EU country to another. Products are of higher quality and lower price but the brand is completely unknown. How do I do it?

    submitted by /u/BlackCharlie
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    Launching for the New Years! Need some advice.

    Posted: 29 Dec 2017 11:38 AM PST

    So for the New Years, I'm launching my eccomerce store and I'm going to start out with a "New Years" sale. I'm planning on creating a Facebook ad campaign but I was wondering if any of you know of anything else to get people on my store. I was also thinking Instagram, I could pay some influencers to promote my store on their Instagram and hopefully get some people from their, but other than that I don't know what else would be good and efficient. Also, general advice would be much appreciated. Thank you very much, have a good day and happy New Years everybody!

    submitted by /u/TheeVeX
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    Selling gift cards

    Posted: 29 Dec 2017 11:31 AM PST

    I want to start a business selling gift cards. I am curious about what information i need to collect from customers? And specifically if i am required by law to collect it? I plan on not collecting any information other than an email address. Also i will be primarily accepting cryptocurrencies.

    The only obligation i know of is to pay tax on any profits earned by the business.

    Thanks

    submitted by /u/JasonMckennan5425234
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    Breaking into Venture Capital

    Posted: 29 Dec 2017 07:17 AM PST

    Do you know anyone that is in VC and how they got there. Is it going to be almost mandatory to get IB experience before going in the field.

    submitted by /u/Shoukran
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    Which Country to travel to for business ideas?

    Posted: 29 Dec 2017 06:51 AM PST

    As title. Will China - Beijing be a good place for ideas? Perhaps on the trend or franchise opportunities?

    submitted by /u/Defron91
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    How can I get more visitors?

    Posted: 29 Dec 2017 08:17 AM PST

    My situation: Clothing brand * Roughly 250 visitors a month * Purchase conversion rate of around 5% * Primarily on Instagram (All growth thus far is organic, no paid)

    What I need help with: How can I get more traffic? How do I use Facebook or Instagram ads?

    submitted by /u/Rascallx
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    Business Concept Vetting Process

    Posted: 29 Dec 2017 08:13 AM PST

    Hi all! I've come up with a business concept, currently in the process of creating a business plan. As far as market research, I've done a bit of homework into competitors and their products/services on the web. What are some general best practices & strategies to doing market research to try and gain some additional insight into the validity of the business?

    submitted by /u/YearLongSummer
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    How to sell food locally?

    Posted: 29 Dec 2017 01:59 PM PST

    I'm a young person seeking to make a bit of extra money to help save up money for college and other expenses. I have a job in fast food but I make very little.

    I was thinking about starting a project where I sell really spicy salsa to friends and people around this area. I'm trying to figure out whether this is legal. Do I need a permit to even sell food to people? Do I have liability selling spicy foods to people? Would I have to worry about taxes if it stayed small?

    Anybody tried anything like this?

    submitted by /u/Belak32
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    Book Entrepreneurs, Should I List My Self Published Books on Amazon and Barnes and Noble, or Continue Selling Exclusively on My Site?

    Posted: 29 Dec 2017 02:10 AM PST

    So I have a book series where revenue comes almost completely from Facebook ads and an email list. The book are sold exclusively on my Shopify store.

    This month the series will do around $13k in total sales, but after shipping, production, advertising, the profit is only around $5k, which I split with the illustrator.

    I'm starting to realize that I need some organic sales, as I'm spending a ton of money on Facebook ads. So my goals for 2018 are to start pumping out blog content that Google will like, and do some link building for SEO.

    In addition, I'm finally coming around to the idea of placing the books on Amazon and Barnes and Noble.

    That might seem like an obvious thing to do form the start, but because of their fees and what not, I will make about 15-20% less per book, which is a lot.

    My concern is that people will check Amazon first, as opposed to buying straight from my website like they do now, so there is the potential that I could lose money. In addition, Amazon takes forever to pay out, whereas with my store I get paid immediately. This especially matters as I'm burning money for ads and to keep inventory stocked.

    What do you guys think? Do you think the massive network of Amazon and Barnes and Noble will make up for that loss in profit per book, with a greater volume in sales?

    submitted by /u/gooblemonster
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    Downloading and tracking prices from competitors' websites

    Posted: 29 Dec 2017 01:23 AM PST

    Hi, Entrepreneurs. I'm a marketer and one of the tasks I worked on lately was price monitoring on a budget. Most solutions I've found were too expensive so I had to reinvent the wheel.

    Here's what I did.

    • Took an SEO crawling tool with custom search settings (I've used Netpeak Spider).

    • Set it up to fetch data from certain place in page's code (where prices and product names are stored)

    • Crawled entire website to parse data from product pages

    Total cost is $14/mo. There's also a 14-days free trial.

    Crawling takes time and depends on how powerful your PC is. It takes me about 6 hours to crawl 300,000 pages on my laptop, it has 6Gb of RAM and an i-5 processor.

    I wrote a detailed guide on my blog with screenshots and explanations: http://www.guerrillahub.com/track-competitor-prices-comprehensive-guide/

    And if you'll need assistance feel free to message me or leave a comment. I'll try to help.

    submitted by /u/HellsHorses
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    The lean inventory: what do you guys think?

    Posted: 29 Dec 2017 03:53 AM PST

    Hello entrepreneurs,

    I'm planning on starting an e-commerce store with a very tight budget (~$1k). So I came up with an idea to keep costs low for inventory. The idea is as follow. Lets say I'm going to sell phone cases. Would it be a good idea to buy 40 different phone cases, 5 units per phone case with an average price of $2, with a total cost of 40x5x$2 = $400 for inventory. Then I'm just going to see which ones sell and re-order those. These phone cases would be from AliExpress.

    So what do you guys think of this idea? Smart or not? Also, if I'm going to use FB ads/AdWords, should I push the traffic to my home page instead of a specific product since I have very little units per product which makes the ads unprofitable.

    Thanks for your help.

    submitted by /u/Tycoon538
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    What mind tricks do you use?

    Posted: 29 Dec 2017 07:44 AM PST

    I was wondering if people here apply any pyschological twists to improve their sales?

    I am referring to things like: offering product A for $50, product B for $100 and combination of A+B together for $100.

    I know "The Economist" magazine did that with their hardcopy and digital subscription.

    Supposedly this makes option A+B look cheaper and lures potential customers to spend more.

    Other examples could be offering free delivery while the costs for mailing are implied in the product. (People love free stuff)

    Was just wondering if anyone has (applied) other examples and what experiences you made with such techniques.... Leaving ethical considerations aside.

    submitted by /u/Respektschelle
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    Manufacturing a new product requirements question:

    Posted: 29 Dec 2017 07:29 AM PST

    Hello everyone,

    I have put in a provisional patent for a product that I will be making a few prototypes for. The product is a wrist wrap/glove that will assist its user with holding heavy objects for a longer period of time. I plan on making these products outside of the USA and at first selling them in the USA only. What are the requirements to make and sell a product like this in the USA? I know there are ASTM, ASIN, and OSHA standards, but I'm not totally familiar with what requirements I need to meet before I can sell the product in the USA.

    Thanks

    submitted by /u/bender1227
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    2017 year STATS in review. Is crowdfunding right for you?

    Posted: 29 Dec 2017 06:53 AM PST

    What a year 2017 has been for us at www.riverwoodacoustics.com . It has been a roller coaster ride of results, excitement and disappointment. We initially had high hopes for crowdfunding but in the end it fell short of our goal. See why below:

    Here are our end of year stats:

    1,200 Engineering hours to develop and perfect our MVP (wireless home speaker) made from reclaimed riverwood

    4 major design iteration's (box sizes, electronics, acoustic tuning mechanism, Bluetooth modules connectivity)

    1,160 hours of marketing hours (parallel approach with development cycle) to develop our media campaign and target our Indiegogo platform.

    Website hits: 9,200 for ~ 4 months, Duration 1:04, Male 82%, 24-54 age primary target

    Coffees consumed: 4,380 (3-4 people)

    NRE ~8.5K. Develop hardware and testing platform for production.

    Crowdfunding platform: 38% of goal of 15K. We signed an exclusive agreement with Indiegogo for additional support which was very useful.

    Highlights: Excellent reviews of product. Everyone who sees, touches and hears this speaker is blown away by it's sound and visual quality. It really is like nothing on the market. We have a couple celebrities we are in contact with for endorsements.

    Low Lights: Crowdfunding failed in our views due to a couple main factors. First the price point of our speaker is high due to the build cost, most successful crowdfunding campaigns are in the $100 price range. I think this is primarily due to alot of people purchasing something on there and not receiving it for a year plus. Second would be the lack of marketing money behind our campaign. We are finding that crowdfunding is becoming saturated with established companies utilizing it as another marketing channel. You really need a large marketing budget to compete with them in this fashion.

    What's next: We have refocused our activity from crowdfunding to completing a limited production run and will start finding a new sales channel (amazon, direct website, etc).

    Other major upcoming challenge. Continue to self-bootstrap or target VC's

    What our focus for 2018 is to always design + develop and progress the business!

    submitted by /u/Riverwoodacoustics
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    All Natural Grass-Fed Whey Protein Isolate Startup

    Posted: 28 Dec 2017 05:33 PM PST

    Hey there r/Entrepreneur!

    There was a post 8 months ago by someone looking to invest 10k into an idea that was promising on r/Entrepreneur. I posted a reply with an idea for "All-Natural Grass-Fed, Free Range, Whey Protein Isolate. With Organic Matcha."

    We had some other redditors who liked the idea, pm'd me, threw in some money and we decided to turn this thing into a reality. Here's what we have created so far, check out our kickstarter and product!

    Our original concept was just matcha flavored, and it has since expanded to horchata, unflavored, pumpkin spice latte, hazelnut, taro, affogato, dirty chai, and a mystery flavor.

    As for the whey product itself, we ended up creating something that was a lot better than the existing brands out there like ON, MP, GNC. All of our whey is 100% grass fed with ZERO fillers, and premium base flavoring ingredients like organic matcha powder from Japan and organic vanilla powder, cinnamon powder, and brown rice powder for the horchata flavor.

    I have been a longtime sub to r/entrepreneur and mostly lurk, but just wanted to share this because I thought it was really cool how the community could come together to turn a concept into a product and hopefully be available in brick&mortar and other online outlets someday.

    Best regards,

    zedison

    submitted by /u/zedison
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    30 Under 30 Retail & Ecommerce Stars Of Asia-Pacific Region

    Posted: 29 Dec 2017 01:51 AM PST

    Here is the list of 30 such remarkable people who had the courage to start their own ventures in the face of remarkable odds. They have worked hard, showed resilience and never compromised on the quality and outcome of their efforts. https://www.cloudways.com/blog/30-under-30-ecommerce-startups/

    submitted by /u/bublay
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    Let’s Change the Way We Think About Images in Marketing- say goodbye to professional stock photos?

    Posted: 29 Dec 2017 02:34 AM PST

    I'm going to pretend to apologise for exploiting this sub- taking advantage of its generosity. I'm thinking of it more as an investment! I'll give back when I have something of value.

    For those of you that are involved in any sort of marketing, whether you are a consultant or chief of a small business- I've got a few questions:

    ((I'm thinking social media campaigns particularly, but I could see value in the use of images on websites, emails, hard copy leaflet magazines..list goes on!))

    1. Do you currently pay for images (stock images...), and if so, what company do you use?(price and service?)

    2. Are you able to search easily images that you're looking for? IE Can you search multiple tags and come up with images within the realm of desire!

    3. What could be improved?

    4. Would you benefit from a service that hosts a database of more amateur, authentic photos? (For example perhaps a selfie of someone's daughter enjoying a product you sell- that sort of idea!)

    5. Would you benefit from a service that geotagged photos more locally than for example 'London'? (Perhaps a question for smaller businesses)

    Once again, apologies for my vampiric relationship with this sub- I'm just a little excited/naive!

    Also I hope I upset with you with the title; just trying my hand at click bait.

    Thanks

    submitted by /u/moodymundanity
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    Feedback needed! Add a popup to every link you share

    Posted: 29 Dec 2017 04:29 AM PST

    Hey people, this is a marketing tool that let you add a Call to Action to every link you share and it's free. What do you think? www.soupercontentcom

    submitted by /u/pavelmalos
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