I need some advice on feeling burnt out and trapped in my business. small business |
- I need some advice on feeling burnt out and trapped in my business.
- Starting a small business in small engine repair.
- How to start online presence of business? Like social media
- What to do with helpful friends?
- What do you do about non-payment? (Seattle, WA)
- Potentially buying a business, open to thoughts/advice/critique.
- Want to start a business entity to plan events, not necessarily for the purpose of generating income.
- People with seasonal businesses: what do you do in your off-season?
- Affordable Inventory solutions for large kit products
- You're website not on https? The new chrome update is going to be stopping users from visiting your website.
- UPS Business Shipping Discounts
- Need help with institute name
- Question regarding a trainee I’m considering taking in
- Thinking of starting a business but no idea how to estimate revenue
- Rental property help
- My website went live yesterday - super excited but no clue what to do next
- Hello Everyone. Currently own a small Furniture store recently opened. What Ad Brings you in to locations?
- ?
- Investing 2018 income in 2017 Roth IRA
- Subs, Threads for buyers?
- Order/Production Management App
- Feedback on new website
- First time partnership with my apparel company, need some advice
- Thinking to Start Fireplace at home Business
| I need some advice on feeling burnt out and trapped in my business. Posted: 06 Feb 2018 08:36 PM PST Hi all, this is my first post on this sub so hopefully I give enough info for some feedback. Please let me know if there needs to be more clarification. Or... If there's too much. Thanks in advance for reading. For some back story, I purchased a knitting retail business back in 2014. I made a ton of mistakes that I've had to pay for, namely, not getting an accountant or a lawyer. Among other things, I ended up having ~17k in inventory and ~180k in debt when I had been told and given figures for ~70k in inventory and ~60k in debts. I also had overdrawn bank accounts when I took over, and an expense account that hadn't been touched or contacted in ~16 months. February of 2017 I finished paying off the last of these accounts with help from a lawyer, planning, working extra on the side for personal expenses, and channeling every penny back into my shop. I currently have approximately ~20k in debt, and about ~70k in inventory. Things are better. I've been at this for 3 years and this year, I made a plan to have even more things. Trunk shows with extra products, free events all month (knit alongs, where there is free help on specific projects), more classes, etc. I've been working my ass off, using social media more, updating the website frequently. My problem is this: people are complaining. I made policy changes that have needed to happen at the beginning of the year. People complained. These policies had to do with my social hours and keeping an eye on subject matter and volume when discussing things. I've had issues with unpleasant dead dog and surgery stories etc that a lot of people are uncomfortable with. While out of town at one point I recieved a call from a customer saying she wasn't coming back because of this. Other people are complaining because they feel like one of my customers is the one calling the shots and implementing these changes, and deciding on future projects. This is not the case. I take suggestions and critique from everyone and have a very open door policy about problems involving my shop. Instead, over the last month, I have had my usual group leave in a huff after I requested that they help me keep the shop a bit more professional and to keep an eye on how loud they got (12 or so old ladies tend to start yelling across the table to be heard). I have had third parties come to me with stories of "so and so is upset because so and so is here and they don't like them", or "so and so is mad because the knit along wasn't this so they aren't coming in anymore". I am aware that I am taking things personally to an extent. I consider these people friends as well as customers, and I actively ask about their lives and want to know about them. That's half of this business, is making everyone feel like they're special. A lot of them were with me when I decided to take over the shop and keep the doors open, and some of my frustration is the realization that while they're big parts of my day, I am not the big parts of theirs. I am the only employee. I don't pay myself. I do all of the work on my own and I have a bookkeeper to help balance the books but I write the checks. Everything. I guess my question is this: how do you know if it's worth it? I bought the shop aware that it would probably not make me rich, but with the hope that it could be selfsustaining and fulfilling. Right now it doesn't feel that way. I feel like I can barely pay bills (though they do get paid), like I'm stuck, like I'm still going to feel like this in 3 more years, like all of my hardwork is only recognized by myself and my family that have to put up with constantly being the backburner to my life. Does that feeling go away, for those of you who might have been here before? Am I crazy for feeling like this? And, if I do decide that this isn't something I want to do, would it be better to work a few more years and sell it, or sell it now, or just liquidate everything and close? And if I do decide to continue, do you have any suggestions on how to feel less burnt out, or is this just a growing pain? I'm sorry for the wall of text and grateful to all who've read and if you have any advice. [link] [comments]  |
| Starting a small business in small engine repair. Posted: 06 Feb 2018 09:14 PM PST So my family has been in the small engine business for going on 30 years. My papaw started doing it as a hobby, followed by my father, and now me. They worked to get her out of my paps garage for the past 15 years but never really made any real money, as my family is real southern (Kentuckians) and they always sold things on good will and low low LOW prices on parts and service. They always worked their asses off and never really made any money off of it, and while they were super generous and hospitable, I want to use this opportunity of knowledge to start a local business out of it to take care or my family. And probably more or less bring them in on my soon-to-be local business empire. I took an marketing class in highschool but I've always been real good at advertising and making money. Ive helped my family with disclaimers for their little business and I've spent the past 3 months trying to figure something out on starting mine but I've always come out with never having a set plan. My business will mainly be: buy broke, fix, flip and sell. With the occasional service or (if I can make it happen) be a dealer. So my question is, what do I do for starters? I know I need to buy up inventory and set back profits for buying up new inventory, but I need some more advertising tips, small business loan info and a long term game plan and I would like to know you guy's thoughts and opinions are on the subject. They helped me out buy trading off a nice lawn tractor for 20 push mowers but I fluked on that buy not setting anything back. I want to do it right this time. I work full time for a HUGE automobile maufacturer so I have stable job security and I'm working on my junk credit which is at the time a shitty 547. Thanks guys, I can answer anything you ask if I left critical info out. Thanks! [link] [comments]  |
| How to start online presence of business? Like social media Posted: 07 Feb 2018 01:50 AM PST Hi, need some solid advice on what to do and more importantly, what not to do? When it comes to social media or online marketing I have a business selling luxury products, using the simple brick and mortar. So absolutely nil social media profile. So i am planning to make a instagram page, now any good insights on how to "sustain" it and make it workable? I dont want just a 2 posts page and later stop it. [link] [comments]  |
| What to do with helpful friends? Posted: 06 Feb 2018 06:55 PM PST I am in the process of making a game with my business partner and we've made quite nice progress so far. We have a couple friends who have taken great interest to our project and have been giving advice on balancing and helping with ideas for the game. Now I know legally ideas aren't worth anything but from a business standpoint what should we be doing. They have helped with ideas and playtesting a pretty good deal and while nothing physical has been contributed ethically they probably deserve something. So my question is what do we give them for their help? From a law and an ethical standpoint what is the most proper reward they deserve? As someone new to this I'm hesitant to be giving things away when I may not understand their true value. [link] [comments]  |
| What do you do about non-payment? (Seattle, WA) Posted: 06 Feb 2018 09:23 AM PST Edit: Thanks for everyone's advice. A certified letter is going out today. After that, we'll see. I've been running an in-home daycare since November 2017 and everything's been going very smoothly, right up until I had a family disagree with me on my vaccine policy. We parted ways, I pro-rated their tuition and sent them an invoice the next day. On the invoice I gave them until Feb. 5th to pay, which was approximately 2.5 weeks after their child's last day of enrollment. This family has been a constant source of issues since day one. Late tuition payments was normal, so I was glad to be rid of them, but now it seems they've fallen off the face of the planet. I sent them a due date reminder on Sunday, Monday rolls by and still, no tuition. Today, I sent them another invoice with a late fee, and our policy on non-payment ($20 per week of non-payment + 35% collections fee to the collections agency at the end of the month). I offered to set up a payment plan with them, but I still haven't heard back. I can tell from my QB account that the parent has not viewed the latest invoice that I sent. How should I move forward? I don't want to spend too much time badgering this client for their payment, but I also don't want to let this go. Is a collections agency at the end of the month the right way to go? Are they other methods I should be utilizing to get this family to pay? Any advice or your own experiences is greatly appreciated. [link] [comments]  |
| Potentially buying a business, open to thoughts/advice/critique. Posted: 06 Feb 2018 07:25 PM PST I'm a journeyman mechanic who has the opportunity to buy out the business I currently work at. It's a small shop with 4 employees, just under $500k revenue, in a small town with 2 other licenced shops and several shade tree mechanics. The business itself is well established in the community (20+years), and relies on repeat customers and word of mouth. It does little to no advertising, and doesn't actively compete with the other shops. 9 months out of the year we are booked at least a week in advance, 2 weeks during the busy season. The owner has stated several times (and I've seen just working there and being in the office), we could easily hire anther person and keep them busy. I'm looking for general advice and an honest critique of this idea. I've never owned my own business but always aspired to. I do not have a business background but have extensive customer service skills, and have cross training in basically every aspect of operations...including parts, invoicing, scheduling, etc. I'm also looking for suggestions as to go about buying the place. I'm not a wealthy person and I do have a mortgage less than 2 years old. Would the bank require personal collateral, or would the physical assets of the business be acceptable? Would they factor in the value of an existing and established business, or does it boil down to me personally when making a risk assessment? What haven't I thought of? [link] [comments]  |
| Posted: 06 Feb 2018 05:04 PM PST Looking for some advice, any help is very much appreciated! I am applying to business schools in the next 1-2 years, and I am going to take on a significant role in helping my former HS football team with their various fundraising events this coming year. Activities such as reserving event space, coordinating with donors/suppliers, and overall management of the process start to finish for each individual event. I want to create an entity that represents myself rather than just saying "I did ______ for planning events", I can say "the company I founded and operated to offer event management services for _____". I am not looking to generate any profits from the team/school, but I don't think it's necessarily a non-profit. Essentially, free consulting services I think? Any advice? What type of legal structure should I use? Any reference to sites/information on this topic? Thank you in advance for any help or opinion. [link] [comments]  |
| People with seasonal businesses: what do you do in your off-season? Posted: 07 Feb 2018 04:12 AM PST Say you had a business had a short window every year (ie related to snow, sports, politics, etc.) How do you keep yourself busy/fed the rest of the year? [link] [comments]  |
| Affordable Inventory solutions for large kit products Posted: 06 Feb 2018 03:22 PM PST I work at a small startup (4 employees). We make DIY Tesla Coil kits. We have several different kits available, our biggest kit includes 200 parts. We also ship and sell parts individually. We have been struggling with inventory count because as of now, it is all done by hand. I've been doing research on a software solution for some time now and there are so many options out there, many of which are out of our budget. Does anyone know a reasonable solution? What we NEED:
What would be nice to have:
Thank you!!! [link] [comments]  |
| Posted: 07 Feb 2018 03:11 AM PST You've time yet but it's never to early to get it sorted. source [Need help? Contact OnDevs today ](ondevs.com) [link] [comments]  |
| UPS Business Shipping Discounts Posted: 06 Feb 2018 03:43 PM PST So I'm a small business and I'm getting a lot of inbound seasonal shipments of about 500 boxes on average a year, about $15k a year from various wholesalers. I gave these wholesalers my UPS account to charge it from there (mostly shipped in the winter time), but I'm only getting discounts of 10% with UPS Connect. There's always problems with boxes missing items and I have to constantly file claims and the shippers keep getting the weight and dimensions wrong so there are always adjustments. Anybody know what the typical discount rates and monthly fees are? It seems like this is all in the shadows and I cannot get any concrete information. I tried contacting my local sales representative but she keeps dodging my emails and calls. [link] [comments]  |
| Posted: 06 Feb 2018 09:02 PM PST Hello, I want to start Digital Marketing Institute. But I am not able to find good name. Need a name that is easy to remember and that says its an institute.Can anyone help me with this? Thanks in advance. [link] [comments]  |
| Question regarding a trainee I’m considering taking in Posted: 06 Feb 2018 09:59 PM PST Hey everyone. I always find r/smallbusiness so helpful so hope to get some feedback on this. I own a small business and considering taking in a person that is eager to learn. I will not charge this person to learn the trade, however, I would like to ensure that the person learns the trade and sticks with my business instead of learning and jumping ship. Is there a good way to present that the person is to remain with my business for say, 2 years instead of potentially working for competitors? This is a 1 to 2 year investment I will have in this person and would like to ensure that I'm not creating someone that will jump ship after learning to possibly make a few more bucks. Thanks [link] [comments]  |
| Thinking of starting a business but no idea how to estimate revenue Posted: 06 Feb 2018 07:10 AM PST So I'm thinking of opening an ethnic grocery store. In my area I have noticed lots of Russian immigrants. I overhear them speaking Russian pretty much any time I go out for groceries or to the hardware store. After searching google and yelp I can't find a Russian grocery store anywhere around for at least 50 miles. I speak some Russian and my spouse was born there and still has family there who we visit every few years. My point is that we have enough knowledge of the culture to cater to the market. I know that groceries are low margin and that I couldn't compete with Walmart on most things so I would have to stick to specialty and imported products. I don't know the actual immigrant population or anything else about them but I assume that they aren't particularly affluent - probably slightly below median household income. I also don't know what kind of revenue I can expect or if the idea is at all economically feasible. Could anyone offer insight or point me towards somewhere to look? [link] [comments]  |
| Posted: 06 Feb 2018 08:50 PM PST So I'm 20 and broke but would like to get into buying small homes to use as rental properties. Problem is as I stated is I'm fresh out of school and don't have a dime. How can I go about this endeavor? [link] [comments]  |
| My website went live yesterday - super excited but no clue what to do next Posted: 06 Feb 2018 08:50 AM PST Hi everyone. I am a noob to both Reddit and small business so please take it easy on me. Short story: I am a "momtrepreneur" (yes, you are allowed to roll your eyes) and I am going to launch a Kickstarter campaign somewhere in the end of March for my magnetic letter toy sets. I opened my website (www.magicnetica.com) for visitors yesterday and got 10 visits since lol. Quick note: I built it from Shopify theme myself and took photos myself too - with zero experience in design, photography or website building so I KNOW it is basic and needs work. Plus I am not a native English speaker so it adds some challenge to copywriting. I do everything myself because I want to learn new things. But I still seek advice about marketing. I utterly underestimated the efforts needed to even drive somebody to the website. If anyone has experience or recommendations about marketing to moms, I would really appreciate it. All women/moms/noobs like me in this topic - I salute you. Good luck in all your beginnings. [link] [comments]  |
| Posted: 06 Feb 2018 11:25 AM PST New to reddit so forgive me if i make any mistakes. Currently opened a Small furniture store location. What is the best way to get people to come to my location? It's only 1500sq in size but most items i can beat out prices like ashleys. [link] [comments]  |
| Posted: 06 Feb 2018 11:18 PM PST how are you doing with your pizzeria? I'm thinking I open one near a college campus, any advice ? [link] [comments]  |
| Investing 2018 income in 2017 Roth IRA Posted: 06 Feb 2018 08:26 AM PST Good morning! I did some contract work in 2017 for which I received compensation in 2018. The university I did this work for has confirmed that they will report this to IRS as income earned in 2018. Since I haven't done taxes yet, and my 2017-Roth-IRA is largely unfilled, can I contribute towards it using this income? My concern is whether IRS will question as to where I got this money from as I will not be reporting it until next tax season, although I will make tax payments on this income soon. My impression is that this is not a problem but wanted to get some feedback. Second, am I correct to assume that the 25% SE401K contribution that I am allowed to make must be made in the same tax year as the income was earned? For clarification, I want to max out my 2017 Roth, because this year my salary is sufficient enough that I can use it to max out the 2018 Roth. Thank you for any feedback. [link] [comments]  |
| Posted: 06 Feb 2018 07:24 AM PST I have some capital to invest, and I'd like to buy a small business. Is there a subreddit or other community dedicated to a business buyer/seller community? [link] [comments]  |
| Order/Production Management App Posted: 06 Feb 2018 01:13 PM PST Hey guys, I run a microbiz making and selling hand-made craft products. I get orders from multiple sources - through my own website running woocommerce, also custom orders via e-mail or Instagram DM, and I have two retailers that also sometimes have custom requests for one-off items. I am having a bad time keeping track of all my orders since they're all coming from different places. I need some kind of centralised system, preferably an app that automatically pulls data from my woocommerce store as well as being able to manually enter orders - IDEALLY that I can then update as each item goes through the stages of production (modelling, embellishment, finishing, etc), but at the very least just a mostly-automatic system with manual entry capability compiling the date, name, shipping address and item(s) ordered. I've tried using Wunderlist but it didn't quite work the way I wanted, plus none of the data would import from my store. Does anything like this exist? [link] [comments]  |
| Posted: 06 Feb 2018 04:33 PM PST https://acupressuremats.store/ I would love feedback on a new store we have just launched! [link] [comments]  |
| First time partnership with my apparel company, need some advice Posted: 06 Feb 2018 07:47 AM PST So I run a fairly successful online clothing business and have been contacted by a local sports league trying to promote their league. They want to have their logo on a shirt made by us for promotional pieces which is fantastic. The shirt would have their logo on the front, ours as the tag and maybe on the sleeve. Now, they asked about getting a % of the sales in which I'm not quite too sure about. I use Printful so the profit margins to begin with aren't the highest. Do I offer a percentage? If so how much? Or is there a reason I shouldn't offer any percentage since they're using our company for production and are getting nice quality from a company that already has a decent following in our niche-market space? I just can't come up with words to email back with. [link] [comments]  |
| Thinking to Start Fireplace at home Business Posted: 06 Feb 2018 10:36 AM PST Hello, I know there is many Expert in local business so i need help to start Fireplace busiess at home for Sweden country, Please suggest me any basic idea & what things to be consider before start busiess? Here is an example: fireplace at stockholm! [link] [comments]  |
| You are subscribed to email updates from smallbusiness: Starting, owning and growing a small business. To stop receiving these emails, you may unsubscribe now. | Email delivery powered by Google |
| Google, 1600 Amphitheatre Parkway, Mountain View, CA 94043, United States | |
No comments:
Post a Comment