Startups Our $90K/year businesses' best selling product is doomed to fail. What would you do? PLEASE give feedback! |
- Our $90K/year businesses' best selling product is doomed to fail. What would you do? PLEASE give feedback!
- "$175" or "$179"
- Tax deductible investments for C corp
- Startups database for a Student looking for
- Does your technical stack make your startup more or less attractive to potential acquirers?
- How do I give people what they want?
- Buying a jobs board/HR solutions website. What are some important technical due diligence questions to ask?
- Why is Time Management important for your business?
| Posted: 24 Feb 2018 06:32 PM PST What would you guys do? Please help. My business has hit $90K in its first year but our best selling product is a product that our customers always report breaking and falling apart, sometimes in just a few days. Maybe 25% or more of our customers report quality defects, and they're very upset. I always gave out replacements, refunds, free compensations, and tried my best to take care of the customer. I truly want to give them a great experience. So recently, my supplier upgraded this product and I started rolling them out on my store but ALREADY after 1 week, customer's have had the same unfortunate problems of defects. I've already scavenged through a multitude of suppliers of this product and they ALL have the same problems due to the nature of wood cracking/breaking. This product (a comb) is the only successful advertised product after spending $30K+ on Facebook. This product always gets sales and converts better than any of our other products. And I don't know what I can do if we discontinue this product...our customers absolutely love this product and the wood's unique scent but 20-30% of them get an unpleasant surprise when they break. After it breaks, they are usually VERY angry and say they will not purchase from me again... What would you guys do? I only have $1K in capital and I'm not sure how I can personally upgrade the design of this product (because wood naturally cracks due to weather, water, heat, etc.). I've thought about switching to other stronger wooden materials, but they are less attractive in aesthetics and don't carry the same value proposition (scent) as this wooden material (sandalwood). I've also thought about just completely removing this product, but that would mean significantly less sales, reach, and customers. Like I said, this product makes up for 90%+ of our sales. Any suggestions? I'm on the brink of just selling off the business because i have no idea what to do. Edit: I've since removed the option to purchase 1 comb, and instead now offering 2 combs or 4 combs (so as to reduce the chances of customer's having their entire order defective). This of course is a temporary adjustment, while I consider all my options. The strongest option I am considering is to liquidate all of my inventory of this comb and release a new better comb. Here is the product listing: https://huskybeard.com/products/sandalwood-pocket-beard-comb [link] [comments]  |
| Posted: 24 Feb 2018 10:42 AM PST Finding the right price to attach to a product or service is an art. Turns out that pricing my services may be one of the most stressful parts of owning my business. I know my service is valuable. I know there is an audience out there that understands that value. But I need your help because finding the right price to attach is kind of difficult. We've all seen pricing that ends in the number nine. Take purchasing gasoline, for instance. It always has the same formatting, no matter which gas station you frequent. You've seen it in nearly every store you've walked into. I thought I follow this rule. BUT, a quick google search turned out that "$175" turns out more google results than "$179"! I sell a B2B service which is priced at $17x. I really do not care about $4 more or less at this point. I want to know which price would sell more units. Edit: I should point out that this is a B2B here. That might make the difference? [link] [comments]  |
| Tax deductible investments for C corp Posted: 25 Feb 2018 01:04 AM PST Hello, I have a C corp startup with $15,000 in its bank account. I would like to move this money into investments as its currently in the company's checking account earning no interest and if it sits there I have to pay 15% corporate tax. I was hoping to move it into some other investments so that the money is not taxed now but later when I withdraw the investments into my personal account. I'm currently living in the EU and I'm paying personal income tax here, so primarily I would like to avoid paying the 15% corporate US tax and income tax here. What I'm hoping to do is to transfer the corporation's earnings into an investment and withdraw (cash-in) the investments into my EU account so its only taxed here. I'm really new to all this, sorry if this doesn't make any sense. [link] [comments]  |
| Startups database for a Student looking for Posted: 24 Feb 2018 03:05 PM PST Hello, I'm new here and I am a student who is looking for a new project to work for an entire year - I'm finishing my course in one year (God help me!!). So, I want to build a database of startups to help people finding startups in they interest, using some approaches in recomend systems to archive this. My problem is that is kind of difficult to find information about startups, and I need a lot. Do you guys know where I should take a look ? any open database? any sorce ? Anything can help me! Thanks very much for your time! [link] [comments]  |
| Does your technical stack make your startup more or less attractive to potential acquirers? Posted: 24 Feb 2018 01:56 AM PST I work for a startup and also enjoy developing small side projects in my personal time. In both aspects, I'm responsible for a good deal of technical designs such as architecture, languages and frameworks used, etc. I've never been part of an acquisition. Does the technical stack used in a startup effect the decision to acquire that startup? Should I use "popular" technologies or those that are easy to hire for so that potential buyer will have an easier time integrating my code into their bigger systems? Have buyers ever said "no" because the technology simply didn't align with their internal development process? To clarify, I'm not really talking about acquihires (where you'd bring technical knowledge of the product into the parent company) or technical decisions that are really the core of the company (e.g. to develop a mobile app or a web application). To give a few examples of the decisions I'm talking about:
Thanks for your feedback! [link] [comments]  |
| How do I give people what they want? Posted: 24 Feb 2018 05:51 AM PST I've been thinking so much about starting a new business venture. I already believe I know what niche I want to begin in. The niche is pretty hot right now- in the sense that it's getting a lot of publicity in general. I am really passionate about this niche as well. I've read several books on investing. I've also started many projects, none that have helped as many people as I wanted to help. I am learning from my mistakes. My general mistake has been investing too much time in a project BEFORE determining how many people are actually seeking the project or one similar. One of the things that I've come to believe is that people love "free." Free ebooks, free courses, free tools, etc. will likely attract AN audience. But, how can I determine if this method will be beneficial to them? That they will actually take the material seriously, and have an impact on them? Another issue is the format of material I should choose to invest in first. Should I do a book first? An audio book? Consulting? How can I find out how to help the most people who are REALLY looking for help in this niche? I've heard of a funnel- first give away something free that relates to your niche. Then offer something relatively inexpensive (yet valuable). After that, offer something specialized. Finally, offer your personal time for those who REALLY REALLY need your expertise. I'm looking for some guidance so I can help the most people without over-investing into a false belief I might have. Thank you. [link] [comments]  |
| Posted: 24 Feb 2018 05:00 AM PST I am comfortable with the commercial and economic due diligence aspect. But not sure what technical questions to ask. This should be a fairly simple jobs board with a back end that allows admin to post and edit listings. Is the software stack important? Which aspect of the software stack is most important to understand? Are there licensing issues to be concerned? Is backup/contingency plan something to look into? What technical advice/technical due diligence questions do you think could be important to look into before committing to the acquisition? [link] [comments]  |
| Why is Time Management important for your business? Posted: 24 Feb 2018 04:21 AM PST Time management can have a huge effect on your performance and productivity in the workplace. All types of businesses can benefit from time tracking software, no matter how large or small a business is. Time management is an important issue for any business. Yet, many business owners do not seem to grasp this concept. Business owners who use this technology find increased productivity, which ultimately leads to increased profits, which is obviously the bottom line of any business. This is actually one of the most important elements of your business as, without proper time tracking, it is impossible to know just how the employees are spending their time and what tasks they are covering. Time-wasters need to fall by the wayside, and serious grit-and-bear-it hard work needs to take its place. There are so many little tasks involved in any business, and often, most of us don't even realize just how many tasks are being managed at once. Time tracking software ensures that nothing is ever missed and that everything gets done when it should. By putting a system in place to improve the efficiency of your staff, you can dramatically cut down on your bottom line. Other time tracking software benefits include: Time is Money: Everyone is given the same amount of time in a day and it is up to you to make the best use of your time. If employees waste time at work, it means they are getting less work done, which in turn costs the company money. Time really is money. By streamlining your operations and improving productivity, you can save money. Time management software can help. Better Task Management: Your business likely has quite a few moving parts and several different tasks that you and your employees have to complete daily, weekly, monthly, quarterly, and more. Time tracking software can help to make task and project management simpler endeavours. Having the right time management skills will make your business more efficient and productive. With this, you can easily schedule every major task. It saves your time so that you do not have to waste resources that could be applied elsewhere. Focus: Employees will know exactly what they have to do, how much time they have to do it, and how much time they are spending. One of the great things about employees being able to track their own time is that they really get to see the whole picture of how productive they actually are. They can also inform managers that some projects may be a bit late, so the project deadline can be extended. They can reevaluate how and where they are spending their time. Payroll: All calculations can be put into a timesheet program. Because employees are tracking their own time, there is less work for those in the payroll department, and employees receive accurate pays. Since some companies have employees who work variable hours, the time tracking software can take the worry. For small businesses, this is extremely helpful. Better Quality Work: Since you are prioritising your tasks effectively and not wasting valuable time, you will be sure to provide a higher standard of work. It gives business owners a great overview of the entire business, how employees are spending their time, and more. As you are not getting distracted by other things or stressing about everything that needs to be done, you can produce your best standard possible. From a logistical point of view, this is extremely helpful. Owners and managers can rearrange projects and tasks, and provide help to those teams that need it. The bottom line for any business is profits, and business owners are constantly looking for a way to cut costs and increase profits. By understanding the workflow of the company better thanks to time tracking software, it makes it far easier to see where there may be problems or inefficiencies. Effective time management will mean you prioritise your tasks efficiently so that you focus on the most important and time-pressed tasks first. Time management tools can help cut down on stress levels, improve morale, and allows you and your team to focus on more important matters. Essentially, any investment that you make that is able to save you time is a worthy investment. Effective time management can have a hugely positive impact on your business. Taking the time to develop these skills can be a great asset and make your employees more efficient, so make sure that you do what you can to improve this. [link] [comments]  |
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