Incorporated, gained larger higher paying client one year contract, keep the small low paying clients or drop them? small business |
- Incorporated, gained larger higher paying client one year contract, keep the small low paying clients or drop them?
- My business is failing-I'm not sure what to do
- Small restaurant - marketing campaign/efforts
- 20k-30k to invest
- Recommendations for collections agency?
- App created for transport/driver business
- Invoices
- [Advice Request] Partner wants to buy me out immediately before sales start kicking in
- Customers Who Default- Options?
- First year putting money in the bank for my LLC, now what?!
- What’s a good travel program for a team of 10 or less?
- Considering electing C-corp tax status for my LLC. Having second thoughts...
- Purchasing a small dry cleaners from a friend. Questions to ask?
- Commercial Water Softener Solution Florida - SouthernWaterServices
- Trademark help.
- Questions about running a business while part of an Active Duty Military Family
- Creating an LLC whilst owing taxes from the previous year
- How do I get started as a (general) virtual assistant?
- Anyone here have success getting start up funding for a company only a year old?
- Does anyone have a website recommendation to make nice custom hats (baseball caps) for your business?
| Posted: 29 Oct 2018 04:00 PM PDT Started doing every small gig that came my way and worked my way up to a larger client. It's tough to keep doing all of this work. Can't seem to build the courage to shake the smaller jobs out of being conditioned to take on all jobs no matter the size. Should I start saying no to the small jobs? What happens if the big jobs stop coming and I have given up the smaller clients, ending up with nothing? [link] [comments]  |
| My business is failing-I'm not sure what to do Posted: 29 Oct 2018 03:11 PM PDT I started a media conversion business (Video tapes, film reels, photos to dvd and digital) in mid 2017 and things went really well with local orders. My fiance got a great job offer in the city we grew up in. I thought I could recreate the success of the business in this new city (similar populations, slightly lower income but not by much) and plus I was getting in some new equipment that I thought would help me compete with mail in companies (Imemories, Legacybox, etc...) My pricing is very competitive (10% lower than Imemories), my website is very professional/clean looking, & provides clear, simple information. Yet... I've been here 3 months and things are going terribly, like I'm no where near breaking even. I've spent plenty of time refining my SEOs, and making sure my google ads are done properly, but I'm only getting something like 1 phone call or email per 70 clicks, while at my last location I was getting 1 per every 12~... I don't know what I'm doing wrong and I'm worried I've exhausted all options. In the past I've tried yelp, bing, and facebook ads, but they never worked as well as google. I've pulled my ads down to just $150 a month because I only have enough savings for about 4 more months and I don't want to burn through it faster on ads. I'm open to shutting the business and getting a normal job, as this was never something I wanted to do long term, it was just something I knew how to do well. But, I've got a state college film degree, which is almost like having no degree. I can't even land an interview with local news stations despite having hundreds of hours of intern experience with PBS. If I shut things down right now and liquidated I would get enough money to pay off the remainder of my lease and internet contract, plus have a few thousand left over. Luckily I have family to will back me up, it's not likely I'm going to end up homeless. I'm just lost, and worried, because I have no idea how to proceed. EDIT: I appreciate all the responses. Thank you. I've been applying for part time jobs to keep afloat to try and see how things do through the Christmas season, but I'm not very optimistic. I was overly confident with branching out to mail in orders because I know some of these other companies have 20+ employees (about 3 years ago I worked for one) and I thought by lowballing all of them price-wise that I would be able to get in enough orders to pay my salary, even if local orders didn't go so well. I was just wrong. [link] [comments]  |
| Small restaurant - marketing campaign/efforts Posted: 29 Oct 2018 08:25 PM PDT Hi SB, I am assisting my mother's family-owned and operated restaurant of over 20+ years bolster our marketing efforts. In the past few months, I have accelerated our search presence, ultimately listing the restaurant in the top 3 in Google Search results for the category "Vietnamese food". Vietnamese food tends to be healthier, and I would like to play on the growing health-conscious trend that people are moving forward. Also, after setting up partnerships with DoorDash and Postmates, we are seeing an increase of $750+ dollars per week, nothing too much but definitely an increase. Along with that, I have revamped the website, hired some SEO experts (Fiverr and Upwork) to make sure we are indexed and listed correctly. We have been serving the San Diego community for 20+ years and I plan on running this restaurant in the future as a side-gig, ultimately automating everything and keeping as much as it family-owned. Currently, we spend about $100 on Google Ads. Combined with my after-hours (post real work) job, I respond to every review and try to keep everything as modern as possible. It is our goal to start progressing to the same practice as modern-day restaurants. We need nothing too fancy as we are located in a middle-class suburb in San Diego, outside of the metropolitan area of downtown. The current competitors are also fierce, as we reside in an Asian-dominant suburb of San Diego; however, they seem to lack an online presence. I work in management consulting so a lot of my skills are transferable. While I do not have all the time to dedicate to this, I know that I have enough drive to make it happen. Currently, I am contacting PR firms and Foodie publications to feature our restaurant. Also, along with Ad Words, I am trying to implement a happy hour system, including the introduction of craft beer within the restaurant. The restaurant is Bolsa Vietnamese Restaurant. Website: bolsasandiego.com Feel free to share any tips and advice — one thing I want to encourage is more reviews and the collection of emails to send email newsletters (I am familiar with MailChimp and Adobe creative cloud). Thank you. [link] [comments]  |
| Posted: 29 Oct 2018 08:33 AM PDT So I have about 20-30k to invest. I currently run a business but we slow down to almost no work until about March-April. I'm looking to do something to keep me busy in the mean time. I usually work on the business in the winter so I don't want to dedicate all of my time to something but just looking for ideas. I was thinking about trying to buy wave runners, motorcycles, lawn equipment, etc. and selling in the spring time. A lot of guys will get rid of stuff cheap for winter. Anyone have any other ideas? [link] [comments]  |
| Recommendations for collections agency? Posted: 29 Oct 2018 08:07 PM PDT So I've got a client that's way past +120 days on a balance of about $500. It's not a make-or-break amount of money for me, but I've recently found out that this customer has started marketing herself as a business coach in our field and it ticks me off that she's leaving her vendors unpaid while shilling herself as an industry guru. So I'm toying with ways of going about getting paid (beyond the monthly reminders that I send her and can confirm that she's seen the invoice). This is a first for me, so what methods of collection do you all suggest? Note, I'm a B2B so I'd mostly likely have to go after her business entity. [link] [comments]  |
| App created for transport/driver business Posted: 29 Oct 2018 05:16 PM PDT Hi Sorry if this isn't posted in the right area. My dad is taking over a transport/driver business and wants to make it a bit easier for the drivers to report who they are driving, what car they're using, location they're going, etc to the main office. He was thinking of using an App - nothing fancy just a few quick questions filled out and the information gets emailed/sent to a database at the main office. There's no GPS requirement, and it's just getting that information over. Does anyone have any experience using any of these easy app building sites and know if it's worth it using their services? Or have any other methods that would work better for an ease of use information provider (non app)? I've considered recommending just creating a google form, but he's dead set on an "easy to use app" EDIT - I'm just looking for advice and recommendations based on people's experience - please do not message me with offers to build the app for $xxxx [link] [comments]  |
| Posted: 29 Oct 2018 07:47 PM PDT Are 2 or 3 part invoices necessary? That's what I've been using from the start, but moving everything to a computer, and don't understand how to print on 2-part paper. I could save invoices in my computer. Would that be enough incase anything happens? IRS decides to audit me, or just to have a record of all the services done, etc. [link] [comments]  |
| [Advice Request] Partner wants to buy me out immediately before sales start kicking in Posted: 29 Oct 2018 06:07 PM PDT Hi all. Long-time subscriber here, but throwaway for obvious reasons. I'm involved with a bunch of businesses, but need advice with one situation in particular. I'm a software developer. A few years ago, the CEO of a company found me through a friend of a friend, and we quickly hit it off. This company's line of business is based on paper, so they were looking to modernize things and explore other potential sources of revenue / transform what they do on paper to a digital equivalent. They'd hired a few teams prior to finding me and had very subpar results (read: essentially nothing of value got delivered after $500k spent and 3 years wasted). I presented a lot of solutions to the problems they were facing, laid out how it was going to happen, and they were completely on board. A few months of working alongside each other in a consulting-client basis, the CEO offered me a rev-share deal with some pretty exciting pro-formas (i.e., $5mm ARR within 2 years): they offered me 100% of the first $100k in revenue and 10% of everything over $100k, in perpetuity. In addition, I would receive guaranteed payments of $100k a year for the first two years. The agreement we made also gives them the option to buy me out should we both decide that's something we'd want. 3 years later, I've delivered them three iPhone / iPad apps and two very complex Android applications. They're above and beyond what we initially agreed would be marketable. However, there's been pretty much no progress on the sales / marketing side (e.g., they haven't marketed the apps at all to existing paper customers). Meaning: no significant revenue. Last Friday, we shipped an Android release that they've been (apparently) waiting for before pulling the marketing and sales levers. So, fast forward to today (Monday), and the CEO calls me up and tells me in so many words that he wants to buy me out. His reason was that they're running low on cash and need to bring on another partner. This partner apparently wants his agreement with the company to be "clean" and so the other two partners want to buy out my revshare. He then called me a second time later on and throws out $100k as a starting point for the company's value (i.e., they'd buy out my share for $10k). I told him I'd need to think on it. His reasoning for that first number is that the company is just not worth that much, given that revenue is so little, but there's a voice in my ear thinking "this is weird, I built this entire suite of products, and they're going to pull the levers on marketing and sales right before buying me out. 🤔". On the on hand, he has a point: the business just isn't making that much today. On the other hand, business valuations are forward-looking and the future value stands to be a lot greater than what it is today, especially given that they just haven't made any attempt to sell the product. Not only that, but I'm guaranteed the first $100k per year in perpetuity which makes a $10k payout for my entire stake feel really low. I'm really not sure what to come back with. I know it should be more than $10k, that much I'm sure of. But $500k? $100k? $50k? Working backwards on this is really a struggle due to the lack of data, and something tells me I should ask for more than I think. The existing partners wouldn't want to buy me out unless they feel the product has a positive future. So.../r/smallbusiness hive mind, what's your take here? How should I proceed? Thanks in advance for your help! [link] [comments]  |
| Customers Who Default- Options? Posted: 29 Oct 2018 05:57 PM PDT So I have a bunch of customers. Only a handful have really defaulted. It's not the end of the world but if I could get that money then that's a nice chunk of cash to put into my own bills. Today I had a kid come back from trying to collect an unpaid invoice and he was upset because the guy basically tricked him into signing a receipt as paid and asking to pay for it later only to say nope it's paid and you even signed it! Long story short, this guy has always been a problem. His partner also owes me 1500 going on 3 years from when he was at a different location. I snapped and cursed them both off. I told them off and called them what they are, theives crooks liars and cheats. They claimed theyd jut go to another vendor, I told them all vendors know them. They're thieves! I had read that a way to go after these people is to report the balance they owe to the IRS as a type of income that they need to pay taxes on. I threatened the 1500 balance guy that he would either pay me or the IRS. I called my accountant and he said he would advise against that because it's not good to mess around with things like that. Thing is, I dont do anything wrong. I see his point you just dont want to open a can of worms, but I dont have any worms. I pay my taxes and do everything by the book. Always have. He says I need to get a lawyer and/or a collection agency to go after them. He concluded with, this is the business you're in. He acknowledged how frustrating it is but it is what it is and its something I just have to accept. Well, what do you guys think? [link] [comments]  |
| First year putting money in the bank for my LLC, now what?! Posted: 29 Oct 2018 07:23 PM PDT After a bumpy three years we managed set aside about 100k in savings on 1.1m in revenue. Now my partner and I are trying to figure out what to do with that money, how much to save, how much to disburse and how to lower our AGI and taxable income that passes through the LLC to us personally so that were not paying taxes on 100k when if we only disburse 20-30k. Happy to making a little money but now we need to figure out how to make that money work for us and the business. Any advice? [link] [comments]  |
| What’s a good travel program for a team of 10 or less? Posted: 29 Oct 2018 04:01 PM PDT |
| Considering electing C-corp tax status for my LLC. Having second thoughts... Posted: 29 Oct 2018 08:31 PM PDT Hey all, I run an e-commerce business (single-member LLC) that generated a net profit so far this year of about $1mm. However, the bulk of that came at the beginning of the year, and things have really started to slow down of late. In preparation for tax filing next year, my accountant has recommended that I file form 8832 to elect C-corp status for tax purposes. He also suggested late election relief to make the status retroactive as of 1/1/2018. At this point, with the future of the business not so certain, I'm a little unsure if filing 8832 is a good idea. For instance, if I end up going back to a 9-5 job and continuing in e-commerce as a side gig, not making nearly as much as I did this year, would it still be worth it? Wouldn't I be subject to double taxation if I want to take money out of the business? Just a little uncertain about things at this point. Would greatly appreciate any and all advice from you fine folks! [link] [comments]  |
| Purchasing a small dry cleaners from a friend. Questions to ask? Posted: 29 Oct 2018 06:55 AM PDT Greetings! I am looking to purchase a small dry cleaning business from a friend and I was wondering the main things I should ask/see before going any further? Thank you. [link] [comments]  |
| Commercial Water Softener Solution Florida - SouthernWaterServices Posted: 29 Oct 2018 11:47 PM PDT Southern Water Services offer commercial water softeners solution in Florida. Now get your own most reliable water softeners for office space or water treatment plants. SWS is Florida's most trusted & experienced water service company, specializes in commercial & residential water cleaning & softening services. Our commercial water softener systems will help by reducing the hard-water build-up inside pipes and machinery and saving your, oftentimes, VERY expensive equipment from unnecessary wear and tear. Call - 561-741-7059 [link] [comments]  |
| Posted: 29 Oct 2018 06:20 PM PDT I am looking to start a gaming news website and post youtube videos of original content. The name will have the word "Respawn". Sadly there is a trademark for "m.Respawn" Here is what its for Audio, visual and multimedia broadcasting via global communication networks; webcasting services; electronic transmission and streaming of digital media content via global communication networks; transmission of electronic media, multimedia content, videos, films, pictures, images, text, photos, audio content, and information via global computer networks; provision of online forums for users for the sharing and transmission of information and electronic, namely, to post, watch, share, critique and comment on videos, films and other multimedia content via global computer networks; electronic transmission of messages and content via wireless devices and global computer networks; providing telecommunication channels for viewing videos and content via global computer networks; streaming of audio, visual and audiovisual material via a global computer network featuring movie trailers, games, films, original series and other multimedia content created through video games Does this mean if i wanted to use "Respawn Media" or "The Respawn" i will be infringing on their trademark? I will be contacting a professional in the coming days but would love some information right now. [link] [comments]  |
| Questions about running a business while part of an Active Duty Military Family Posted: 29 Oct 2018 05:13 PM PDT My wife is active duty in the military and after 4 years of having to give up my previous business, I've been able to regain some traction with my business. A few questions that I hope I can get some answers to, I would really appreciate it.
Appreciate any responses. Thanks! [link] [comments]  |
| Creating an LLC whilst owing taxes from the previous year Posted: 29 Oct 2018 12:35 PM PDT Hey all, I currently owe taxes from 2016 and 2017 (too long of a story as to why, not trying to avoid them, but attempting to gain the money to pay them), nothing crazy, around $2-3k. However, I am looking to set up an LLC, to create a company to help pay them off. Am I able to use my social to create an LLC whilst I owe these taxes? [link] [comments]  |
| How do I get started as a (general) virtual assistant? Posted: 29 Oct 2018 10:07 AM PDT I currently work as a stationed armed security officer. It's pretty much glorified babysitting, so I have a fair amount of time I could be using to gain supplementary income. I have an iPhone and (IF I NEED TO) I can purchase a tablet or laptop. I've looked into it and becoming a virtual assistant (general VA at the beginning) seems like the best bet. I'm alright starting at minimum wage ($7.25+- in the US) and growing from there. I'll be googling this, searching through YouTube, and looking for similar Reddit posts, but advice/feedback would be appreciated. How to I get started (preferably right away)? [link] [comments]  |
| Anyone here have success getting start up funding for a company only a year old? Posted: 29 Oct 2018 03:13 PM PDT I have great credit and 75k my first year in revenue. I was turned down by my bank seeking 25k for working capitol. I would really like to get 50k to fund a six month marketing push and cushion 3 months of payroll. We have a solid business plan and have selected a trustworthy marketing agency that has been around quite a while. [link] [comments]  |
| Posted: 29 Oct 2018 07:02 AM PDT |
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