Wantrepreneur Wednesday! - (November 21, 2018) Entrepreneur |
- Wantrepreneur Wednesday! - (November 21, 2018)
- I spent 2 weeks researching the virtual restaurant trend and found two main ways to leverage the booming food delivery app market to either a) boost your restaurants existing incremental sales or b) start your own ghost kitchen. Here's everything I learned.
- Can anyone share anecdotes about sudden success of their business? Im 21 years old. Previously had made $25k a year at most. Just recieved $250k up front and a contract for $500k a year for 3 years. Im completely lost.
- I will create a website for you, for free!
- Online Stores: What is Your Essential Black Friday & Cyber Monday Checklist?
- Investor is not anymore interested in my business and wants his money back. Please help!
- NOOB TIPS: Never under any circumstance tell your supplier that you are new to all this business stuff. If you have no Idea, get advice. (more inside)
- Are entrepreneurs typically lucky, very smart, or relatively wealthy to start?
- Post Shared By A Page with Large Following - Traffic Exploded - Downside
- Can you use Kickstarter for a local event? or are there better options for localised crowd funding? Thank you
- How would you start?
- I recently interviewed a bunch of Online Entrepreneurs on which in their opinion is the most Underrated traffic source for online marketing. Here are my 5 favorite answers which I hadn't heard much about
- Cold Calling: On my first call I am getting manager's emails. Is that good?
- Need a co-founder with a background in business law
- Can I outsource my business without money...if I make the sale first?
- Inventory Control Software
- I am meeting with the director of marketing for two international companies next month. They found me through my industry blog.
- I will do your cloud/database project for free
- Co-founder with idea demands for unfair equity and demands team to split up after not complying.
- Legality of reselling products as samples
- How much should I charge for designing/developing wordpress websites?
- For those of you who retired at 40, how did you manage to do so?
- How do I acquire a Branded Twitter handle from a bot?
- What are some of the best businesses to have partnerships
- Essential online platforms every Entrepreneur needs for their Business - Essential startup tools
| Wantrepreneur Wednesday! - (November 21, 2018) Posted: 21 Nov 2018 05:05 AM PST Please use this thread to ask any wantrapreneur questions. We do this to not overflow the subreddit with wantrapreneur questions, so please try to limit the questions to this weekly thread. Since this thread can fill up quickly, consider sorting the comments by "new" (instead of "best" or "top") to see the newest posts. [link] [comments]  |
| Posted: 21 Nov 2018 06:29 AM PST I'd like to share this full article I researched and wrote over the past few weeks. I can honestly say I now know enough about virtual restaurants to start my own–and I would if I had the time. But I don't, so I hope it's helpful to folks around here. This is a hot and emerging trend, if it's in your ballpark or if you already own a restaurant/bar/cafe/kitchen, this play is a no brainer if you ask me. If you want sources of any of the quotes and some additional video and podcast content, and you're willing to click I'd appreciate it, that said most of the valuable information is in this post so you don't need to. The original post is here, if you find value, please share it with people that could benefit! What is a virtual restaurant (aka virtual kitchen)? Virtual restaurants take orders through online apps (like Uber Eats, Grubhub, and Skip the Dishes) and prepare food exclusively for pick-up, take-out and delivery customers. Virtual restaurant concepts only exist in apps, and use 'ghost kitchens' (aka 'virtual kitchens' or 'dark kitchens') to serve a virtual menu to virtual customers. Savvy restaurateurs have developed the virtual restaurant concept alongside the exploding third party delivery app market to capture incremental revenue increases. The sales increase comes from successfully optimizing food production lines to serve in-house and virtual customers, without adding additional operational costs.
Before getting into the two main virtual restaurant strategies, you might be wondering: Why bother opening a virtual restaurant in the first place? Why bother opening a virtual restaurant? Labor is one of the largest (and growing) cost challenges faced by restaurateurs today. According to NRCP industry analyst Dean Haskell, restauranteurs could be on track for a "$250M negative impact on the industry due to higher labor costs in the FY17". What's worse, while restaurateurs may be aware that their labor costs are spiralling, many are not sure what their actual weekly labor costs are, or how to get them under control. Between minimum wage increases, growing labor compliance regulations, and a largely seasonal or part-time workforce, you already have very demanding labor scheduling responsibilities. When managers cannot effectively manage the scheduling availability needs of their staff, they spend too much on labor and eat their own margins or not enough, and sacrifice the customer experience. When this happens week over week, little mistakes add up fast. Because we feel your pain, we built this free staff availability template for restaurant managers to simplify and streamline scheduling. Undaunted by the threat of death by a thousand buddy punches, enter: the virtual restaurateur. There are two main types of restaurateur trailblazing the virtual restaurant space: the incubators and the entrepreneurs. If you're an incubator, a virtual restaurant concept can let you serve new virtual customers with the same kitchen, line cooks and inventory you already have, without the additional staff. And if you want to start a virtual restaurant from scratch, you don't need to hire (or schedule) any wait staff at all. Each type of virtual restaurateur varies in its resources and risk tolerance, but both have the same goal: to maximize incremental revenue. The incubator's approach to virtual restaurants Some scrappy restaurateurs are using existing staff and kitchen facilities to launch virtual restaurants within existing restaurants to capture the growing digital demand from hungry diners, without increasing their labor. Dauntless and always looking for ways to optimize, the incubators approach is to come up with a unique restaurant concept, a new name and logo, and a new menu, and then sign up to one (or several) of the third party delivery apps (more on them in a minute) in their area to promote their virtual restaurants on their platform. No additional storefront to manage, no additional rent, no additional staff required. There have been some glowing success stories of restaurants breaking into the virtual restaurant space by using their existing facilities to incubate a brand new virtual restaurant: Simon Mikhail opened his virtual restaurant concept Si's Chicken Kitchen in 2016 out of his pizzeria. By 2017, Mikhail averaged about $1,000 per week selling fried chicken, chicken tenders and chicken pizza, surpassing the weekly sales of his original pizza concept. Jack Chaiyarat, owner of the sushi restaurant Rice Café launched his Poke Café virtual concept on Uber Eats, and according to Restaurant Hospitality now "does about 100 orders per week, which [Chaiyarat] said is more than $2,000 in sales.". Joel Farmer, co-owner of Gerizim Cafe & Ice Cream launched his virtual restaurant Brooklyn Burger Factory on Aug 1, 2018, and is "now selling as many as 75 burgers a day, with revenue 28 times that," Bloomberg reports. The entrepreneur's approach to virtual restaurants On the flip-side, some entrepreneurs like Peter Schatzberg's (Green Summit) and George Kottas' (Dekotas Group) are going all in on the virtual restaurant concept. These restaurateurs rent and operate dedicated virtual kitchens solely focused on digital delivery orders. What Schatzberg, Kottas, and other virtual restaurant entrepreneurs are able to do, is pack multiple virtual restaurant concepts within a single dedicated commissary kitchen, industrial kitchen or hub kitchen facility and exclusively service third party delivery app customers. If one concept isn't panning out, they can shutter it on a moment's notice, adjust their inventory and production lines, and try out a new one with very little effort. Even well-established chains like Red Robin are embracing the entrepreneurial spirit and experimenting with delivery only virtual restaurant concepts to outpace their competition. Red Robin recently opened an Express concept in downtown Chicago offering food solely for delivery to customers within a 10-minute delivery radius (to assure quality of the meal). The Express location is partnered with several third party delivery services (including DoorDash and Grubhub) and even employs three additional people every shift to handle delivery orders by foot from the apps and the website. In an interview with Restaurant Business Jason Rusk, Red Robin's VP of business innovation says the Red Robin Express experiment is looking to tackle the biggest challenge in making virtual restaurants work: volume. "As a delivery-only operation, 100% of the Express' sales will [help maximize] the quantities of deliveries per dollar spent," this will help significantly offset costs, says Rusk. The entrepreneur's approach makes testing out new concepts, menus and markets easier and faster thanks to the drastically reduced overhead. A ghost kitchen requires less space to rent and less staff to operate than restaurants with a storefront and dining room. Whether you're an incubator or more of an entrepreneur, if you're going to tangle with starting a virtual restaurant, you're going to need to contend with one cold, hard fact: third party delivery apps will be critical to your operation's success. Now let's examine one delivery only app that is helping virtual restaurants do it right: Uber Eats. There's no food delivery app like Uber Eats Despite being a latecomer to the scene, Uber Eats has quickly emerged ahead much of the competition and is poised to do 6 billion in revenue in 2018, making it the most profitable arm of the company. There is no other food delivery app like Uber. Uber Eats starts by analyzing its riders search data and analyzes it for insights, uncovering unmet or under-served consumer demand. They then will approach restaurant owner in the area, and if the food being searched for fits with restaurants existing concept, they provide a free tablet to interface with the app, send a photographer to photograph featured dishes, and offer some guidance on menu items. According to Jason Droege, VP of Uber Everything, although Uber Eats is still in early days, this approach is working. Uber Eats already has hundreds of virtual restaurant brands in physical restaurants, that exist solely to serve users on the Uber Eats app and platform. Those virtual restaurants are serving a user base of more than 8 million active users (in the US alone). The New York Time reports, "The number of trips taken by Uber Eats drivers grew by more than 24 times between March 2016 and March 2017," That is one large, captive, hungry audience. The rise of delivery-only restaurant concepts If this all sounds too good to be true, don't worry it's not. The virtual restaurant concept is still taking shape, and no one has got it figured out. Although there is a lot of promise and early success, there are also reports of restaurateurs who have tried the model and thrown in the towel. It is early days for the virtual restaurant concept, and restaurants–as well as their third party delivery app partners–still have a lot to learn. But for virtual restaurateurs who see the upsides and are motivated by the challenges, the reward is well worth the risk. The idea of using delivery and take-out to grow your restaurant business might seem ridiculous at first glance. But recent reports from restaurants across North America are seeing online food delivery revenue increase by 9.35% year over year. This growth is bolstered by a 7.26% increase in customers choosing to dine through online food delivery services. Even the Wall Street Journal reports that delivery is forecast to account for $75.9 billion in gross merchandise volume by 2022. Jonothan Maze, Executive Editor of Restaurant Business Magazine and self-proclaimed former delivery skeptic, goes deep into the evolving delivery trend and the opportunity it opens up for virtual restaurants. Listen to the full podcast here: That is one big and growing slice of the market to risk ignoring. But why? Why now? One word: millennials. Millennials allocate the highest share of their food budgets to prepared food (7.5%) compared to other generations (6.6-6.9%). The preference for prepared food is all about convenience. And this preference is gaining priority as millenials grow up, build wealth, and become a powerful segment driving restaurant business. According to a 2015 Mintel study, "This prioritizing of convenience above all else is a positive for restaurants generally (given the ease of eating out vs preparing at home), and it is especially advantageous for those offering delivery and to-go." The only thing more convenient than eating prepared food in a restaurant, is eating it at home. Restaurant Business Magazine reports 86% of consumers are using off-premise services at least monthly, and one-third use them more than they did a year ago. In fact, a study by Morgan Stanley predicts that by 2022 digital food delivery may engulf 11% of the total market, compared to the 6% it's at today. The same study found that 43% of consumers who ordered food for delivery say it replaced a dine-in meal at a restaurant. So let's say there is more than a snowball's chance in BOH that services like Uber Eats, GrubHub and Postmates are onto something. Maybe launching a virtual restaurant seems like a good idea to you. If it does, it pays to be informed, and to weigh the potential benefits against the potential challenges. Here's a short list of the pros and cons of trying to create a virtual restaurant or virtual kitchen to get you started: The pros: Why create a virtual kitchen?
The cons: Why create a virtual kitchen?
Recode built this useful tool to help you spot with third party delivery app services are popular and available in your area, you can try it out here (just scroll down). Overall, the third party delivery app market is still pretty fragmented, there are a few big leaders, like Uber Eats, GrubHub and Postmates, and many scrappy up and comers looking to either take a piece of their market share–or get acquired through a merger. CrunchBase reports that GrubHub has already acquired 12 of its competitors, the most recent being Tapingo on Sep 25, 2018, for $150 million USD. We've compiled a short (though not exhaustive) list of some of the most popular apps you can use to start your virtual restaurant at the time of writing below. The links included lead to the restaurant partner sign up or application form (which is not always so easy to find on Google!).
If you do decide to go with more than one third party delivery app, you may want to consider Chowly. Chowly integrates multiple third party ordering systems into a single tablet that interfaces with your POS, letting your virtual restaurant serve virtual customers in your area, regardless of the app they use. Since there are many new and growing companies tackling digital delivery and digital takeout, there is still a lot of variation in exactly how each company works. All third party delivery apps connect hungry people on their smartphones with delicious food to order and eat in the comfort of their own home. Some outsource the actual delivery to fourth party couriers, others supply their own fleet of delivery drivers, others let customers pick up orders themselves. Here are some questions to guide your research when trying to identify which third party delivery service(s) you want to work with:
There are a lot of options out there for restauranteurs looking for a food delivery app to partner with, be sure to check out Fast Casual's excellent breakdown comparing top 4 competitors in the space. According to an extensive delivery app driver survey, Fast Casual found three main issues drivers have with all apps:
As you do your research, try to keep in mind that treating your first virtual restaurant concept like an experiment, and tempering your expectations will go along way. Give yourself a set period of time that you are comfortable testing out a service, and do your best to manage it for that set period of time no matter what. Once it's done, look at your books closely to determine success or failure. The bottom line on virtual restaurants Sometimes it doesn't matter how hard you try to increase foot traffic to your restaurant, factors you have zero control over will limit your ability to get your kitchen's delicious food to the hungry mouths searching for a meal. If you are in a position to experiment, then starting a virtual restaurant incubator in your kitchen can be an easy way to increase your incremental sales revenue without adding more labor costs. If you are an entrepreneur looking for a hot new business idea, starting your own virtual restaurant in an industrial kitchen and testing a few different concepts might give you the challenge and success you're looking for. In either case, be sure to weigh the pros and cons carefully, use the Virtual Restaurant Research Questions to guide your due diligence and good luck on your virtual restaurant adventure. [link] [comments]  |
| Posted: 21 Nov 2018 12:42 PM PST Check my post history for more details on my situation and my conundrum. The gist of it is I have no fucking clue what to do. I havent told anyone at all and dont know if I should. I live with parents and have literally zero expenses. Im not sure if I should tell my parents and my gf. Im worried it would change the dynamics of my relationships especially with gf. Ive been lying on my ass for the past week since I signed contract cause I dont know if this is real life and dont even know where to begin. Has anyone been in a similar situation? I was also offered a $125k salary with the contracter but I said no because I didnt really want to work my life away after such a large windfall. Now im seriously reconsidering. I could take that job and work on something im very familiar with (my app) or I could find another job up to around $200k a year fairly easily with my skillset. I should also add that after the 3 years is up it seems likely I will sign another contract, potentially for a lot more. Id like any advice on finance, relationships (should I tell anyone), and what I should do career wise from here on out. Any advice or any anecdotes from people who have been in similar situations would be much appreciated. [link] [comments]  |
| I will create a website for you, for free! Posted: 21 Nov 2018 09:09 AM PST Hey guys, I am a senior in college, majoring in computer science. I am trying to build a portfolio of websites that I can show off during job interviews, so I would like to offer my skills to you all for free! If you have ever wanted to have your own website (personal/business/etc) , feel free to contact me! [link] [comments]  |
| Online Stores: What is Your Essential Black Friday & Cyber Monday Checklist? Posted: 21 Nov 2018 01:45 AM PST Hey Ya'll, I'm back and I'm thinking about Black Friday & Cyber Monday, that time of year again that has every online store and retailer shaking in their boots. I'm assuming that you're in the final throws of preparation. ✅ I've put together a checklist of things that have worked well for us in the past, the list focusses on getting the most out of WooCommerce, but... there are nuggets in here that applies to everyone who owns an online store. 🔗 How To Prepare Your Online Store for Black Friday And Cyber Monday
❓ The most important part though, I want to know what you've done before which has totally blown your Black Friday roof off? I want to make sure I don't miss any tricks this year. [link] [comments]  |
| Investor is not anymore interested in my business and wants his money back. Please help! Posted: 21 Nov 2018 12:16 PM PST So this investor has set me an ultimatum as he doesn't believe anymore in me and my business and thus now wants to get his money back. He either wants me to pick between paying him some day dividends, that I sell the company at some point or that I find another way to pay him back. Is that a legit request? He only has 4% in the company and I hold more than 80% in it. There are no board seats and there is no specific clause on dividends. It's an UK limited private company. Do I really need to decide today if someday I want to sell the business or not? And if not, am I then forced to pay dividends to him or find another way to get him the money back? Does he really have any power to tell me what to do with the company? Can't I decide that on my own? What if I would indeed become some day a lifestyle business making 1M in revenue with no intention to go public or to sell the business? Would I then have an obligation to pay him back? What are my obligations here? [link] [comments]  |
| Posted: 21 Nov 2018 01:25 AM PST -Show confidence all the time. -Don't be fooled. -Search on google for reviews of that product or supplier. -reverse image search on google the product image. -get samples before each big order (they can send you 100 good items so you think they are legit and then fuck you over sending you 1000 pieces of junk) -BE 100% sure that the product is not ilegal on the country you plan to sell it (Laugh, but trust me you wouldn't believe). -Never say that you operate the whole business alone. You are always in a group of people. -Some suppliers are the kindest human beings on earth and others are the devils sons. The game consists on finding something inbetween. -Never stop searching and learning. One day you think you know it all and the next one, you discover America. -Don't be scared to throw money. $1000 is nothing. People pay +$50k for those kind of bizz lessons. -Ask a lot of questions on forums (like this). -Use your head and be realist. Just because you love pumpkins doesn't mean I do too. -Don't wait for tomorrow. You are not alone in the world. Someone is already ahead of you, that's for sure. -100% chance the person you are talking to knows something you don't. -Be nice to people (even to your now exboss), you never know when things can twist. -Even if you feel weak, don't show it to others. -Your brain need to rest too. Take breaks. -Don't forget to eat healthy, you can laugh now, but health should be the first thing. -The hardest part of operating a business is not the business, but the clients. 1 mad client is 1000 clients you won't have. They speak to other people. Feel free to add more in the comments. [link] [comments]  |
| Are entrepreneurs typically lucky, very smart, or relatively wealthy to start? Posted: 21 Nov 2018 01:01 AM PST I've been interested in entrepreneurship for the past couple years. As a 20 year old I'm going to school largely because it feels like what I should be doing. I have some talents in art and technology. Two things which I think I should be able to use to my advantage in order to make a living for myself. But I have no idea how to create a secure plan to become an entrepreneur. I consider myself pretty smart, but not that wealthy or lucky. So are people who become successful usually just really smart, really lucky, or have a fairly large amount of money to begin with? [link] [comments]  |
| Post Shared By A Page with Large Following - Traffic Exploded - Downside Posted: 21 Nov 2018 01:05 PM PST Just wanted to share this story to let everyone know that you never know when something big might happen. I have a very general/random website with a Facebook page to promote it. I've been doing it for about 2 years and I spend maybe 3-4 hours/week on it. I've monetized it with adsense and an Amazon affiliate account. I've made a several hundred $$ but, if it were deleted, I would not lose any sleep. Here are some stats of a week ago: Likes on FB Page: 15,734 Avg FB Post Likes/Shares: 400/500 Avg Post Reach: around 4-5,000 Avg Daily Website Hits: ~250...I only add 2-3 website posts per week so on the days with no posts there isn't much traffic. It's blog style and I basically post whatever I feel like whether it be an opinion, a list of crazy stories found on here, listicles, whatever. Along with other FB posts to generate likes, one thing I do is make these stupid short videos, mostly with my dog, and post them on my Facebook page. The other day, one video must have been shared by a page with millions of followers because I woke up and had about 1,000 new likes and the video had been viewed around 500k. As of today the video has: 21k comments, 65k Shares and nearly 6 Million views. My followers have jumped up to just over 42k and I had around 50k hits on my website. The only downside is every post since the jump has seen only 10% of the interaction they normally do. Not quite sure what's going on but I'm hoping I see 3x the post interaction as I normally do. I guess we'll find out. [link] [comments]  |
| Posted: 21 Nov 2018 12:36 PM PST |
| Posted: 21 Nov 2018 12:01 PM PST Hi guys, So I'm trying to find out how people make their money. I started out matched betting and made a lot of money through that which I used to put me through night college to study marketing (my dream job) which is now my career. After matched betting I tried revshare and got scammed by that. I did a bit of Amazon FBA but didn't really give it long enough. I also invested in some cryptocurrency. Which I still have. And I've been trading forex. And at the moment I'm creating a Shopify store for another passion of mine - men's fashion. I don't know whether to carry on trading forex or move my money to something else. I'm a big believer in spending / investing money to make money. I know you might say go back to matched betting but a lot of the offers have dried up and I got my accounts blocked from offers. As well as I'm a dad now working full time. Matched betting is pretty demanding. So I don't have the time do it really. I guess when I think of forex I think of City rich guys driving lambos, and like that's how the pros make their money. But then I think the people selling their programs / courses etc. can't be successful in the markets because they're selling their "strategy" to make money. So I'm unsure. Does anyone have any side hustle businesses or ways of making serious money online? Thank you! [link] [comments]  |
| Posted: 21 Nov 2018 09:45 AM PST Like most of the other bloggers, my main concern is how to get traffic to your blog. I've tried many tactics, from social media to SEO. While they all work, they're hard to implement and takes a lot of work. So I contacted 27 famous bloggers, affiliate marketers and entrepreneurs to know which is the most UNDERRATED traffic source in online marketing. Here are my 5 favorite answers which I hadn't heard much about:
Many… no… most businesses have a situation where their competitors are bidding for their own brand terms in Google AdWords. For example, Google "hostgator" and you'll might find ads for Amazon AMS and Alibaba Cloud. If your affiliate partner is in this situation, ask them if they would like to give you a budget to run ads to your review page, so they can push the competitor ads down. Win-win.
My favorite traffic method at the moment is Pinterest. It's often overlooked for marketing because people wrongly see it as primarily a source for decor, fashion, and recipes, but it's a great traffic source for any niche. Just put together a good quality graphic to promote your link (you don't need to have fancy infographics either; simple blog headlines work great). If you're going to use it for affiliate promotions, I'd recommend promoting a blog article on Pinterest and driving traffic to your affiliate offers that way, rather than promoting your affiliate offer directly on Pinterest. You'll get a better long-term result.
One of the most underrated and less understood traffic sources for affiliate marketing is remarketing. Through the use of remarketing, site owners and affiliates have the opportunity to show ads to users that have already been to a website or landing page, and might not have converted the first time around. The reason why this is so valuable is that advertising dollars are only being spent on target audience users that you already know are interested in what you have to offer. This type of advertising is also great for increasing overall conversions and lowering ad costs.
Adding affiliate links in opt-in PDF bonuses is something that most affiliate marketers under-utilize. One of the best times to engage your prospects is when they first opt into your email list and since many subscribers opt-in to get the PDF download, it's a good place to place some affiliate links. Some other places include any autoresponder series that follows or the welcome email.
Collaborating with influencers is popular but still underrated. According to our annual blogger survey*, "influencer outreach" is the one promotion channel that is most correlated with success. 43% of bloggers who promote content together with influencers report strong results.* It's not technically a traffic source, but influencers can power you social and PR (referral) traffic.
I'm not sure if this is underrated or just unknown – but a great way to get traffic is to leverage other people's email lists. Ideally, you want to partner up with someone who has an email list with your target market. The way it works is that you basically offer up a free ebook, trial, guide, etc. through an email to their list. The email would contain a link to the asset on your site where you can capture their contact info or even remarket to them if they don't take you up on your offer. In exchange, you do the same to your list. The result of this tactic is that it allows you to reach a new audience with little effort other than crafting an email. If you would like to read all 27 answers, then you can read them here. [link] [comments]  |
| Cold Calling: On my first call I am getting manager's emails. Is that good? Posted: 21 Nov 2018 08:43 AM PST Just got in to cold calling recently. Most receptionists I talk to say "you can talk to our manager/marketing director about this. I can give you his/her email" I'm not sure if that's a good thing and if I should follow up with emails how should I go ahead about it? [link] [comments]  |
| Need a co-founder with a background in business law Posted: 21 Nov 2018 01:59 PM PST Hey reddit, I am a young entrepreneur with vast aspirations. I operate in several fields and have an idea which could revolutionise several fields to create a unique overlay. My issue is that I need an advisor with regards to its legality. It's not anything shadey but due to strict gambling laws in the UK. I would love to find a silent partner who would be paid in equity for their advice on the matter. Intelligent and free thinking driven personalities. Inbox me [link] [comments]  |
| Can I outsource my business without money...if I make the sale first? Posted: 21 Nov 2018 01:40 PM PST In other words, let's say I wanted to start an SEO agency and found a reputable freelancer who charges $x to do work. If I helped with lead generation and marked up his service fee (by providing them the benefit of sales and lead gen), Get a sale and pay a freelancer with a portion of revenue, is that a viable way to start a business with no cash? [link] [comments]  |
| Posted: 21 Nov 2018 01:38 PM PST My husband and I own and operate several food trailers within our mobile concession company. All the trailers serve different types of food so at times our inventory management can be challenging. The majority of our income comes from vending at major fairs across Canada which are generally only 5-15 days at a time. The bulk of our business is done during May - September and December. We are looking at implementing new inventory controls and would like to get some feedback or suggestions on programs that could help us. When we researched last year we found a few but the cost was extremely high ($400/month) and there was no option to suspend our subscription when we were in our slow season. Our business is currently in an expansion phase so keeping monthly expenses in budget right now is very important. Thank you all for your input! [link] [comments]  |
| Posted: 21 Nov 2018 01:28 PM PST I created and run a very industry specific niche blog. It was created back in 2015 and has been growing steadily ever since. Today I have about 450 articles published and an average viewership of about 50,000 per month. My mailing list is just over 1,600 industry professionals. I've met with a few people within the US for lunches while they are in town. These are smaller companies that read my blog. I was contacted last week from two major international companies. One is out of the United Kingdom and is one is out of France. They are visiting the US next month and are making a special stop to my city so that we can meet for a lunch. Their titles are, 'Directors of Marketing.' Seems like a big deal! While all of this is great, I honestly don't know what to expect from the meeting or how I can leverage it to grow my website. Today most of my income comes from advertising through Ezoic and through Amazon Affiliates. This year it brought in about $20,000. I'm hoping next year for $35-$40,000. With this meeting though I don't know what possible opportunities await. Could I perhaps partner with these international companies somehow and bring in substantially more money? I am known as an expert within the industry now and many people reference my articles, including Wikipedia. This may have seemed a bit rambling, but I Just wanted to put this out there and see what everyone's thoughts were. What should I expect from this meeting? Any thoughts on what should be asked? Also, before anyone asks, I will NOT be sharing my site. [link] [comments]  |
| I will do your cloud/database project for free Posted: 21 Nov 2018 01:16 PM PST Oracle, SQL Server, MySQL, AWS, Azure. 16 years of experience. I am open to doing your database project for free. Given that it is not a year long project :) Setting up a database, creating users, setup tables, creating schemas/databases, loading data, exporting data, and more. That sort of stuff. I have a plethora of knowledge on databases. I like to learn, I work fast. What might take you a month to figure out, I can probably do it in a day. [link] [comments]  |
| Co-founder with idea demands for unfair equity and demands team to split up after not complying. Posted: 21 Nov 2018 07:08 AM PST Our start up consisted of 3 people - "leader" and 2 other co founders. We recently won a few competitions and some prize money. "leader" was the one who had idea which is basically a 1 yr high school design subject project, its basically a smart design but could be very easily done by someone else, he came up with the prototype, though its not sellable. The other 2 people did branding, marketing, partnerships and execution of setting up the business. The "leader" was insular about talking to people about the product but cofounders pushed it to be out there and took initiative and lots of steps such as entering competitions and contacting others. While the "leader" did pitch because they have a compelling story about their family member, but the slides were created by us and then he developed from it. In one competition we made the slides, then he created completely different ones based off ours. The suggestions we provided to those slides made it stand out. Due to the competitions, we made lots of good connections with 2 enthusiastic investors and an accelerator program starting soon. Now it came time to discuss equity and "leader" was unreasonable and demanded 50% simply because it was their idea. We declined and now they want the team to split so they will leave and continue the idea on their own. The "leader" was always bossy and hardly acknowledging our contributions, including giving a press interview by themselves without even asking us if it was okay they represented us. After leaving and working on the idea independently, leader will take the success we've paved the path for. What should we do [link] [comments]  |
| Legality of reselling products as samples Posted: 21 Nov 2018 12:50 PM PST So I have an idea for a business that would offer samples of various types of the same food item offered by different companies. I would repackage the items with no branding and offer 1 or 2 servings instead of the whole package. I would include just nutritional info and and allergy warnings. I don't see this offered by any other company so I was curious is maybe it's illegal. I wouldn't use the companies logo or anything. Just offer the company name after they choose their favorite. I would also use a commercial kitchen and follow all the health and safety stuff. This would be in the US. Thanks for any info in advance! [link] [comments]  |
| How much should I charge for designing/developing wordpress websites? Posted: 21 Nov 2018 12:25 PM PST Hi guys, This is my first post (I think) to r/entrepreneur. I've been designing/developing wordpress sites for the last 2 years full time. I used to work as a graphics designer earlier (since 2009), and have worked in a variety of jobs before from hospitality to sales to therapy so I have a pretty good understanding of customer service and psychology which helps a lot in designing/providing exceptional customer service. I have charged anything from $150 to $350 to design/customize wordpress sites, using free/paid themes and a combination of the right plugins. I can pretty much recreate any site design wise. I also have a good understanding of woocommerce, however I have not used it for a client yet, so no idea of what to charge. I recently partnered with a senior software engineer who can code almost everything from html/java/php to advanced automated softwares/apps and hence have started to rethink/restructure the pricing accordingly since I am now able to offer a lot more features than before since I have someone I can double check and test the code as well as write complex code for apps, etc. I am also considering buying a developers' license for a premium theme (oceanwp for those interested) and a page builder (Elementor Pro) since I have used them both extensively so I can offer even more benefits to my clients, so this amount would be calculated into the cost as well. How much would be a fair price to charge for:
Additional features as required by client, eg., booking form, ecommerce, event manager, etc (please help with what to charge extra for features)
How much would you pay? Additional question: I'd like to offer some kind of Black Friday pricing as well, so if you have an idea for that as well please let me know! Thank you [link] [comments]  |
| For those of you who retired at 40, how did you manage to do so? Posted: 21 Nov 2018 12:22 PM PST I'm currently 22 years old. Haven't finished graduation and will be completing studies by 25 to say the least. How do I make sure I retire at 40? [link] [comments]  |
| How do I acquire a Branded Twitter handle from a bot? Posted: 21 Nov 2018 11:51 AM PST Hello, Has anyone had experience on how to acquire a twitter handle that happens to be the brand name for a company? If it was some random person I could reach out to them, potentially buy it, but this handle has one tweet. It's a bot for sure. Is there a process in obtaining it? [link] [comments]  |
| What are some of the best businesses to have partnerships Posted: 21 Nov 2018 11:44 AM PST I have a few friends who would like to do a partnership in Restaurant / Ice Cream Shop / Kumon / Motel / Barbershop. I'm not sure which business would work out best with partners. I have heard that doing a restaurant with a partner is a mistake. What are your thoughts Reddit? [link] [comments]  |
| Essential online platforms every Entrepreneur needs for their Business - Essential startup tools Posted: 21 Nov 2018 11:44 AM PST |
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