• Breaking News

    Tuesday, January 29, 2019

    I designed and manufactured a simple phone attachment, and set up an S-Corp to do it. Now I'm hoping to advertise and sell more. Seeking advice... small business

    I designed and manufactured a simple phone attachment, and set up an S-Corp to do it. Now I'm hoping to advertise and sell more. Seeking advice... small business


    I designed and manufactured a simple phone attachment, and set up an S-Corp to do it. Now I'm hoping to advertise and sell more. Seeking advice...

    Posted: 28 Jan 2019 07:20 PM PST

    Hi r/smallbusiness

    I'm very excited to have my product finally listed on Amazon! It's taken quite a while for things to get off the ground. It's a relief to be this far along, but I know there's still a lot of work to do in marketing and selling. I wanted to share with the community how I got where I am.

    Just as a preface, this is my first venture as an entrepreneur, and it has not been a profitable one, and may not be. Not glamorous, not high-energy or fast-paced- just slow and steady. I've got a 9-5, and I don't see myself being supported on this. That being said, it has been very rewarding and a great learning experience.

    So, here's the product! (Retractable Metro Card Holder- short name) https://www.amazon.com/dp/B07M6VXCXQ

    The idea: I've been living in NYC for some time, and I use the subway daily to commute. The system operates on refillable cards that have a magnetic strip to swipe at each subway entrance. I was always afraid of losing my card, and sometimes getting through the turnstiles was cumbersome (it often takes two hands to take out your card from a wallet and then swipe through, which is not good if you're carrying anything). To fix this, I wanted to make a phone attachment that would house and protect my card while also allowing for quick swipe-through access into the subway. I've listed out the steps that I took to get here. Just know: this was not a quick or easy process, and there were a lot of 'mis-steps' and half steps that I did not include here for readability and continuity's sake. Each stage required a lot of research and uncertainty.

    1. (APRIL) I started with napkin drawings on what the product might look like. It needed to be small, sturdy, and have few moving parts. My initial thought was to have a card clip of some sort, but that proved to be too difficult. I settled on using some sort of adhesive bumper to keep the card from falling out. I did my research and couldn't find anything else like it out there.
    2. (MAY) I had to learn CAD modeling for making an accurate 3D design for the case. For this, OnShape was fantastic... and free! Would definitely recommend.
    3. (MAY - JULY) I printed several rounds of prototypes through a Brooklyn based company, ShapeWays. Really great service, and they were pretty fast and reliable. Also, the plastic I printed in was very durable and not at all brittle. Once I had a good working prototype, I used it for a few weeks to see if any issues came up. I was actually surprised at how well it worked. I did some light "market research" by consulting with friends and product design freelancers to see if it's something that is even worthwhile to scale up and sell.
    4. (JULY - AUGUST) Once I was convinced the idea was worth executing on, I opened an S-Corporation. I had to consult with a legal firm, who did all the heavy lifting for several hundred dollars. I tried to do it on my own, but I was not capable of navigating this space, as I found it pretty tedious and time-consuming.
    5. (AUGUST - SEPTEMBER) Next came scaling up. For this, I had to get in contact with a company that does injection molding. We got the molds made for not too much, as the design is fairly simple and straightforward. All that was needed was to send the CAD drawings and to discuss the choice of material to use. Then we had a few hundred made and delivered.
    6. (OCTOBER - NOVEMBER) After getting the main part created and delivered, I searched for the two other components needed. It took a few tries, but I finally found suppliers for those parts: an adhesive backing to stick the case to a phone, and a small bumper to stick on the card once inside the case- to slide the card forward and also to prevent it from falling out of the case.
    7. (DECEMBER) To protect my intellectual property, I submitted a provisional application for a patent. I did a patent search on my own, which was a bit tough to navigate but also very informative. Thankfully, no patents out on this concept! We'll see if it's worth actually getting a full patent after a year.
    8. (JANUARY) Simultaneously, I packaged up my final product while setting up an Fulfillment by Amazon account. There was a lot of advice regarding FBA that was just focused on drop-shipping, so I had to do a little extra digging to find what I needed. One part of this was getting product pictures taken and setting up the listing. I am still putting the final touches on the product page to make it more appealing- so any advice here is really appreciated.
    9. (TODAY!) And here I am! Now that my product's listing is up, I am looking for ways to drive sales- they're not the best at the moment. I would love to just sell them by the subway, but that's not legal to do here in NYC. For ads, I haven't really made a strategy. I am hesitant the idea of using Facebook or Instagram mainly because I am not on those platforms personally. I've been doing more work to improve the SEO for the product page, but I know there is always more to do. Waiting on product reviews to roll in, but it's a catch-22 if people are hesitant to buy an unrated product.Obviously the next step is how to drive sales in the New York market without putting too much into advertising. I'd love to get any feedback if someone has experience in that area. Also, I'm unsure on my price point. Right now selling for $5, but thinking I could go higher if demand goes up.

    Thoughts? I'm very happy to answer any questions about the process up to this point!!

    submitted by /u/OnningCorporation
    [link] [comments]

    Need help with the apparent sexual harassment going on?

    Posted: 28 Jan 2019 04:05 PM PST

    Background, co-own a bakery in long island, NY.

    Today one of our employees came to us and told us about how a coworker in the kitchen is making inappropriate comments to the women there and it's making people uncomfortable. I was going to talk to my partner about it too because he also asked me about having a boyfriend, my number and how pretty I look.

    This is a huge problem and we need to tackle this right now. My partner was very angry and debating on firing him the next day. I remember that there are these sexual harassment forms that get handed out, with a speech and everyone signs the paper.

    Aside from obviously talking to the guy and every employee about how comfortable they are, how they are doing etc. What other steps are important to take right now to avoid legal issues and long term headaches?

    Any help is greatly appreciated!

    submitted by /u/DbzRoshi
    [link] [comments]

    For businesses with expenses on the "simpler" sider, do you have a decent system for keeping track of them for taxes?

    Posted: 28 Jan 2019 06:13 PM PST

    Own a software business. Our expenses usually involve purchasing other software, office supplies, and equipment. Usually by the end of the year I sort through a gajillion CC bills and receipts to find what was purchased.

    Do you have a good way of keeping track and logging your receipts? Don't be afraid to get too detailed with your answer (e.g. putting them in a specific container/spreadsheet etc. daily, weekly, monthly, etc.)

    Thanks.

    submitted by /u/EcstaticWhile
    [link] [comments]

    30 years old and looking to open a franchise. Help.

    Posted: 29 Jan 2019 03:39 AM PST

    So I'm looking to change careers and I think buying a franchise would be good for me. I would be hands on and all-in on this. College graduate with experience in hospitality, real estate and marketing. Here's my situation.

    -40k liquid assests

    - 0 debt

    - currently no car or rent responsibilities. Just 150 a month health care

    - willing to move almost anywhere. I am currently in MD;.

    - Good credit

    - Family has money to help. Probably into the low 6 figures.

    Does anyone here have experience with franchises? Are there some new ones I should be looking into? Seems like I could get a co-signed loan for enough for a franchise type business. Maybe I'm wrong. Any advice would be great.

    submitted by /u/white70
    [link] [comments]

    Restaurant owners, have you considered creating a virtual/ghost restaurant to boost sales?

    Posted: 29 Jan 2019 01:17 AM PST

    A ghost restaurant is basically one that only exists on delivery apps, without a real storefront. It would only make food and deliver through apps, though it has fewer expenses.

    I'd like to know if you have considered making one inside your restaurant's kitchen, what different menu options would you consider, etc. It seems like a good way to boost sales and try out different menu items + less waste of foods as it can share some ingredients of your already existing restaurant. What do you think will be the biggest challenge in opening one?

    submitted by /u/alyssamossienko
    [link] [comments]

    Lost about $500 worth of equipment today.

    Posted: 28 Jan 2019 09:21 PM PST

    I really just need to vent. Winter time depression has officially set in due to my business being mainly seasonal. Well I went to run some errands and an estimate today and I lost like $500 in equipment off my trailer due to it not being strapped down properly. I've already ordered new stuff and some but just can't keep thinking about it. Could be much worse though. And I'm almost certain I won't make the same mistake again. Hopefully next couple weeks are much better and spring is here before we know it

    submitted by /u/lawnboy232
    [link] [comments]

    Landlord Ignoring Requests to Fix Heat/AC

    Posted: 28 Jan 2019 04:50 PM PST

    I recently signed a lease on a new location.

    We just completed the buildout and have moved in. For 2 weeks I've been contacting the landlord (he's also the owner) to get him to get someone to come by to fix the heat/HVAC.

    He ignores my requests. I've sent e-mails twice, and called. I get no response. I've spoken via e-mail about other things (that required no fix) and received an immediate response.

    It is a 'full service' space (ie landlord has to pay for heat/AC).

    How do I proceed?

    submitted by /u/sydster_d
    [link] [comments]

    Protecting IP When Adding Member to LLC

    Posted: 28 Jan 2019 01:10 PM PST

    Last year I founded a startup to develop specialty engineering software. Our product lines include direct supply of the software to clients and consulting services using the software. I expect to generate the majority of our revenue through consulting activities.

    I'm considering bring on a partner, but I want to maintain full ownership of the software. I have been forthcoming about this with my potential partner.

    My initial hunch is that I can place the software in a separate sole member LLC ("HoldCo") and then grant the joint LLC ("OpCo") a license. The terms of the license can be arranged such that HoldCo maintains the necessary controls over the software and its future developments, while OpCo and its members have the necessary assurances to conduct the business of supplying software and consulting.

    Is this a viable strategy? What other strategies might I consider to achieve this goal?

    P.S. I'm working on getting an attorney, but wanted to do some brainstorming here.

    submitted by /u/mmiakee1028
    [link] [comments]

    JUST STARTED and having some difficulties

    Posted: 29 Jan 2019 04:11 AM PST

    HI i just started out on making a dropshipping website using shopify and im having some troubles getting traffic on my website, i've just started using affiliate marketing. I was wondering if you have any suggestions or tips HERE IS MY WEBSITE LINK:https://petshugger.myshopify.com/

    submitted by /u/PetsHugger
    [link] [comments]

    I am going to start a website for computer programmers. It is not a blog. Does someone know how I can earn money from my free website besides advertising ? Thank you.

    Posted: 29 Jan 2019 03:52 AM PST

    Childrens entertainers

    Posted: 29 Jan 2019 03:00 AM PST

    I have a question for children's entertainers in the UK/Ireland. How many parties do you usually book in a week? And what are your busy/slow months?

    Thank you for any input.

    submitted by /u/samjay24
    [link] [comments]

    At what point did you adopt a “Take It Or Leave It” attitude with your rates?

    Posted: 28 Jan 2019 10:59 AM PST

    Everything is running smoothly and consistently with my rate, but there are times that I get approached for projects that don't have the budget to meet what I usually charge. I have a hard time saying no to things and feel like I should be taking anything that I can get. Anyone else go through this? How did you combat the feeling of "cant say no?" Thanks!

    submitted by /u/djexpat
    [link] [comments]

    Partnership Agreement for Purchasing a Business (Farm)

    Posted: 29 Jan 2019 02:39 AM PST

    My buddy and I have decided to buy a farm via post (https://www.reddit.com/r/smallbusiness/comments/9zozxz/valuing_an_apple_orchard/).

    The question here is not whether it is a good idea or not, that we already explored in the past post as well as talking to lots of different business people we know -- what I'd like to hear from the business minds of the /smallbusiness sub-reddit is: what/how is the best way to structure this partnership as to be fair for both sides?

    Basically, my friend and I will be partners on the farm where I will be minority partner.

    My friend will live on the farm (in a house already built) and run the farm operations full-time. We will be purchasing the business LLC, land, equipment, everything. My part is putting up the money for the loan downpayment and will probably help with the books.

    Let's say it is $1 million and I put down, let's say $75k (7.5%) to secure the business loan (between 5-10% required). The loan will be in my friend's name though.

    We'll probably be looking to pay my friend a salary ($40k-$50k a year to start) for running the farm.

    What kind of structure do you think would work best? I am thinking of having it so I am paid back faster since I put down the money and he gets a salary.

    My thinking: If I put up 7.5%, I'd want to say I own 10% of the entire farm and business. However, I'd like to ask that I receive 15-20% of profits until I am paid back my cash downpayment then it drops back to 10% profit share in perpetuity.

    What're your thoughts? Am I cutting myself short or do you think this is fair?

    Also, we're looking to structure a business agreement for this type of partnership. Would love any ideas on how to proceed.

    submitted by /u/CayugaG
    [link] [comments]

    LLC in Different State - Reptile Business From Home?

    Posted: 28 Jan 2019 03:14 PM PST

    Hi -

    Would anyone know if I would be able to operate my reptile business in the state of MD and have a LLC registered in NV.

    I think this can be done by doing business as, but I'm not an attorney so really have no idea.

    Thanks

    submitted by /u/zsummers1
    [link] [comments]

    Amazon Imagery help

    Posted: 28 Jan 2019 04:50 PM PST

    Has anyone had issues uploading images to Amazon?

    The full image looks clear like it is on my computer, but the thumbnails are blurry. I've tried to change the ppi and the actual image size to no avail.

    Although it seems like a common problem, I haven't found a solution through Google searches.

    Any advice is appreciated! You all are amazing and thank you for the advice thus far.

    submitted by /u/Serious_Access
    [link] [comments]

    Going to the next level with my cabinet shop.

    Posted: 28 Jan 2019 11:09 AM PST

    For the past few years, what was a hobby has been ever increasing and now I need to know what path to go down.

    I currently operate as a sole proprietor. I do everything from measuring, selling the jobs, ordering material, building, finishing and installing and then coordinating countertops.

    I would like to know the proper/most effective route for setting up. Establish an LLC? Incorporate? Pros/Cons of each?

    Current income is about 40 to 50k total, net maybe half that. Like I said it is slowly getting there, but ever increasing.

    submitted by /u/TheSawManCometh
    [link] [comments]

    Creating your individual business homepage

    Posted: 29 Jan 2019 12:58 AM PST

    Hi business owners! My name is Jannik and I'm a professional web developer that is looking to create his own professional portfolio. I'll be happy to create a full WordPress website for your business. The cool thing is, that you don't have to pay for it because I will create you an example homepage how your homepage can look like. If you're interested, make sure to send me a message! You've got nothing to lose.

    Even if you just have questions regarding homepages feel free to contact me!

    I wish you a good day! :)

    submitted by /u/Reformedwebsite
    [link] [comments]

    Processor recommendations

    Posted: 28 Jan 2019 12:46 PM PST

    I currently use flagship, and I'm not a huge fan. I ended up paying 8-10% of my gross to them this year. Currently processing about 20k per year with average transaction around $300. All purchases are made on my website, so it's all card not present and I'm never swiping. I also find the PCI compliance to be a pain, and probably $200 went to non compliance or testing fees.

    What do you use? How much do you end up paying? How hard is the PCI stuff to deal with? I want to get something better soon as I'm hoping to see a lot of growth this year.

    submitted by /u/Hylas7
    [link] [comments]

    Question about liability in where investments come from

    Posted: 28 Jan 2019 05:52 PM PST

    My brother and I started an LLC and we've been working with private investors to fund recently. We flip houses and are working on our second property at the moment, while trying get funding for the third. One of the investors were thinking of working with is potentially getting their money from questionable methods, and I'm nervous that if he is found to be doing something illegal that could come back on us for accepting that money.

    How much risk are we taking on in accepting this investment?

    Edit: We're based in Indianapolis

    submitted by /u/4thaSkwa
    [link] [comments]

    The Need for a Customer Data Platform in the Asian Financial Services Industry

    Posted: 28 Jan 2019 11:27 PM PST

    Do I need to have business account in every country you open a branch of the company?

    Posted: 28 Jan 2019 11:25 PM PST

    I have business in US we are going to branch out into different country. Do we need to open business account in that country as well? We are using stripe as payment processor so it can use our US account

    submitted by /u/progmame
    [link] [comments]

    Has anyone built any small AR based apps for their business

    Posted: 28 Jan 2019 11:10 PM PST

    I'm thinking of utilizing an app with AR features (think the marvel comics etc, that display AR features when your phones camera is held over it).

    I'm mainly interested in the rough price landscape of such a thing. I know price varies drastically, but just a ball park figure to gauge its potential!

    submitted by /u/WelshDavid2
    [link] [comments]

    Has anyone used Behalf.com?

    Posted: 28 Jan 2019 04:24 PM PST

    Hello and Happy Monday,

    I was wondering if anyone has used behalf.com to offer payment terms to their customers. Like to know about how the process went. any snags like getting payments, bad customer experience or turnaround time?

    Thanks,

    John

    submitted by /u/JimHalbert88
    [link] [comments]

    I don’t know where else to post this but I need help! I don’t know what to do!

    Posted: 28 Jan 2019 10:17 PM PST

    To give a little background I'm a 24 year old young lady who's very petite and I have a very high pitched voice! I'm from the San Fernando Valley in LA, so I literally sound like a valley girl! People tell me I always sounds very excited on the phone.

    ANYWAY, I recently opened a financial consulting business and thankfully business is booming, but I noticed I've having a problem with my male clients flirting like crazy! To the point where I'm starting to feel uncomfortable. 90% of my clients I never meet, and everything is done over the phone. I've had at least seven men harass me to send them a picture, and one guy was so persistent that I finally sent him a picture of my face and he puts "HOTT! Do you have a full body photo?". I then realized how stupid it was to send a pic, but that's so inappropriate! I don't know what to reply to him or how to deal with this issue. I haven't responded, but I don't know how to deal with this constant problem. These men pay me thousands of dollars to help them with their finances, and I work for myself and by myself. So I really don't know what to do. Please help. Thank you!

    submitted by /u/Freakkzz9494
    [link] [comments]

    No comments:

    Post a Comment