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    Tuesday, March 26, 2019

    Would People in this Sub be Interested in Documented Business Struggles? small business

    Would People in this Sub be Interested in Documented Business Struggles? small business


    Would People in this Sub be Interested in Documented Business Struggles?

    Posted: 25 Mar 2019 05:23 PM PDT

    I own a few businesses including a fairly large household goods moving company. I have begun documenting my daily struggles/goals as a resource for others. Most recently I documented the 7 week process of me cold, in-person contacting 500 business that could potentially refer my business to their clients. I have several more business related videos on deck but am open to video requests / business challenges.

    submitted by /u/mmaher13
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    My First Business Experience.

    Posted: 25 Mar 2019 08:44 PM PDT

    Hey guys,

    Recently I sold my first business. I want to share some of the highlights from my journey, primarily just for me so I can look back and be a little proud. But, also because it might be interesting to this sub! Few details, I was a full time college student during this time and had no exposure to anything business related before this. Also, I'm not entirely sure if I should link the site due to the fact that I don't actually own it anymore..

    Spring 2017:

    • Started trading Steam skins with a $20 giftcard from Christmas
    • Managed to trade up to an inventory worth roughly $500 USD by February
    • Saw other websites that allowed users to automatically trade their skins with a bot for a set overpay.
    • Noticed there was 1 for Rust. (my game of choice) Contacted the owner, tried to invest, didn't work out.
    • Tried to find a developer to develop my own site. Got scammed $100 on my first guy. Met Michel, he offered to set me up the open source script for free.

    Summer 2017:

    • Finished Development and got myself a domain
    • Began marketing by commenting on Steam profile of people I had traded
    • Grew to about 100 unique users by the end of summer
    • Grew the initial $500 inventory to $1000
    • Contracted Michel for $200 to setup Mongo DB to track some info + revamp the trading system
    • Average monthly profit = $300 | Hours per month = 35ish

    Fall 2017:

    • Purchased my first ad slot with a Youtuber. Paid $125, made $500 profit in 48 hours.
    • Over the course of several months spent roughly $2000 on influencer ads. Grew the inventory to roughly $6000
    • Hired Michel and a frontend dev to recreate Rustplus entirely. Took about 2 months + $1500
    • Launched V.2
    • Hit 16,000 unique users
    • Average monthly profit = $1100 | Hours per month = 25ish

    Winter / Spring 2018:

    • Continued doing influencer ads
    • Began cashing out some of the inventory to pay for IRL bills
    • Brought on an investor. $2500 for 15% ($16,650 valuation)
    • Finally setup Google Analytics to track info
    • Also, began doing AdWords. $10/month = 6500 impressions
    • Average monthly profit = $800 | Hours per month = 25ish

    Summer / Fall 2018:

    • Began to see a down-turn in profits
    • Had 2 months with overall loss due to poor returns on influencer ads + development costs
    • The investor wasn't able to hold up his end of the deal (marketing) + profits were not looking good. I bought him out for his initial $2500
    • Completely stopped influencer marketing in the Fall
    • Average monthly profit = $250 | Hours per month = 20ish

    Winter 2018:

    • Due to needing to focus on school more for graduation, I completely stopped devoting anytime to the site. Maybe 5 hours a month
    • Lots of errors started to occur due to backend and VPS problems
    • Monthly profit = $150ish | Hours per month = 5ish

    Spring 2018:

    • I recently accepted an offer of $2200 for 90% of the site
    • It may seem like a small amount, however, at this point I really wanted to exit, and getting something was better than $0.
    • The guys I sold to own a very large site in the same niche, so my 10% with them will likely be higher than my 100% of my current monthly profit.

    HIGHLIGHTS:

    • I came in with 0 development knowledge, and I still have very little skills. But, I've learned tons about it
    • Got a ton of experience learning how different advertising / marketing streams work.
    • Before I build this I had little inclination towards entrepreneurship, but this helped expose me to the benefits and downfalls of it.
    • Started with $500, was able to withdraw (in profits) over $12,000. Didn't have great accounting practices, but revenue was around $17,000
    • Grew to a unique user base of over 40,000 users. Processed over $250,000 worth of skins in trades
    • Spent roughly 12-15 hours worth of work on the site per month. More towards the start, much less at the end.

    In the end, I learned a ton, made a huge amount of mistakes, got to meet some great people and made some cash. I'm not exactly sure what the next step will be, but now that I've tasted a little bit of the business world I think it'll be hard to go back.

    If you have any questions or anything, let me know. I really love talking about this and hearing other people's stories. I know my story may not be as interesting as the big $100k/month stories, but after all I'm just a hobo :D

    submitted by /u/hobo_Clarke
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    I own a pick up truck service. If you don't know what that is, please help me come up with a brief way to describe this business.

    Posted: 25 Mar 2019 08:07 PM PDT

    I have a long bed pickup truck, and I haul small amounts of materials from one place to another. I also include 1 person labor. I charge $20 per 2 way trip + $20/hr.

    I've been getting a lot of business, but I'd think I'd be getting more if I found a better way to describe it than "pick up truck service". I just can't come up with anything.

    Yes I know it can't scale. I'm severely mentally disabled and among my skills are lifting , driving and never being able to make a boss happy. Not trying to be Mark Cuban, just trying to eat food that I paid for for once in my life.

    submitted by /u/zeusophobia1
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    Best way to implement a licensing fee (software)

    Posted: 25 Mar 2019 10:37 PM PDT

    Hey guys - I'm a contract / freelance software developer. I had an exciting meeting yesterday, and I'd really appreciate some advice on the best way to proceed. Sorry if this isn't the right sub (suggestions?).

    I have an existing development agreement with Company A. They build hardware components (e.g. motors), then other companies buy these motors to integrate into their own products. My role is to create customised software for Company A's clients (e.g. tools to control the motors, client-specific end-user apps etc). My software strengthens Company A's value proposition, and in return they send a good amount of work my way.

    Ordinarily this process is simple: Company A win a new project; I lead the software development process as necessary; Company A pay me an hourly rate and pass the cost through to their client; Happy days.

    Yesterday I met with Company B, a new client of Company A. Instead of requesting specific end-user software (as is usually the case), Company B have requested that I create a highly-customisable generic application that they can then adjust in-house and reuse for any number of their own future clients (e.g. they would still have to buy Company A's motors for each new project, but they could reuse the same software indefinitely). Some of Company B's clients are huge, including government bodies and Fortune 500 companies, and this software would add substantial value to every one of those projects.

    For the first time in my career, I feel that simply charging an hourly rate would leave a lot of money on the table. I obviously understand Company B's desire to buy a customisable software package with no strings attached, but I also feel that my standard fee would be nowhere near representative of the value they stand to gain. I also expect they're aware of that fact.

    Would it be reasonable to pursue some form of per-project licensing fee with Company B (through Company A)? What would be the best way to suggest this to Company B? I was thinking that I would include free technical support and perhaps discounted fees for project-specific modifications. If they pushed back on licensing, would it be reasonable to quote significantly higher than my standard hourly rate to account for that?

    My intentions are to speak with both Company A and my lawyer before proceeding, but I'd like to learn as much as I can beforehand so I can get the most out of those conversations. I certainly don't want to over-complicate or even lose the job, but it just doesn't feel like I would be getting appropriately compensated.

    Thank you so much for your time!

    submitted by /u/i_had_an_idea
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    Workplace dilemma

    Posted: 25 Mar 2019 07:59 AM PDT

    My father owns a construction company and I am on the site while he is in the office. I'm not in charge but I do have some authority on the site. Recently, there's been an issue with about 5 guys smoking pot in the company truck on the way to and from work. I don't ride with them, I have my own vehicle. These guys are my friends and I don't want them to get in trouble, but at the same time, they're in my dads truck. I feel that if I don't say something to my dad, then if he finds out, and knows I knew, he'll be disappointed in me. I've already told my friends they need to stop but they don't. I will be inheriting the company one day and I feel like this is something I need to address but I don't know how to go about it. What would you do?

    submitted by /u/Jennings91
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    What do you want from your favorite bar?

    Posted: 25 Mar 2019 09:39 PM PDT

    My family and I run a neighborhood bar in a lower middle income part of town. It's a steady business, but we want to diversify our customer base. We're building a kitchen and we have two very legit badass chefs on board. The kitchen build has been a huge investment both of time and money. It will undoubtedly help with new clientele, but in the meantime I want to find things to help build up the bar side of the business. We have done some remodeling, and have started doing trivia, music bingo, open mic night, and karaoke on Tuesday thru Friday respectively. Open mic night and karaoke are the only two of those that really bring in money. Does anyone have any recommendations for what else we should do to bring people in? What do you want from the bars that you frequent?

    submitted by /u/dyldizzle
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    .com or .net domain + hosting

    Posted: 25 Mar 2019 11:45 PM PDT

    Hey r/smallbusiness!

    My plans to start my own small business are forging, and I'm currently looking at domains. Regarding the domain you'd buy, what would you prefer - .com or .net? Would it make any big difference anyway?

    All prices from namesilo.

    There's no way I'm initially spending almost 2 grand on the blablasolutions.com domain, but thinking about buying the other 2 options, then setting up my company at the .net domain and just forwarding from the cheap .com domain to there.

    I read about both extensions not being too far apart from a SEO point of view, anyone can share some insights?

    submitted by /u/ITGuySeekingJob
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    Google & Facebook Ads Expert - Does anyone need help?

    Posted: 25 Mar 2019 01:53 PM PDT

    Hi everyone,

    I'm a PPC expert with over 3 years experience in the industry and wanted to get in contact with some business owners so I can help them with their Google/Facebook ads.

    I've no intention of trying to sell my service (I work full time at a digital agency in the UK so I don't have time) but I do have time to offer advice and general guidance on the best practice.

    If you want some advice, just drop me a message and I'll do my best to help! Or, comment below and I'll respond there.

    Thanks,

    Reacher77

    submitted by /u/Reacher77
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    Business tax ID (EIN) compromised

    Posted: 26 Mar 2019 02:17 AM PDT

    Hi, Long time lurker, first time poster here. I have an LLC. One of my dormant accounts was logged into, and in it I had a scan of a tax document for my business. I've read this info can be used in fraudulent personal tax returns. Has anyone had this happen before, or encountered any kind of abuse of their tax ID? How did you handle or prevent it?

    submitted by /u/Butidigress817
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    What maps should my business be on?

    Posted: 25 Mar 2019 11:41 AM PDT

    Google maps is the obvious go-to... but what other maps should I be trying to get my business on?

    submitted by /u/BL_SH
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    What is your most unique form of advertising that has proven success?

    Posted: 25 Mar 2019 08:49 AM PDT

    Just looking to hear creative methods for advertising that have worked for you? I always see ads everywhere and sometimes wonder if they've ever worked. An example being an ad on a golf scorecard or a table at a restaurant.

    submitted by /u/BruteFitness
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    Google Reviews

    Posted: 26 Mar 2019 12:09 AM PDT

    I'm not sure if this is the right place for this post. Please let me know and I will remove it.

    I checked my business google reviews today and all of it was gone. I had over 100 reviews. It was there yesterday and now it's gone. I'm not sure what happened, but is there a way for me to get them back?

    submitted by /u/bts88
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    Just realized custom gmail addresses are no longer free

    Posted: 25 Mar 2019 10:36 AM PDT

    I made my first site years ago and I guess I have been grandfathered in to the free email addresses through G Suite. Now I find out custom gmail domains are now $5 per user per month! In the whole scheme of things, I guess that's not a lot but my old site has 33 accounts so that would be almost $2000 a year. I found some free alternatives here https://guides.alamodeonline.com/2019/03/25/free-alternatives-to-gmail-for-custom-email-domains/ and started using Zoho but are there any others that people have found?

    submitted by /u/ronnypopiel
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    When to give up on a supplier

    Posted: 25 Mar 2019 09:44 PM PDT

    so ive bought form this supplier before, and have placed an intent to order more product (however lower amounts)

    they have never said no, but it is always very slow... its been a few months. I follow up every few weeks (2-3) and always get some excuse

    its been 2 months now since ive told them 'hey i am ready to order these products, at these prices" theres some paperwork that needs to be done to iron out the details, invoices, etc, i havent sent any payment over or anything like that

    should i just give up? is this just how suppliers are?

    i really dont want to quit, but if no one wants to do business with me, i guess i am kind of forced to

    thanks for reading, just really lost on what to do

    submitted by /u/as221fdf
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    Looking for business ideas?

    Posted: 25 Mar 2019 10:11 AM PDT

    I've recently come into a little bit of money and would love to open a business.. only problem is I have no idea. I would love to franchise a candle bar but have no idea how to reach anyone. Anyone have any ideas, would be so appreciative.

    submitted by /u/eapentz
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    LLC payroll

    Posted: 25 Mar 2019 08:31 PM PDT

    I recently started a sole-proprietorship LLC. I setup a seperate business checking account for it as well. When it comes to paying myself, can I just transfer the money to myself and leave it at that? Or do I have to create a pay stub each time?

    Also, would setting aside 1/5 of all my income be good for tax purposes?

    submitted by /u/breezyceezy
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    Has any small business owner here been impacted by predatory lending practices?

    Posted: 25 Mar 2019 11:13 AM PDT

    For clarification - Predatory Lending is any lending practice that imposes unfair or abusive loan terms on a borrower. It is also any practice that convinces a borrower to accept unfair terms through deceptive, coercive, exploitative or unscrupulous actions for a loan that a borrower doesn't need, doesn't want or can't afford (debt.org).

    Although it can be difficult to talk about, I believe it's important that small business owners share these stories so that others don't fall into the same traps that predatory lenders use. One bad loan can have devastating effects on a small business and more needs to be done to ensure that borrowers are always aware of the loan terms when applying for a loan.

    submitted by /u/SBMZac
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    What's the Best 2020s Small Business Startup Idea?

    Posted: 25 Mar 2019 07:48 PM PDT

    As technology continues to evolve and the trend of online transactions accelerates around the world, clearly, online is the place to be. The Internet is probably the only place where you can start a small business for a few-hundred dollars or less.

    I think that there is a lot of market potential in the Philippines, where I currently live, because they have a growing economy, and they're just now getting online. As digitization spreads to the Philippines and other places like this, it opens up new economies and new business opportunities.

    What do you think the best small business startup idea is for the 2020s? Or, what do you think about this insight I've proposed?

    submitted by /u/Keyword_Research_Co
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    Question on Accounting/finance

    Posted: 25 Mar 2019 07:42 PM PDT

    So me and two other friends started a business, in Colorado, and I have a question on the money side of things. Technically speaking, there are three owners. One has 40 percent and me and other have 30, and we are running it as a LLC. on the IRS website it says that when a person in a company makes over a 1000 dollars they will need a form to go along with their tax return, stating when that number is reached that the profit is to be reported as income on their own personal tax return. Does each owner need to be credited the same amount for income/profit or because the guy with 40 percent has more investment will he get the first income earned. Also the owner with 40 percent took out 180 dollars, but insists that it is something called a partnership due and isn't income, is this correct? I'm responsible for the money, but if they make it too difficult for me to manage the spending and recording of it, I'm outing to opt out of the company. Mainly everything listed on the IRS website contradicts what I've been told by my partners.

    submitted by /u/Spacecowboy_91
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    Best POS system for a dollar store?

    Posted: 25 Mar 2019 06:37 PM PDT

    My boss is opening a Dollar Store and asked me to research the best POS system. So far it looks like Square Register. Does anybody have any experience with this? If so, how is it? Does anybody have any other recommendations? She is looking to buy all hardware flat out with no recurring monthly fees.

    submitted by /u/DaINFamousJN
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    Tools to create a feedback/survey email, what do you suggest?

    Posted: 25 Mar 2019 07:37 AM PDT

    I want to create a follow-up email where i can ask the clients to judge our work. Nothing very complex, just some 0 to 10, maybe a open question too. With a platform that would allow me to analyse the results and even redirect to the social media those who gave me good feedbacks. How can i create that? What tools should i dive into? The cheaper and automatic as possible, the better. Thanks!

    submitted by /u/Competitive_Industry
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    Putting on a webinar, but.......

    Posted: 25 Mar 2019 06:10 PM PDT

    Hey everybody. I am putting on a webinar to drum up some business and create opportunities for later. My plan is to market across Instagram, Facebook, Twitter and press releases to local news media outlets. I was wondering if there were any ways to figure out where the webinar registrants came from, Instagram? Facebook? Twitter? Or from a press release? I'm looking for free and paid options.

    Obviously, the goal is to get customers and get email addresses, but the main goal is to gather data for marketing budget purposes. Thanks for the information ahead of time.

    submitted by /u/bgleton1031
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    Multiple phone numbers for multiple companies all on the same line.

    Posted: 25 Mar 2019 10:11 AM PDT

    Hey everyone! I currently own a moving company and I am in the process of starting a cleaning company as well. I currently take a lot of the phone calls to our google voice number that calls my moving company managers and I's cell phones. I want to know if there is a way to take multiple phone numbers to the same phone and know which company they are calling for. Do I just need to get another cell phone? Can I have multiple google voice numbers? Any advice would be great. I would like to get away from google voice all together.

    submitted by /u/DylsthatKill
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    Is this wrong to do? Customer buys auto part I use there card info and purchase it for way cheaper different company.

    Posted: 25 Mar 2019 05:40 PM PDT

    Used auto parts customer wants a part cost $750 customer says ok get card info, call n I get part for $500 and charge card that then when they pick up charge $250 total of $750

    if customer really looks into it they can see the card being charged twice different companies. one for the amount I got it for then the remaining the price I told them.

    submitted by /u/Happynthankfulalways
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