Am I getting screwed by my investor? small business |
- Am I getting screwed by my investor?
- My Business was approved for a .6m loan, I'd like to ask for additional cash for Ponding.
- reselling items and liability?
- What are the dos and don't of starting a new business? (partnership)
- You guys have a blog? I'm not doing much today so if you're struggling with blog/article ideas, leave a comment below and I'll try to help out!
- Advice on reaching a specific target audience
- Creating a LLC but confused if it should be in same state as where I live?
- Brand New looking for tips
- How to Encourage Employee Ideas
- Small Scale Manufacturing Idea
- Is it time to sell my business?
- Do I need any kind of liquor/wine/beer license to host tasting clubs?
- Canadian Startup trying to make small businesses more visible
- Facebook / Instagram Accounts
- Advice needed: Customers love the experience, not thrilled with the "overhead"
- Simple Receipt Scanner with OCR for Quickbooks.
- Improving awareness
- Question about business bank accounts.
- Dog Park Cafe/Bar Startup Costs - Resource Request
- Free Facebook/Instagram Ad Creatives For Portfolio Use
- Question about legal side
- Selling a small business.
- Retail/ Service business owners: how do you deal with employee badges?
- Yelp is just a more modernized BBB. Young people trust Yelp, old people trust the BBB. They both focus on reviews, ratings, and requesting funds from businesses.
| Am I getting screwed by my investor? Posted: 05 Apr 2019 06:01 PM PDT So I opened a small granite fabrication shop. I did it in spite of the people I worked for, and like most others, to make something of myself. I definitely did not have enough starting cash to open up, I wheeled and dealed for parts and cheap equipment and built everything I needed. I opened a month after I quit my job with about $5k in my pocket. Now today, 3 months later, my shop is in a bare-bones shape, but I can do some fabricating. I've got about $15k in assets at this point, but in all honesty I wont be able to make a living doing this until I can throw another 15k into it. The to-get list is still very long. Background info- the nature of my work is predicated in square footage. I buy in square footage, sell in square footage, pay in square footage. Now, about a month and a half ago one of my builders offered to be a venture capital investor. So we originally spitballed about a pretty nice royalty deal. We originally talked about a $1/sq ft for loan repayment and $1/sq ft in royalties, with a buyout clause for when I got big enough I could stop paying him royalties. Seemed like a sweet deal. Its worth mentioning that the whole reason he offered a loan is because he knew I was struggling. He knew I was behind on rent, not making any money yet, and was still throwing every penny I had just to get operational. He said give him a week or so to get the contract together, and we'll make a deal and get you some money to get you out of this hole and into full swing production. I immediately began to not care at all about rent or paying back small loans from friends, I started throwing every penny I had into the shop getting it operational, because I knew that fat check was coming in a couple weeks and I'd be able to catch up on everything and get the shop right. This is my biggest regret... Two weeks turned into a month which turned into today,which is a month and a half later and Im in deep shit and about at the end of my rope. I've used a deposit for materials on an Install that is supposed to happen in two weeks, and Im facing eviction from both my house and shop. But hey! The lawyers finally finished the contract at my most dire point, after I've already made the mistake of spending money I didn't have when I shouldn't have. The terms came back a little different than we originally spitballed, and it this point I feel like im in a corner and basically can't say no. I needed that money a month ago and with that huge mistake I made I'm really stuck. My net profits are typically $20/ sq ft. In the deal he would give me $12,500 to bridge the gap on making my self more efficient and profitable, and in return he would receive $1.50/ sq ft until the loan is payed back, AS WELL AS $1.50/ sq ft for the life of the company. I also have to pay the attorney who wrote the damn document, $1225. Also, if I ever sold the company, he gets %25. Once I bridge that cash gap Ill be able to do 300 sq ft per week no problem. If I'm doing around 300 sq ft per week, Im grossing around 300k per year. Him taking in a little over $20k a year, forever. I feel like Im getting a rough deal here, but it is worth mentioning, he would have a "shark investor" type effect on my business. He can easily get me all the business I'll ever need, and I alone would struggle with that monthly. So, any and all feedback appreciated, thanks. P.S. I have terrible credit, destroyed it as a teenager and still haven't recovered. I'm only in my 20's yet, but Im quite sure I wouldn't qualify for a traditional bank/SBA loans. [link] [comments]  |
| My Business was approved for a .6m loan, I'd like to ask for additional cash for Ponding. Posted: 05 Apr 2019 08:10 AM PDT Hello everyone, I was wondering if the following was possible. We got approved for an SBA loan and since then our business has exploded in popularity. In the previous months, our sales have just been an upward trend. Since obtaining the loan to expand our food truck to a restaurant our sales have gone from $292 daily average to $1348 average. Our sales have gone from 10k per month to 30k being a slow month. This is all in our food truck, our current sales exceed our projected sales for the restaurant that we are building at our current location. I would like to bring up to the lenders the following:
Our Food Truck has just become insanely popular with all the technological advances we have implemented. The fact that our food truck sales more than what we expected the restaurant to sell it just blows our mind. I guess my question is, should I ask my lending committee for 50k more. We are currently going through the City process and it looks like the City has changed their policy for Ponding. We are now 50k short of being able to provide the restaurant building that we would like. It would take us approx. 30-40 days for us to be able to save up the 50k that we need but that's when we hope to finish the building. Yup, in the span of January -> March we have sold more than what we sold all of 2018. [link] [comments]  |
| reselling items and liability? Posted: 05 Apr 2019 11:44 PM PDT Ok so i have a construction company and we plan to do landscaping and various other operations.However i discovered on many of the systems we build we have to include a grill and name brand appliances.So what is the liability in this and how will the warranty even be transferred or not.I also realize we can't make a profit on the actual grill or it would be considered "RESALE" which is a huge no no and I'm sure the manufacture can sue us.So can you actually sell appliances as long as its not a RESALE. [link] [comments]  |
| What are the dos and don't of starting a new business? (partnership) Posted: 05 Apr 2019 04:38 PM PDT Hello, Me and a colleague that I know for about 6 years (met at the army) are planing to start our own business. It is related to the arts (from audio visual to classes). What are some tips that will help us in the near and far future? We are thinking 50/50 split but I have certain worries. One is the fact of how do we split the revenue. Like we can work together but certain jobs could be individually done. What do we do then? Second is the fact that I came up with the name, I'm renting the office space and studio (he will contribute with bills). Third is what happens if I do all the work to attract clients? I've done more work, do I deserve a 50/50 or a bigger split? Then further on let's say we wanna go our own way and close the business down or branch out with a new business to minimize the costs. What is telling me we won't fight over the name due to the clientele? I'm asking all of this because people from my close friends and relatives tell me I should be warry of him as he is petty minded and might eventually try to fuck me over. I know as a fact (he told me so) that due to pressure he almost flipped a while back. Anyway I rambled way too much. Please do answer on my initial question and please share your thoughts regarding all the rest. Thank. [link] [comments]  |
| Posted: 05 Apr 2019 12:52 PM PDT Saturday in my part of the world so not a terrible lot to do. Anyway, I'm a copywriter and I often manage blogs for my clients. This includes coming with up content ideas. So if you've got a blog or thinking of starting one but not sure of what kind of content you should be posting, leave a comment. In the comment, include what your company is about and what kind of content you're looking to push (or any other information that might be useful). I'll reply with 3-5 blog post ideas after doing some research on what's trending in your industry. Cheers! [link] [comments]  |
| Advice on reaching a specific target audience Posted: 05 Apr 2019 08:33 PM PDT Hello r/smallbusiness! I have recently started a personal technology consulting business in Bloomington, Indiana and I could use some advice on how to reach my ideal clients. I have noticed a lack of technology support services that cater to older adults (40+) who use and rely on technology every day, but may not know how to troubleshoot or repair their own devices. This is where I come in. I make house calls or I meet at local coffee shops, the library, etc. and provide in-depth and personal consulting services to try and fix whatever problems the client has. I have already received positive feedback from everyone who has hired me so far, but I am having issues reaching people outside of my own circle such as friends, family, family friends, etc. I have a Facebook page right now with a very small following which has generated a few leads, but other than that I only generate new leads by talking to people and handing them business cards. Part of the problem is that I am 23 years old and don't typically have a lot of personal contact with my 40-year-old and up target audience. I have been brainstorming various ideas like newspaper advertisements and posting flyers around town, but I was interested in ideas that other people in this subreddit might have! P.S. This subreddit has been inspirational and informative throughout every step of making this business a reality. Thanks so much to everyone that posts and gives help! [link] [comments]  |
| Creating a LLC but confused if it should be in same state as where I live? Posted: 05 Apr 2019 11:35 PM PDT I'm trying to start a LLC. I have a green card and I am legally allowed to work in the States. I read online that I save little to no money by making a LLC in another state from where I reside (NYC) and then getting a registered agent there because when I file I may get charged twice for some things. Is that true? Is that option only viable for foreigners who do not live in the US or for people that want anonymity since certain States such as Delaware do not show the name of the person who registered the llc? What would be the best way to make a LLC for a dropshipping company, and by that I mean selling products on my webstores? I live in NYC and the prices to start a LLC is high because they require one to publish ads to a newspaper, which can cost upwards of 1000+ dollars. I don't have much money to start this business and I would like to keep the cost to a minimum. Thanks! [link] [comments]  |
| Posted: 05 Apr 2019 07:48 PM PDT I just jumped into a property management company from a medical company that had benefits etc. Now, I guess I'm considered a partner and I'm on my own for all of that.... I've been 1099'd and have no benefits.... I'm sure taxes will drain me.. I don't know this thread, I just added it for this reason. I'm looking for any guidance or perks that a noobie may be overlooking. What can I write off... what is the best health plan option etc.... anything.... anything you sonsabitches can offer would be appreciated... I don't know what to do. Thank you! [link] [comments]  |
| How to Encourage Employee Ideas Posted: 05 Apr 2019 11:17 PM PDT I have been trying to put something in place at my business to encourage employees to come up with revenue generating or efficiency increasing ideas. What are you doing that works? Have thought about financial compensation, but just have had trouble implementing it in a way that makes sense. [link] [comments]  |
| Small Scale Manufacturing Idea Posted: 05 Apr 2019 05:26 AM PDT Hello guys. I am a graduate 24 y.o Industrial Designer. I have been working in a small company for a year but, I decided to resign my job to start my own buisiness. My country is going down both economically and morally so, I need to find a way to exit. I am thinking to buy consumer electronics products, remove plastic parts and, turn them into hand-made, artificial and classy products. So basicly, I will keep hardware parts (chips, optical parts, speakers etc.), put effort and design to shape meaningful forms and, sell it for first world countries market. I will conduct an R&D process to define most appropriate product to manufacture at home in small scale, define form, materials, production method etc. After I manage to produce 5-10 products, I am thinking to find a partner to sell my products in a developed country. Do you think I could be able to sell to West Europe my products? Production costs would be lower because of exchange rate differences between our currency and euro so, there would be a chance for my foreigner partner to earn money as well as I do. I am just thinking to turn crisis into an opportunity. I would love to hear your ideas about this issue. Love ya guys. :') [link] [comments]  |
| Is it time to sell my business? Posted: 05 Apr 2019 07:06 AM PDT I own a brick & mortar business that generates $350K + revenue annually, but my take home pay is still minimal after 8 years. I mostly manage the business from home (administrative & marketing) because I still have a kid at home. It is mentally exhausting, but my son goes to kindergarten in the fall and I am hoping to have more time to focus. My hope is that payroll costs will decrease at that time, but I don't know how much longer I can hang on. [link] [comments]  |
| Do I need any kind of liquor/wine/beer license to host tasting clubs? Posted: 05 Apr 2019 07:15 PM PDT Montana. I'm in a bourbon club and wondered about the legality of hosting the club meetings in my store. There will be no sales. Any and all alcoholic drinks will be brought by guests to share with club members. [link] [comments]  |
| Canadian Startup trying to make small businesses more visible Posted: 05 Apr 2019 07:05 AM PDT I'm part of a Canadian startup that is trying to develop an app as an alternative way to market for really small local businesses. Anywhere from local craft shops, in home hairdressers, that one weird specialty shop that's been around for 10 years and you're pretty sure is a drug front, to the college student who does yard work in the summer. These businesses make a store in app where they can sell products and services, and do in app payment processing. Potential customers login to the app and see all businesses within say, 50km of them, and can buy products then and there. No constant updating on social media, or craigslist/kijiji, you're easily searchable to those nearby, and once you've made a storefront, we'll take care of promoting it to all the right customers (using advanced data algorithms!). It looks like this so far - https://imgur.com/a/xwhVNin We want to leverage technology to help people help people. Too many businesses do yelp like bullshit of extortion, selling your data, all that garbage. We won't. We can 100% promise you we'd rather go under than sell-out people. But we'd also like to, uh, not go under when we start. We want to make sure it's what people want first, so we're talking to anyone who might be remotely interested. If that's not you, totally cool! Thanks for your time! But if you can help us out, your input on a few things would be super helpful.
The thing is, we're a super small business right now too. Some investors are interested, but they want to see the product refined, and the only way we can do that is to talk to customers. Our goal, no matter what, is to give an even playing field to every new business, get more money into local economies, less money going to San Francisco/Amazon and have people doing more of what they love. Cause let's face it, some people aren't business people, but that doesn't mean they can't offer something valuable. We want to help those people thrive. Thanks a lot for hearing us out. Regards [link] [comments]  |
| Posted: 05 Apr 2019 08:11 PM PDT How are these linked? I created our company Facebook page first and then our Instagram. Then the other day I log onto Facebook on my computer (99.9999% of the time it's mobile) and I see I have two company pages. One with all the info I've put online and the other blank, with Facebook suggesting I post what are basically my Instagram posts. Can I merge my two company pages somehow? Facebook doesn't seem to have some sort of support I can reach out to so I'm not sure what happened or how to fix it at this stage. [link] [comments]  |
| Advice needed: Customers love the experience, not thrilled with the "overhead" Posted: 05 Apr 2019 08:03 AM PDT Disclaimer: not my business, but I am a wantrepreneur and am advising this company informally. My partner is "working" part time for a startup that basically is a travel agency with a twist (I say working with quotations because nobody at the company makes money outside of commission for each trip booked. No hourly rate, salary, etc. It's a very young company). Customers get sent on trips (length of their choosing) and the company plans and pays for pretty much the whole thing (even gas/transportation costs, meals through gift cards, etc.). Customers are pretty much thrilled with their experience and tend to have a great time, seemingly making the experience worthwhile. But for the second client in a row, they have indicated on their customer satisfaction survey that they were dissatisfied with the amount of money spent on "overhead" for the business. The financial breakdown is not being disclosed to customers. It seems like they're adding up the costs of all their activities and trying to see how much monetary value they're actually getting out of the experience. I'm not 100% on the financials, but the prices are relatively high ($300 per night per person) and they put at least 80% of the cost right back into the customer's experience through activities, hotel bookings, etc. Travel costs tend to be a bit higher since the company's mission includes utilizing local, small businesses as much as possible. The other 20% is split up among commissions, donations, and other business costs. For the most recent client, their original booking length was actually increased by two days (while keeping the price the same) since the company was having trouble spending the money that was paid. Could this be indicative of the problem (prices are too high in general)? TL;DR: The problem is that customers think there is too much overhead, while the business overhead is truthfully too low to make the company sustainable into the future. I thought this was a problem nonprofits usually encountered, not for-profits? What could the solution be? [link] [comments]  |
| Simple Receipt Scanner with OCR for Quickbooks. Posted: 05 Apr 2019 09:46 AM PDT OCR = Optical Character Recognition I recently upgraded from QuickBooks self employed to QuickBooks Essentials and am at a loss for why Intuit doesn't include automatic OCR in the Essentials version of their phone receipt scanner. The idea of going back to having someone enter receipts manually seems insane. I don't need anything as robust as Expensify/Receipt Bank. Just a simple phone receipt scanner that automatically detects merchant, date, price, tax, etc. from the receipt and makes them available in QuickBooks Online. Ideally something similar to the one available in QuickBooks Self Employed. Thanks! [link] [comments]  |
| Posted: 05 Apr 2019 08:31 AM PDT Hey Small Business crew, I'm looking for some feedback on our company website, I want to make sure we make it as clear as possible to users what we do. What we do is develop mobile apps for businesses with a focus on startups and smaller businesses. I would really appreciate if you could take a look at our website and let me know what you think of it and if gets our offering across in a simple way, thanks in advance! Website: AppLaunch | Mobile App Development for businesses and startups [link] [comments]  |
| Question about business bank accounts. Posted: 05 Apr 2019 05:58 PM PDT So I'm looking to start a small service based business, I don't have a lot of capital on hand and for the business I'd like to create- there are quite a few permits and licenses I'd have to pay for that are gonna cost a bit - so, since I cant afford them now and cant start earning until I meet those requirements - What exactly would I need to open a business bank account (im assuming some sort of LLC, or Corp - what are those all about?)- is it even a good idea to charge all my start up costs to a business card? should i try to scrap up more of my own capital? [link] [comments]  |
| Dog Park Cafe/Bar Startup Costs - Resource Request Posted: 05 Apr 2019 11:53 AM PDT Good afternoon r/smallbusiness i'm in the development phase for an indoor dog park cafe/beer wine bar in Raleigh NC (shameless shout out Go Canes, playoff clenched!) and am looking for a resource that has experience with the financial side of starting up and sustaining a coffee/beer wine bar experience with beer wine bars is even better. I have created a budget and have run numbers and want to make sure my business plan financials are correct. Am looking for a brief discussion please. Thanks again! [link] [comments]  |
| Free Facebook/Instagram Ad Creatives For Portfolio Use Posted: 05 Apr 2019 05:48 PM PDT My name is Lavonte Robinson I'm a social media graphic designer, looking to move forward with more longterm freelance clients. I'm hoping to assist the first ten commenters with free Facebook or social media ad creatives for exchange for full use on my portfolio. If you are in need of any ad creatives solutions for your social media, please view my Instagram and checkout some of my most recent work and comment down below. I look forward to helping your brands identity and establishing your next successful campaign. Thank you! Contact: Instagram https://www.instagram.com/vontecreatives/ Email: [Lavonter@icloud.com](mailto:Lavonter@icloud.com) [link] [comments]  |
| Posted: 05 Apr 2019 04:15 PM PDT Hi, I'm a car guy with a full time job. I'm thinking of buying a dynomometer to install at my house, but my main down the road goal would be to use it for a business, tuning other people's cars. There is nobody in my area doing it, and there is definitely a market. It's not something I can rely on full time at this point, but I think it could be down the road. My question is, can I start a small business, and claim the Dyno as a business expense on my taxes, even though it's not going to make me much money in the first few years? Is it even worth it, or should I just buy it outright and look into the business side some other time in the future? [link] [comments]  |
| Posted: 05 Apr 2019 04:11 PM PDT How would you go about selling a small service business? The logo, contracts, contacts, I'd even sell my truck and tools for the right price. Training could be discussed. But how would I list this? How would I find buyers? I can't really list it on classifieds sites can I? [link] [comments]  |
| Retail/ Service business owners: how do you deal with employee badges? Posted: 05 Apr 2019 04:01 PM PDT Seems like the retail/service industry has high turnover rate and this is just another cost to consider. Do you order your badges everytime you hire a new employee? How long does it take? How much does it cost? Who do you use? [link] [comments]  |
| Posted: 05 Apr 2019 03:59 PM PDT |
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