The real cost of running payroll and why you need to be aware that what you think you're paying your employees might not be accurate at all Entrepreneur |
- The real cost of running payroll and why you need to be aware that what you think you're paying your employees might not be accurate at all
- Harsh Truth About Young Entrepreneurship
- Any entrepreneurs here from developing countries? What do you do and how’d you get started?
- Reviving a Wool Blanket Company
- Weekly newsletter about side hustles that actually work + Free hosting & domain giveaway
- Provide value first!
- Will create an Access Database (or Powerapps application) for you for free.
- I built a Bitcoin/Cryptocurrency exchange as a side project over 2 years. However, i don't have the right circumstances to go live with it, so how should i go about selling the software? [Advice request]
- Is anyone here in the GPS Tracking/Fleet Tracking business?
- I want to have a side hustle but I don't know from where to start
- What is the name of 'action plan chart' for setting an end goal. If my goal is to be my own boutique shoe store, and sell in nordstroms?
- Our product is a ear wax removal device, what do you think?
- Designing a Video On Demand Service
- Do digital marketers have access to better tools than business apps they we have?
- Hey everyone, so I made an app that lets you save photos, videos, gifs, websites, etc. from any app to one place. Its called Figgle. Feel free to check it out.
- How can I present my idea without it being stolen?
- Loads of ambition but no expertise, where even do I begin?
- Should I file quarterly tax report if I'm not using the revenue
- I want to automate your most tedious repetitive tasks for free!
- Starting a construction business
- Do you need 3rd party feedback on your product, service or online sales funnel? I can give you my 2 cents for free!
- Epub Reader SDK
- Designing a "Group Mom" Chatbot for your groupchat - would love feedback!
| Posted: 05 May 2019 09:53 AM PDT How much does it cost to pay a wage to an employee? It depends on the industry but I'll give you an idea based on my own experience in the moving and storage business. We pay our laborers $15 per hour in most cases. We're in a 33% workers compensation bracket in one of our states. We pay 7.75% FICA. 2% disability and 2% unemployment (after a few claims per year). That is an extra 44.75% on top of the hourly wage for a total of $6.71 extra per hour per employee. That turns the $15 wage into a $21.71 liability. And whats more the employee's $15 per hour turns into only $13.84 after FICA and about $10.50 after taxes are withheld. So on a $15 per hour wage our cost is $21.71 per hour and the employee only sees $10.50 in his bank account. This doesn't take into account any of the software and admin costs to file and handle all of the necessary reporting. Or the background check. Or the drug test. Or the 10 hours of paid training. For an employee that works for us 4 weeks and then quits (common for a laborer) our costs come out near $30 per hour per employee. 2X the offering wage and nearly 3X the take home pay. Make sure you are aware and you budget and price your jobs accordingly. It's tempting to pay your employees cash or treat them as independent contractors and just send them a 1099. This isn't the right way to do business. We have no control over this so there is no sense in complaining. Look at it as the cost of doing business and operating in such a stable political and economic environment. Price it into your services and follow the rules so you can grow a healthy scalable company. But WHAT REALLY GETS ME is when my competitor down the street is paying his laborers under the table. Skirting these rules makes it tough on everyone and isn't punished harshly enough. DON'T DO IT. -- If you like this type of thing join us over at r/sweatystartup or check out my podcast. [link] [comments]  |
| Harsh Truth About Young Entrepreneurship Posted: 04 May 2019 07:55 PM PDT Something you'll notice is that the vast majority of self made young entrepreneurs who struck it big before 30 were doing some sort of online/low barrier of entry business. This is why everyone talks about eccommerce, copywriting, digital marketing, dropshipping..... And then bragging about $40k monthly revenue selling colorful socks online. It's much easier to scale. Most real life businesses require significant financial capital plus industry knowledge and experience that a young man could not easily obtain unless he were born into it. Take manufacturing for example. A 21 year old out of college does not stand a chance compared to a 40 year old with years of experience/credibility and an established network. Ask yourself which one you trust more? Which of these two would you invest in? It's a catch 22. We aspire to get rich as young as possible so that we can enjoy that wealth for the rest of our lives. But without industry expertise and significant startup capital, we're stuck with dropshipping or selling t-shirts. Yet if you spend a decade working in an industry, you will see massive loopholes that the average 20 year old guy cannot. It's a complete myth that the average startup owner is a 20 year old dude. That is a tech stereotype. You only hear about these 20 year old's because of how rare they are. Which is why they get so much publicity. The average 30/40 something year old is much more confident, mature, experienced and financially grounded than the average 20 year old. Your social background is also important. Your average Joe from Akron, Ohio has access to significantly less opportunity than Tony from Long Island who attends a top school and his parents are wealthy and have a strong network. Therefore he is going to have to pull himself entirely from his bootstraps. Whereas Tony is given the option between working at the investment bank that his uncle manages or being 100% financially supported by his family while he builds his startup. Everyone sees the Kardashians and Dan Bilzerian living these crazy lives. Nobody bothers to mention that their fathers worked themselves into death and prison so that their children could have amazing lives that seem impossible for the average man to even fathom. Gurus like Grant Cardone won't tell the young men that watch his content every detail. He didn't start seeing the fruits of his labor until his 30's. And it took him a lot longer than 30 to become a private jet rich. I'm not saying any of this to persuade you into quitting. I myself am a struggling entrepreneur who has been knocked in the head a couple of times so take my words for what they are. Back when I was 18 I was always so hyped about getting rich and dating models and having a fancy car. Then when I started to get more life experience I realized that if I was going to make it I was going to have to be a lot more humble. It could take a lot longer than I anticipated. If you're struggling, don't focus too much on the 0.0000001% of 23 year olds with 8 figure eCommerce stores. Not only is it bad for your self esteem. But those guys are also exceptionally rare, and either very talented or very well connected. You will probably never even meet those guys outside of the internet. For guys out there like me, we just got to do the best with what we have. Maybe you didn't hit one million dollars by 30. SO WHAT. You could still have 50+ years of life left. Most male hollywood actors' careers don't take off until 30's. If it takes me until my 40's, 50's, or EVEN 60's to make it, that doesn't mean I can't have an amazing life with what time I have left. And if I never make it big at least I can die knowing I gave it a shot. This is the end of my rant about entrepreneurship. I feel like aspiring entrepreneurs do a good job of talking about the positive sides of entrepreneurship. But there needs to be more discussion about the sacrifices and harsh truths that come along with entrepreneurship. It's a lonely road out there. I remember all those times my friends were out partying and I blew them off to work. They thought I was crazy and they were probably right. If you guys have anything else you would like to add please do. [link] [comments]  |
| Any entrepreneurs here from developing countries? What do you do and how’d you get started? Posted: 05 May 2019 09:31 AM PDT |
| Reviving a Wool Blanket Company Posted: 05 May 2019 09:35 AM PDT My family once had the largest blanket company in the world; The Chatham manufacturing company. Founded in 1877, they also made upholstery, flannels and jeans. Their most famous product was the Chatham Blanket. They were almost all wool and came in all sizes and colors. The company eventually went under in the 80s. I've been working on bringing it back and I thought it would be fun to post progress on here. Here are my challenges.
My plan is to launch on Kickstarter this fall. If you are interested in getting updates stay tuned here and please sign up for emails at www.chathammfg.com! [link] [comments]  |
| Weekly newsletter about side hustles that actually work + Free hosting & domain giveaway Posted: 05 May 2019 11:14 AM PDT If you follow this sub for longer than a few weeks you will have read dozens and dozens of posts about dropshipping, t-shirt printing and how much their Instagram account is worth. That is the reason I created a weekly newsletter with carefully curated content and resources for everyone who is interested to start a side business. You will get a lot of inspiration and ideas for a side hustle as well as tutorials and tools to get started. I have collected lots of insights on what works and what doesn't with financial data. You will also get a lot of resources like website themes, product design mockups, copywriting tricks and much more. I am diving into online businesses as well as offline side hustles and I promise you I will not even with a single sentence mention dropshipping or t-shirt printing as this niches are as overcrowded as it gets and already covered by a lot of posts here. So please feel free to subscribe here to get weekly inspiration: sidehustle24.com [Giveaway] On May 14th I will give away a free 1-year hosting package and a .com domain to one of my subscribers which should be a great motivation to actually get started with something, so make sure to subscribe if you haven't already! [link] [comments]  |
| Posted: 05 May 2019 10:41 AM PDT Hi r/Entrepreneur family! I recently started a brand called Weareable (https://weareable.store) where I sell pins and tee shirts that are designed to help the wearer feel and be better. I am very new to the Entrepreneurship game and was feeling pretty down on myself for a while because I wasn't getting any sales despite all the visits to my site. Today, however, I finally decided to fight my fear and take my products out into the world and offer them to vendors at a farmers market to wear for free for a day. I told them I was interested in seeing if the pins helped them attract customers and improve sales. Tons of vendors were ENTHUSIASTIC about wearing the pins, and they are wearing them now as I type this post! I will be returning back to talk to the vendors later today. My hope is that they will be willing to pay for the pins when I take them back. But whether they do or not, I validated that people will enthusiastically wear my products outside and in front of other human beings. I also built a clearer elevator pitch of what my brand does. There are countless valuable things that you can learn when you take the focus off of making profit right away. So for my young entrepreneurs who are struggling, remember that you should seek to ADD VALUE FIRST. If you successfully do that, the money will come. I see it like growing fruits in a garden. Adding value is like the seed you plant and the water and the sun. You keep doing that, and eventually you get delicious fruit that you can eat (and sell!). Best of luck everyone! [link] [comments]  |
| Will create an Access Database (or Powerapps application) for you for free. Posted: 05 May 2019 09:05 AM PDT Most of the people who are on this Subreddit don't have a lot of money. Access Developers can get paid upwards of 50$/hour. I will build you a piece of software / database for free. Impromptu Q/A What's the catch?
Why are you doing this?
What is Microsoft Access good for? What can you make?
What isn't Microsoft Access good for?
Why do I need a database?
If you're giving it away for free, you can't be that good.
Do you have any other skills?
Access sucks because _______ and ________ and also ________!
I want free, customized software. What should I do?
[link] [comments]  |
| Posted: 05 May 2019 10:36 AM PDT Hi all, So, i wanted to kindly request for some advice regarding my current predicament. I've spent the best part of two years building a peer-to-peer Bitcoin/Altcoin exchange (similar to Localbitcoins/Paxful but with more Crypto assets integrated) as a private side project (I'm a developer and designer by trade and based in the UK). Minus infrastructure it is ready to go live. Yet i'm not at the right place in my life to go live for numerous reasons including funding, family and time required. Additionally, it would be a shame to half-heartedly go live with such an extensive product and see it fail because of the time i did not have to commit to it when rather it would be more beneficial for me at this time to go for an early sale. So, i wanted to seek out advice in terms of gaining traction in finding a buyer for the product. I've thought about brokers and i am even open to offering a commission for a referral (eg friends of friends who may be interested) however i'm keen to listen to other ideas. In terms of pricing, i'm looking for something near the quotation given by a Paxful moderator here: https://www.reddit.com/r/Bitcoin/comments/39ug0q/how_much_will_it_cost_to_build_a_website_like/ To avoid starting off topic debates and drifting away from the rules of the thread i'll avoid putting the details of the product here but if you're interested you'll be able to find information on my post history or by contacting me through my personal portfolio website. Thank you all kindly for reading! [link] [comments]  |
| Is anyone here in the GPS Tracking/Fleet Tracking business? Posted: 05 May 2019 01:54 PM PDT I'd love to hear some of the obstacles you've overcome, and problems you've faced when getting your business up and running. [link] [comments]  |
| I want to have a side hustle but I don't know from where to start Posted: 05 May 2019 01:48 PM PDT I graduated with a bachelor of communications and I am currently doing a professional diploma in digital marketing while working part time in the industry. I want to have a side hustle but I have no idea where and how to start. Any advice please? [link] [comments]  |
| Posted: 05 May 2019 01:20 PM PDT For example if the market is too crowded I should be able to have a map that shows the current market place. The big competitors, the medium + upcoming competitors, the dying competitors. I can get an idea where my company can be positioned: the customer segmentations that are not fully defended that can be taken or possible become 're-segmented markets' or new 'new markets'. Also if I can execute within xyz years to get there, and if I can fend off competitors by some sort of propriety product or USP + value proposition that has a solid customer base. In other words a plan to see what the big companies can't do because they don't want to divide up their own sales by copying my product or its way too different than their customer segmentation to fight for that section. Being infront of my future competitors fast enough and hopefully capturing the customer segment before them if they copy. [link] [comments]  |
| Our product is a ear wax removal device, what do you think? Posted: 05 May 2019 08:19 AM PDT Hi r/entrepreneur! Our product CanaCam is a ear wax removal device that sends live-footage of the inside of your ear onto your smartphone, letting you know what you are doing. We have been working on this product and the website for a while, and will be launching a KS campaign sometime next month. Since we don't have too much traffic nor budget at the moment for FB ads/ PPC, I would like to get some feedbacks from all of you regarding on anything. Is it priced reasonably? Is the website clear on demonstrating the product, etc.? Do you think there is a potential here? Let us know and we will really appreciate your helps! Thanks in advance! [link] [comments]  |
| Designing a Video On Demand Service Posted: 05 May 2019 11:55 AM PDT So, recently I was using a video on demand service, and it proceeded to triple my monthly fee without notice. I decided that I wasn't going to take it and left. I'm interested in starting my own Video On Demand service, and I wanted to know what I should look into to get the ball rolling. Any advice for a young Entrepreneur? [link] [comments]  |
| Do digital marketers have access to better tools than business apps they we have? Posted: 05 May 2019 11:52 AM PDT Are digital marketers tools better? Also if I hire a digital marketer is it risky when hiring them to let them have access over the internet? Or is there a standard that they send over the copywrite and you send it yourself? Second question. Is there a risk in having a service store your data with something like mailchimp suddenly going out of business, and having the mail list be lost? [link] [comments]  |
| Posted: 05 May 2019 11:28 AM PDT So the title says it all. The app can save photos, videos, gifs, websites and in addition to that you can save social media posts, notes, music, etc. from any app and store it in one place. https://itunes.apple.com/us/app/figgle/id1449424159?ls=1&mt=8 If you'd like to know when the Android version comes out comment below and we'll add you name to our list. You'll be PM'd when it comes out (< 1 month). [link] [comments]  |
| How can I present my idea without it being stolen? Posted: 04 May 2019 11:24 PM PDT I have an idea for niche software that's particularly needed in northern regions of the US for apartment managers. I hired a couple of guys on Fiverr to draft up a potential UI of the end result, and the next step I guess is to see if I can sell anyone on the concept. There's no doubt in my mind that this can be a successful business model. My question is, I don't know how I can offer this service to any apartment complex, as my product would need access to some of the information stored on their resident software suites. If I owned the software suite, I'd just build the idea. Do I try to patent the idea? Do I make some kind of deal with the apartment owners allowing me implement an app that's integrated into their system? I don't know where to go from here. [link] [comments]  |
| Loads of ambition but no expertise, where even do I begin? Posted: 05 May 2019 11:18 AM PDT Hey all So, I'm one of those guys you lot probably roll your eyes at: Determined to start a business but no clue about... well anything, really. I'm 27 and work in HR at a big local company, so nothing that really lends itself to going independent unless I open a hiring business or the like. I know I can learn pretty much anything I set my mind to, but I understand nothing about coding, marketing, engineering or about any useful trade. My mind is full of ideas, but I have no knowledge in such fields to really pursue them. Even if I learned to code within two years to create that genius SaaS that is floating around in my head, I'll probably be left in the dust by anyone who's proficient. It sucks to know that had I figured out my drive for entrepreneurship sooner, I would've chosen a much different field to get into in order to get prepared. My question is this: Do people like me (no relevant knowledge or huge savings account) even stand a chance nowadays? What skills do you recommend any aspiring entrepreneur should learn? How do I avoid being sold shovels to dig in a drained mine? Basically: Can I still do this and if yes, where do I begin? (And yes I realise I've just made myself a target for all the shovel salesman lurking around here ;)) [link] [comments]  |
| Should I file quarterly tax report if I'm not using the revenue Posted: 05 May 2019 11:04 AM PDT Hey Guys, I own an S-corp. Right now I'm not planning to pay myself through payroll, hence the money has remained in my business account. However, on and off I buy stuff for my business through my business credit card that is connected to my business checking account. I'm not filing any quarterly tax form since I'm not paying myself. Is that OK? Also, I'm planning to donate some money to some committee, that still means I'm not using the revenue, right? [link] [comments]  |
| I want to automate your most tedious repetitive tasks for free! Posted: 05 May 2019 10:37 AM PDT Hi fellow entrepreneurs, I am working on a suite of tools to help entrepreneurs automate shitty/boring/soul-sucking repetitive tasks and free up time for more important things. Some tools I have been working on are web scraping, data archiving , spreadsheet merge, data cleanup etc. In other words, I am trying to create something similar to 'RPA as a service', but for specific problems that most businesses encounter. I intend to offer these services to Small/Medium sized businesses via a website. I want to solve your problems! So please comment with a problem your business faces and I will try to get back to you with a free solution to automate it. TLDR: Tell me a task you would like to automate and I will try to get back to you with a free solution. [link] [comments]  |
| Starting a construction business Posted: 05 May 2019 09:43 AM PDT I am very interested in starting a general contracting business for new commercial and mutifamily construction. Other than basic business starting costs like office space, insurance, etc. are there any other cost associated with a general contracting business? Since all jobs will be subcontracted there doesn't seem to be much costs associated with it. Does anyone have any advice? [link] [comments]  |
| Posted: 05 May 2019 09:27 AM PDT Hi there r/Entrepreneur! I've been a longtime lurker in this community, and I would love to be able to give something valuable back. I'm a digital marketer, copywriter and website designer with over 9 years experience owning my own agency here in the US and training clients and employees on how to market things. I do this every day for clients, and I love it! So, if you have a product, a service or an online sales funnel that you would like feedback and some free professional (and actionable) advice to improve your results - just let me know about it in a comment below (include links if possible) and I will spend some time researching your product/service and it's accompanying sales message and break down what I see for you at no charge! :) [link] [comments]  |
| Posted: 05 May 2019 09:27 AM PDT Hi guys, We have been working on developing plug and play epub reader SDK which you can easily integrate within Android and iOS app. We are targeting publishers who wants to sale e-books online. Right now there are few SDKs but they are not plug and play. Also not customizable as per theme of publisher. It will have all functionality which typical epub reader have like highlights, bookmark, last read position, taking notes etc. And everything will be syncable across devices. I would like to know your thoughts? Any publisher or any one in e-publishing domain who can give insights? Any other platform where I can ask this question? I want to validate idea of saling EPub SDK. [link] [comments]  |
| Designing a "Group Mom" Chatbot for your groupchat - would love feedback! Posted: 05 May 2019 09:20 AM PDT Hey everyone - thanks so much for a taking a second and reading! I'm currently working on a chatbot service called Planetoid to help organize plans in SMS groupchats - we're designing a chatbot concierge/group mom for your texts that helps wrangle people and plans. We have been faking it thus far, building out the scripts as we go to figure out how users will actually interact with the service, and we're on the hunt for more precious feedback! Please check our temporary landing page! We would super appreciate any feedback on the messaging, and if you are part of a groupchat that needs some organizational love, we'd super-duper appreciate any beta signups! https://planetoid.splashthat.com/ Thanks a million! [link] [comments]  |
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