Studies have shown a massive effect of business growth speed when businesses create business plans. small business |
- Studies have shown a massive effect of business growth speed when businesses create business plans.
- I spent 38 hours creating a Habit Tracker Spreadsheet to help you build habits
- Quit my job to do what I love, which is building products :), but how to make money?
- Hi! Copywriter here, looking to write a few landing pages for free for my portfolio
- Valuing a business (UK) and question about taking one over
- How much would you pay for this laundromat? What's the best way to value purchase price?
- Can you use Capital Ones balance online transfer promotion to fund your checking account?
- Vending Machine Bakery
- How should I pay myself from my business?
- Do NOT use Stripe as your payment processor
- a few questions
- I am starting a small flower business in CA. I will be selling at Farmers Markets with the intent to eventually open a brick and mortar. Where do I start?
- What is your budget for a website?
- Conflict with Former and Current Owners. Please Help?
- Do I need a Sales Tax Permit in every state for an Online Business?
- Do I need to file with the state to change my DBA as a sole proprietor?
- I need 100k asap
- When does it become OK to go on a vacation?
- Should I have insurance?
- Lease questions
- Consulting letter of introduction to be handed out by a friend of a friend
- Business Insurance for a new small business, what do you recommend?
- Preparing initial financial projections for SBA loan
- Using Facebook Ads to promote my blog. Any advice on how I should go about it?
| Studies have shown a massive effect of business growth speed when businesses create business plans. Posted: 11 Jun 2019 02:16 AM PDT A study was published in 2010 that combined research on the businesses and their growths. It included 11,046 companies and the study found the. Interestingly, this same study found that planning benefited existing companies even more than it benefited startups. Another study was done, and it found that businesses that planned grew 30% faster than those that didn't plan. It did find that businesses can find success without planning, but that businesses with a plan grew faster and were more successful than those that didn't plan. They also found for these companies, more detailed planning is generally more helpful, so it does matter what you include in your business plan. How many of you write business plans? I think people tend to forget or gloss over a business plan when setting something up online. However trivial you think it is, I highly recommend you look into creating one. There are plenty of free and paid resources out there to assist you in creating one. [link] [comments]  |
| I spent 38 hours creating a Habit Tracker Spreadsheet to help you build habits Posted: 10 Jun 2019 06:54 AM PDT [sharing a tracker I created to help you build new habits] Hey guys! We all know how much of an effect habits have in our personal and business lives - as most of our actions are just a collection of habits we do automatically. Some people don't try and build new habits, some people focus on them but don't have a system in place, and some people don't like their system or it takes too much time. I have spent many hours creating my Habit Tracker Spreadsheet, that I'd like to share with everyone here. My aim whilst creating it was that it should be quick and easy to use. After all, nobody wants to spend too much time trying to track their habits - because there's not enough benefit, and frankly it's a bit boring. The tracker will take you under 2 mins a week to fill out, and everything else is done automatically for you. It includes:
If you would like to check it out, feel free to do so here: https://thespreadsheetwiz.com/habit-tracker-spreadsheet I hope some of you find it useful, and I'd love to hear what you think about it :) [link] [comments]  |
| Quit my job to do what I love, which is building products :), but how to make money? Posted: 11 Jun 2019 01:17 AM PDT Hey guys, I have quit my job in January this year, and I stared building things, I have launched a product since. It's a VPN service, it started making some money but it's like 200 usd per month, which people tell me it's really good for being in business for a month. I guess it's profitable. But how do I grow it? Also I started building another product, since that's what I low doing. Would love to partner with some one who is interested in growing products :) I love building things :) Thanks [link] [comments]  |
| Hi! Copywriter here, looking to write a few landing pages for free for my portfolio Posted: 11 Jun 2019 03:12 AM PDT Hi, I'll make this quick. Here's my website: https://thewriterman.com Here's my portfolio: https://thewriterman.com/projects I was about to upload my copywriting samples but realized I only have 5 samples that I could use. So I'm looking to write two landing pages for free, given that you can publish the landing pages quickly (only if you like it, of course). You can use my website to reach out to me and ask for previous website copy work. Cheers! [link] [comments]  |
| Valuing a business (UK) and question about taking one over Posted: 11 Jun 2019 12:27 AM PDT Hi, my understanding is that a business is usually valued as a multiple (x3 or x4) of its annual net profit. However for a cafe in the UK they seem to be telling me it's a mix of turnover, location, equipment condition and goodwill. Goodwill has no value to me as we'd change the cafe/menu/name completely, and turnover IMO is meaningless if they're not making a profit on sales. A specific example is a cafe that they want to sell for £60k plus £1100 lease per month for a cafe with a turnover of £80k pa and profit of £7500 pa. To me, that's paying £60k for a business making a loss of about £450 pcm. What am I getting wrong here? [link] [comments]  |
| How much would you pay for this laundromat? What's the best way to value purchase price? Posted: 11 Jun 2019 03:24 AM PDT Hey all, I'm looking into buying a laundromat. Curious how much you would pay for one with the following numbers. I know it's very market dependent (e.g. HCOL cities like Boston and Los Angeles will be more expensive). This laundromat is in a busy part of Boston if it makes a difference. Monthly Revenue: -$14k from washer and dryers -$11k from wash & fold -Total: $25k Monthly Expenses: -$4k Salaries -$4k Utilities -$4k for Rent -$500 for taxes, licenses, permits -$500 for repairs and supplies -$200 for internet and alarm -Total: $13.2k Net Income: $11,800. Current owner works at the laundromat full-time each week. [link] [comments]  |
| Can you use Capital Ones balance online transfer promotion to fund your checking account? Posted: 11 Jun 2019 03:21 AM PDT Will the system allow me to transfer my credit on my card to cash into my checking account? It says no debit checking/savings, but, will it allow it? When asking for the account, it says "Please do not use Checking/Savings or debit card accounts." And yet i have seen a few vague posts saying it was allowed when they did it. No word on the "don't do it message" [link] [comments]  |
| Posted: 10 Jun 2019 05:22 PM PDT Plausible to start a bakery in a commissary, selling solely from vending machines? The intent being to use it as a way to a brick and mortar. [link] [comments]  |
| How should I pay myself from my business? Posted: 10 Jun 2019 12:45 PM PDT Hi there, I just opened up an LLC after accepting a new offer as a consultant for a marketing agency. The agency pays me $80k per year. Before this I was always on salary, so this is fairly new to me. I plan on doing a lot of my spending (to a reasonable extent) through my business for obvious reasons, but I'm not sure how much I should actually pay myself through the business. Do you other sole proprietor's just pay yourself a salary? A bit overwhelmed on how to set this up. Thank you! (Also, any business credit card recommendations would be greatly appreciated.) [link] [comments]  |
| Do NOT use Stripe as your payment processor Posted: 10 Jun 2019 09:06 AM PDT If you currently use or are considering using Stripe as your payment processor... DON'T! If for ANY reason you have to process a refund for a customer, Stripe will NOT adjust their transaction fee. My invoicing software accidentally attached erroneous billable hours to a client's invoice which was set for automatic payment, so I went in and processed a refund so they would be charged the correct amount. Now, I'm on the hook for $379.91 when the correct fee should've been $3.78! This applies to all accounts created after September 14th, 2017 (which makes no sense to me, but I digress). I've never seen such a crappy policy in all of my 30+ years. I don't recall seeing any large notice as I was creating my account or prior to processing the refund, but this should be made absolutely clear to Stripe's prospective clients BEFORE you're able to create an account or process a refund. I'm currently reviewing their entire refund policy, and this specific contingency is like searching for a needle in a haystack. Looks like I'm eating this $379.91, but I figured I'd share this with as many people as possible. I'm considering reaching out to an attorney to see if there is anything that can be done. I'm fairly sure I've heard of rulings going in favor of people in my situation due to the fact that nearly no one reads entire privacy policies. And if you're going to tell me you read every single word of every policy you agree to, you're full of it. If anyone has firsthand knowledge on this specific matter, please share your experience(s). Please share this with as many other prospective and current Stripe users. This is not right in any sense of the word. I'm a small business (duh) and taking $379.91 out of my pocket is detrimental to my bottom line. I'm currently switching payment processors, regardless of the outcome. I've escalated the issue with Stripe customer support and will update this post as things develop. You can count on me fully reviewing the refund policy for my next payment processor! I'm trying my best to stay calm and typically try and remain professional in these circumstances. If you've come to comment, "sucks, deal with it!" or, "you should've reviewed the invoice before sending it!" - just don't. It's not going to help anyone here. Not all of us are so lucky to be able to write off $379.91 and move on. Mistakes happen, but that doesn't mean I should have to pay $379.91 on a $120 transaction. The correct transaction fee should have been $3.78, so we're not even in the same ballpark. [link] [comments]  |
| Posted: 11 Jun 2019 12:29 AM PDT Hello there, a few friends and I are planning on starting a TCG shop, going to be selling probably mostly magic cards/pokemon cards and board games hopefully. We all plan on putting in a lot of time and money into this because this is something were passionate about. My questions were -What are good ways to do market research -What are good ways to advertise locally (ive looked into this a bit im just asking to see if ive missed anything) -how much of a buffer should we put between estimated costs and the budget itself at first -How would one contact a distributor/supplier And do you guys have any general tips or tid bits of knowledge? Thanks :) [link] [comments]  |
| Posted: 10 Jun 2019 07:48 PM PDT I believe I need an LLC. And I need a wholesale license or sellers permit? I'm not sure- any advice is appreciated! [link] [comments]  |
| What is your budget for a website? Posted: 10 Jun 2019 07:44 PM PDT For context: I'm a web designer in Texas. My goal is to target small businesses by offering affordable websites without underselling myself. I'm asking to try to get a better idea of potential clients' perspective. When your business was starting out, how much were you willing to pay for a good website? What kind of things were you looking for? [link] [comments]  |
| Conflict with Former and Current Owners. Please Help? Posted: 10 Jun 2019 09:26 PM PDT Hello reddit businessmen and businesswomen! There is an issue with the business income at the place I work at and I was wondering if anyone can give me knowledge on this problem. I don't even know if this is the right place to post this... if so please help me out! I will use random names to describe the people involved in this situation. James: Former owner/manager of the business Lucy: Current owner/manager of the business So, Lucy bought a franchise business from James almost a year ago. As of right now, the franchise is under Lucy's name and all the certifications/papers required to own the business have already BEEN done. The only thing that is NOT in Lucy's name is all the sources of money flow to the business. The only money source connected to Lucy's account is the credit/debit card payments done in store. Every other method of payment is connected to James's bank account. Mind you credit/debit card payments done in store are a VERY small percentage of the business's income. I don't know anything about this subject, but I'm pretty sure it does not take more than a year to transfer all methods of money flow to Lucy, especially when the business is already in her name. This was supposed to be done a long time ago, but for some reason it has been delayed primarily on James's side. I don't know what exactly is going on as I only work at this place; but the main gist of the problem is enough to get me worried. How long should it usually take for all the money sources to be transferred to Lucy's account? Is what James doing even legal? Please give any insight to deal with this problem, it would be much appreciated! [link] [comments]  |
| Do I need a Sales Tax Permit in every state for an Online Business? Posted: 10 Jun 2019 01:57 PM PDT So I want to start a online business selling physical items. Do I need a sales tax permit in every state? And is there any easier way of doing this than going to each state individually? Also, if anyone could help me and look over things I need to do:
Also for a single person LLC, how does paying myself work? Do I just take out profit any time I wish? And then it goes on my personal tax return instead of the business to avoid being double taxed? Thank you for any and all advice world of reddit! [link] [comments]  |
| Do I need to file with the state to change my DBA as a sole proprietor? Posted: 10 Jun 2019 07:40 PM PDT Long story short, I'd like to change my DBA. I only just got approved for a Certificate of Authority (which issues me a tax ID—I'm not sure if this is how it works for all states in the US). I have read online that LLC and other types of limited liability entities must file with the state (New York State in my case) to change their trade name. But as a sole proprietor since the legal name of my business is just my personal name, it is necessary to file an amendment to change my DBA? [link] [comments]  |
| Posted: 10 Jun 2019 11:26 PM PDT I need 100k for growing equipment for my business I can't take out a loan. I've been trying to get private parties to loan me the money but they all want equity I just want to return double their investment in 6 months or 600k in 2 years. I have 2 other partners so I have 33% equity so I really can't give it away. I've exhausted my options and contacts don't know what to do. [link] [comments]  |
| When does it become OK to go on a vacation? Posted: 10 Jun 2019 07:37 PM PDT I'm wondering when other small business owners decided it was ok to start going on a vacation? How long do you go for? What processes do you put In place to make this happen? I think this would be a create thread for us to share our vacation thoughts and strategies! Full disclosure last year I went on two 1 week vacation, overall things went smooth, of course I had to be on the phone a few times and answer emails but it went well. We have been in business for 4 years, we are profitable but I must admit I feel guilty going, I have a few friends trying to convince me to go on a 14 day Europe vacation soon but that seems bold, I always feel like I need to be full speed ahead...then again you gotta enjoy life sometimes 🤔 [link] [comments]  |
| Posted: 10 Jun 2019 07:35 PM PDT I own a small service business. I have two clients and two part time college kids working for me. They will be 1099 contractors and this is an LLC of which I am the sole proprietor. Things are going quite well so naturally I've started to worry about what could go wrong. The business involves taking photos for car lots, so we drive the cars. Just on the lot, low speed stuff. I'm worried someone is going to wreck a car, get hit by a car, hit someone with a car, generally speaking: have a car accident. I do not have any kind of business insurance. All three of us are licensed, insured drivers. Does it sound like I need to buy additional insurance? [link] [comments]  |
| Posted: 10 Jun 2019 06:47 PM PDT Hey guys, I am in the process of working on a hookah lounge in the state of NY. I found the perfect location for the lounge and I need some questions answered. My family owns other businesses with property so never really dealt with leasing. The location I found is perfect and I really want it to work out. Is it better to do short term lease for a new business? This is the first of it's kind in the area and my partner is worried if it doesn't do well well be stuck with long lease. What happens if we sign 5 year lease and the business isn't doing well and we want out? We did a lot of research and everyone is very excited to have a lounge, but that doesn't mean it will do well. The property owner offered 2 year minimum. We're also worried that if the location does well, the property owner will raise the monthly lease at the end of two years to higher amount. We do have a lawyer that is currently working on all the licenses and what not. I have a meeting with him Friday where I will ask him all these questions as well, but I am just trying to see how all this happens generally. [link] [comments]  |
| Consulting letter of introduction to be handed out by a friend of a friend Posted: 10 Jun 2019 06:18 PM PDT Wanting to move into grant writing after having done it for 6 months very part time amoungst everything else I was doing. I have moved this into my main gig Have set up a website, started networking in my local area. Someone I know has asked for a letter of introduction he can hand out along with my business cards, meaning I can't tailor to each prospect. I have my oldest clients has received 1 grant with 3 still in limbo. What I have done sucessfully is found 25 grants they qualify for when in the previous year they had only identified 4. I can't really brag about all my experience when I have so little, but I need to start putting myself out there to gain momentum. Here is the first rough draft of the letter, I know it is short but I am struggling to fill it out: Hello, Charities never have a lack of demand for their services. With ever increasing demands on your budgets, getting a grant funding stream moving would free up the time and funds. On the other side of the coin there are 27,000 registered charities in Grantland, each one trying to source as much grant money as possible so they can go do good. Having a professional on your side helps you get they most you can so you can go do good. Accordingly, I would very much like to meet with you to brief you further on our services. What I have do is find out your purpose, look at your dream financial budget, and match make with various foundations to find the right fit. Then I make sure your grant proposal is the best in can be through the right storytelling approach, your budgets are sound and your cover letter has the right talking points. After receiving the grant I create the final accountability report to ensure that a great relationship between the foundation and you is maintained. Please feel free to call me at XXX XXXX XXXX so that we can discuss this further. Yours truly, [link] [comments]  |
| Business Insurance for a new small business, what do you recommend? Posted: 10 Jun 2019 06:28 AM PDT I have just started a new small business, an on-demand IT consulting firm with a staff of five. We are working on-site for many of our clients, our projects range from 1 day to 3 months. Business insurance is the last thing on our mind, but I think it is time to get insurance. I'm not really all the familiar with business insurance, and not sure of how much I should get. Additionally, any recommendations on gig business insurance would be helpful? I've been looking at Bunker's instant business insurance, is anyone a customer? If so, do you have GL or PL, or both? Lastly, what's any average of how much to pay monthly to be adequately insured? I don't want to pay too much, but I don't want to underpay of course? [link] [comments]  |
| Preparing initial financial projections for SBA loan Posted: 10 Jun 2019 04:51 PM PDT I searched for this in the subreddit, but all I could find were generic advice on taking out a loan. I've gone onto SBA.gov and filled out their whole business model template, but the financial projections are iffy and I'm not 100% how to fill them out since I'll be starting the business from scratch. Any advice on how to get my financials reviewed before going to the local credit unions for an actual loan? I'm thinking of going to a Wells Fargo, knowing full well that I won't use them and they'll say no, but at least I can see what kind of questions they ask regarding the financials. Does anyone know if the SBA offices help prep for this? [link] [comments]  |
| Using Facebook Ads to promote my blog. Any advice on how I should go about it? Posted: 10 Jun 2019 04:40 PM PDT Today's the first day in my blog launch and I opened up a FB page and am trying to get people to comment/like the posts on my blog. I've run a few "boost posts" and am doing an "ad campaign" via ads manager. Put down a max of approx. $250 for ad spending. I'm not getting much traction and am hoping if you guys had any beginner advice on growing your blog into something big. [link] [comments]  |
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