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- 4 years as a bagel shop owner in the books
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| Posted: 02 Aug 2019 05:16 PM PDT |
| Wall Street drops to one-month low on trade, growth fears Posted: 02 Aug 2019 08:01 AM PDT |
| Posted: 02 Aug 2019 04:57 PM PDT |
| Short sellers are increasing bets that cannabis stocks will fall Posted: 02 Aug 2019 11:58 AM PDT |
| Posted: 02 Aug 2019 04:38 PM PDT |
| DoorDash To Acquire Square’s Caviar For $410M Posted: 02 Aug 2019 07:30 AM PDT |
| 4 years as a bagel shop owner in the books Posted: 02 Aug 2019 12:19 PM PDT I almost didn't make a post this year, mostly because Ive been to busy, and well, uninspired i guess. But i decided hey, i already did 4, why not keep it up. so, hopefully you guys enjoy, ill keep it short and sweet, you can ask any questions you like. quick back story, my wife and i bought a bagel/coffee shop in June of 2015. Its been quite the experience learning how to be a business owner. We were 22/28 respectively when we bought it. Here are links to my prior Reddit posts on the shop, if anyone wants to read them. 2016https://www.reddit.com/r/personalfinance/comments/43aeny/the_good_the_bad_the_bagel/ The 4th year of ownership has probably been the easiest, though that's relative! still a lot of challenges this year for sure. first, quickly the numbers. This year we saw 18% year over year growth, with an average daily sales of $1264 and a yearly gross of $450k. when we took over, the business had done $160k and $515/day over its previous year. This is all in 600sqft, ( 150 kitchen, 100 front house, 150 dining area, 200 basement). We have also developed quite the local base of customers. When we took ownership, less than 25% of our total sales were people who lived or worked in the area. Its now easily 60-70% of our base. It helps that are particular are is undergoing gentrification. we now have the best crew we have ever had! we have 3 full time employees, and 4 part time, tho when college starts in a few weeks that will drop by 1. We have several multi year employees now, and have created a reliable staff who loves their jobs. We now pay a base pay of $12-$16, plus tips run $4-7/hr. This has also helped us develop a stellar reputation for our AMAZING service. Our staff loves our customers, and vice versa. This helps, along with our constant striving for high quality food, us maintain an impeccable rating on social review platforms. Unemployment here in Reno has remained under 4% which has made hiring difficult and driven up wages. We participated in a university marketing course this year, as sort of a class project, and this has helped us in a lot of ways. We are definitely doing more now to market ourselves better. The wife and I are still working quite a bit, but it has improved since the first years. We now work 38-48 hrs per week, with occasional 3 days weekends. This has been great for our health, as the first few years we often worked 60-80hrs with no days off for weeks on end. we managed to solve the huge problem of our AC issues before this summer started. Long story short, our unit was no designed to handle the amount of equipment, people and operations we have. Its was old and inefficient. Temps were regularly 80-85* in front and 82-92* in the kitchen, depending on how hot it was outside. it would cost $10k to put a new unit in (rooftop) and we weren't about to pay that. Our landlord is useless. So this year, we installed a 1600sqft Evap cooler in one of our kitchen windows ( humidity here is between 8-15% during the summer) and it has been a work horse! kitchen temps between 68-75*. we did have to buy a supplemental window AC unit for the front , but with a few well placed fans, the front has been between 72-77*. This has been a huge WIN for us, and saved us $300 a month on electric ( we had 3 portables last summer that ate so much power) We also performed a renovation on New years of our front of house. We polished our concrete floors ( they had this black glue on them from when they had lam. in the past), reorganized our layout to create better flow and more space, and installed digital menu boards. We also simplified our menu, removing some under performers and creating a few new options. We try to do this every so often, and now with digital menu boards we can. We even made our own artwork for it on Adobe illustrator. We also made a move to serve our food to-go. in such a small space (we have 12 total seats inside, then about 28 seats outside), it makes the most sense, especially since 70% of our orders were already to go anyway. People are welcome to stay and hang out, but this helps our efficiency (reduces steps and confusion in the kitchen), and encourages the movement of people. Looking back, we have come so far. We have created so much efficiency in our space compared to when we first took over. We operate like a well oiled machine, and our ticket times never get above 5-10* minutes. In fact, when its not crazy busy, most orders go out in under 4min. We have learned a lot, and have some new challenges this year, including the sale of the building we are in. Ive attached a few pics, if you have any questions i will do my best to answer. [link] [comments]  |
| Posted: 02 Aug 2019 05:45 PM PDT |
| How to get $7,500 AWS Credits + $50,000 off Stripe Processing Fees Posted: 03 Aug 2019 01:26 AM PDT |
| Google to allow search engines to compete on Android Posted: 03 Aug 2019 12:48 AM PDT |
| Trade deal chances remote as US imposes new tariffs on China - Posted: 03 Aug 2019 12:19 AM PDT |
| S&P 500, Nasdaq close out worst week since December on trade worries - EndaTrade Posted: 02 Aug 2019 11:24 PM PDT |
| Posted: 02 Aug 2019 04:23 PM PDT I hope this is the right place but I'm getting tired of working for other people (aren't we all) and in the past I had done a side hustle fixing people's cars and doing small stuff. I'm interested in learning what steps I would have to go through to be legit this time around (business license, insurance, etc?). I am keeping in mind how much can go wrong with be a mobile mechanic but I am keeping it low this time, so pretty much brakes, oil, tune up, small stuff. Not doing big things where big things can go wrong like powertrain swaps, etc. I'm just interested at this point and want to see where this could possibly go. TIA. [link] [comments]  |
| Posted: 02 Aug 2019 05:03 PM PDT |
| Legal Entities / Corporations question Posted: 02 Aug 2019 08:15 AM PDT Why might a Canadian/Permanent Resident consider registering their business in the US? [link] [comments]  |
| questions about a new business Posted: 02 Aug 2019 12:48 PM PDT me and my partner are thinking about starting a business (buy land, build a house and profit). we had the idea to get the money through investment: basically we would offer an interest rate higher than the banks for people's savings with a minimum time to recover the money of 6 months (they could get the money before, but without interest). Can it be done? Would it require more than 1 corporation? What kind of licences would i need? PS: My partner owns a business and the idea would be to get his clients in and then spread from there, his clients trust him. this is in Florida, USA. [link] [comments]  |
| r/postYourNewBusiness - Resource Posted: 02 Aug 2019 09:06 AM PDT |
| Few lead generation strategies to adopt for business development! Posted: 02 Aug 2019 05:08 AM PDT I'm going to discuss few lead generation strategies that can be adopted to get quality leads for your business growth. Some strategies are time consuming, while some are quick but not top quality. So these are few strategies:
These were few of the strategies and methods that can be implemented for growing your business revenues. I don't guarantee which method will work out for you, but they are few of the most tested approaches imo. You will have to play around with different lead generation strategies to see what works the best for you. If you know any other methods then mention them in the comments below. I'll be glad to learn about them. [link] [comments]  |
| $CVS - CVS reports earnings Wednesday. Here’s what to expect Posted: 02 Aug 2019 07:06 AM PDT |
| The importance of data strategy for startups Posted: 02 Aug 2019 02:27 AM PDT |
| How do i send a mail to a lost business partner? Posted: 02 Aug 2019 04:33 AM PDT Hello, Like the title says, how should i send a mail to a lost business partner? I am unfamiliar with the reason why my partner stopped giving work to my company, everything was going smooth. So, how should i get back..how do i start a conversation again?..my source of communication is mail or whatsapp. [link] [comments]  |
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