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    Wednesday, August 7, 2019

    Has anyone here every been successful, lost it all, and then became successful again? small business

    Has anyone here every been successful, lost it all, and then became successful again? small business


    Has anyone here every been successful, lost it all, and then became successful again?

    Posted: 06 Aug 2019 08:17 PM PDT

    I'm 37. I was relatively retired from 23-30. I worked 5 hours a week, earned 25-30k a month and had a blast. I still feel the same: good and positive. It's just, I'm in a 500sq ft shithole apartment with 2k net worth (12k in possibly pointless machines) $6.00 in checking, $1000 in saving.

    I went to prison. Drugs played a role in my earning. A big role, but I financed flipping houses and boats and lent out money to almost anyone with a dream and a work ethic. The money I had protected in case of arrest, which was 200k in equity across three homes and 80k in cash, was stolen by my mother. That's the backstory, but hopefully not the full story.

    While gone, I underwent a massive awakening. I realized I could have been successful at anything. Now, I come out, clean spirit, healthy mind. Day one, I walk and get a job, $9 an hour to organize a dusty warehouse. A worker gives me a rusted 10-speed. I ride it to businesses after I get out of work each day. I was interested in one field in particular. My friends started a business while away and failed. I thought they were dumb; the industry full of kids and modeled incorrectly. So I ride to those businesses, talk to owners, and within 3 weeks of release convince one to hire me as a manager. He had 2 locations, average 8k a month in sales. (WTF?) Fast forward 18 months, he's absent, I'm on bank and running every aspect of the business. We have 1 location averaging 25k a month, steady growth. I think we cap at 32-35k in 6 months. We are reopening 2nd location Oct 1. Friday I sign papers to own 30%.

    I believe the industry can experience a shift in its model. The machine I've been working on for a year is going in a store Friday. My plan is to start a new business making these machines and sell them to the many business across the country. Create a logistics company that oversees the machines. There are other ways to earn from them, but (and I hate to say this) like with narcotics, I'll be a middle man. One guy does all the work, customers benefit from the machine, I take a portion and do little. My boss & soon to be partner is not aware this is my plan. I intend to stay managing this for 6-12 months. I've been prepping guys to run things similar to me since I started. My machines (if they work) will benefit my soon to be business. I imagine with two stores and these machines, which should double a store's profit, we will profit 300k a year, after 2-3 years of growth. I'd be happy if we had a smooth 100k. He was taking no salary and losing 18k a year, so, although he may be butt sore and my actions may be a dick move, I just want to keep it real with you.

    I'm older. My past is fucked. I want a woman in my life. I've done nothing but work and sleep since release (I had to learn accounting and taxes). I'm about to embark on another leg of this trip, one I hope will let me chill again. I miss good food. Best case it's full burn for another 18 months. Does this outline sound plausible or more like a bunch of wishing and praying?

    I'm asking if anyone has gone from nothing to something and then back again?

    submitted by /u/swm4urlife
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    I am a senior, 16, and need to interview someone for my entrepreneur class.

    Posted: 06 Aug 2019 05:21 PM PDT

    Hi there!

    I am a senior, 16, and need to interview someone for my entrepreneur class. Unfortunately I don't have anybody I know who has started a business in the real world, so I would really appreciate if any one can help me!

    I also have to send a thank you letter in business format so let me know if you don't want to have anything sent to your business address.

    Under here are the questions, you can private message me if you want!

    Entrepreneur Interview (copied straight from the page)

    ------

    Entrepreneur: _____________________________________________________

    Name of Business: _________________________________________________

    Business Address: _________________________________________________

    Business Phone: __________________________________________________

    Business Website: _________________________________________________

    Type of Business (Industry): _________________________________________

    Type of Ownership: ________________________________________________

    *Underlined questions must be answered. You must answer at least 15 of the 20 questions.

    1. Why did you become an entrepreneur?
    2. Did anyone help you start your business?
    3. What type of background and education do you have?
    4. Do you have a mentor?
    5. How many hours do you put into your business each week? Has it always been that way?
    6. How long have you been in business?
    7. What are some of your high and low points of starting up your business?
    8. What is your niche market (product, service)?
    9. Who is your target market?
    10. How do you retain customers and attract new customers (marketing strategies)?
    11. How did you choose your location?
    12. Who are your main competitors?
    13. How is your business structured (number of staff, organizational chart)?
    14. What do you look for in an employee?
    15. What do you do to increase sales and income in your business?
    16. How long should a new entrepreneur expect to break even?
    17. Did you hire an accountant or an attorney for your business?
    18. What type of insurance is required for this business?
    19. Can you give me a range on the amount of capital it takes to start a similar business?
    20. What tips would you give a new entrepreneur (what would you do differently)?
    submitted by /u/Domoriski
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    Need advice. Our insurance is dropping us. They suggested we create a new business entity to avoid paying high insurance premiums with our new provider.

    Posted: 06 Aug 2019 11:15 AM PDT

    Our business has accrued some high dollar liability claims and our quotes for new insurance are through the roof. Is it possible to start a whole new business to obtain more affordable insurance. We have 8 employees and about 80 clients. I can't wrap my head around all the things we would have to change. Quickbooks, Paychex, etc. Is this a common thing for business to do. Is it against the law? Thanks for any insight into this.

    submitted by /u/clruss
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    Make a blog page on website for my photostudio?

    Posted: 07 Aug 2019 04:51 AM PDT

    Should i make a blog page on my site for my photostudio, to attract more people to my website? We mainly focus on family photography and business portraits.

    Do any of you have experience with this and maybe tips?

    submitted by /u/joelljeremy
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    Blogs to use to help grow a small business

    Posted: 07 Aug 2019 04:29 AM PDT

    So there are many people starting blogs about their experiences as either corporate CEOs or as serial entrepreneurs. This is especially true if someone also wrote a book.

    If someone is in search of blogs that help small businesses, which are the best.

    Before anyone writes "google it" - I did google it, and found a list of 100 best blogs about entrepreneurship- but I am unsure which are good.

    What do you guys think? Are they useful? Anyone in particular?

    submitted by /u/mortalassassin
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    eCommerce Platform- Build e-commerce solution with MoreCustomersApp

    Posted: 07 Aug 2019 04:17 AM PDT

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    Posted: 07 Aug 2019 04:09 AM PDT

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    submitted by /u/Dallewalle
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    How to advertise to specific demographic based on region, age, and income?

    Posted: 06 Aug 2019 11:10 PM PDT

    Hi,

    Wondering what would be the best way to advertise to a specific demographic based on region, age, and income?

    I'm familiar with Snapchat but no other platform. Although, the demographic I wish to target most likely would not use Snapchat much.

    Any help is much appreciated. Thanks!

    submitted by /u/SecureSmartSystems
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    Should I start an LLC now... Even though I don't have a business?

    Posted: 07 Aug 2019 02:51 AM PDT

    Good morning.. I have a goal to start a business... I'm prepping for it as best I can but it is going to take some time... I'm wondering if it would make any sense to purchase an LLC and take care of legal stuff now or wait until in ready to actually dive head first into it... The estimated time frame is staying in 5 years. Give it take a year... (I want to start tomorrow but can't due to location... Funds etc..)

    submitted by /u/siker11
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    Background Check Company in India.

    Posted: 07 Aug 2019 02:43 AM PDT

    We deliver reliable information that drives the growth of your business. With industry experts and qualified team, we are the leading due diligence and background check company in India.

    submitted by /u/POWERULLU
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    I need a safe for personal and business purposes. If I buy a large gun safe, can I write it off on my taxes as a business expense?

    Posted: 06 Aug 2019 06:45 PM PDT

    I have a few guns that I need a safe for. I also have many business documents that have sensitive tenant information on them that I also need to keep secure.

    If I buy one safe and just make it a large safe can I write off that as a business expense because I am keeping the business documents in the safe?

    submitted by /u/thatoneguysbro
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    Would you be happy chalking it down as an “advertising expense”

    Posted: 07 Aug 2019 02:04 AM PDT

    I work for someone who would order 1000 products and give every single one of them away for free, I asked him was it smart as he would make no profit from this and his response was he would chalk it down as an advertising expense and he said it's no different than spending the same amount on Facebook ads, he says what he is hoping for is that the people who get the free products will be pleased and eventually shop with him. Does this sound like a waste of inventory to anyone else?

    submitted by /u/redditquestions9
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    With which US banks can I open a business checking account with a virtual office's address?

    Posted: 06 Aug 2019 05:51 AM PDT

    I'm looking to open a checking account for my Texas business corporation but I've found in the past not all banks accept virtual office adresses. Those of you who use virtual offices, which bank do you use?

    submitted by /u/LeviPorton
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    Tesla Company Car Policy Help

    Posted: 06 Aug 2019 05:56 PM PDT

    Hi!

    I am joining a tech startup in Virginia, and the owner wants to start a tesla program for referral bonuses. He wants to lease tesla 3 for the employees. My task is to find the best route for this idea, that minimizes liability for the company (also they dont want to own the lease and fleet of teslas) minimizes tax burden for the W2 employees and allow them to use it personally.

    Basically want to know if your company has instituted a company car policy and how?

    I am leaning towards a FAVR program but welcome any and all ideas

    Thanks in advance!

    submitted by /u/ryandddd1125
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    Advice please. How do I diplomatically tell a long-time client leaving their dog with me for a month with a days notice is not ok.

    Posted: 06 Aug 2019 03:38 PM PDT

    I am a dog trainer. I handle, walk, train and board dogs. My client list is small and keeps me busy enough that I work 7 days a week, 12 to 16 hour days upwards of 20 days a month. Most of my clients have been with me for over a year. One client of mine, I walk her 5 days a week and have for 2 years. Beginning of this year, they texted me saying they would be traveling for the entire month of October and asked if I could care for their dog for part of it. I said no problem!

    Jump to yesterday and I get a text from them saying "we leave tomorrow, here is the number of the person who will jump in to watch our dog and give you some relief." This is only the second time they have brought this trip up to me. I asked them why did I think this was supposed to be in October to which they replied "glad we texted then!"

    They have not said anything to me about this trip other than the original request back in Jan/Feb. We have a group text and we communicate almost every day and this travel was never confirmed with me. It is not even anywhere near a time where I would have reached out to suss out details. They know they did not communicate with me, there is no way they could think they had. They are now on a plane on their way out of the country.

    I have their dog. I truly can not watch her this coming weekend because I was already booked before they decided to "remind" me of their travel. I reached out to the person who is supposed to provide me with the occasional day off and she said she thought I was going to do the majority of caring for the dog. W.t.f. She also informed me she is getting a medical procedure done this weekend and can't take her either.

    I don't know what to do now. I've been doing this for a while and, in my industry, what they have done here is a fireable offense. I am not a large kennel, I am an individual with only so many bedrooms and kennels. I am also a trainer so none of the dogs in my care are easy to watch. And every dog added to the group brings an additional hour plus to my already completely booked day.

    How the hell do I communicate to them this was unacceptable?

    submitted by /u/lkattan3
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    The Best of Content Marketing!!

    Posted: 06 Aug 2019 10:44 PM PDT

    How has content marketing changed over the years? Why is keeping track of trends important? Why is social media a double-edged sword? What is it like to become an influencer? What is it like to become an entrepreneur? What makes a good content marketing strategy?

    Check here to learn about Content Marketing.

    submitted by /u/Kamila_bome
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    Do I need an EIN, a Local Business Tax ID and a Home Office Agreement for my Florida LLC?

    Posted: 06 Aug 2019 10:13 AM PDT

    I recently began the process of starting my LLC in Florida, I have already filed for the LLC and filed for/received an EIN from the IRS. My concern was whether or not I am also required to fill out and submit a local business tax application, as I found a PDF of this on my city's website.

    In regards to the Home Office Agreement, I found a PDF of this on my city's website and due to the fact that my LLC is filed with my home address and will be operating from the same place, will I be required to file for this?

    Thank you in advance for your response!

    submitted by /u/TheDarkShez
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    Best ECommerce Website Builder - MoreCustomersApp

    Posted: 07 Aug 2019 01:35 AM PDT

    Started new business, need help though

    Posted: 06 Aug 2019 09:13 PM PDT

    Ok so this is gonna be kinda vague but that's because I have almost no clue where to start.

    I started a home painting company with my dad as I saw an opportunity to capitalize on the fact that most painting companies where we live are tiny and have almost no online presence. Marketing etc. They're all mostly small 1-4 person crews who work on recommendations.

    Anyways, I've already filed the LLC stuff and am gonna be getting our EIN soon as well as DBA stuff filed with the county. But I just have no clue where to go now? I've never actually managed something like this before and my dad has some experience managing his small crew that was sometimes just himself. I'm talking about accounting, what I need to hire people, how to keep track of costs, income and profit, how to market, keep an online presence. Maybe I just have so much on my plate I can't figure out what to do, but any advice or help would be great.

    submitted by /u/serr7
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    Trying to get new business financing within same industry as current biz

    Posted: 06 Aug 2019 08:01 PM PDT

    I'm looking to get into a new business within same industry as our current business. The current company has been running for 10 years, no debt and good profit margins. Personal credit scores are great. Business plan has been looked over by consulting firm and everything looks good. Collateral and assets look good. From what I see everything looks to be in order. The one issue I'm running into is whether or not I approach as a "new" company, or expanding the current business. From the financing perspective what would be better?

    I feel like saying it's a new business hurts my chances of getting financed. Thoughts?

    Edit*

    I think there is some confusion on what I'm trying to do here.

    Question is should I start a new business from scratch or expand the existing business to obtain financing?

    submitted by /u/gftucker
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    Help with my business name!

    Posted: 06 Aug 2019 07:35 PM PDT

    Hello peeps!!

    Can you please help me with my business name? I'm opening an antique shop...kind of like an elegant GoodWill. My goal is to have a name that gives you the impression that it is young and fresh and not old and rusty..but still chic and elegant.

    submitted by /u/BANANA_SMASHER
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    I want to be successful that's why I'm looking for a mentor.

    Posted: 06 Aug 2019 06:58 PM PDT

    Forget me if I'm going about this wrong. I appreciate you taking the time to enlighten me.

    As the title states, I'm new to this and I'm looking for someone that can teach me the rope. I come from the print media marketing field (but most of my experience thus far is in production, logistics and analytics). Soon I'm making the transition to business owner. Which I imagine is going to be a lot more sale heavy.

    If anyone knows where I can find a mentor in this field or a similar one, so I can better learn the skills needed to be successful. I would be forever grateful.

    If you made it this far, thanks for taking the time to read my post.

    submitted by /u/Bizosaurus
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    Has anyone worked with the DARPA SBIR/STTR program?

    Posted: 06 Aug 2019 08:26 AM PDT

    Underwriting for a newb

    Posted: 06 Aug 2019 05:50 PM PDT

    I've had a successful business in the past that didn't have the shear magnitude of requirements that I have now. I saw a post earlier today on insurance, but wanted to ask about the underwriting process. Some amount of googling can answer the basics, but when trying to find an underwriter in practice, this seems more difficult. Thoughts, help, and experiences going through this would be garner eternal appreciation.

    submitted by /u/GravityAI
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