Startups Tuesday Operational Roundtable - A Forum to Ask About Legal, Accounting, Project Management, or How to Get Started |
- Tuesday Operational Roundtable - A Forum to Ask About Legal, Accounting, Project Management, or How to Get Started
- 100% of 0 is nothing
- If I have 10M authorized shares, as a solo founder, how much should I issue to myself initially?
- Best Startup Tools - according to 139 Founders
- I’m starting to get manufacturers pitches for my product. How to choose?
- How to evaluate landing page results?
- Contracting out frontend components, best approach?
- Arguments with business partner?
- Do you build the MVP first or do you first to talk to people?
- How do you seek investment for a private startup that isn't planning on going public/selling?
- Creating a landing page to devleop app/MVP from potential user feedback
- The Business of Management - Daily Small Business Advice to Help Keep You Going - Lesson 1: Standardize
| Posted: 27 Aug 2019 06:06 AM PDT Welcome to this week's Operational Roundtable Thread. Ask about anything related to legal, accounting, project management, or how to get started. Don't be shy. The purpose of this is to learn and share ideas and methodologies with one another. Any question is a good question! If you are answering questions, remember to be kind and supportive. Many are just starting out and have no idea what they are doing. That's okay! We all knew nothing before we knew something. You can also find more support using instant chat on the /r/startups discord. [link] [comments]  |
| Posted: 27 Aug 2019 03:42 AM PDT I've started (and failed) multiple businesses and it is 100% my fault, every time. I recently came up with an idea and threw it around to a few people I knew. My good friend/ old roommate was more excited about it than I was. Why the hell is he so hype? It's just an idea still. As I started researching the odds of getting through programs like YC and even looking at successful start ups a lot of them had and favored co-founders. Why do I need a co-founder? I can just hire help when I need it! That way it's my company, my vision, and I will be in control. But, I realize if companies favor this method then MAYBE I should explore it. And because of the complexity of the project I knew I would need investors, heavy marketing, an app developer, and a completely different approach than what I usually do. Keep doing what you've been doing, keep getting what you've been getting. My friend was sold. Even though we're still in the super beginning stages I find it extremely beneficial already. This is someone to "throw spaghetti at the wall" with. This is someone that thinks about things I never even thought about as he has a fresh set of eyes and different perspective. Also, this is someone to hold you accountable. When you're solo the project stops progressing when you stop. With a team you're pushing each other along. Bonus is we lived together for 2 years and have had exactly one argument (he opened and used the majority of my expensive organic maple syrup lol). I say this to say sometimes it's necessary to build a dream team. It's okay to get help! Of course you can carry this heavy box by yourself, but team lifting makes it a tad bit easier. Research others that are where you want to be. If they're all doing something a certain way, then maybe it might be beneficial to explore that way too. It's better to be part of something great than all of something mediocre. [link] [comments]  |
| If I have 10M authorized shares, as a solo founder, how much should I issue to myself initially? Posted: 27 Aug 2019 11:49 PM PDT I wanna allocate 20 percent or so for capital raising, 30 percent for employees and a potential cofounder, and 50 percent for myself. Should I issue myself 5M shares in the initial cap table? In the near future we will be issuing 4 percent to one employee and 2 percent to another. The investors we have will receive 5 percent preferred upon our first financing. [link] [comments]  |
| Best Startup Tools - according to 139 Founders Posted: 28 Aug 2019 01:41 AM PDT Most of us don't have time to check we're using the right SaaS Tools for our business. So I surveyed 139 Founders in AU, US and NZ, and summarised the result for the best tools across 9 categories. Results
Full write-up here with sentiment analysis + what we used in our startup (and why) also included. [link] [comments]  |
| I’m starting to get manufacturers pitches for my product. How to choose? Posted: 27 Aug 2019 05:29 PM PDT So let me first preface this by saying that I never thought my idea/product would garner the attention it has so I encourage you to keep pushing to make things happen for yourself as well. In the past I've had ideas that have failed just like most successful entrepreneurs, you can do this! With that said, I now have a product that is in the early stages of development. I believe this will be successful because of timing, technology, and the network of experts I've built around me who genuinely would love to see this succeed. My question is, how do you choose your proper manufacturing partner? My product depends on a platform which will require a constantly evolving database so I'd really like to plan for an exit strategy. Do you build your first version on one platform and move to another? Do I have something built that is custom? Do you avoid any sort of platform fees and simply use what works? Since bids are starting to come through to bring my product line to market how does one sift through and choose? So far I've been relying on my gut and experience but this is my first product and I'm in my own head. How did you choose your first manufacturer? [link] [comments]  |
| How to evaluate landing page results? Posted: 27 Aug 2019 06:52 PM PDT Hi all, I'm running a small Facebook/Instagram ad campaign to validate an idea I had (b2c if that matters). I've got a basic landing page that collects emails. For those who have used this approach before for idea validation, what would be "good" percentages for the following: A. Ad clicks / ad view B. Email signups / ad click Right now I'm at ~4.5% for A, and ~2.5% for B. A friend who went through this process before told me that 4% is good and anything above that is great, but I'm a little skeptical of that...these don't seem like great numbers. Thanks! [link] [comments]  |
| Contracting out frontend components, best approach? Posted: 27 Aug 2019 10:01 PM PDT Hi, This continues a prior thread somewhat. It's somewhat of an update. I have created a spec document that has an addendum RFP (a contractor may use my template or come up with their own, but it sets out expectations of what I want them to produce insofar as a plan). I've budgeted hundreds of thousands in work orders before, so I'm sure my RFP is explanatory :) .. I might be going overboard for a small budget. My spec document is 16 pages for a simple maps component. I request specifically named actions/events, for instance. I don't care about implementation, but this is more to ensure I get the work product they contracted to build (else I don't pay). Right now I have one interested person, but he left me a Master Service Agreement in my inbox without actually giving me a proposal or budget. I'm not going to sign it as his website doesn't offer any real testimonial of his work. My thinking is that I can find someone on Upwork or similar who is senior level to write up a proper proposal. My question here for community is this: how do you minimize the waste of time sorting through candidates who aren't actually serious? Where do you draw that line that everybody has limited time, and for a simple part-time job, you can't expect people to go through all the usual hoops of interviewing? The most I'm fine to risk for a starting work order and not care is $500. Ideally I pay someone ~$2,000 and get a maps component and WordPress REST component. Thereafter, $2k/month is very simple for me to rationalize. My requirements are somewhat specific. I want the application built in Vue but without Vue-Loader (i.e. Webpack). So far I've gotten a number of junior dev's who went to code school for React and want to tell me they're OK with part-time Vue.js work when what they really want is full-time React work in an office. I imagine if I post on Upwork I'll get all kinds of goofballs who actually aren't serious about Vue.js at all. Then there are those who will want the job but really are searching not for job #2 to work on part-time but they want a full-time job. This means that they'll leave when they can and I'll need to incur whatever turnover costs. Then again, I can't seriously expect loyalty in today's market, nor for the budget I can allocate. Just soliciting general advice. Thanks! Also, do you re-solicit anyone who has shown interest if they ghost? I feel like this is a bit desperate but for the right candidate do you nudge them to check in? We expect this behavior from recruiters but not stakeholders is what my gut says to me. It's worth noting perhaps as well that I'm very reasonable with payment terms. Willing to use an Escrow service so contractor knows the money is there and set aside so long as they fulfill requirements and that they'll be paid on time etc. [link] [comments]  |
| Arguments with business partner? Posted: 27 Aug 2019 06:19 PM PDT Me and a friend of mine who I've been relativity close to for the past 5 years have recently opened up a business together recently, but I've realized ( like most others) that there are some personality traits that we both have that may come into conflict. We recently had an argument about something extremely petty, that I want to understand if anyone can help me deal with this before it becomes a persisting issue, let me give you better context. There was something that our accountant had to change in our business documentation, and I had asked my friend a day prior to our argument if it had been changed and he had said yes ( lets refer to this as subject A). Then comes today and he says from across the room from his desk that we still need to change subject A, and then I tell him that yesterday he said that it was already changed and he said no that was something else that was changed ( subject B) . I proceeded to respond by saying no you said that subject A was changed and we went back and forth pretty much playing the he said she said game. He believed in his head that he was 100% correct; even though it isn't true; and this has happened a few other times revolving around similar circumstances of him saying one thing and then forgetting about it the next day. And these things are so petty, that they aren't worth writing down on a piece of paper to document that he said this was done. More importantly; my real question; he has a superiority complex, and he's extremely ego-inflated at times and can't stand owning up to something he did wrong; he loves to talk about things he has little to no knowledge of. I have similar traits but I'm conscious of it and work on it but it seems like he doesn't realize himself doing this or he is just so blinded by his judgement of himself that he twists reality in his head to go accordingly to his story. if anyone can give me advice on this I'd greatly appreciate it. [link] [comments]  |
| Do you build the MVP first or do you first to talk to people? Posted: 27 Aug 2019 03:09 PM PDT Hi all, One thing I've noticed in the past few months, a lot of people make the product. Sometimes I wonder if they got users for their software already. Which is best and why? I do understand why people build the MVP, so they can validate the product. But isn't that the same as talking to people (in your target niche)? [link] [comments]  |
| How do you seek investment for a private startup that isn't planning on going public/selling? Posted: 27 Aug 2019 04:52 AM PDT I'd like to understand what are the options for startups who intend to be private for a long time nor sell their startups. I understand it makes life difficult for many people, however would like to know what are options are out there. Thanks for reading. [link] [comments]  |
| Creating a landing page to devleop app/MVP from potential user feedback Posted: 27 Aug 2019 07:44 AM PDT Hello! I am currently in the process of creating a dating app (niche market) and wanted to get feedback from potential users to create an app that the market wants and not what I think they want. I am thinking about creating a landing page, introducing the app a bit and then customers sign up for latest updates and from there send a follow-up email asking what they like about the current apps they use, what they hate and if you could build your own app, what would you include. Based off these initial response, I would then update my landing page to see the reaction and from there go forward with building the app (if the market is interested). Has anyone tried this before? Or should I create a landing page with what I want the app to be and see the response from potential users? Of course, the most difficult part will be getting people to the landing page, feedback/interest from others. [link] [comments]  |
| Posted: 26 Aug 2019 07:48 PM PDT Happy Monday and Best Business Wishes! Short Intro: I have been a part of this subreddit for a couple of months now. Admittedly, I came here to try and find leads for my own business, but found a really nice little community of people giving each other real help and I am here to do that very same thing. By profession, I am a Senior Advisory Consultant for a firm in DC that deals predominantly with Government agencies and large corporations where I focus on Financial Management Operations, Strategic Planning, Budget, and Financial Reporting. A few months ago my wife and I decided to begin the process of shedding the corporate yoke and start a business of our own, and there began the life of my own business. I provide small business owners, sole proprietors, and individuals with business management advisory services, strategy, budget, career counseling, interview coaching, and project management support to help get their own business and ventures off the ground. Working in the corporate and federal worlds have their own challenges and rewards, but at the end of the day, unless you are at the top, you are just another cog in the machine. You help make decisions, you provide your insight, and invest your time and passion in the hopes that maybe you will have affected change, in whatever way you can. Working with small businesses and individuals is an incredible passion for me because everything you do as a small business owner can truly mean the life or death of your business, and your livelihood by extension. If I can express my own passion through helping to make your life easier as a business owner and be the value add that helps you grow and thrive, then I know I am making a difference in the best way I know how. Now, onto the first lesson! STANDARDIZATION: The first thing that might come to mind when you read this word may be a clipboard with a list of tasks to accomplish or some pencil-thin man in glasses and a bow-tie reading off a procedural manual. In a word, "boring." But this underappreciated principle is one of the most difficult and costly lessons that a small business owner will learn as they build their business from the ground up. It is a critical lesson they will wish they had invested the time developing a model for before wasting countless man-hours in trial and error, do-overs, and needless refinement to get to where they eventually end up. We have all read the statistics of small business failure rates within the first year and in my experience, one of the least appreciated, but most glaringly obvious points of failure is the utter lack of standard procedures, processes, and planning when faced with the daily operation and care of business practices. Now, I understand completely; starting a business from scratch is daunting in and of itself without adding layers of procedure to the mix, especially for things that will be the bread and butter of your business practice or offerings. What standardization does is provide a framework and a baseline from which you as a business owner can automate your day to day, priority to priority. Think of it like this: we all have a morning routine right? Get up at 6 am, brush your teeth, get dressed, make coffee (or tea), read emails, and the work day begins. Well, that is a standardized process. Every day, you start off in just about the same way with a standard framework for how you will attack the rest of the day, almost without thinking about it, but you can tweak it as needed to accommodate the random turnings of life. Running a business has random turnings every single day, but devising a framework to attack each of the most important aspects of running your business is key to ensuring longevity, flexibility, and readiness to address whatever issues may arise, calmly and effectively. Standardization in the way that I mean to teach you has several pieces to it. Every process should be given the same care and attention so that you can put it all together to make the bigger masterpiece that is your business:
Write it down 2. Organize Your Necessary Resources:
Centralizing what you need helps save time, effort, and money in the long run. Write it down 3. Schedule Your Time:
Answering these questions can save you immensely in time and money. Write it down
Write it down!
Write it down! Rightfully so, a lot of you are going to think that this is obvious and rudimentary and I completely agree. But if you take the time to read through the steps, how many of you have really sat down and done this for each of your critical processes, collected, and then studied the data that a real focus on these steps helps to yield? Landing a client is the heart of any business. Providing services or sales of things people want and need is the very essence of community, society, and business. It is the glue that holds us together through a mutual understanding that what I pay you will yield a desired and quality result. Not to mention, it pays the bills and puts food on the table. What we often fail to realize and acknowledge though, is that while the heart needs to drum on, the brain needs to make the decisions that keep that heart beating. Taking the time to think about each of your processes and how they interconnect - from execution to invoices - helps you make the decisions necessary to ensure that you are providing your customers with the best service or products in the best possible way, while keeping every dollar you can in your own pocket to put back into your business, or even keep it at whatever size you want to keep it. Taking a critical look into what you do, how you do it, and how you can standardize it and optimize it is the best first step any small business owner (or aspiring small business owner) can take toward growing their business, improving their products and services, and increasing their bottom line. Most importantly, it gives us the critical information that each of us needs to make the best decisions for our businesses. I hope this helps. See you next time! [link] [comments]  |
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