How to make a grand opening GRAND small business |
- How to make a grand opening GRAND
- Anyone do their own payroll and accounting?
- Square is changing their pricing model
- Small business potentially being purchased by large corp?
- Do you break down your cost to the customer?
- The final step for becoming a charismatic brand- Cultivating
- Questions about starting a business involving nicotine (new poster)
- Your best quickbooks accounting hacks?
- Anyone start a business with a parter and then get annoyed by them with regard to the business? I love my business partner as a person but we both have different ideas and thoughts on running the business. Im getting annoyed
- How to effectively price your products (noobies)
- Washington Business Owners: What is your plan when the minimum wage jumps from $12/HR to $13.50/HR in 2020?
- How would one categorize a loan deposit and payments in a chart of accounts?
- Went out of business, not sure what to do.
- Any advice on getting your invention/story out in the media with out paying a lot of money?
- Automated emails leading up to event
- I hope it will be useful for many people in the near future
- How was your experience when you migrated to a new city for business.
- Am I screwed? - In the process of starting a small business - FL
- New product development tools - any good ones you use?
- Tech support business. Feasible? How to start?
- Advice on how to best approach taxes as an out-of-state real estate investor (USA)?
- LastPass, Antivirus, Anti-malware, etc. tax deductible for a small biz?
- New Business Owner Tax Advice
- Wanting to start a car accessory business
| How to make a grand opening GRAND Posted: 25 Sep 2019 04:13 AM PDT I'm finally opening my mom and pop shop Saturday morning. After being a stay at home mom for a year, I took a leap of faith to open a fun store in my town. Dual concept- my store has a wall dividing the space in half. Our entrance opens to a buy-out-right kid's consignment shop. Resale clothes, shoes, toys, maternity, baby crap, the whole nine yards. Towards the back of the store, we have snacks, drinks, and a coffee bar. The other half of the store is a giant play area with dramatic play stations, toddler foam soft playground, and a commercial indoor playscape. The idea is to provide an inexpensive place to buy kid stuff while also making it fun for your kids. I've been working so hard to get everything set up that I haven't put much thought into activities that will happen throughout the grand opening (besides just being available). I will be doing giveaways every couple hours. I booked a local musician to play a set in the afternoon. Any good ideas on what might make a fun (and cheap) game/activity I could put on the schedule? Or should I just leave it open and let my customers enjoy the new space without party antics? [link] [comments]  |
| Anyone do their own payroll and accounting? Posted: 24 Sep 2019 10:17 PM PDT My tax guy is suggesting that I turn my sole proprietorship into an s corp to save on taxes. I'm in my 5th year of business painting houses. It's just me, no employees. California. I'm making about $60k in profit before taxes. Of course I'd like to save on taxes (I'm very frugal), but I also like to keep things as simple and stress free as possible. I'm told these are some expenses I'll have to cough up, but ultimately I'll still be saving way more than I would taxed as a sole proprietor: $485 individual tax return fee •$785 s corp tax preparation fee •$300 late election letter (one time fee) •$400 payroll (quarterly thru ADP) •$420 Quicken ($35/month) Is it possible and is it worth it to do my own payroll and/or Quicken? Doing some research, I'm wondering if it makes sense to become an LLC taxed as an S Corp? [link] [comments]  |
| Square is changing their pricing model Posted: 24 Sep 2019 08:58 AM PDT I just received an email from square that instead of the flat 2.75% charge on every CC transaction that I pay now, they are moving to 2.6% plus 10 cents for each transaction. My average sale is $9.00 (USD), so for me, that adds up to a substantial price increase. I originally started with the QuickBooks POS because it integrated so easily with QuickBooks, but it was such a piece of crap I dumped it in a couple months. Bad connectivity, buggy software, no data tracking,etc. Square has been awesome, but I don't want to pay any more than I already do. So the question- any other pos systems with low per swipe fees, and stable software\hardware? Show me what you're working with. EDIT: thanks for all the replies. I'll be looking into Clover, Shopify, and a few others mentioned. FAQ- Yeah, it's probably time to raise my prices. I literally sell out of every item I make, and cannot physically produce any more. So I have something good, and people feel it's fairly priced, so business logic dictates a price increase is necessary. I'm small taters. Well under 5k a week in cc sales. I tried the negotiation tactic. No dice. I'm the exact person that square is losing money from, therefore no incentive to keep me. I can afford the dime. I just don't wanna. The principle of the thing irritates me. Square makes a killing from larger retailers. And the new structure will reduce their overall cost, while increasing mine. I like round numbers. 3.00 for this, 3.50 for that, 4.00 for this. And my product isn't taxed. So it makes operating the register quick and easy. If I go up in price it's minimum 25 cents, 50 on higher ticket items. That's a decent percentage increase. I'm nervous about that, but I know I shouldn't be. I don't have a brick and mortar. I sell at farmers markets. 80% of my weekly income happens in 4 hours on Saturday morning. So I need change to be quick and easy. And I need my pos to be fast and reliable. Thanks again for all the help, hope this ends up being a few who didn't know the rate change was coming. [link] [comments]  |
| Small business potentially being purchased by large corp? Posted: 24 Sep 2019 12:37 PM PDT Hello All Apologies for being vague - but I have multiple NDAs that look like phone books. I have a small business (8 staff) that is doing approx $10m. We distribute some niche products in the industrial space and have done well to lock up our local market to the point that we are looking to expand our footprint into other locations. There are two international companies that we have signed NDAs with that are interested in purchasing our company. As they see us as an easier way to set up successful local distribution in our part of the world. Whilst being the MD of a small business I have done well. However I have never had to negotiate something like this. Does anyone have any resources of what to consider in the wider conversation. Regarding Salaries, bonus's, benefits, Stock options. sales agreement structure etc. When a small company gets swallowed up by an international? Whilst I am not trying to be greedy - I do not want to leave things on the table because we didn't know to ask. [link] [comments]  |
| Do you break down your cost to the customer? Posted: 24 Sep 2019 01:44 PM PDT I work for a home repair and remodeling business and once in a while, a customer will ask us to break down our cost. My direct order from my boss is to say no. What are your thoughts about this question and what's a good way of saying no? Thank you for your time and consideration. [link] [comments]  |
| The final step for becoming a charismatic brand- Cultivating Posted: 25 Sep 2019 04:19 AM PDT Previously we have discussed differentiating, collaborating, validating, innovating. Today we are on the final chapter discussing cultivating. Cultivating: Your business is not an entity but a living organism. Ditto your brand. Alignment, not consistency, is the basis of a living brand. A living brand is a never-ending play, and every person in the company is an actor. People see the play whenever they experience the brand, and then they tell others. Every brand contributor should develop a personal shockproof brand meter. No decision should be made without asking. "Will it help or hurt the brand?" The growing importance of the brand has a flip side: its growing vulnerability. A failed launch, a drop in quality, or a whiff of scandal can damage credibility. The more collaborative a brand becomes, the more centralized its management needs to be. The future of branding will require strong CBOs--Chief Brand Officers who can steward the brand from inside the company. Branding is a process that can be studied, analyzed, learned, taught, replicated, and managed. It's the CBO's job to document and disseminate brand knowledge, and to transfer it whole to each new manager and collaborator. Each lap around the branding circle, from differentiation to cultivation, takes the brand further from commoditization and closer to sustainable competitive advantage. [link] [comments]  |
| Questions about starting a business involving nicotine (new poster) Posted: 25 Sep 2019 03:29 AM PDT Hi guys, not sure if I am formatting this correctly but here goes it. I'm looking for someone I can ask questions about laws concerning starting a business involving nicotine (U.S.). I just want to know how much it costs to work with the FDA on clearing a new nicotine product on the market. [link] [comments]  |
| Your best quickbooks accounting hacks? Posted: 24 Sep 2019 12:53 PM PDT I need a good crash course in Quickbooks. I am a little rusty, but need to get back into the swing of it. I've taken on a side gig and they want their books updated for the year. I am a business owner and know the basics but doing it for someone else has me a little frazzled!!!! Thank you for your help [link] [comments]  |
| Posted: 24 Sep 2019 06:10 PM PDT |
| How to effectively price your products (noobies) Posted: 25 Sep 2019 12:41 AM PDT The video below talks about the downsides of chasing profit. This isn't some wishy washy video, it actually offers a technical breakdown: [link] [comments]  |
| Posted: 24 Sep 2019 07:59 PM PDT I know some places like Seattle and NYC have already been dealing with this ($15/HR). I'm just curious what plans business owners have to adjust to this? I own a restaurant, so most restaurants I've seen have implemented a service fee, raised prices, etc. What is your plan? [link] [comments]  |
| How would one categorize a loan deposit and payments in a chart of accounts? Posted: 24 Sep 2019 11:03 PM PDT I'm relatively clueless about accounting and have so far gotten by with categorizing my tiny business's transactions as basically either income or expense in Xero, but have recently taken out a loan, and could use some help deciding how to categorize (in my chart of accounts) both the initial deposit made by the lender, and the payments I've been making. Is the loan income considered income? Are the payments considered expenses? The CPA I use mentioned the initial deposit being a "capital contribution", and the payments being "draws", but I'm not sure what type of account these things should be, or how to count them against my business's profit/losses. Any tips would be greatly appreciated. Here's my chart of accounts, in case that helps: (Edit 1: This is for a type-s corp in California) [link] [comments]  |
| Went out of business, not sure what to do. Posted: 24 Sep 2019 12:01 PM PDT So I typed this out and it ended up being very long winded. I'm just trying to create an accurate picture of why im feeling absolutely stuck. Tldr is I put it all on black after feeling the game was rigged and it turns out there wasnt ever any black. I had a sense this was coming, but the power got shut off this morning and that's it. It's not really official, very unlikely chance I could open back up. I'm telling customers we are having electrical issues, we'll get back to them in a few days, but most replied, thanks and good luck... I've been open with the employees about what's going on. I was mostly a side hustle for them. I took over a family business after I graduated college, the recession started, but this before anyone knew that, just I couldn't find a job. Probably will be a few months. So a resume booster. The business was going under any day. I managed to slash costs, and started to increase revenue. It was still losing money, but it was managable. The general agreement was I'd be working for free, dad would pay down his debt, I'm effectively buying the place from him even though it was already understood I'd inherit it, and he'd give me the money I need to fix it up after he got his finances in order. At the end of the day, the issue is, the place looks run down. Our customers like that, but we tapped the entire market and it's not enough people. A lot of leads, if I converted 5% over the years, I would've been good, but same thing, place is gross / " dirty" / run down. Dad refused, he doesnt see how aesthetics matter, another one of his businesses closed for the same reason. He was also born dirt poor in a 3rd world country and he actually likes how the place looks. A few years ago, it suddenly was no longer my business. Older customers who didnt want more people and hated the changes, started complaining I didn't know what I was doing. The college campus expanded into our area and I was focused on them and young professionals.... He hired consultants and they all agreed I know exactly what to do and the place is going to fail otherwise. He said they were scams. Started yelling at me for not shutting off lights the second someone was no longer in the room. That would've maybe saved $50 a month and he wanted me to hire someone else to do just that. That's " when he realized I was wasteful and spoiled brat." Seriosuly, it's a 40k square foot facility. I just cant physically do that. No one could and also do their primary job. He started buying equipment for a new business he was starting, but it was going to take 10 years to purchase all the equipment. I was like wtf, 30k is all I need and I'm sitting here waiting for it. I tried things I thought were wrong in food faith and they were wrong. He said he would only give me the money after I'm profitable..... So I got the hint, got my mba, gave him my last semesters tuition due to an emergency. I asked for the money back and he said no. He's given 20x the amount to charity. I ended up going into collections and my credit score is in the 400s. Student loan debt is approaching 200k since that interest is accumulating. Cant prove I've been to college since my transcripts are locked until I pay my tuition. That's been my brick wall everytime I apply for a job. He asked me if I'd hire someone who really needs money. I started flipping out on him. Later on, he told me he was in collections and that was dishonorable. I totally lost it on him. The result is he claims I've been paid over the last 12 years, even though I wasnt. That he paid for my college and he never took money from me....there is nothing more shameful than a father taking money from his son to pay his bills and I'm just being " nasty" by claiming he did. I'm also disrespectful for flipping out. I guess besides him thinking if he ever listened to his son, hes a failure, he was trying to teach me a lesson for all that he's done for me and I wasn't appreciative..... up to this point I was oblivious that he was a narcissist and believes I'm his property. 3 of my cousins started yelling at me because he's a great guy, he paid for them to go to college. They refused to believe he didnt pay for me or my brother. Word around town is I'm an idiot since the business is a goldmine, if I just made it look nicer.... Other people think I'm dumb because I tried to get more customers or wasnt appealing to them. The median household income of my city is 22k and that's my annual property tax, the average joe doesn't fathom the cost of operations. Either I had no authority, no money, or they were wrong.... my nearest competitor had 40x the customer base in an equal size facility and charged 2x. My bro is an issue. He's mentally ill. The plan was to make the business profitable and then sell it. Put half in a trust for my bro and have him live with me. Within 5 years of living on his own, I'm pretty sure he will be dead. He would never hurt anyone, but has been arrested a few times for making threats. Doesnt drink, doesn't use drugs. My dad refused to get him help when he was younger since mental illness brings shame to your family or something like that, and I was an asshole for saying he had mental health problems. Now my dad finally sees he does, but now my bro is refusing help. I dont know how I could start a family and help him at this point. So locally, I doubt I could find a job due to my reputation. I'm sorta on the outs with my family. I've been working 100 hr weeks for the past 10 years, so I dont really have friends anymore. I still have the transcript issue and I'm not sure how many landlords would rent to a sub 500 credit score in an area where you could feel safe. Almost 250 k in total debt with zero assets and I'm 35. Nothing in a retirement account. I'm not seeing the options right now ( I'm not suicidal by the way). Airforce still take recruits upto 39...although it is a bit late in life for that. My undergrad was in chemical engineering, so I think I have a decent shot. I can pass the fitness requirements. I was on a couple defense contractor type of startups that never went beyond sitting at a table discussing the plans. Thats what ultimately my goal was. Would probably help in those endeavours. I thought I should be at a point where my college education no longer mattered, but I guess working at the same place since graduating undergrad sets off alarms. Every job I applied to the application process stalled when I couldnt provide transcripts. I just do see a path for life. And I dont have to money to just move to a bigger city and see what I can get. [link] [comments]  |
| Any advice on getting your invention/story out in the media with out paying a lot of money? Posted: 24 Sep 2019 12:12 PM PDT We have been making weighted blankets for 20 years and have been featured in many major news publications. However, it seems in the past few years that there has been a shift and it has been a lot harder for us to get our story out there with out paying a lot of money. Any other small business have any ideas? [link] [comments]  |
| Automated emails leading up to event Posted: 24 Sep 2019 08:47 PM PDT I have a few customers asking me about sending automated emails, and I can't seem to find the right mix of features in tools. Here's the premise:
So what platform to use to manage emails to attendees? I've looked at various events management ones, and they don't seem to fit needing many classes I've looked at various marketing automation tools, and they are all based around a start event/date, and sending emails AFTER that I've found some that are a crm/automation hybrid that can run campaigns with a fixed end date, but the effort involved in duplicating the campaign for each class is high. Any tool/platform recommendations? I could write them some custom code, or some zapiers, but ideally they have something they could manage themselves. [link] [comments]  |
| I hope it will be useful for many people in the near future Posted: 25 Sep 2019 01:59 AM PDT BYZBIT introduces the future! Your BYZBIT is your active! Join us on official website to support and join us. #byzbit #byzbittoken #byt [link] [comments]  |
| How was your experience when you migrated to a new city for business. Posted: 24 Sep 2019 01:07 PM PDT Hi everyone, I wanted to discuss about something. Let's just say you are someone who lives in a metro city and do you business from there. Now since its your hometown you must be living at your parents place so you have very negligible expenses as you don't have to pay rent to anyone, most likely there is no food expenses as family brings it at home. The only expense you must be having is fuel, internet/phone bill. (I know it doesn't works like this in US, I have heard that in US after turning 18 kids usually leave their parents home and are on their own, if you find this whole thing not relatable, please ignore this thread) Do note that am talking only about personal expenses and not expenses for business. Now, on the other hand there are other people who come to metro cities from different part of country for business. How do you guys manage there with limited funds? Because with whatever savings you bought to this new city would be used for business expenses and personal expenses as well. You would have to pay a decent chunk of your savings as rent, food, maybe cab expense if you or anyone living with you don't have personal vehicle. This was just personal expense now with this you would also have business expenses which will vary from business to business so can't say anything about it. But there are some people renting office, hiring employees etc. For this you need very high amount of savings unless you are profitable very soon. I really want to know stories from people who migrated to a different city for business purpose. How did you managed? City maybe tier 1,2,3 anything. If possible please mention city name of atleast its tier so that it can give idea about expenses. Please note that part time jobs aren't same here as in US, people do part time job there and earn on hourly basis and that's not the case with my country . Thanks. [link] [comments]  |
| Am I screwed? - In the process of starting a small business - FL Posted: 24 Sep 2019 06:37 PM PDT In the process of starting my small business in FL. I was originally looking to run as a SP but then decided it would be a good idea to start an LLC. I have already purchased domains and began building a website, logos, and a few other things. After searching, I found that someone has already registered the exact name I planned on using as an LLC. I have done some research and I can't get a clear answer on what I should do.
Do I need to completely change the name of my company or can I file a DBA and just change the name of the LLC? Any info would be great. [link] [comments]  |
| New product development tools - any good ones you use? Posted: 24 Sep 2019 02:41 PM PDT When working on developing a new product for your business, what are some of the tools or techniques you use to help guide your thinking/process? One that I picked up from working at Amazon is the PRFAQ (press release / frequently asked questions). The idea is that before anything is built, you write a press release announcing your new product. What are the key features? What problems does the product solve? How do customers feel about it? Etc. This would be an internal document that doesn't actually get published outside the company, but I found them very useful. What about you? [link] [comments]  |
| Tech support business. Feasible? How to start? Posted: 24 Sep 2019 06:19 PM PDT I'm a college student currently working in the restaurant industry and I would like to get into doing tech support, home theater installations, and the like as a side-gig (possibly a full-time thing honestly). I already do this stuff for my family and friends and very much enjoy this kind of work. I've done everything from PC builds (pretty crazy custom stuff too), smart home, alarm, and surveillance systems, home theaters with in-ceiling speakers, full-height rack servers, and of course all manner of general tech support. I was in my high school's IT program, so I've done helpdesk stuff and I have several certifications (CompTIA+, etc.) In short, I have a lot of experience, but none of a professional sense. My question is, when I'm just starting out, how legitimate should I go? Should I just post some flyers or should I spend time to build a website and explore other marketing options? Should I just take cash/check or should I set up Square for card payments or some kind of billing system? What about a business license? I have a feeling the correct answer is "Keep it simple, stupid", but then I guess my follow-up question would be when should I legitimize? Also, I have a few ideas for where to market with flyers, but any input would be much appreciated. Do you guys think I could make this work? [link] [comments]  |
| Advice on how to best approach taxes as an out-of-state real estate investor (USA)? Posted: 24 Sep 2019 05:35 PM PDT Hey guys, First, I'd like to apologize if this is the wrong subreddit to ask this question. If so, I would appreciate it if someone might be able to point me to the right direction. Anyway, here's my situation: I have a joint LLC in Ohio on a two unit multifamily home. My business partner gets 50% and so do I. We are both 50% owner. I live in the state of Florida and so have had to travel about once a month for renovation purposes. Recently, I had a friend mention to me that it might be a good idea to create another LLC in Florida and 1099 myself for tax purposes. I brought it up to my CPA and he told me that's a bad idea, to go ahead and open an LLC in FL and put myself on payroll. However, I'm not sure any of this makes... sense? At least, not to me. My CPA does charge me for opening an LLC, but I already know how to do that on my own. I guess the question here is: what would you guys recommend I do that would best benefit me in regards to taxes for next year? Any advice would be greatly appreciated. This is my first time doing any of this and I feel a bit lost. Thanks guys! [link] [comments]  |
| LastPass, Antivirus, Anti-malware, etc. tax deductible for a small biz? Posted: 24 Sep 2019 06:39 AM PDT My wife and I are small business owners and were wondering whether cyber security services and software are considered legal deductions. If so, how should they be recorded? Thanks for your help! [link] [comments]  |
| Posted: 24 Sep 2019 04:16 PM PDT Hello All - Longtime lurker on this subreddit and this will actually be my first post ever on Reddit. In June, My business partner and I had the opportunity to buy into a night club in our local college town. The business is filed under an LLC with four total owners. This is the first business i have ever had the opportunity to own and operate and its been an exciting few months. I am meeting with a CPA tomorrow (something i know i should have done sooner) to go over my personal taxes and finances. I have a list of questions prepared but wanted to ask my fellow redditors if their are any specific questions that you guys wished you asked your CPAs at the beginning of your business ventures? I graduated college with a Finance degree and previously worked in the financial sector, so i have some knowledge on tax write-offs, etc. but not as much as I would like. Also, any tips/advice for new business owners under an LLC you guys could share with me would be extremely helpful. Thanks everyone! [link] [comments]  |
| Wanting to start a car accessory business Posted: 24 Sep 2019 04:14 PM PDT I'm not sure if I put that correctly but hear me out! My husband is an exceptional performance mechanic in our country. He works on all sorts of race cars, modified cars and of course daily cars (I am very proud of him!) I don't know much about cars. Just what I have learnt from my husband over the years. I do have an interest though - and having just bought my first "cool" car (though apparently it's not cool if you tell people it's cool!) I have been looking at gadgets and accessories for inside my car to make it feel luxurious and comfy and tech-y if that makes sense I've come to realise I really enjoy this. I love looking at different designs and styles to upgrade the inside etc. I would like to look at putting this to use and starting my own business - i guess that would be a distribution business? I don't have much capital to work with. I don't know where to start. Does anyone have any suggestions as to how to get going? Should I look at saving up some capital to buy stock and selling from there or is there another way? Thank you all so much :) [link] [comments]  |
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