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    NooB Monday! - (September 30, 2019) Entrepreneur

    NooB Monday! - (September 30, 2019) Entrepreneur


    NooB Monday! - (September 30, 2019)

    Posted: 30 Sep 2019 06:11 AM PDT

    If you don't have enough comment karma here's where we can help.

    Everyone starts somewhere and to post in /r/Entrepreneur this is the best place. Subscribers please understand these are new posters and not familiar with our sub. Newcomers welcome! Be sure to vote on things that help you. Search the sub a bit before you post. The answers may already be here.

    Since this thread can fill up quickly, consider sorting the comments by "new" (instead of "best" or "top") to see the newest posts.

    submitted by /u/AutoModerator
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    STUDY: Precise numbers make you more money

    Posted: 30 Sep 2019 05:38 AM PDT

    "Sticker shock" is real.

    You, me, and everyone who has ever bought something expensive will experience it at some point.

    It's that moment of pause when the price is higher than you expected...

    And it makes pitching high-ticket offers very tricky.

    I'm a huge fan of high-ticket offers. More often than not you should be raising your prices, not dropping them.

    But one of the big problems it creates is sticker shock.

    Because of that, you should do EVERYTHING in your power to reduce that feeling.

    There are plenty of ways to overcome sticker shock. One interesting tactic (backed by science) is to lower the perceived price of your offer...

    You can do this by using precise numbers when quoting clients.

    Researchers at Cornell University studied more than 27,000 real estate transactions across two markets.

    They found that buyers pay more on average when a listing has a precise number ($397,425) compared to a round number ($395,000).

    Many other studies have confirmed this effect.

    A lot of people assume this works because a precise number appears carefully chosen. And carefully chosen prices indicate the seller is less willing to negotiate, resulting in the buyer paying a high price.

    But this is not the case. The Cornell researchers ruled out that in further experiments.

    What they discovered was that a precise number increases the "willingness to buy" because people perceived the price to be lower.

    Think about it...

    When do you use precise numbers? When the numbers are small (e.g. $4, $7, $8).

    And when do you use round numbers? When the numbers are large (e.g. $400, $7,000, $80,000).

    So when your brain sees a large but precise number there is an inbuilt bias to perceive it as smaller than it actually is.

    Since we perceive precise numbers to be lower than round numbers pitching something as $5,124 instead of $5,000 hacks the brain.

    The price seems lower (but in fact it's actually a bit higher out of the two) thus making it easier to sell.

    And you're earning an extra $124 on top as a bonus!

    Key Takeaway: Use precise numbers in your high-ticket offers instead of round numbers. Clients perceive the price to be lower, it increases the willingness to buy, and can earn you more money. All at the same time.

    Have you seen any examples of this in the wild? Got any positive advice to share?

    I'm giving Gold to the best comment :) As judged by me, not the one with the most up votes. Awarded in the next few days to give everyone a chance to comment.

    If you like learning about this stuff feel free to join us in the Client Science Facebook group where we discuss these topics in-depth.

    submitted by /u/BenJackGill
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    I need to learn how to run a hotel by the start of summer.

    Posted: 29 Sep 2019 02:50 PM PDT

    My grandma runs the family's hotel that nobody else in the family can help, anyone but me. I'm a Greek 22yo student I have no experience or whatsoever on that matter. The hotel has 15 rooms it was built before world war 1, the only staff is my grandma, the booking is done via phone (if she ever hears it ringing) with no computer, no databases, online booking .. nothing.. pretty much everything is being done on paper.

    The hotel is not at the best condition but it offers wifi and its clean. (the TVs in the rooms are those old small boxes), it's also located in Greece in a somewhat tourist area that mainly attracts old people.

    Nobody wants to invest in this mess but it's also a good chance for me to prove my worth using my social and cooking skills and earn some money for me, my grandma and the hotel itself.

    So my thoughts were to first take some nice photos, upload it to trip advisor create a compelling profile to social media, create a breakfast menu, room service, drinks, coffees. I'll probably be bringing a friend of mine to help me with the bookings/reception and also help the customers with their luggage.. I don't know, I have no tangible plans yet.

    I have 7 months to prepare for this strenuous task.

    I need your advice, as long as the ideas don't require investing money you can go wild with your advices, I'm ready for anything.

    submitted by /u/Just-Another-Peasant
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    WARNING: The gurus and life coaches of the internet lurk this sub-Reddit daily for the sole purpose of discrediting their critics.

    Posted: 30 Sep 2019 11:09 AM PDT

    I don't know if you noticed, but if you're ever on here pointing out this scam or that scam, or voicing your opinion on one snake oil salesman or another, people with no rhyme or reason jump to their rescue... a bit suspicious if you ask me don't ya think?

    submitted by /u/Megalorye
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    If entrepreneurship was a game...

    Posted: 30 Sep 2019 05:22 AM PDT

    What would be the 5 step progression milestones to hit in order to (edit) have a successful business

    submitted by /u/serious_joe_92
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    Looking for a way to make some side money online.

    Posted: 30 Sep 2019 02:57 PM PDT

    As the title states I'm trying to make a little extra money (nothing crazy) from my computer. I pick up on stuff pretty quickly and have a big budget (if necessary) . I would prefer something that involves buying and selling with small margins so I can just lay out money and see a small return everytime. Open to ANY ideas and they are ALL appreciated. Some things I have tried and succeeded but got tired of -Gift card arbitrage -Video game currency arbitrage -Concert ticket arbitrage -Designer fashion arbitrage -Ebay dropshipping

    Thanks in advance like I said, I just would like a point in the right direction.

    submitted by /u/ZillPackers
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    My Sick And Depressed September - The MONEY SYSTEM Paid Off

    Posted: 30 Sep 2019 02:39 PM PDT

    TLDR: I made money while in bedrest/hospital

    ---------------------

    The Sickness..
    For almost a year, I have been feeling a bit off in my lower abdomen but not enough to see a doctor or quit working. However, my fiance and I returned from a wedding this month on Sep 4 and the pain went immediately up to a 3 or 4, I felt nauseous so saw a doctor that Friday who told me I likely have IBS or an allergy. He sent me for an ultrasound that came back with nothing. The next week of the 9th I could only bare to work maybe a few hours a day so went to get a second opinion from a doctor who sent me for bloodwork. The next week (the 16th) on Monday I followed up with him, he said nothing was wrong and to change my diet. Both doctors had told me NOTHING was wrong.

    The Depression..
    By this time I could not bare to get out of bed - I spent the entire week of the 16th in bed depressed, thinking I was dying, and wondering if the pain would ever go away. I've never felt so useless and helpless, I thought my years of stress as an entrepreneur caught up to me and I developed some autoimmune response or allergy that was attacking me. By this time I had lost 20lbs and was not eating.

    The Hospital..
    On Thursday the 19th my pain level was a 9/10 and I knew something was wrong, so I went to ER, and it turned out that it wasn't 'nothing'. I have a rare form of appendicitis that doesn't hit in 24 hours like usual - you develop it over months and possibly a year which is why doctors miss it. I had developed an abscess and my stomach was so irritated they could not operate. They put me in a hospital for 5 days on antibiotic drip, and I am finally home finishing off the last of my antibiotics at home where I spent another week in bed sick. I am not 100% but finally beginning to feel normal.

    The Payoff
    In September, I cannot say I did an honest day's work. Most of it I was in bed sulking or at the hospital. However, my business still profited near $10,000 and counting from global customer subscriptions. I am so blessed and fortunate for my customers, the business I've been able to build, and the automation that made this possible.

    --------------

    More Info - Many people ask about how I started my business or what I even do. I have a background in the automotive industry so had many contacts when I started - I developed two products: an automotive TV system for showrooms that shows ads. Secondly: a loyalty program tracking software that detects customer behavior. I just SOLD SOLD SOLD, sales was the most important but I only sell software that can relatively be run by the customer without them calling me for support, thus making money without having to work. I'd be happy to answer more questions as I can.

    submitted by /u/treyt42
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    Is it legal to charge someone more for paying in cash?

    Posted: 30 Sep 2019 02:27 PM PDT

    I want to discourage cash payments as much as possible.

    submitted by /u/urandom123
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    I’m not sure if this is the right sub, but I’m looking for a good small business bank account for my new LLC.

    Posted: 30 Sep 2019 02:26 PM PDT

    I tried signing up for Azlo with my partner but they declined us without telling us why. We called and they said all they can do is email another department and get back to us. But apparently others have said they got the run around after they got declined.

    In the mean time, does anyone have recommendations for other online based small business accounts? All of our business takes place online with clients in multiple states. Azlo was attractive because it had built in invoicing and a "direct deposit" feature that would make paying my partner and myself compared to just paying ourselves via PayPal.

    submitted by /u/JayRabxx
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    How are you finding out about your customers behaviours?

    Posted: 30 Sep 2019 02:26 PM PDT

    I have long been aware of Net Promoter Score, my first experience was while apart of a multi-million £ organisation and as I slowly read more and more into it, I stopped understanding why so many people/businesses use it?

    The advantages and disadvantages are well publicised ( but can be viewed here for anyone who is not aware): https://www.zonkafeedback.com/blog/nps-net-promoter-score/

    And so I was wondering, is anybody using NPS for their business and what successes have you had that have outweighed any of the drawbacks of NPS?

    Does anyone have any alternative solutions to finding out how likely their customers are to promote their brand and/or assess their customers behaviours?

    I have thought about assessing what factors lead to a customer purchasing again/promoting your brand for example

    50% said quality 25% said service 15% said value 10% said store environment

    Each of these categories would have a: 1) Definitive positive: Yes/Great 2) Definitive negative: No/Poor 3) Non-Definitive: Maybe/Okay

    Then you would ask them questions surrounding the 4 factors for example:

    Are you satisfied with the quality of your item: They answer Yes you would get 100% of the 50% available.

    If it was maybe they would get 50% of the 50% available

    If they answered no they would get 0% of the 50% available.

    After doing this for all four of your factors you would then get a much more accurate figure on what your customers future behaviour might be/how likely they are to be a promoter of your business?

    submitted by /u/nath__b
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    How much would you charge for finder fee?

    Posted: 30 Sep 2019 02:13 PM PDT

    Hey guys I want your opinion on something My company wants an on-site car wash service. I've been in mobile detailing before and the margins are small. However there could be volume here as our campus has 2 - four story parking lots with about 400 cars each. I can't do my old contact as he's busy opening up a shop and doesn't want to do a mobile thing anymore. It's hard to convince someone to invest in the truck, power washer generator and put 2 guys out here full time if appointments don't fill up the day. But let's say someone decides to partner with me. What's a good % of the profits I can ask for if I'm not doing much of the work. Just introduction, logistics, and maybe handling the scheduling. Can I demand part of monthly profits. Or would this be better as a one time fee? Would I need a lawyer to draft up some sort of agreement for us? Not sure who would bite as again the margin after costs to run this operation isn't that wide...

    Thoughts?

    submitted by /u/XFirePhoto
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    Whose best profile to collaborate : Developer or Computer-Aid Drugs expert ?

    Posted: 30 Sep 2019 02:09 PM PDT

    ''Healing-club'' is the temporary codename for a Platform concept with ambitious objectives to connect : 1) successful but not FDA-certified medicine-makers in the world 2) to FDA-authorized US drugs discovery researchers 3) but with a main condition : they will be linked if working on the same pathology treatment. Our ultimate goal is to make happened a positive change in the right now disastrous construct of drugs discovery for an in-crisis pharmaceutical industry where "Many compounds go into clinic testing in volunteers for a particular disease and don't work because the hypothesis was wrong," and 95% of clinical trial fail, according to pharmaceutical expert, Jackie Hunter, also BenevolentBio CEO.

    Whose co-founder profile would be the best :

    a) an experienced developer having successful experience in the coding of a MultiSided Platform

    b) a Computer-Aid Drug Discovery expert.

    c) or any other one that you think will be ideal for this ambitious project.

    submitted by /u/Reequau
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    Angel Investor - Vancouver/Fraser Valley

    Posted: 30 Sep 2019 10:22 AM PDT

    Greetings,

    I am a local to Fraser Valley and Vancouver area in Canada. I am looking for local entrepreneurs to partner with. I recently wrapped up a project that left me with about 20-25k profit that I would like to invest into a new project. I have a family and a full time job so I am not really in a position to offer much of my time but I would like to invest into a project and see some passive returns or buy partial ownership.

    I am interested in startups and would also consider investing in an already operational business. I will list my interests below however that is not to say my investment is limited to these topics. These are just things that I know a bit about or am interested in pursuing.

    - Ice cream shop that makes its own homemade ice creams

    - Trailer parks

    - Parking

    - Self storage facilities

    - Property Management

    - Marijuana (actually interested in growing anything - microgreens, mushrooms, peppers etc.)

    Let me know if there is a project you are working on and would like to partner up.

    Cheers!

    submitted by /u/IQ74
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    I have a production company that also does gear rental; we are looking for invoicing software that integrates with WooCommerce. Any suggestions?

    Posted: 30 Sep 2019 02:06 PM PDT

    Most of our invoicing is for equipment rentals. We currently do invoicing through the WooCommerce back-end of our Wordpress website, but it's clunky to use (especially for front-line staff who shouldn't really have access to the backend of the website).

    We are looking for a solution that is easy to use and relatively inexpensive. We have tried out Zoho and like it (costs $9.99 for more than 50 invoices and that's about where we are), but are hoping that there is something that people in our situation have used and liked.

    Any feedback is appreciated!

    submitted by /u/presidium
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    How does amazon affiliate work if its just general traffic?

    Posted: 30 Sep 2019 01:52 PM PDT

    I'm just curious, I don't care to do this.

    I use the Hardcore History Podcast affiliate link (ref: Dan Carlin) to do all my purchases. Its not linked to any specific item, just the site in general.

    Why does make them money? If its just referring people to Amazon, its not like Amazon doesnt have global awareness. Do they earn the same percentage as an affiliate for any particular item?

    submitted by /u/Dukenukem117
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    "We found someone to do it cheaper"... how do you respond?

    Posted: 30 Sep 2019 01:51 PM PDT

    I know for many service-based entrepreneurs, it's extremely frustrating to be told by a potential client that "Sorry, but we found somebody cheaper"... if they even pick up the phone again at all. I have my own method of dealing with this and turning it around, which I'm about to make a video on. I'd love to hear how some of you deal with this issue though.

    submitted by /u/HorseIsLikeMan_
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    Where to find buyers for a very targeted email list of 9000 people?

    Posted: 30 Sep 2019 01:19 PM PDT

    Hi all!

    I've got an email list of about 9300 contacts, all of them in the architecture / interior design B2B niche.
    Most of the contacts are architects, designers, contractors, & installers.
    Generally the open rate for this list is between 30-40%, click rate is 1-3%.

    Of the 9300:
    2200 +/- have first name, last name, email, phone #, company name, & company type
    6500 +/- have first name, last name, & email
    200 +/- have company name & email
    400 +/- have only email

    This is a list that has been built 100% organically over many years, but I'm looking to get out of this specific market.

    I've never sold a list so I'm unsure the best approach.

    How would you go about monetizing or selling this list to others?

    Thanks for your feedback!

    submitted by /u/martec528
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    Hello fellow entrepreneurs, I am currently working on a solution on dealing with mental fatigue in the workplace. I am at the market research stage and would appreciate anyone’s help in completing this short survey. https://luup.typeform.com/to/rBLIAw

    Posted: 30 Sep 2019 01:19 PM PDT

    Slow, but it's working.

    Posted: 30 Sep 2019 12:53 PM PDT

    My little hobby business is running (recycling valet service). I've got 4 customers now, which basically just pays for the gas. The entire time, from inception to now, I have and still suffer from doubt and insecurity. Even still I feel like I'm waiting for the other shoe to drop, for some nameless & faceless local government entity to show up and tell me "Oh no, you can't do that. You're gonna have to shut it down. Now go fill out an I.D.10 T. Form."

    I'm building something though, and I'm not going to just quit because of a little doubt and anxiety. I'm doing some good and maybe one day I'll make a profit at it.

    submitted by /u/Source_Points
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    [HELP!] Early employee potentially trying to backstab

    Posted: 30 Sep 2019 12:50 PM PDT

    So we're a young consultancy providing services in Machine Learning. After a lot of work we finally landed a big client who promised us a gig worth $250K that would start in 3 months, and in return we were asked complete some temporary assignments so that we'd get to know each other better. The person(client) was a PhD and we had a lot of fun working on the small assignments and enjoyed his company. Fast forward six months, it didn't work out and me and the team wasted a lot of time and effort. After a very heated debate amongst ourselves we finally got rid of the guy and decided to move on. Now the fun part starts- he contacted other person in my team, call him John, a member who is a core part of the team currently and handles one the biggest projects we have right now, and asked him instead to join him and leave us. I know that John is talking to the client we decided to get rid of, but he isn't sharing that with me. John is a loyal person and has been one of the core members of the team from the very beginning but I'm not sure why he is hiding the fact from me. I am not sure if being upfront about it is the best idea because I don't want to accuse him of anything, maybe they're just talking casually, but lately he's been a little less diligent in the tasks given so my hypothesis is he's spending some part of the time working with him. I'm not sure how to handle this situation in the best possible way as currently John is an integral part of the team and losing him at this point would cause a huge loss to us (maybe he knows this fact and taking advantage of the situation?) I'm not sure how to deal with this situation, any suggestions here??

    submitted by /u/uchiha_indra
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    Clothing Brand

    Posted: 30 Sep 2019 12:30 PM PDT

    Clothing brand

    Thinking about starting a clothing brand named "cerebra7"(cerebral). I wanted some opinions on the few pieces I made and also some advice, criticism, and if I should go through with it or not. I've read things that basically say it's pointless to start a clothing brand because it's saturated but I really would like to do this but yea thanks.

    Cerebral

    submitted by /u/bobbyt122
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    Is This a Good Architect Quote?

    Posted: 30 Sep 2019 11:50 AM PDT

    Hello r/Entrepreneur

    I am opening a coffee shop in Chicago, IL and I was curious if this is a good price for an architect quote? They sent me a fee total of $3,200 and I want to know if that is the normal quote for the services requested. Sqft is 1025:

    • Preliminary/Design Development
      • Provide on-site field certification of condition and measurements
      • Provide preliminary plans (space plan) of new floor plan and interior elevations of new front counter area
    • Construction Documents
      • Preparation of contract documents, drawings to include construction plan, reflected ceiling plan, interior elevations, wall sections, schedules, and misc. details to be used for permit, bidding and construction
      • Contract Documents will provide locations of all electrical outlets, light fixtures, switching, supply grills and return grills. The mechanical, plumbing and electrical systems to be designed build in field by respective contractors.
      • Selection of finish are not included in this proposal. These items to be provided by the interior designer and will be added to the drawings for permit.
      • Construction Administration is not covered under this contract

    I would appreciate an honest opinion. Also, I am not hiring an "interior designer".

    Thank you,

    submitted by /u/MrMikho
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    What I've Learned about Hiring Content Writers After Spending ~$3k

    Posted: 30 Sep 2019 11:45 AM PDT

    I run a content website, so one of my biggest challenges is hiring writers who can produce clear, engaging articles for me. I've spent ~$3k on writers this year and worked with writers of widely varying skill levels and backgrounds.

    I'm not an expert at hiring writers, but I'm better than I was. I'd like to share with /r/juststart some key lessons I've learned and hear feedback from others who have had success in hiring content writers.

    Treat writers as your partners, not your opponents

    Many of the guides I've read for hiring writers describe hiring and working with freelance writers as an adversarial relationship. They recommend structuring pay and incentives such that writers bear 100% of the risk and financial penalties when things don't work out. Examples include:

    • Asking writers to participate in a rigorous, unpaid screening process
    • Asking writers to invest hours into producing articles with no guarantee of payment
    • Imposing financial penalties on writers for honest mistakes (e.g., minor grammar or spelling errors)

    Skilled writers have options, and they're not going to waste their time with clients who try to nickel and dime them at every turn. Instead of designing a system that minimizes risks and cost for you, optimize for attracting skilled freelancers. Think about what best aligns incentives for both you and the freelancer and allows them to do their best work.

    Hire from college job boards

    I hired writers from Upwork, through personal referrals, and by posting on college job boards. I found college job boards to be the best bang for my buck in terms of writing ability.

    I listed my job on two local colleges job boards at the start of the school year and received 25 applications within three weeks. The quality was on par with applications I received through Upwork, but at a fraction of the cost ($13-$15/hr from college students vs. $20-$65/hr on Upwork).

    Write a detailed job description

    Talented writers don't want to get stuck with a client who doesn't know what they're doing and is liable to waste their time. If you write a clear, thorough job description, it not only demonstrates that you're an organized professional, but it helps writers quickly evaluate whether they're a good fit for the job.

    A good job description also helps you screen out low-quality writers. If they ask you questions you clearly answered in your job description, it's a good sign they're a desperate writer blasting out the same form letter to every job.

    Keep your early assignments simple and easy

    Even the best writers have a learning period as they figure out how to write in the tone and style that you want. You can accelerate their ramp-up time by making their first assignment as simple as possible. As you work together to smooth out the rough edges on the simple stuff, progress to longer and more complicated pieces.

    A mistake I made early on was to assign writers three short articles to start. This was dumb because they'd just repeat the same mistakes in every article, and I'd have to pay for it. Instead, I start with one at a time and graduate to multiple pieces in parallel once we get into a good workflow together.

    Build a style guide

    Your readers will have a smoother experience exploring your site if the writing style is consistent across your articles. This includes small, superficial details like whether you use The Oxford comma to higher-level considerations like the tone of your site (silly? formal? provocative?). Creating a style guide ensures that all your writers are following the same playbook and are creating articles that fit your site's style.

    You can create a style guide up front, or you can build it incrementally as you work with writers and identify things you'd like to keep consistent. I keep my style guide as a Google Doc so that there's a single, authoritative version that updates for everyone simultaneously. I pay my writers to learn it when they begin working for me, and I point them to any changes I make as the document evolves.

    Resist the temptation to fix bad writers

    Here's a scenario that played out over and over when I first started hiring writers: A writer applied with an enticingly low asking rate. Their writing was okay, not terrible. Maybe they had some light grammar errors, and the content wasn't as engaging as I wanted it to be. I thought, "I should hire this person and just coach them to improve their writing." This never worked.

    Writing improves slowly, at the scale of years. If you hire a mediocre writer, they'll stay that way for a long time. Be patient and wait for writers that meet your standards right out of the gate.

    Give tactful feedback

    I've heard consistent feedback from freelancers that the biggest factor separating good clients from bad ones is how they give feedback. Good writers care about their craft, so they're not going to feel good about clients who blithely dump all over their work. That's not to say that you should withhold criticism, but that you should be thoughtful and empathetic about the way you give it.

    In particular:

    • Be specific about what you'd like them to improve
      • "the sentence structure is a bit repetitive and slows down the paragraph" vs. "the first paragraph is bad. Rewrite it"
    • Focus on the writing, not the writer
    • Accept the possibility that the problem is in your instructions
      • Review your job description and style guide, and ask the writer if there's anything you can do to clarify what you want

    I adapted these tips from my longer guide, Hiring Content Writers: A Guide for Small Businesses, which I published on my website today. I'm happy to hear feedback/advice on these tips or the content of the guide.

    submitted by /u/mtlynch
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    [Advice needed] Any ideas how to succefully run a sports media site?

    Posted: 30 Sep 2019 10:42 AM PDT

    Hello, I started a sports media site and found people willing to write for me. My question is if you have any advice on how to run the site, how to monetize, or anything else you can think of?

    submitted by /u/Captain0010
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    How to start an ebook business?

    Posted: 30 Sep 2019 09:46 AM PDT

    I found a website that have free ebooks to sell...but idk where to sell them. I want to do an ecommerce store or create a wix site. I don't want to do amazon or ebay.

    submitted by /u/Princeton67891
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    Using cloudflare with adsense

    Posted: 30 Sep 2019 09:39 AM PDT

    I added my website to cloudflare and today I got the following in my adsense console:

    We found your ad code on one or more sites that aren't on your Sites list. To avoid lost revenue, make sure you add all your sites to this list. And the site is cloudflare.works

    Obviously this is not my site, but I'm not sure what happened? Anyone has any idea?

    submitted by /u/androidjunior
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