Changing small business structure to CEO/ executive board structure. Is this the right decision for business growth? small business |
- Changing small business structure to CEO/ executive board structure. Is this the right decision for business growth?
- Are exterior signs really that freaking expensive?
- What is stopping a service type business from scaling up fast?
- Adding more procedures and policies to be more thorough like a huge business?
- Accounting Software which is compliant in Australia
- How to let a friend down?
- Family business struggling, would love your input xpost from r/entrepreneur
- Does anyone own a linen or uniform washing business? What certifications do you need for it?
- How can you improve conversion-rate on Shopify e-commerce store?
- Restaurant owners.. Bitesquad and ubereats..
- Where to attain a product feed of vitamins/drugstore products?
- Not sure about Sales Tax for Clients
- What things should i be doing to take my small service business to the next level?
- How does a business gain an online presence?
- Have any idea on ads?
- 5x Conversion Rate Optimization Testing at No Charge
- How would I begin planning for a startup brick-and-mortar?
- PDF presentation for a cleaning service
- Is there a subreddit that's discusses Facebook ads or Facebook strategy?
- Business acquisition loan
- Small job requiring addition insured on COI?
- Business formalities in the trades
- Marketing to 3rd party influencers
- How do I determine rental pricing for a business location?
| Posted: 03 Oct 2019 03:40 AM PDT My partner owns a photography business with her sibling. Let's call my partner K and her sibling L. K and L both own 49% of the business from the start. It was a joint venture. Their eldest sister C owns 2%. L quit her main job to pursue the business full-time earning a low income salary. K works part-time elsewhere as well as work on a casual basis (dependent on project). The eldest sister C works part-time on the business. According to L, the business would be better off changing from this 'co-ownership' to a CEO/ board structure to 'save money'. I know nothing about business - I am just looking out for my partner who is considering relinquishing her power to be an 'employee' under L who wants to be CEO. K has also not done her research but has taken her sister's advice at face value. C is skeptical. I understand L has worked on the business the most but all 3 have worked hard in getting clientele and building the business from scratch. Please give some advice! Is this the right decision? Apologies for the lack of information, I only know what I know and I don't own a small business myself. If there are any gaps of information that could help, I can try to find out. TLDR; family-owned business wants to change structure with a CEO. Concerned about my partner relinquishing her power. [link] [comments]  |
| Are exterior signs really that freaking expensive? Posted: 02 Oct 2019 11:00 AM PDT I've been getting quotes for exterior signs, 6 channel letters, 18" tall with lighting. Quotes are coming in from $4k-$8k Why is it so freaking expensive to be in business?!? I've been in business for myself for 4 years and it seems like every week something new is popping up. Some type of required insurance, or tax, or business license fee, or costs going up. It just seems non stop. I really want a sign with independent letters but I'm failing hardcore over here Edit: thank you everyone for the recommendations, support and especially the perspective. It's easy to become consumed with my own problems and forget that the sign business is itself... a business. Just like me. I'll go another route for now and when the nicer signage is in my budget, upgrade. PS: Love you. Mean it. [link] [comments]  |
| What is stopping a service type business from scaling up fast? Posted: 02 Oct 2019 11:48 PM PDT I understand you don't get rich overnight. I read many stories that you can get very wealthy off service businesses and that is fantastic. However, often I hear them talking about how only after 4 years and finally their net profit is 60k for the year. That is pretty decent and can definitely support a family depending on where you live. However, I can make that in my regular 9-5 job. I don't mean to be arrogant. I apologize in advance if I did. Are they doing something wrong or what is exactly stopping them from expanding much faster? My goal is to actually already be netting 60k or more in the first year alone. [link] [comments]  |
| Adding more procedures and policies to be more thorough like a huge business? Posted: 02 Oct 2019 10:57 PM PDT Big business are more consistent and thorough in what they do. They have a ton more chain of commands, policy and standards they must jump hoops through. I have only a rough idea am sure I missed a lot of what they do. The legal aspect(not infringing on other copyright,trademarks), political impact, having it go through some sort of design phase before that (brainstorm, consultants, strategy, finalize, adjust)? How can a small company in their own right have a simple and effective way to make sure all 'their ducks in a row', to make sure everything is consistent and will be done with as much accuracy as possible? [link] [comments]  |
| Accounting Software which is compliant in Australia Posted: 03 Oct 2019 01:42 AM PDT Hi There, Hope all is well. I'm having some trouble finding an accounting software, which is compliant in Australia, and also satisfies the requirements of my business.
Context :
Apologies for the long winded post but I really appreciate the help from the community. Regards, Ray [link] [comments]  |
| Posted: 02 Oct 2019 11:26 PM PDT Short story: Past 2 years I have done photography , a close friend saw my talents and wanted to know if we could do a business together I said sure. I was still in college and I landed us a few gigs. He landed us a few gigs and lost us a few gigs. Graduate college move back, and I'm told "the business doesn't need to make money, if you're using it to live on" The photography company hadn't been officially filed yet, however I scooped up a gig, we had discussions and its filed 100% under my name. I also run a few other companies that all make money. My friend works a reg 9-5 type job. Recently I've been getting comments like "why did you spend money on 'x' " or the extra recent "the business needs to make money to buy gear" which was commented after I purchased equipment through another company.
I don't want to lose the friendship, so I'm open on communications I know that's where all issues are. The plan is to talk about what they want out of the company and what they think we should be doing different. Depending on that I think I should mention the hard numbers. Maybe suggest we split ways on trying to do that together and let each person have their own fun. Another factor is we always hangout, but usually no work is done while we hang out just due to the place we hang out not being prime for the work. So I'm not sure if the fact that the friend doesn't see the behind the scenes work I do, the fact I'm up until 3-5am every day still get up by 8-9am, or the fact that they're in the 9-5 and don't realize that running your own business is really a lot more time put in then you think. Kind of at a loss as what I should do. I know you shouldn't go into business with a friend, which is why all of it's also in my name. [link] [comments]  |
| Family business struggling, would love your input xpost from r/entrepreneur Posted: 02 Oct 2019 04:46 PM PDT Hi all, I'm trying to crowdsource some info because I'm really stuck. Ok...I took over my family's specialty food business about 5 years ago. I took it over under duress - my father was ill and had to leave immediately, so there was no training or anything. He ran a business that was strictly retail. His financial statements were a mess - his p and ls showed losses of $80 - $100,000 a year. But when I asked him about it, he always said that it was money tied up in inventory, that it would sell eventually, and that he could always pay his bills back on time. That's the only story I got. There was no accounting for inventory on his books, When I took over, I started doing takeout and catering, hoping that I could sell some of that excess inventory as prepared foods instead of strictly grocery. I created a menu and a catering menu and we took off. The menu was successful in terms of sales, but I'm not sure in terms of margins. I've been steadily trying to get a handle on my food costs, and I'm finding for the most part we are ok on margins but maybe portion size/waste is an issue? Basically, the 5 years since I've been running it, we've still never turned a profit, and I've lost money pretty much every year, financing the losses through an SBA loan and on credit cards. Naturally, I'm up to my neck in debt, and I'm really not sure what to do. My books leave a lot to be desired. All my financial advisors tell me that I need to get my inventory numbers straight and my books in order, so I spent like a full YEAR and thousands of dollars with a third party company to try and help, but it's still not right. I do have some info, though. I can generate sales reports, I keep religious track of all my purchasing. I've been running through all my items to make sure I'm hitting my target margins. And I discovered profit first allocations, which give me a sort of quick and dirty glance at how I'm doing. AND I'm a hustler for sure. I've brought in a lot of new customers by offering classes, wedding caterings, I offer tours for out of town guests, we do pop ups, and I started a program to hire and train local immigrant and refugee chefs which generated a lot of attention. The only time our customer base/sales drop is when I'm out of inventory (which I am a lot, because I can't pay my bills). We've seen consistent sales growth every year, in the realm of 7-10%, but I'm hitting a wall because I'm running out of credit to grow. TL/DR: My family retail/restaurant business is struggling and I'm looking for guidance. I need to fix my gross margin so I can pay my expenses pronto, or I will go out of business. I think? Where would you start? I need quick and dirty...my financial advisors are all accountants and basically their answer is fix your books...but I'm not sure I have that long to wait. Any way to get good financial info to make basic management decisions in the absence of solid p and ls? Any hunches of what the problem might be? I've always used an allocation system for budgeting because that is what makes the most sense to me; here is my desired allocations (using the profit first model), but at 43% COGS, my shelves look bare and I don't have the products my customers are used to. Profit: 1% Owner's Comp: 4% Taxes: 5% COGS: 43% -- Labor: 24% Expenses: 18% Shrink: 1% Debt Service: 4% = 100% Here is what they actually look like: Profit: 1% Owner's Comp: 4% Taxes: 5% COGS: 60% -- Labor: 24% Expenses: 18% Debt Service: 18% = 130% aka brokesville Thoughts? advice? Reduce my inventory? Raise my menu prices (already started, menu is at the designer)? Cut programs (we run a wholesale program)? Redesign my store to focus on profitable items? Bankruptcy? Sell it to someone who knows what the $%*! they are doing? Interested in hearing what you think some good next steps might be. [link] [comments]  |
| Does anyone own a linen or uniform washing business? What certifications do you need for it? Posted: 03 Oct 2019 05:13 AM PDT So I'm starting a unique kind of sanitation business to tackle our single use plastic problem. It's essentially the milkman model but aimed at businesses. Every business consultant I talked to said a linen washing service would probably be the closets analog, but really any business where you collect dirty goods, clean them, and return them should be a sufficient analog. I know I need a business license in my city to operate and general liability insurance. But anything else I'm missing? [link] [comments]  |
| How can you improve conversion-rate on Shopify e-commerce store? Posted: 03 Oct 2019 02:41 AM PDT |
| Restaurant owners.. Bitesquad and ubereats.. Posted: 02 Oct 2019 10:21 PM PDT I will be adding bitesquad to my food truck business soon. And questions as to the prices. I sell burgers for $6.50 but bitesquad charges almost 45% (This includes fees, transaction fee, taxes) Can I increase the price (like 50 cents) just for bitesquad delivery? So when customers order from bitesquad it'll show up as $7 instead of 6.50 but I will be selling at the same price for those who walks in [link] [comments]  |
| Where to attain a product feed of vitamins/drugstore products? Posted: 02 Oct 2019 09:16 PM PDT Looking to create a placeholder website with around 300 SKUs in total across 50 brands. Where can one attain or purchase a product feed in csv with product title, description, image, etc. all rolled up in a sheet such that it can be uploaded to a Shopify site? Essentially what I'm looking for is an export of one's site. Thanks! [link] [comments]  |
| Not sure about Sales Tax for Clients Posted: 03 Oct 2019 12:51 AM PDT I created an LLC a few months ago for making wordpress storefronts for folks and I want to make sure I have sales tax info correct. I assume that sales tax is the responsibility of whoever records the sale irrespective of who built the site/owns the server and that sales tax is for the state that the item was created, and not where the item will be shipped. I hope those assumptions are right. [link] [comments]  |
| What things should i be doing to take my small service business to the next level? Posted: 02 Oct 2019 07:39 PM PDT Hello. I will give some background. I have a (very) small service business. I have been in biz now for 2 yrs (last month marked the 2 yr mark) i am in my early 20's. I do residential window cleaning, pressure washing, and paver sealing. I live live with family still. Idk how to word this but this may be the only chance i have to really make my business a success. I have no serious bills. I have a lot of money saved up but my business is sort of a mess. Id like to learn how to track things better, know how much im making exactly a week after expenses, and just really get to know my business better besides, "oh sweet i made $1500 this week, that is pretty good". I am making good money per hr (i have been tracking) but some weeks ill make only $300 a week, some pretty good money $1,000-1500. My best week was 3.5k. Best month was 7k. My company is very highly rated and recommended and i feel like i can make some serious money doing this. I am licensed/insured/LLC (all's legit). I take a lot of pride in my work and honestly i hated all other work and i hate school so hopefully ill be doing this for a long time (it is hard on the body but i am in very good shape and i will continue to always be). I dont have any real business background i just started this business because i wanted to work for myself and i was tired of making $10/hr. Please any advice tips even books to read. I am currently reading the e-myth. I recently got a monthly subscription to a CRM software which really has helped. [link] [comments]  |
| How does a business gain an online presence? Posted: 02 Oct 2019 09:04 PM PDT First off im asking for a friend. He owns a very small business with 2 employees that manufacture high end goods and basically everything has been sold from his shop front. He wants to branch into the online markets but isnt sure what the best way to do that is. He'd prefer to keep the cost to do this at an absolute minimum (obviously) until the online sales increase. Is there specific steps or markets that he should look at to be able to get his foot in the online sales game? [link] [comments]  |
| Posted: 02 Oct 2019 07:43 PM PDT I own a large Instagram profile and sell pet bow ties and accessories, and have been trying to branch out to create ads with other content creators, does anyone know how to obtain a contract/ approach influencers for marketing purposes? [link] [comments]  |
| 5x Conversion Rate Optimization Testing at No Charge Posted: 02 Oct 2019 07:36 PM PDT Evening Redditors! Looking to expand my experience of CRO whether you're a t-shirt shop looking for sales or veterinarian looking for leads. I would like to find five completely different business categories to provide complimentary services to. You'll get conversion advice from experienced designers/marketers/salesman and free A/B testing setup on your site for a particular area you see fit. You will ideally have 30-50+ site visitors a day so the test does not take forever. We will be using Google Analytics, Google Tag manager, and Google Optimize to track and perform the tests. Our site for verification: https://theblackrook.com/conversion-rate-optimization/ Please DM, Chat or Comment your business, business type, and issues you may have been facing. Yo hablo español NOTE: No hijacking of commenters posts will be tolerated. We have seen issues in the past and do not want any marketers or SEO analyzers to start replying to business owners. [link] [comments]  |
| How would I begin planning for a startup brick-and-mortar? Posted: 02 Oct 2019 07:21 PM PDT For a while I've had an idea flopping around in my head, to open up a small brick-and-mortar store in my area, focused on selling retro video games, accessories as well as little knick-knacks like gaming-themed candy and merch and whatnot. I would sincerely dedicate myself to this, it'd be a dream come true, but I'm still pretty young (turning 19 this December) and, obviously, this would be my first time ever attempting to start a business. However, I am not easily deterred. While I'd love to start such a business within a year's time or something, I know that's likely extremely unrealistic, especially at my age. Regardless, I want to plan ahead, and I would like some help, specifically, to know what steps I must take for the beginning stages of my future small business. From the preliminary research I've done, I assume my first action would be to make a business plan, though I sort of knew that before researching because of all my high school business/econ classes. Though what confuses me about that is how I would do it at this stage - because business plans are what ultimately get investors to support you to get your business of the ground, yet, in an average business plan there's sections where you outline your sales figures, projected sales for the next (x amount of time), all of that, which I obviously would not be able to do right now. Then, assuming I figure all of that out, where do I go after a business plan? What do I do next? My apologies for the text dump, and especially my naivete. I hope I have not asked for too much - I'm obviously not asking anyone to do the work for me. I would simply appreciate any and all pointers for my situation. [link] [comments]  |
| PDF presentation for a cleaning service Posted: 02 Oct 2019 08:17 AM PDT Hi, I want to send a pdf presentation of my cleaning service to all the real estate agency of my town. Do you know where I could find some exemple of pdf like that ? I need some inspiration to create the best presentation to convince them to call me when they need a cleaning service [link] [comments]  |
| Is there a subreddit that's discusses Facebook ads or Facebook strategy? Posted: 02 Oct 2019 06:41 PM PDT |
| Posted: 02 Oct 2019 06:29 PM PDT Currently the business I'm looking to acquire has about $4.5MM in revenue and about $700M in EBITDA. It doesn't have any real estate but it has about $500k in assets (equipment, inventory, etc). The business financing loan will most likely be cash flow financed as I'm looking to get about 70% LTV. Not to restrict the cash flows too much, how possible would it be to get a 20 year amortization with a 5 year balloon? [link] [comments]  |
| Small job requiring addition insured on COI? Posted: 02 Oct 2019 05:33 PM PDT Hey guys. First time positing here. I work at a small junk haul company and we got a job for a rental of our dumpster at a mobile home park office. This is just one regular dumpster rental, not repeated work. The management is asking w9 and to add them as additional insured. We never had this issue before. The only time we needed an endorsement was when we signed a contract with the city to do hauling. Is this necessary? It will cost money and unnecessarily since we're just dropping off one container and renting it to them. Any advice helps. Thx. [link] [comments]  |
| Business formalities in the trades Posted: 02 Oct 2019 11:25 AM PDT I was thinking of moving my business and called a possible future competitor to introduce myself and see where a good location would be so that I can make a living without stepping on his toes. He informed me that he's retiring and would love to hand off or sell his business to me (some tools, but mostly clients and his shop space). I was wondering if any of you had advice on securing a deal like this. We're tradesmen and I don't want to seem overly aggressive with paperwork. I don't want to leave or sell my business, move there, and be hit with "actually I've decided not to retire." Thank you! [link] [comments]  |
| Marketing to 3rd party influencers Posted: 02 Oct 2019 04:55 PM PDT I own a small personal care company that sends personal care assistants and nursing assistants to help elderly patients in their own home. Typically, they help with things like cooking, cleaning, changing, and every day activities. I would usually target my marketing to the consumer, but in this field I think that marketing directly to the consumer would not produce results. Most of my patients don't think they actually need the help. I've made a list of where I get referrals and business from: children (40-60 years old) with elderly parents, doctors offices, hospital discharge planners, medic supply companies, etc. I'm trying to narrow my marketing down since previously I've been doing ads in magazines and care websites with little results. My current marketing routine is driving to these places and trying to get face time with hospitals, doctors, medical suppliers, etc. Any tips to narrow down my advertising? [link] [comments]  |
| How do I determine rental pricing for a business location? Posted: 02 Oct 2019 04:50 PM PDT We recently opened a new space that functions as a retail space where people come and spend time (trying to avoid too deep specifics, sorry). Since opening we have gotten a lot of requests to rent out the space for wedding parties, showers, etc. There is no one like us in the area and I don't know how to even begin figuring out pricing. I imagine that there would be two different prices; one for renting out the whole space and another for renting out part of it so we stay open for business on the other half of the space. There would probably be a different pricing for weekdays versus weekends (we're only open on weekends, so off-peak/closed hours would be much less of a burden to us. How do I figure out what to charge? I know there's a fudge factor but I don't even know where to start for pricing. Thoughts? [link] [comments]  |
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