I'm potentially able to transition to becoming the owner of a small business, what are some things I should know? small business |
- I'm potentially able to transition to becoming the owner of a small business, what are some things I should know?
- Hola r/smallbusiness. My wife and I have started a small and so far, successful, farmers market bakery business. I have some big idea questions for the future, and would like your advice!
- Closing down a LLC (taxed as S-corp) without any debts
- Owed substantial funds from a Client
- Banking Question
- Shop for my blog
- Are there any questions you'd like answered on a small business podcast?
- Incorporating technology in a small business
- Frustrated with my partner. Should I try to buy them out?
- Creating a win win online selling policy for current retailers?
- I might have jumped into my business to soon and fast..
- Is this a scam?
- Itemizing Quotes: How Far Do You Go?
- What was on your checklist before going full-time into your small business?
- Automatic Digital Receipts App/Software?
- Where can I sell leads?
- Anyone ever won a Chargeback as a Merchant?
- Can I have a fictitious name registered in 2 states?
- How can I help a friend who made an app for small "brick and mortar" business owners?
- Insurance and liabilities in PA for Alcohol Mobile bartending company. Just starting *offically* any advice?
- Do I have to give 1099 to a contractor?
- In need of software for tracking jobs....
- Turning passion project into work
- Small Business Question: Seamstress Charging More Than Agreed To
| Posted: 07 Oct 2019 01:03 PM PDT I have the opportunity to potentially transition into becoming the owner of a business. The person is planning on retiring and has reached out to me as a potential successor. It's in my field, and it's something that I'm very familiar with, however, I've only worked as part of a business before, never as an owner or as a president. With this, I'd be taking on the billing and scheduling (which I'm decently comfortable with), but also dealing with taxes, leases, contracts, finding insurance for staff, profits, etc. The business has no debt, has a steady source of income at this time, and a regular base of clients. [link] [comments]  |
| Posted: 07 Oct 2019 02:40 PM PDT We live in a small city, in the northern portion of the Upper Peninsula of Michigan. My wife is a baker and started to bake under the cottage food law So far, it has been wildly successful. We currently plan on doing this for another year to test the market and improve our process and get ready for moving up to using FDA kitchens, allowing us to sell more items and more places. My questions pertain to the idea of setting up a business with employees, and how one could compare the costs for fulltime vs part time employees. If we reach the point of having a brick and mortor store, we would like to offer full time work, as there is very little in the way for full time work here. How would one best compare costs and balances regarding this? I have a little background in entrepreneurship, some schooling, and some experience with other unrelated ventures. But I would like to freshen up on all my small business knowledge. Does anyone have any recommendations for a small business class or seminar in our area? Online? Lastly, in our big picture, we would like to see about the viability of franchising. Obviously we lack a lot, but I would like more information on how to set up a business towards that goal. Gracias all [link] [comments]  |
| Closing down a LLC (taxed as S-corp) without any debts Posted: 07 Oct 2019 10:46 PM PDT So after years of owning my own business I'm unfortunately throwing in the towel to move to a more stable job. Already accepted an offer and will be working in a few weeks. The only thing is i now have an LLC that isn't generating any money and that has a positive bank balance (above 60k in the LLC's checking/savings) I carry no debt and do not owe anyone any money. Curious as to how I'd be able to get that money out of the LLC's bank account. Also curious about any business equipment that i bought (computer, printer, etc) Also, are there any additional steps to take when closing a business other than notifying the state? (I live in CA) Thank you for your time! [link] [comments]  |
| Owed substantial funds from a Client Posted: 07 Oct 2019 02:03 PM PDT Has anyone ran into a problem of collecting major funds from a client? I have exhausted every path at the moment and am waiting for a meeting with my lawyer at the end of the week to see what my next options are. My lawyer has already processed a construction Lien on the restaurant that we have done the work for and just wondering any good ways to induce payments from the client? but in reality a lien is just a piece of paper that holds no value I have found out after the fact that this client is a real piece of work, is a funds investor, runs several restaurants and buys and renovates properties around town, would it be a distasteful decision to post on multiple social media outlets on how this characters operates and that he wont answer emails, phone calls on when I will be receiving any amount of payment from him. I don't want to post anything to discredit the restaurant business that he runs - just that he needs to contact me to pay up some debts and put a little pressure on him This project is one of my first contracts since talking over the business and still trying to navigate through some of the do's and dont's to run a solid business built on honesty and great workmanship [link] [comments]  |
| Posted: 07 Oct 2019 09:07 PM PDT Hi I'm about to start up a new business in Texas, and was wondering if I could get some insight into what you experienced entrepreneurs look for in terms of who to bank with, what sort if deals to go for etc. I was thinking of starting with Chase, but am open to other options! Would also love to hear your insights in regards to other things to keep an eye out for in good ways or bad when starting up. [link] [comments]  |
| Posted: 08 Oct 2019 04:32 AM PDT Should I put a shop section on my blog and promote it on Pinterest to drive more traffic or should I just continue blogging normally? [link] [comments]  |
| Are there any questions you'd like answered on a small business podcast? Posted: 07 Oct 2019 09:21 PM PDT I am the producer of a planned/new small business podcast and youtube channel hosted by a business attorney and a marketing guy and serial entrepreneur. We'd like to have a segment where we answer video questions submitted by business owners, entrepreneurs, freelancers, etc. So I suppose I have two questions: 1. Would anyone here be interested in participating, and 2. Where else would you suggest I try to find people who might be interestedin submitting a question? Presumably this problem will solve itself once we have built an audience, but we'd like to have some question videos in the pipeline for the first few episodes. Any suggestions are very much appreciated. [link] [comments]  |
| Incorporating technology in a small business Posted: 07 Oct 2019 06:03 PM PDT Hi all, I understand I'm essentially asking for free consulting, so I'm very thankful for any answers I receive. I own a car wash and want to create a low cost IT option in it. I would be thankful for any suggestions to see if my thinking is in the right direction or if I'm ignorant about something easy and cool that could do this easily. Currently, this car wash has no data record. Everything was recorded pen n paper and no data history maintained. It's a very small scale business. This is what I've thought of.: Customer comes in. I record the plate no. Now my code should search the government website and record the publicly available details. (I can do this in Python) - Year - Car Details - Car Type Optional fields( Now, the customer is either a new customer or an existing customer. New Customer: I ask the customer if they want to sign up for a reward program. If yes, enter following details. - Customer Name - Customer Mobile Number - Customer Suburb/Postcode I enter these 3 in my system which generates a Customer id. However, my search key for the customer will always be the mobile number. If Customer says no, just enter NA, NA, NA and generate a customer id. I'll add some NA handling logic, haven't thought about it yet. Existing customer: I search the customer in the customer database using a mobile number. Once I see customer details, I want car buttons (Add Car, View Car and Select Car). Entering a sale: Hierarchical order: First button --> Select customer Second button--> Select car Third button --> Select service After selecting service, bottom I want a button "Add Service" if multiple services are used. Data: All this data, goes into 3 tables: - Customer - Vehicle - Sale This data is stored in Azure blob storage (cheap) / Azure SQL database. This data is connected to a Power BI report published online which helps me track a number of metrics over time. In 6 months time, I could get some really good insights out of this data. All things follow these rules:
Note: In future, I'd also like to add an employee table which opens more doors for analytics, but keeping it OoS for now. [link] [comments]  |
| Frustrated with my partner. Should I try to buy them out? Posted: 07 Oct 2019 05:28 PM PDT Long story short, I opened my business (restaurant) with my partner (50/50) 5 years ago. We had a clear agreement of me running the FOH and doing the bookkeeping and her running the BOH. At first, things were going smoothly. She was dedicated, working long hours and genuinely interested in making the business grow. 2 years ago we hired a Sous Chef who has slowly taken over my partner's responsibilities. A while ago she told me that the Sous would now be promoted to running the entire kitchen and she would be stepping out to focus on other things. HOWEVER, I have no idea what "these other things" are. I run the FOH, do all the bookkeeping, marketing, scheduling, payroll, taxes, inventory, ordering (Sous chef orders food), event planning, budgeting and so on. There's nothing outside of the kitchen that I do not do and I still do some things for the kitchen as well. I don't even know what she does anymore. She had ideas for cooking classes, but hasn't even begun to work on this or market it whatsoever. I really feel like she is doing nothing while I am carrying a majority of the work. She also is extremely negative, grumpy, and downright aggressive and rude to staff, customers and vendors. I am constantly trying to calm things down after one of her outbursts. We have an opportunity to open a second location and I'm more than interested, but I don't know if I want to open another location with her riding my coattails. I attempted to talk to her, but she left before I could and honestly I don't know what she could possibly say to defend herself. My accountant, investors and staff all comment on the unbalanced nature of our partnership. Should I try to force my partner out? Should I try to work it out? I don't see the benefit of having her around anymore. I feel like I am working hard everyday to keep our doors open and find new ways to grow our business and she just comes by every once and while to complain, critique or cause issues. What would you do? [link] [comments]  |
| Creating a win win online selling policy for current retailers? Posted: 07 Oct 2019 07:54 PM PDT Im looking to get educated on some examples of how brands manage their retailers on amazon and the standards or expectations they must adhere to in order to sell on amazon. In other words, I have a bunch of retailers who buy my product, but as my brand is growing on amazon it is getting out of control and I need to form a policy that is a win win that they must follow or meet (monthly sales example) in order to continue selling...any sample formats or manufacturer retailer agreements I can read up on to get some ideas? [link] [comments]  |
| I might have jumped into my business to soon and fast.. Posted: 07 Oct 2019 05:23 PM PDT I just turned 22. I've always loved technology and I've had a passion for selling. I Wanted to be an engineer for a long time and start my own company and sell my own tech. Then in school engineering wasn't for me because of the math... I had looked at buying products from Alibaba for the last 3 years but always chickened out but About 5 months ago I bit the bullet and ordered products from a supplier and got logos and domains etc and put them on my products. I live on Vancouver island and so I decided to start selling solar power banks, foldable solar panels, rechargeable flashlights etc. It's been a great experience and having my girlfriend live by the west coast trail I was able to sell my products to stores for hikers and campers to buy. Now that the season has ended there is no one to sell to. I built a website that I'm happy with but even after paying a lot for ads online I've generated no sales. Does anyone have any suggestions on how to go forwards? I'm just a bit stuck and advice and ideas would be amazing. Thank you in advance! [link] [comments]  |
| Posted: 07 Oct 2019 03:38 PM PDT I had a woman message me recently about private yoga lessons for her family. We agreed on a price I use square but she insisted on using clover go to make the transaction. These are mobile credit card processing systems. I signed up. She then asked me to pay the driver who is going to drive her family to my yoga studio after the money has cleared into my bank account. She is saying she has lung cancer and is in the ICU and can't drive herself. I'm assuming if this was a scam she would try some sort of charge back but after the money has cleared is this legit? [link] [comments]  |
| Itemizing Quotes: How Far Do You Go? Posted: 07 Oct 2019 03:36 PM PDT Especially interested in the trades contractors out there. I'm torn between how vague or specific I should be with my quotes. I'm playing with the idea of full disclosure. As in itemizing materials and such and separating labour (Overhead and Profit included therein, I don't think any customer ever needs to know what those numbers are). As of now, I simply provide a lump sum price to my customers (residential and commercial) with a full breakdown of scope as detailed as possible. But I'm wondering if this is too vague and if I'm possibly losing out on work because of it. On the other hand, you don't always want to be revealing your material pricing or make it easier for customers to shop your price around. Curious as to anyone elses input. [link] [comments]  |
| What was on your checklist before going full-time into your small business? Posted: 07 Oct 2019 03:11 PM PDT For those who had a full-time job and a side gig that became their small business, I'm curious: What was on your checklist before you decided to quit your day job and go all in on your small business? Are there things you wish you did or didn't do that would have made a big difference? I'm a small business owner (Binxbox.net) and I've had a HUGE boom in customers in the past year; growing exponentially each month. I am at the crossroads where it is untenable to keep both my "day job" and this business. I'm meeting with a financial advisor soon to talk about some financial goals and projections. I make decisions best with feedback/experiences. I'm curious about other peoples experiences with making this jump and what you did, what you wish you did or didn't do, and what was the most helpful for your ongoing independence? Thanks! [link] [comments]  |
| Automatic Digital Receipts App/Software? Posted: 07 Oct 2019 03:07 PM PDT Right now we have about 5 employees with company cards and while they do a good job getting hard copy receipts, there are instances where they forget. In those instances, it can take upwards of 30 to 45 minutes to work with a vendor to try and get a copy of the receipt. This is obviously annoying and a bad use of time. Does anyone know if there is a credit card or app or something out there where every transaction is automatically recorded as a digital receipt and sent to an email or account somewhere? [link] [comments]  |
| Posted: 07 Oct 2019 03:00 PM PDT Hey all. Been doing digital marketing for a hot minute now, but I recently started generating leads for insurance, solar, mortgage and tons of other niches. Problem is I don't have time to look for buyers. Would love it if someone can point me in the direction of a buyer or a company looking to buy. Thanks! [link] [comments]  |
| Anyone ever won a Chargeback as a Merchant? Posted: 07 Oct 2019 06:51 AM PDT I am in the process of dealing with our second ever chargeback in over 4k transactions. First one was credit card fraud so was never winnable. However this one is a loser customer who is using Section 75 wrongfully to get money back on a product he claims was defective. Our evidence is more than compelling but we're obviously at the mercy of the issuing bank here with no control over who reads over the evidence or how long they spend on it. So I'm not expecting to win but I'd like to for obvious reasons :) Any success stories here of merchants and sellers winning against friendly fraud? [link] [comments]  |
| Can I have a fictitious name registered in 2 states? Posted: 07 Oct 2019 10:19 AM PDT I registered my small SP in Florida and will soon be moving to New York. I'll be registering my fictitious name in New York but do I have to do anything with it in Florida? There doesn't seem to be an option on their website to undo it or dissolve it. It will automatically expire in a few years. [link] [comments]  |
| How can I help a friend who made an app for small "brick and mortar" business owners? Posted: 07 Oct 2019 01:19 PM PDT My friends launched a web app for small businesses - auto service shops, nail salons, medical centers, etc.. "Brick and mortar" business. They are doing ads online, trying to find clients via friends, also mostly online. But what are some easy passive off-line ways to spread the word that still work today? Is sending paper spam for online biz a thing? Walk-ins, are they legal? (NY,NJ) Is leaving business cards in places that have boards for local biz cards, like some bank locations, and others -- does that even work? I want to help from where I'm at. [link] [comments]  |
| Posted: 07 Oct 2019 01:17 PM PDT Background -Bartending and working weddings, home events and thing from big to small. Started as a bartender and fell in love with it. So worked a house party and realized I can do this all the time. That was 5 years ago and I work then 1-2 a month through word of mouth. Future - I have a ton of interest in qualified ppl who are interested in working for me and I want to start marketing and getting on gig apps. The Problem - I don't know about the liabilities of having people work for me, not being an LLC, legal ramifications of legal action if something goes wrong. I have been putting it off and this is what has been intimidating me so any help is appreciated 🙏🏻 [link] [comments]  |
| Do I have to give 1099 to a contractor? Posted: 07 Oct 2019 01:17 PM PDT Context: My father and I run a general contracting firm, where we initially used a contractor for a building project. They did a shitty job and left the jobsite without completing the scope of the contract last year. Today, one of their business partners contacts me via text, requesting for 1099 for 2018. I still feel extremely bitter about them, since they cost us half-six figure damages. What are the consequences of not giving them the 1099? [link] [comments]  |
| In need of software for tracking jobs.... Posted: 07 Oct 2019 08:56 AM PDT I run a small shower door and mirror company. I am looking for software that can be used in the field (via ipads or phones) and also in the office (via PC). NEEDS -Ability to input accurate field measurements. -Upload pictures of bathrooms and also completed jobs. -Real time tracking of the status of these jobs. Does anyone use anything that might be helpful to us? [link] [comments]  |
| Turning passion project into work Posted: 07 Oct 2019 12:34 PM PDT I run a small non-profit providing special ed. advocacy to families. I've loved helping people, but the work is emotionally draining. I've decided I would like a change and to combine my love of travel with my disability work by creating a project that highlights disability-friendly travel. Here is my dilemma: (TL;DR) one of the places I want to highlight is a place I would typically only travel once or twice a year. How do I position myself as a disability travel expert without going full time? [link] [comments]  |
| Small Business Question: Seamstress Charging More Than Agreed To Posted: 07 Oct 2019 12:20 PM PDT Hi, This is my first post here so please bear with me. I need some advice on how to handle this. I sent my dress to a local seamstress to have altered. I had my fitting and we discussed a few changes such as: hem the bottom, slit moved up, bra loops sewed in and the existing straps widened. At my fitting the option of adding some fancier rhinestone straps was offered. I was told an increase in price would occur if I chose them, as they would need to be ordered. I was told the cost would be 90.00 without the fancy straps. This was written on the back of a business card for my records and I left with instructions to contact them with my decision regarding the straps. I later decided against the fancier straps and messaged the seamstress on social media with my straps decision and received no reply nor mention of any increase in the final cost. After a few weeks of no communication from them I grew uneasy about the lack of contact. I texted the seamstress and got a reply that she was out of town. The following day her assistant informed me I could pick up my dress. It also now cost me 120.00 though. When I inquired about the increase I was told it was for the straps. There was no discussion with me to increase the price before she went ahead and altered the dress. I looked at it like this : you go to a mechanic with your car trouble, they quote you at 5k for repairs. When you pick up the vehicle they say the bill is now 15k because they decided to replace the engine without telling you. You wouldn't pay the 15k because they didn't get your ok to do the work, right? I was never given the chance to even decline the price increase or give the ok. Now they're holding my dress hostage unless I pay up. How do I handle this? TDLR; I was told it was 90.00 for alterations unless I added fancier straps that required ordering. I declined the strap change and got no response when I messaged the seamstress to let her know. Weeks later when I had to reach our to them, I am being charged 120.00. I never was communicated with about the increase in price via phone, text or email. They are holding my dress hostage unless I pay the increase in cost. [link] [comments]  |
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