Startups Tuesday Operational Roundtable - A Forum to Ask About Legal, Accounting, Project Management, or How to Get Started |
- Tuesday Operational Roundtable - A Forum to Ask About Legal, Accounting, Project Management, or How to Get Started
- Question about stock in an INC vs. LLC
- Do I have to be passionate about the problem I’m trying to solve?
- How Do I Start My Business?
- Is it worth bringing on a development team or CTO at the point I'm at?
- Startup to Corporate Interview question
- How much does your company budget for marketing each month/yearly
- What advice do you have for a non-technical solo start up founder working in a software service startup?
- Do startups have entry level roles?
| Posted: 08 Oct 2019 06:05 AM PDT Welcome to this week's Operational Roundtable Thread. Ask about anything related to legal, accounting, project management, or how to get started. Don't be shy. The purpose of this is to learn and share ideas and methodologies with one another. Any question is a good question! If you are answering questions, remember to be kind and supportive. Many are just starting out and have no idea what they are doing. That's okay! We all knew nothing before we knew something. You can also find more support using instant chat on the /r/startups discord. [link] [comments]  |
| Question about stock in an INC vs. LLC Posted: 08 Oct 2019 04:40 PM PDT Hi everyone. I work for a startup with about 40 employees that does about 6MM in revenue yearly. According to the owners, we are in the middle of changing from an INC to an LLC. While we were an INC, stock and stock certificates were distributed to employees. We are being told that once the change from an INC to an LLC is complete, we will be redistributed our stock with all appropriate paper work. However, I am aware that LLCs do not distribute stock. Anyone have a similar experience or have any thoughts on what's going on here? I will be bringing this up to the owners tomorrow but wanted to get some input from you guys before. Thanks! [link] [comments]  |
| Do I have to be passionate about the problem I’m trying to solve? Posted: 08 Oct 2019 03:43 PM PDT This is a question I'd love to get some insight on. If I come up with a solution to a problem and I think it could get some traction or there's a gap in the market, do I have to have experienced that problem myself, and be passionate about solving it? Or is it okay to be passionate about building a company and working on it just because you think there's a gap in the market? [link] [comments]  |
| Posted: 08 Oct 2019 09:41 PM PDT The title says it all. To just be abstract, I have a website selling jpeg images of cats, I don't have a proper way to accept cash so let's say I'm accepting payments through Venmo. I've so far spent $10 on my domain name and that's it. Everything else is good to go and I'm ready to get my first customer. Where would I go from here? For instance, how do I setup my business as a legal entity before I accept my first dollar? Do I even need to? I want to get more official and properly process payments. I assumed I'd integrate a stripe API etc etc. but what about a business bank account, how do I set that up? Can I just walk into the bank and say I want a business checking and credit card? Or do I need to be some legally registered entity? I don't conceptually understand what it means to register as an LLC in Delaware or what a single person S Corp is or any of that. I'm honestly just confused by what it is I am supposed to do and how to do it to operate a business and buy equipment and resources and sell software (cat images) and pay myself and do it without breaking some kind of law. I know stripe has this atlas product that charges $500 to get off the ground as a business and then a yearly fee. And it sounds like it does everything I need but, does it? Is it just the dumb mans approach to starting a business? Should I consider it or are there better cheaper ways to start a business? Community feed back and experience very much appreciated. I basically need an ELI5 version of this. My background is in engineering but for some reason it's hard for me to grasp what the hell im supposed to do here. My intention is a lifestyle SaaS product/ company (I may never hire a soul or if I do like a handful of people) (nothing super crazy. Just want to be able to meet a need I think I've identified and hopefully pay myself what I earn now for less hours of work per week) [link] [comments]  |
| Is it worth bringing on a development team or CTO at the point I'm at? Posted: 08 Oct 2019 09:30 PM PDT This would be my first legit startup that is scalable and has investment potential. After throwing out at least a couple hundred ideas and hundreds of hours of research I came up with it. Basically, I'm looking for it to go viral and then bring on investors. I read a whole lot of how people get diluted early on by VCs to the point where they have little or no upside. I'd essentially be looking for a situation where I'd have initial and ongoing development in exchange for equity. What concerns me the most if how would I know I'm getting professional quality work for that equity. That being said, there are plenty of software out there that promise an enterprise level back-end for a monthly subscription. I'm skeptical of hiring overseas developers because the product is pretty complex involving VR. If only there was some sort of software that could bring the front end and back end together, I could then have a complete product, customers, investors, and would only have to hire someone to fix bugs. Any feedback? [link] [comments]  |
| Startup to Corporate Interview question Posted: 08 Oct 2019 09:19 PM PDT Hello everyone, After getting my MBA, I chose the EdTech startup route that brought me here today. After spending 2 years, I understood that I liked corporate life and want to switch from startup life. Well, the nice thing about spending some time in startups, I were able to wear different hats, manage multiple projects at a give time and especially be my own boss. However, it seems like it will take another 2-3 years for our startup to take off and I don't want to spend that time wasting more energy with sleepless night into something that might not turn out great. Believe me, it was a completely whole different story when I started. To cut it short, I were able to book a phone interview with a recruiter in our space from the corporate side. The interesting part is that the recruiter reached out to me saying the position I applied is filled and now in offer phase but still wanted to talk to me about my career path and my current situation. My plan is to go over why I want to move to corporate space ( to become more specific and build my expertise on subjects I have studied and wanted in the first place : Business Development and Project Management) and talk about out startups situation on how we build it from scratch and become a big player in a small market. As it will be more on the general side of an interview, what do you guys reckon I should talk more about and also ask questions about? I appriciate all the help. Thanks. [link] [comments]  |
| How much does your company budget for marketing each month/yearly Posted: 08 Oct 2019 03:30 PM PDT I have a tutoring business and now that school is in session things are slowly getting better. I am trying to solidify a marketing plan but I was wondering what other startups budget for marketing. I know that it depends on the industry but having a ballpark idea would be helpful. Thanks so much . Please do NOT use this as an excuse to PM me your services if you are marketer I am not looking for one right now [link] [comments]  |
| Posted: 08 Oct 2019 05:13 AM PDT Hey I have been working on a start up for a few months and seeking a little wisdom from someone who has done this before. I mostly work on my business after hours as I have full time day job. Since the idea phase I have conducted market research, validated the product/problem and in talks with a few software developers as I am currently building a MVP. The concept has been tested and is successful. What advice would you have for me? I understand the process is different for everyone but did you learn something which can be universally applied when working on your business? [link] [comments]  |
| Do startups have entry level roles? Posted: 08 Oct 2019 06:41 AM PDT I am a recent MBA graduate with a biotech background. I am switching from the scientific world into the commercial world. Except for a few internships I don't have much non scientific work experience. I am looking for a wide variety of roles - marketing, product management, etc. I am even industry agnostic. Angellist is where i ve had most luck in terms of call backs. But since it's mostly startups on Angellist, it never progresses beyond the first round because I don't have years of experience. Any pointers please? For context - just moved from bay area (8 years in bay area, worked, finished mba) to Toronto two months ago. [link] [comments]  |
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