Thank you Thursday! - (October 17, 2019) Entrepreneur |
- Thank you Thursday! - (October 17, 2019)
- How We Created Shark Tank's 5th Best-Selling Product Ever
- How I built a Lead Generation Engine to escape the nine to five and launch a startup.
- I know that most of you have high expectations for being an entrepreneur but honestly I just want to make $50,000/year comfortably without having a wife and kids. Is that possible, or is that too unrealistic?
- [Community Rant] I've got a problem with some of the people in this community - Here's why.
- Need help with this project?
- A Group a colleagues and I are trying to start work on a more cost friendly, energy efficient, and safe way to cook food.
- Feedback on Artificial Intelligence startup website
- My journey building an educational app in an african country
- What have you automated at your business?
- For those that invested their own money into their business, what did you do to fund your business?
- Im in the process of selling my business, my partners are all former bankers and I’m embarrassed to ask them. What is working capital and how does it affect my payout.
- Do you use any marketing automation?
- Manufacture in China? Ever take Taiwan into consideration?
- Is it possible to start a kiosk business in Los Angeles w/ 10k
- How do I increase my mobile apps user retention rate?
- Did your business idea arise organically or did you go looking for a good business idea?
- I want to be an entrepreneur, I just don't know how.
- Where to begin: creating software product/plug-in for a few niche companies
- The Highest Margin eCommerce Products of 2019
- Should i notify my clientele about lowering my prices?
- How are profits most typically distributed to equity shareholders in a private company?
- Today's Motivational Quote for Entrepreneur
- If I come up with a bare-bones, rough-around-the-edges, mailchimp landing page for a newsletter I want to publish, how difficult would it be to transfer all of my subscribers to a different platform under a different name in the future?
- What are some ways that you all make onboarding easier?
| Thank you Thursday! - (October 17, 2019) Posted: 17 Oct 2019 06:08 AM PDT Your opportunity to thank the /r/Entrepreneur community by offering free stuff, contests, discounts, electronic courses, ebooks and the best deals you know of. Please consolidate such offers here! Since this thread can fill up quickly, consider sorting the comments by "new" (instead of "best" or "top") to see the newest posts. [link] [comments]  |
| How We Created Shark Tank's 5th Best-Selling Product Ever Posted: 17 Oct 2019 09:23 AM PDT Michael was going through a divorce, and staying at my house. One morning he was walking through the living room when he saw my 7-year-old son, Saxon, sitting on the couch in one of my old hoodies. It was obviously huge on him, but he looked so warm and comfy that Michael turned to me and said, 'Hey bro, you think they make those for adults?' We then noticed a fluffy throw blanket on the couch behind Saxon and thought 'Why don't we make them out of that,' and The Comfy was born! There's a lesson in that moment we hope other entrepreneurs can be inspired by: the power of taking action. That was the point where most would-be inventors get stuck. Instead of talking ourselves out of this crazy idea, we went for it. Boy, are we glad we did! What's crazy is we went from having the idea to standing on the set of Shark Tank in six months. It was an insane journey, and probably best that we were total novices when it came to this kind of business. We both have entrepreneurial backgrounds—Michael was running a pool business and Brian a TV production company before The Comfy—but there was little that could have prepared us for what we were in for. How the heck were a couple of single dads from the desert going to make a big blanket/sweatshirt thingy and sell it to the masses? We thought Shark Tank was our best bet, so we came up with a pitch (and a song!), flew to Denver to audition, and made it through several months of vetting before we found ourselves in LA. Our appearance on Shark Tank was surreal. (See our pitch here.) Fortunately, Barbara Corcoran bought into our concept and invested $50,000 in exchange for 30% of the business. Already, it's proven to be her most savvy investment yet: The Comfy was just ranked as 5th best-selling Shark Tank product in history (See USA Today rankings here), and we haven't even been at it two years! But while Shark Tank has been great for business, it's certainly not the be-all-end-all. The bump in sales you get on the night of your airing is significant, but it dies out fairly quickly. It's funny, because about a month after our airing, we went crazy viral all over social media, to the tune of more than 100 million video views. That had nothing to do with Shark Tank. It had everything to do with big Facebook pages picking up a fun video we did demonstrating The Comfy, and spreading it around the world. In the span of ten days we had sold into more than 70 countries, and were backordered for more than five months. The power of social media is very, very real. Who is your target demographic? Our target demographic? Anyone and everyone! The Comfy is truly a product for everyone—men, women, & children. We often call it the "perfect product" because it is one-size-fits-all and puts a smile on the face of anyone who tries it. The same product fits a child (kids LOVE it!) and a heavier adult. What could be better? How did you fund the idea initially? We funded this 100% ourselves. Well, kind of. We did each borrow $50,000 from our parents; without their support, this never would have gotten off the ground. We're so grateful. What really skyrocketed our growth was our decision to go against the advice the Sharks (and Barb) had given us: 'Stay out of retail!' The problem with that advice was we're both big Costco guys, and we couldn't stop thinking of how successful The Comfy could be there. So Barb connected us with Melinda, a sales rep she's used for years to get her Shark Tank companies into retail. Remember, we just wanted Costco. But before we knew it, we were on QVC and in Bed Bath & Beyond, Target, Kohl's...you name it. Our heads were spinning. What's funny is Costco initially said no, but we managed to get a test run with them late last year, sold out, and they're in with us in a big way this year. So I guess the best piece of advice here is to find a tenacious salesperson, which is what we had in Melinda. She also came with built-in infrastructure and a team to support our rapid growth, which is why we essentially gave her the keys to the business and told her to run with it. That more than anything else is why we've grown so quickly, and with relatively few hiccups along the way. What lessons have you learned that might help someone starting out? The biggest lesson I think anyone can learn from us is the power of taking action. Having an idea is great—but it's meaningless unless you do something about it. We had absolutely no experience with this kind of business, but we didn't want to be left wondering "What if?" Coulda, woulda, shoulda...didn't. That wasn't going to be us. Sure, it's easy to say now, but that's the one thing we want fellow entrepreneurs to take from our story. Go for it. You'll be glad you did. (Though a good idea definitely helps!) How do you protect yourself from competition? We have numerous trademarks and, yes, patents, and we spend a lot of money defending them from the dozens of Comfy knockoffs out there. It's funny, because the only reason we initially applied to patent our product was so we could say we were patent-pending when we were inevitably asked about it on Shark Tank. Our patent attorney, Tom Galvani, thought we were nuts. "I don't like your chances of getting this patented, guys," he glumly warned us. But we were resolute, and Tom did a fantastic job. Two years later, we have both design and utility patents, with many more in the que. Don't tell us something can't be done. Oh, and being asked about it on Shark Tank? It never even came up! Ha!" What apps could your business not run without? We could not have gotten by without Shopify. What a platform. It never came close to crashing with the crush of Shark Tank traffic, and it allowed us to scale our business very quickly. It's amazing that little mom-and-pop ecommerce sites have access to the same tools as $100 million+ businesses. Your only limitation is you! What are the next products you're working on? We are always coming up with new products. What started with the Original Comfy has now evolved into the Comfy Lite, the Comfy Hoodie, a Kid Comfy, prints, holiday versions...you name it. Our pipeline is rich with concepts, and it takes a lot of restraint not to want to put it all out at once. But we'll be patient. We feel like we're creating an entirely new category, kind of like Lululemon did with AthLeisure. We have a product that makes people happy, and makes the world a little bit better. What could be better than that? As far as revenue, we did $20 million in 2018 (our first full year), and will do north of $50 million in 2019. That's pretty ridiculous growth, and maintaining it will likely mean some sleepless nights ahead. We don't have any plans to sell right now, but that certainly could be our endgame. We don't think there's any reason we can't be a $250-$500 million (or more) company five years from now. Why not? We're just getting started, and you know what will never go out of style? Being...Comfy. If you enjoyed this story, the original is here. [link] [comments]  |
| How I built a Lead Generation Engine to escape the nine to five and launch a startup. Posted: 17 Oct 2019 02:41 AM PDT Hey guys, I wanted to share my secret to how I grew my consulting business enough to break out of the 9 to 5 and eventually launch my own product. I still use this exact funnel to do some of our higher ticket sales. Here was my problem. My website was like, sort of okay I guess... you know maybe.... and I had no idea how to do content marketing or PPC. All I knew how to do was pitch 2 or 3 sentences and hope for the best, mostly because I had no background in sales. But while that kinda worked, I knew I couldn't scale my own elbow grease. So I set up a lead generation engine that would target my prospects for me and pitch them automatically. That way I could focus on my service and closing deals. It's based on 4 tools. - Lead Engines - Reply.io - Zapier - Mailchimp Quick break down of the tools: Lead-Engines is a prospecting tool that you set up once and it finds you more target customers forever. It puts their contact data straight into Reply. Reply is an cold email management tool that lets you schedule personalized cold emails and follow up sequences. It also can read responses to figure out who is interested. Zapier is the glue of the Internet. It lets you use reply's automatic interest detection and add those people to mailchimp. Mailchimp is for marketing emails and newsletters, and is how I stay top of mind with my prospects. And here's how they work together: Everyday, Lead-Engines finds a couple more of my target customers and adds them to Reply. Reply puts them into a cold email sequence, pitching my value proposition and asking them to get on the phone. When someone says yes it detects that and adds them to my Mailchimp via Zapier. Then before we get on the phone they get the full education of what I do. I can also use Zapier to email them a scheduling link, making this a 100% automatic direct-to-calendar lead gen technique. Then that's it. All I have to do is close deals. I just make my availability exclusively between 11:00 and 1:00 so I can skip out for "lunch" and go close my deal. These calls have all been only 8-15 minutes anyway because Mailchimp educates my clients for me. Oh and it provides them enough info to disqualify themselves if we aren't a fit which saves me a ton of time talking to people who will never buy. Im happy to make a video if anyone is interested [link] [comments]  |
| Posted: 17 Oct 2019 03:19 PM PDT I know when most people decide that they want to be an entrepreneur, they hope to be super rich one day but for me... I just want to make enough to live comfortably and be able to pay my expenses while having enough money to use for entertainment and leisure. I'm not a materialistic person so the super expensive things in life don't really appeal to me. I would be content with just making $50,000 every year from whatever business venture I decide to embark on. I don't plan on getting married and having kids because it's just not fit for me. Is it possible to reach this goal of mines, and how long do you think it would take to make $50,000 every year as an entrepreneur? I forgot to add that I'm currently working as a digital marketing manager for an agency here in Los Angeles, and I have been considering starting my own agency for a while now. I make more than $50,000 at my job but I just can't see myself working for someone else for the rest of my life; I would like to sleep-in on some days and be able to go get groceries, go to the gym, hang out with friends, etc. during the day when most people are working a 9 to 5. However, I'm not sure if digital marketing is something that I would want to do for the rest of my life. I have been having an interest in eCommerce and web development/design for a while now so I have been having thoughts of switching careers. Please let me know what you think! [link] [comments]  |
| [Community Rant] I've got a problem with some of the people in this community - Here's why. Posted: 17 Oct 2019 05:52 PM PDT The more time I spend here the more time I realize the majority of people here don't want actual helpful tips. They think they do but the second someone gives real advice on how business actually gets done, they throw up excuses why they can't do it, or why it's illegal, or why OP is a sc4mm3r. I feel like this sub is 80% full of a combination of very young people and/or very uneducated people. You will find throughout history (and yeah that includes recent history), time and time again businesses conduct strategies that if not downright illegal are solidly in the grey area. These are businesses that all the people in this sub bitching about scammers without anything but a wild guess, give money to on a daily basis. Coca-Cola, Amazon, Walmart, Apple, the list goes on, and on, and on. A recently highly upvoted post with a lead gen strategy I would consider white to grey area that 100% will not land you in any trouble received a TON of comments talking about its illegality and their personal distaste for spam AND how OP is just trying to push his company. This bothers me not only because I have been the victim of such completely unfounded attacks in the past, but because I see it over and over again and it IS driving people away who actually have something of value to contribute here. Think about it, why would someone post here when odds are they are going to be treated very poorly in the comments section. Would you give a speech if 50% of the people in the audience were going to shout obscenities at you and potentially come for your life?(That last bit is a bit extra I know, buy you get what I'm saying.) YES, there are those with subversive motives here but you know what? YOU ARE IN A SUB FOR ENTREPRENEURS. Of course, the advice 9/10 in some way will relate to a person's business and *gasp* could even generate more business for them. O000ooohhh N00ooo00! All I am saying is before making wild allegations, for 5 seconds just stop and consider the value of the post itself. All these white nights honestly make me want to leave the sub and forget about it, but you know what? I decided I wouldn't do that because I LOVE this community and there are posts that I have come across here that straight-up changed my life. That's why I feel I HAD to share this with you in the hopes that maybe, just maybe, I could get this across to some of you. Even though being the betting man I am, I would almost GUARANTEE this post gets downvoted into obscurity. Feel free to dox me but for the love of God, keep in mind this ain't about me, it's about this community, YOUR community, and I am tired of seeing QUALITY CONTRIBUTORS get straight-up accosted, having done nothing wrong. I came across info in this very sub that has changed my life and even in that thread, there were so many doubters and naysayers. It saddens me to be honest, but as a very successful good buddy of mine once said... you can't save everybody, it's just the way of the world. /rant [link] [comments]  |
| Posted: 17 Oct 2019 02:43 PM PDT Hi, I'm in the stage thinking of a side project to try that solves a problem. I've made a survey based on the product that I wish to try. Can you participate in this survey? Thank you. Link: https://docs.google.com/forms/d/e/1FAIpQLSeTwvKLG9Py0_6oWzPZmPlWtAOYXeH7ctH8veZAgUjAJyoXvA/viewform [link] [comments]  |
| Posted: 17 Oct 2019 09:49 AM PDT we are starting this project for those in impoverished and developing countries. After having this issue become a main goal for many of the non profits we donate to and organisations we volunteer with, we wanted to use our engineering backgrounds to develop a solution. We are aiming at using solar energy and photo-voltaic cells to create a permanent replacement for their cooking. we are still in the beginning steps and would like help with a real direction. We created a survey to give us an understanding on the direction we should go. Any feedback is appreciated. [link] [comments]  |
| Feedback on Artificial Intelligence startup website Posted: 17 Oct 2019 12:57 PM PDT Hi guys! I'm one of the co-founders of Adagrad AI, we're a consulting company in machine learning. I'd like to have your valuable feedback on the site. Here's the link: https://www.adagrad.ai Any feedback is appreciated! Thanks [link] [comments]  |
| My journey building an educational app in an african country Posted: 17 Oct 2019 06:09 PM PDT Hey redditors, I'm a 20 years old developer living in an african country called Algeria, next to morroco. A year and a half ago, I buit a website for Algerian students in college to find documents online that might help them with their studies, I was able with a friend to gather more than 3k documents (lessons, exercices, problems set..etc) during a year, these documents are from several universities and other students, we don't take any copyright of that and we don't charge any fee for access because it's basically not our content. A few months ago we got a huge media cover in my country, a couple of popular local tv channels invited us, and some newspapers wrote about us, especially after we got an article in Huffpost Maghreb (Maghrebian edition of the huffington post). It seemed a great thing and from 50 - 100 visits a day we went up to 400 vistor per day, but this was just for few days, it was very exciting though. Our goal is to bring whatever an Algerian student might need during his journey in college, like all these documents but recently we're building a new version that would also allow them find jobs, events and scholarships from several classified websites and other sources (we're planning to scrape the data and referencing each website to make it useful until we gather enough employers to post jobs and internships and other stuff on our website directly). I made sure to build a good SEO for the website and benefits are really showing up, we're recieving around 250 visitors daily (few months ago we were still at 70 - 100 visitor) and a large part is from facebook and Google. ** The Hardest Part:** In Algeria, all colleges are free, quality is bad but not catastrophic, the problem we face is quite complex; first, most students are relatively poor, an average Algerian worker make less than 500$ a month, so making students pay a subscription fee is not a good idea, especially that we have some competitors who offer most of documents for free. The 2nd part of the problem is that credit card are very rare among students, some have, but policies and bureaucracy make it so hard to obtain them, so it's impossible to make online payments, which really slow down the whole situations, so most startups here either use the old check system, or just hand to hand payments. So right now I'm stuck with finding a business model, our community on Facebook love our product and we get a good share of reactions for a page with 3.8k fans. In my country there are around 1 million college student, that's a very large market, with very few competitors and that's the good part. The Struggle: When we got covered up by media, we got into some trouble, some elder guy having a website that offered educational content in his website pretended that our domain name was too close to his own, and he threatned us that if we don't take it down, he would take legal procedure, fortunately, we got a Lawyer and things got cooled down, the name was very far from his domain and not as close as he claimed and our logos were very different. Business Model For our businnes model, Since our search engine can search for paid trainings and they are extremly popular here and some make a lot of profit from it, I've thought that once I reach a good amount of daily searches/visitors I could offer them sponsored ads on search results (like Google and Facebook ads), they would have to pay a fee for that. They will even have to buy a monthly plan to be able to post more than 2 paid trainings on our platform. For now I only have this model in mind, I thought of several other ways to make some profit, but most of them are very hard to achieve or sometimes just non-sense, I have thought of maybe starting an online course industry in my country like Udemy or so, but I still can't know if my target audience would be interested in such thing since no one ever did it here. Thoughts Sometimes I'm happy with what I did until now, I work hard on it, but sometimes (a lot of times actually), I tell my self that would have been able to make a much more successful and profitable project if I put all that effort in another project more global and not just for local users, as I told you, the only good part in building something local here, is the fact that there are a lot of problems with very few competitors offering a solution, and most of the time these solutions are 90s style technology. I might however make this platform global If things turns out well in a year or two and if the global market would be interested in such thing. Now, I would like to ask you what you think about it ? How can I grow it in such conditions ? and do you think that I would have been able to make a much better use of my free time If I made something more global ? Link : https://khbich.com (the website is in french) Thank you guys for reading all this, hope you could help me out by answering my questions, and sorry for the typos. [link] [comments]  |
| What have you automated at your business? Posted: 17 Oct 2019 06:06 PM PDT I am on a mission to automate as many things as possible at our company. Customer support and customer onboarding seem to be the hardest for us. What are some great automations you have implemented and how has it impacted your business? [link] [comments]  |
| For those that invested their own money into their business, what did you do to fund your business? Posted: 17 Oct 2019 02:05 PM PDT I am a 20 year old female who is trying to start my own business. I need about $10,000 to get started and I am very determined. I work a morning job every morning which I'm grateful for but I do need more income so that I can reach my goal in 2-3 months. I am thinking of applying to a warehouse 3rd shift and full time + keep my morning job. I know I'll get very exhausted working this much but I don't have any other responsibilities such as school. Would you do the same if you were in my shoes? Did you sacrifice your health to fund your business & was it worth it? Thank you! [link] [comments]  |
| Posted: 17 Oct 2019 10:18 AM PDT |
| Do you use any marketing automation? Posted: 17 Oct 2019 05:22 PM PDT I have 0 audience. Are there any tools I should know about to help me do any of this, generate landing pages, ads, facebook ads, google ads, any other platforms. Any expectations on budgets, I can do probably 1-2k over the next month but I'm a beginner so any help is appreciated. [link] [comments]  |
| Manufacture in China? Ever take Taiwan into consideration? Posted: 16 Oct 2019 07:00 PM PDT The saying 'Made in China!' is becoming a common sentence shown on every product from a well-known brand to a startup idea. When you are coming up with an idea and build up a prototype, your next step is searching for a manufacture for your idea You know you will pay a higher price but get higher quality and great communication from a domestic manufacture, search websites like ThomasNet. Or you can go to Alibaba to search for a industry manufacture. You may expect you get a relatively cheap price for your idea, however, endure a potential risk at the intellectual property protection, (usually) lower manufacturing, difficult/costly to check the quantity. I am sure many companies find a good supplier in China, and there are indeed many good manufacturers in China. Another truth is those manufactures are full of orders with a big brand. There is no time to support small to medium size corporate orders especially when they request a big minimum order quantity. Do you have to choose one or the other and compromise? Is there a place with great quality, fair cost, reliable QC and great intellectual property protection? Back in 1960-1980 the first country well known to manufacture products for the world was Japan. 'Made in Japan' is a 60's to 80's common sentence on the product. After that the next place that dominates the manufacturing market is Taiwan. Taiwan and China have a complex history and political problems. Except from the government point of view. Resident in those two areas interacted a lot after 1980 when the two governments allowed people travel between countries. China also encourages Taiwan manufactures to expend their manufacture base. Cheap labor and tax deduction benefits are a great combination. It is an opportunity to expend the manufacture base in China even move the headquarters there. The well-established Taiwan manufacture technology and policy open a new era of China manufacture until today. Now, great products including the iPhone show that there are big manufactures in China, however, almost 20-30% of the main components still come from a Taiwan company including chip, camera and the screen. You may check the Apple supplier chain to know. In the last 20 years, big manufacture companies go to China looking for more cost-effective labor and manufacture friendly environments. However small-medium size manufactures are still left in Taiwan. What did they do? They probably won't give you the cheapest price to manufacture. But they provide the most cost-valuable product for their customer. They do not only provide a manufacturing service to a customer because they know if they only do this, they will lose the competitive power with a company has a branch in China. So, what they do is strengthen the service, make themselves different. They usually have a knowledge of RD in a company and could discuss the project with you. You may have a great 3D file, but it might not be a mass production friendly design. If you manufacture in your country or China, now you have a new option. Explore some manufactures in Taiwan. It could bring you a new option when you consider where to manufacture your product. I plan to write more articles about the manufacture experience I have in China and Taiwan. Let me know if you are interested in this. My name is Tom, I was working at a trading company in my early 20's. In my career I've sold product in over 35 countries and visited over 20 countries. I have a rich experience design, manufacture products in China and Taiwan for over 10 years. In my career I have met more than 200 companies in different industries. Among those industries I have an expertise with plastic injection and molding. I love to meet people and make new business partners. Now I own a company developing new and revolutionary household products. I was a resident in China, Taiwan, Japan and the US. I am happy to share any of my experiences to help people understand ASIA. [link] [comments]  |
| Is it possible to start a kiosk business in Los Angeles w/ 10k Posted: 17 Oct 2019 05:02 PM PDT Full disclosure, I am currently cash poor and I work basically everyday just to survive. However it's possible that sometime in December a family member will lend me 10k to start a kiosk business (cellphone accessories/repairs). I have a background in sales and I am confident that I can acquire inventory quite easily and sell it at a good margin but I have no idea how expensive it is to lease and operate a kiosk. Any advice ? Do I need more $ ? [link] [comments]  |
| How do I increase my mobile apps user retention rate? Posted: 17 Oct 2019 04:44 PM PDT So I am having a tough time getting my user retention rates up and I am wondering, is it because my app sucks or am I just doing something wrong? So my app is a bookmarking app that is an alternative to Pocket, Instapaper, Flipboard, etc. You save content from other apps to my app which you can then view in our custom web browser. What differentiates us from the competition is
I recently released a major update to the app including massive upgrades to the performance of the app. Some of these upgrades were asked for by users and some were just obviously necessary to an app like this like faster loading times and allowing Facebook/Google sign-in/up. And I was really hoping this would boost retention rates but sadly it did not. This update has been out for two weeks and this is a breakdown of the retention according to Firebase Analytics As you can see it is still pretty unimpressive, especially the second week. What I try to do is every once in a while send out emails to all my users and ask a few questions about why they use/don't use the app, what they like about it, what they like to save, and what they want to be added, but very very few people email me back and I have like 3300 registered emails. Here is an example of an email I sent out What should I do at this point? Am I just targeting the wrong niche group of people? I have a ton of my most loyal users saving food recipes, should I try to go after people interested in cooking and expand from there? [link] [comments]  |
| Did your business idea arise organically or did you go looking for a good business idea? Posted: 17 Oct 2019 04:35 PM PDT |
| I want to be an entrepreneur, I just don't know how. Posted: 17 Oct 2019 04:18 PM PDT Hello everyone, First of all I must thanks to everyone who is spending their time reading this, and note that i am new to posting/commenting stuff in this community. Ok, so I am a 26yo, with a bachelor in Mechanical Engineering. I have worked for the last 6 months as a Junior Project Engineer in the HVAC field, but the salary was extremely bad when compared with living costs of the capital city (aprox. 60% of salary going for the room i rented). Then I decided that I should master in Aeronautical Engineering, and it started last month. The town I live now is way cheaper, and its population is approximately 80% students. Its a very cold town, in a vale of most famous and tallest mountain of the country. Said that, overtime, i have been really motivated with being an entrepreneur and start my own business. I even bought the Rich Dad, Poor Dad book, so i could get some financial education. As of this moment, i dont have any ideas on how to create value for other people, so i can start a business. I dont even know what questions should I be asking my self to come up with an idea. I would really appreciate some help/tips as well as some (positive) criticism so I can improve myself. And again, Thank you for your time. Cheers [link] [comments]  |
| Where to begin: creating software product/plug-in for a few niche companies Posted: 17 Oct 2019 03:52 PM PDT I will make this question short, hopefully you all can help me find a direction. Thanks in advance. I have an idea for creating a software program/plug-in that can be used by companies that provide videos services (Netflix, YouTube, lol even any of the XXX sites) for further monetizing the content they are providing. I have the business idea down and the ways to market and sell the product but I am really struggling with where to begin regarding the actual product development. Ideally this is a product that the companies can purchase (for a monthly fee based on X amount of traffic/videos) but I am sure each individual company would want to tailor it specifically to their own needs. This surely makes the development more difficult; initially do I just provide the framework from which they can add or remove functions of the product or do I create a fully functional product which they must incorporate with little customization? Obviously customization is the goal and more effective but it will require significantly more work, I was thinking to begin full scale customization once we have the foundation for the business and have more capital. Also, where do I find quality business partners? I do not know how to code nor do I plan on learning (before someone points this out as a flaw, my time and resources would be better spent working on other areas of the business) so I am wondering where can I meet developers who can become my business partners. [link] [comments]  |
| The Highest Margin eCommerce Products of 2019 Posted: 17 Oct 2019 12:04 PM PDT https://pricemole.io/posts/highest-margin-products-2019 I see a lot of posts on /r/Entrepreneur looking for inspiration on what products to sell or what the margins are across different industries. Hopefully some of you who are in eCommerce or looking to get into eCommerce will find this data useful! As a follow up to last years article for the top margin products of 2018 , we've compiled the top margin products of 2019 according to our data. Think we missed a product category in our analysis that has higher margins? Drop me a comment below and we'll find out! About this Data - This is original data from a very large data set of over 100M distinct SKUs / URLs tracking a number of top eCommerce sites over the past year from our eCommerce Insights platform PriceMole. [link] [comments]  |
| Should i notify my clientele about lowering my prices? Posted: 17 Oct 2019 03:23 PM PDT Hello! So my situation is the following: What's market like: The situation on the market is the following: small country, 3mln population, not very high earning population. The competition is there but not serious, there's 1 shop only with physical location (not a big one, local population is still adjusting to e-commerce and having a B&M store is a huge advantage) and a couple of medium size IG pages. Instagram pages are only black hat marketers, i.e. follow unfollowing my audience that i have generated through ads, dropshipping with really low profit margins that are driving the price abysmally down and ruining the market for everyone.
The Question: at first i had the following tactic (simplified version): having competitive prices+fast shipping+good service+good products=PROFIT, but now i want to change my tactic and lower my prices on high selling items to the point that my competition wouldn't be able to compete and try to cross-sell high margin products (sheet masks for example). Continue like this until i have a big base of customers and a stable cashflow, and work on quantity rather than average receipt. If i succeed i'll be bringing more unique products on which i can have higher margins. So, not to bore you: If i shall lower the prices, should i notify my customers in any way? i had sales so if i lower the prices would the customers that bought those products before feel betrayed or something? and if i do notify it, would the customers change their perception of my shop and consider it suspicious? what's your opinion on all this? [link] [comments]  |
| How are profits most typically distributed to equity shareholders in a private company? Posted: 17 Oct 2019 03:14 PM PDT Lets say you are starting a new business and need funding, in return for that funding you give a percentage of the business to various people. Once the business is up and running, and salaries and all other expenses are paid, then how do equity owners get paid most typically today? What is agreed to be the best model? [link] [comments]  |
| Today's Motivational Quote for Entrepreneur Posted: 17 Oct 2019 03:55 AM PDT When something is important enough, you do it even if the odds are not in your favor. - By Elon Musk[link] [comments]  |
| Posted: 17 Oct 2019 11:24 AM PDT Basically, there is some interest among friends and friends of friends in me doing an occasional newsletter on a specific topic. I would like to start it asap. I also think this newsletter could be of interest to many people around the country and I would like to eventually make some money from it. If I start a very simple version on mailchimp with just a landing page and a place for them to subscribe, how difficult would it then be to basically build my business after the fact? Am I doing this backwards? Should I just take the time to build a website with all the features I eventually plan on including AND THEN start allowing people to subscribe? [link] [comments]  |
| What are some ways that you all make onboarding easier? Posted: 17 Oct 2019 03:08 PM PDT I recently got a job as an Onboarding Specialist at an amazing startup. I love it here so far (it's been a month) since I wear so many hats. But I'm my boss's 5th ever full-time employee, and I was brought on in the hopes that I could help make customer onboarding easier. We're a SAaS, and it seems that our pain point involves how long it takes to get customer's data to migrate it into our system. Do you all have any general tips, without me having to specify what we do (I don't want to reveal too much information), that you use at your own business? I've been learning so much at this startup and hope to start my own in a year or so(I'm also a software developer), so this information is relevant to me too. Thanks! [link] [comments]  |
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