Accomplishments and Lesson Learned Friday! - (March 27, 2020) Entrepreneur |
- Accomplishments and Lesson Learned Friday! - (March 27, 2020)
- Thank you Gov of Canada.
- My First YouTube Paycheck
- Large enterprise owes me and refuses to pay threating that they countersue us if we go to court
- The latest updates on the SBA small business loan program
- Deals for businesses in time of Coronavirus (updating)
- Trying to scale a flipping business during the lockdown
- Seth Godin is the first guest on new creative business podcast, Creative Elements
- Looking for UI/UX Desinger
- (Survey) Personal Coaching $89/month
- How to calculate partner shares
- How do I buy a club during these difficult times?
- UK Business Bank Accounts - Best Option for Log on Simplicity? I.e. No secure key or card reader
- Questions about operational and funding limitations for a non-profit
- Direct Response Marketing for Consulting Business?
- Does anyone use a webchat box on their website? Which one are you using?
- Is The Economist a good way to stay informed about the Market and your Industry. I'm thinking about a subscription
- Attempting to create a one daily discount code for one use that refreshes every 24 hours - any ideas? (Shopify)
- Subscription services for high end clients. How do you gauge if your model is priced correctly? (Update)
- Looking for a good way to secure my business while working remotely.
- Looking for good reads.
- Let’s get rich with the help of COVID-19
- Good News about SBA loan Deal in the Works - Don't layoff your employees yet!
- Build an APP : Auto execution VS Manual execution ?
| Accomplishments and Lesson Learned Friday! - (March 27, 2020) Posted: 27 Mar 2020 06:13 AM PDT Please use this thread to share any accomplishment you care to gloat about, and some lessons learned. This is a weekly thread to encourage new members to participate, and post their accomplishments, as well as give the veterans an opportunity to inspire the up-and-comers. 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]  |
| Posted: 27 Mar 2020 08:58 AM PDT I was in a meeting this morning with my partners on strategies we could use to reduce staff/costs/etc in the midst of lockdown. We were going to have to reduce staff, hours, what about ppl with young families, etc, etc. So dreary on top of the stress of running the business, hearing whats in the news.. I've been so beaten down recently. Canada just announced to cover 75% of wages for small and medium business. I cried. This is such a big weight off of our shoulders. I just felt like sharing. It is really appreciated at a time like this (and frankly needed). Edit: Yes, I know it is tax driven but it was at least the gov who made this choice. And yes, it will be generations to pay back from this. [link] [comments]  |
| Posted: 27 Mar 2020 11:23 AM PDT Hello, I'm not sure if this is right location but I thought it'd be cool to share with others that you don't need to a famous YouTuber, have many subscribers or millions of views to make money on YouTube. Granted, I only made $143.57 and my YouTube channel was created almost 10 years ago. I didn't start posting videos till 2009 or getting any revenue till 2012 and then for several years I was demonetized because I had fewer than 1,000 subscribers. I got about 1,000 subscribers sometime recently and made a couple more "popular" videos in recent years. I know my videos could be better and the content on my videos be more organized and consistent but I'm currently in college and find editing takes up too much of my time at the moment. Also, still trying to figure out what videos I want to make. I didn't start making YouTube videos for the money. I did it because I wanted to do something fun and I was homeschooled for few years and had too much free time. I thought it would take years (20+) to get to the $100 threshold to receiving my first adsense paycheck. Okay, technically it did take a decade but it came sooner than I anticipated. [link] [comments]  |
| Large enterprise owes me and refuses to pay threating that they countersue us if we go to court Posted: 27 Mar 2020 09:20 AM PDT I own a small software development company in the EU and we've been working for a customer which is technically a large enterprise. For 4.5 years everything was quite well, but in the middle of the last year, they started doing some restructuring (probably because of financial issues) and in the end appointed new CEO. The problem with them is that they have an overdue debt of $70k and refuse to pay this amount. We are still continuing to work for them because this is how it is stated in our frame contract, but we plan to end it this month. So the total amount they owe us could extend up to $150k. We have pretty strong evidence of our work and in the end, they were buying man-hours according to our documentation which were provided. I tried to tell the new CEO that we will start legal proceedings, but in the end he told me that if we do that they will countersue us, and they will definitely find what we did wrong. I do business for 5 years and so far have never been in such a situation. I don't really want to be drowned by a large corporation just because they have money and power. On the other hand, I have nothing to be ashamed of within our cooperation with them. We know that managers from that company tried to defend us and wanted to continue our collaboration. Feedback was always extremely positive. In fact, just today we have received an email from one of the managers askings to consider project extension. This is why I want to get our money from them. I have talked to legal and I know what steps are possible, my only concern is that legal would cost me the same amount that they owe me, or maybe more if they will somehow succeed in suing us. I also know that no contract is ideal and technically if they invest the time they can fabricate something against us. So should I go with legal proceedings or do I need to negotiate the amount till some minimal extent and give up? [link] [comments]  |
| The latest updates on the SBA small business loan program Posted: 27 Mar 2020 01:37 PM PDT https://blog.wunderstock.com/sba-disaster-loans/ It's crazy how much information is either not being reported or incorrectly reported about the new SBA small business disaster loan program. Here at the latest highlights:
I hope this helps people here who are hoping for a way to make it through the next few months. [link] [comments]  |
| Deals for businesses in time of Coronavirus (updating) Posted: 27 Mar 2020 11:06 AM PDT This list updates hourly. In today's difficult times, most companies in the world have two main pains: how to survive in a falling market and how to transfer all their processes to the remote. As this trend is applicable to almost all companies in the world, many of them are now trying to support each other. Here's a list of such companies with their offers on free remote working tools and even more during COVID-19. [link] [comments]  |
| Trying to scale a flipping business during the lockdown Posted: 27 Mar 2020 08:09 AM PDT Like a lot of people, I was laid off this week indirectly as a result of Corona. I've worked in IT for the past almost decade now. I've built a very respectable career and make well into six figures (then lawyers take most of that away but that's another story). I simply do not like my career. I have not liked my career for a long time. A few years ago, I decided that my best route out of my career and the golden handcuffs would be to pour myself into my hobbies and focus primarily on hobbies that I could one day turn into lucrative ventures. Through that, I developed two hobbies that I am hoping will now start to bear fruit for me, book collecting and fixing watches. Book collecting didn't prove to be really lucrative in any way directly in itself (it's a straight up money sink lol), though I did keep following the trails that it led down. You source books the same way that you source anything else that you would flip, estate sales, thrift stores, and yard sales primarily, online secondary. You hang around those circles for a few years and you start to develop connections in those circles, get a really good sense of the categories that large buyers are focusing on and roughly what they're paying per lot, things like that. On the watch fixing side, I've invested into literally every tool imaginable that could be necessary to fix a watch. I've been offering watch repair and servicing in my community as a side hustle for the past six months or so (I still won't touch the inside of a true luxury watch though except to play around with a broken movement, I leave that to the pros). Same deal here, I have a ton of experience built up on the buying side at this point. I had a heads up that this layoff was coming so two weeks ago, I basically did an assessment of my current finances. I calculated out how much I need to set aside to survive for the next four months if all of my plans go nuclear and I dumped everything else into sourcing inventory. I created a Youtube series called "Flipping On Lockdown" where I'm chronicling all of this and trying to detail exactly what I'm doing, how I'm doing it, and the lessons that I've learned over the past few years doing this as a hobbyist that I'm now leaning on to try to make this all work. Here's a link directly to the second episode I made if you're interested in checking it out: https://www.youtube.com/watch?v=rEW47HJHIbg I have 5 videos up in the series so far. I'm stuck at home like most people though so I have lots of time on my hands to focus on these things at the moment. I'm really new to Youtube as a creator so the production quality is improving and will continue to improve over time (the first video is demonstrably worse than each one after which is why I link directly to the second episode instead of the first). [link] [comments]  |
| Seth Godin is the first guest on new creative business podcast, Creative Elements Posted: 27 Mar 2020 07:38 AM PDT To be honest, I hesitate to even post, as I just don't know who's paying much attention to podcasts about creativity right now. But, life goes on, and I hope this can inspire some folks who are stuck inside their homes right now to create something beautiful, helpful, or inspiring. So allow me to introduce a new podcast I produced called Creative Elements, hosted by Jay Clouse. Creative Elements aims to be the new interview podcast that's How I Built This for the creative class. For most of human history, being an artist has seemed antithetical to being a business owner. But with the tools available to empower artists today, it's never been a better time to earn a living with your creativity. While most shows talk to artists about their creative process, Creative Elements breaks the mold. On this show, you'll meet artists who have charted their own path and built a business around their creative talents. Hosted by startup-founder-turned-solopreneur Jay Clouse, each episode of the new podcast features high-profile guests talking about the nitty gritty of building their creative career. They share specific elements of their personality, style, or approach that have helped them thrive: elements like focus, vulnerability, resilience, discipline, and the belief that "everything is figure-out-able." The first episode features Seth Godin, one of the most prolific writers on the planet. He is also a perfect example of the new model for creators made possible by the internet. In this episode, Jay and Seth talk about art, freelancing, building a personal brand, and why Seth disagrees with the idea of authenticity. Anyway, I hope this is helpful, valuable, and interesting for you all. You can listen here, or on Apple, Spotify, and Google. [link] [comments]  |
| Posted: 27 Mar 2020 09:36 AM PDT I've done the initial wireframes using Balsamiq, I need someone to design and and get to a phase we can have a prototype for UAT. Please let me know. [link] [comments]  |
| (Survey) Personal Coaching $89/month Posted: 27 Mar 2020 04:07 AM PDT I'm in the early stages of research for a potential coaching business. Would you pay $89/month for 1:1 coaching to better improve your personal habits and routines? This would include habit tracking techniques, understanding flow and automation. Analysis of sleep, screen time and organizational habits (digital and in home). And more... [link] [comments]  |
| How to calculate partner shares Posted: 27 Mar 2020 11:50 AM PDT We are three partners, lets call them P1, P2 and P3, that want to start a software business. P1 would be investing the money. P2 would be investing money and would also be play some role in management. P3 would not be investing but is the brains behind the whole operation. P3 would be responsible for idea, training the team of 4 people initially, technical development and project management. Before we would go any further, we want to agree on the shares, if we eventually are successful and start to make some money. However, this is my first time dealing with such situation. How are such shares calculated such that everyone gets their fair share? Current thoughts: P1 claims, because he/she is risking real cash and there is no guarantee of success, he/she demands that the income that the business will generate will first be used to compensate for the running costs (salaries of 4 people, rent, electricity etc.). Once, the income is good enough that all the expenses are covered, he demands 60%. P3 claims, his time and effort is equally valuable. Why should money be given more worth? Moreover, say within 6 months business is able to generate the money, it is going to stop the further investment from P1 but P3 will still continue to work without getting a single penny. It would be great if someone could guide me how are such deals made and and how is the worth calculated? [link] [comments]  |
| How do I buy a club during these difficult times? Posted: 27 Mar 2020 11:45 AM PDT I know a lot of clubs are struggling right now and some may need a buyout. How do I buy a club? I have about 100k liquid. Would this be enough? [link] [comments]  |
| UK Business Bank Accounts - Best Option for Log on Simplicity? I.e. No secure key or card reader Posted: 27 Mar 2020 11:25 AM PDT Hello, Three of us have just set up a company and need a new bank account. As we're all often in different places in the world, we'd like one where we don't need any physical device for the directors to log into the account. Anyone have any recommendations? Many thanks in advance. [link] [comments]  |
| Questions about operational and funding limitations for a non-profit Posted: 27 Mar 2020 11:03 AM PDT I know this sub is flooded with COVID-related posts and that startups/business plans aren't what a lot of people are interested in, but I had a slew of questions I have wanted to ask about a business idea I have been sitting on, and quarantine has given me time to try and research it. I don't actually want to parade my idea about too much, but I had a few questions that I couldn't find via google.
Any insight would be great, even if it's a google search page. I've not been able to find a query that helps me find what I need. TIA! [link] [comments]  |
| Direct Response Marketing for Consulting Business? Posted: 27 Mar 2020 10:41 AM PDT I'm looking at the best marketing strategy for my software consultancy, and read that direct response marketing is the best way to go if you're small. Does that hold for this type of business? [link] [comments]  |
| Does anyone use a webchat box on their website? Which one are you using? Posted: 27 Mar 2020 10:06 AM PDT I'm changing marketing companies and they offered this, so now I need to find a new one. I prefer the kind where I chat back and it's not automated or outsourced. Does anyone run a webchat box and how do you like it? [link] [comments]  |
| Posted: 27 Mar 2020 09:44 AM PDT Let's say your startup has to do with Data and Politics or something. Would The Economist be a crucial subscription for you to stay informed? Does it cost more to not be subscribed in this case? [link] [comments]  |
| Posted: 27 Mar 2020 09:17 AM PDT Hi all, Not sure if this is the right place but I just need somewhere to brainstorm/get ideas about how to proceed here! So I am part (or was) of a small company that was trying to create a one daily discount code good for one use per day that refreshes automatically for 30 or so days. They are a small business that is now closed but trying to secure business for the future and get people to book with them when they get back. They primarily use Shopify which as far as I've found does not have a way to refresh the code automatically which is something that definitely need so that they can create Facebook ads with analytics for this (seems as though they need this prepped 24-48 hours in advance for it to work properly). There isn't a ton of information out there about apps to add to shopify to do this so I'm wondering if anyone has any experience creating discount codes of this type? And if not, any ideas on how to do this in a different way? [link] [comments]  |
| Posted: 27 Mar 2020 08:53 AM PDT I posted on here the other day regarding charging $30 a month for a subscription based service for automotive repair. I asked users to give me feedback on what they thought of the service and received mostly positive feedback but I quickly realized my cost per customer acquisition was going to take months to recoup losses. I also realized that a subscription based model for automotive repair doesn't work for blue collar workers because they can't justify the monthly cost. So I decided that my best course of action would be to target upscale clientele whom live busy lives and are the types of customers who pay for simplification in their lives. Companies like Volvo, Cadillac, and Ford (before they sold the service off) have subscription based services built into their leases that have everything built in on one price and customer's pay a premium for the luxury. Same thing with detailing, handyman services, lawn care, busy people don't like having to spend their day worrying about tasks. So that's where I decided I would shift my model to basically "click and forget" and my company would take care of all the quarterly maintenance a customer would receive, done automatically, at their home or office at a set time each month. All parts and labor are part of the package. So my subscription monthly starts at $199 and goes up depending on factors like mileage, how many cars, and the type of car. But the general idea is I'm pitching this idea around clients who are proactive in maintenance, rather than reactive, and prefer the convenience of having their car fixed wherever their at, on a monthly schedule recommended by their manufacturer. The $199 monthly model includes all parts and labor and there are no hidden charges but does include a contract for 12 months to prevent people from exploiting my service. Now I know people will look at this initially and balk at the price and those people wouldn't be my customer demographic. I'm specifically targeting higher end clients who makes 135K+ a year and would rather pay for convenience and to not think about it. So I guess my question is how exactly can I test this model to see if it's viable for a minimum investment? How can I get a large group of users who fit in my demographic to get a sample size I can use for more research? I've done the math and even with monthly visits and average parts replacement over $550, over 12 months I still have healthy margins. But I would like to give a broad feel to understand where I can improve. [link] [comments]  |
| Looking for a good way to secure my business while working remotely. Posted: 27 Mar 2020 08:51 AM PDT I've heard a lot of people recommending the use of virtual private to protect my business online but i don't know which one to pick. I've seen top tech channels recommend Ipvanish , Pia and Nord vpn. I need to pick one, so if you've ever used a vpn, kindly recommend the best one to pick. I want a vpn that is affordable, so one that is $10 and below is good. [link] [comments]  |
| Posted: 27 Mar 2020 08:16 AM PDT As a 21 year old, working my way back into college, I have very strong goals. In moments of free-time, I read on and study anything from entrepreneurial success stories to software/tech development and marketing. I plan to work towards a good life for myself and many others. My measurement of success is associated with money, though not entirely. What I find more important than money itself, is what is done with the money. I'm looking for books that will educate and motivate me. Also, I'd love to hear any advice or success stories from you all. Thanks! [link] [comments]  |
| Let’s get rich with the help of COVID-19 Posted: 27 Mar 2020 01:33 PM PDT Now that there's a crisis it means opportunities are lurking we just have to find them. Besides the obvious "buy stocks" what business ventures can we start to profit from this situation? [link] [comments]  |
| Good News about SBA loan Deal in the Works - Don't layoff your employees yet! Posted: 27 Mar 2020 07:30 AM PDT The Stimulus Pkg Bill for mall businesses is not law yet but it's looking good. Info I rec'd from a recent NAGGL conference call. The National Association of Government Guaranteed Lenders (NAGGL) serves the government guaranteed lending community. You can listen to the recorded call once posted this afternoon @ naggle.com/relief. Bill has 4 parts:
· All existing 7a and 504 borrowers (in good standing) will receive a grant from the federal government of 6 months free loan payments starting April 1st · If a loan is on deferment currently, the borrower will receive 6 months free payments after the deferment period ends · ALL NEW ORIGINATED 7a LOANS MOVING FORWARD WILL AUTOMATICALLY RECEIVE 6 MONTHS NO PAYMENTS (APPLIES TO ALL 7a & 504 LOANS ORIGINATED FROM THE TIME THE BILL IS SIGNED THROUGH THE NEXT 6 MONTHS)
· Existing program found on the SBA website where we are currently sending borrowers to apply for funds. · Term is 30 year fixed rate @ 3.75%. · Funds can be used for any loss in business related to Corona
· Eligibility from time of passed bill through June 30th, 2020 · Loan amounts up to $10mm but majority of small business will fall under $2mm or less · No collateral needed/No personal guaranties required · Loan determined by average monthly payroll- max loan is 2.5x average monthly payroll- Excluding salaries over $100k (example, $225,000 average monthly payroll (excluding salaries over $100k) x 2.5= $562,500 loan amount) · NO BORROWER PAYMENTS DURING 6 MONTH PERIOD · 100% FORGIVEN LOAN PENDING BORROWER CERTIFIED APPLICATION AFTER 6 MONTHS TO SHOW $$$ WAS USED TO KEEP SAME LEVEL OF EMPLOYEES FROM TIME OF ORIGINAL APPLICATION. · **Not clear yet on documentation needed to process these loans- We know there will be a standard 1919 required (which will have some areas blacked out that don't apply to these loans) · ***Not clear yet on business eligibility (other than historical criminal record, business over 500 employees & foreign nationals) · ****More details to follow in the coming days, this program is not expected to be officially released until next Friday at the earliest · Lender can provide this loan in conjunction with disaster loan as long as the uses were NOT the same (i.e- disaster loan used for inventory, PPP used for payroll) [link] [comments]  |
| Build an APP : Auto execution VS Manual execution ? Posted: 27 Mar 2020 03:28 AM PDT Hello entrepreneurs, Since few years I am building apps and saas solutions. I have a lot of subscribers and it's work well. All my apps/solutions are online softwares. I only support clients, do features and updates. I have a new idea and I start doing it. It's concern Legal Advices. This idea is different, it needs humain intervention and execution. I already created a loyers and legal freelancers team and now I should only make a link between my costumers and the loyers. Do you think this is a good idea ? Or should I continue with the auto generation respond create and answers like I did before ? Could you give your opinion : Economic Support Turnover Possible problems .. ? Thank you. [link] [comments]  |
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