Accomplishments and Lesson Learned Friday! - (June 26, 2020) Entrepreneur |
- Accomplishments and Lesson Learned Friday! - (June 26, 2020)
- AHHHHH!!
- 19 YO Making 4k+ Monthly Selling Other People's Upwork & Freelancer Services... ��♀️
- 17 year old male, made $3750 pressure washing houses since last week.
- I’ve gained my first customer!
- How do you folks handle customer churn, especially the ones in subscription business?
- Why do people pay for professors who have never built a company before to instruct them on business?
- AMA Legal Business Issues
- Been thinking about starting pressure washing for two years now
- What do you do when you are 90% certain you are being ripped off...
- I love entrepreneurship, the freedom to…
- $1m revenue first year
- Love enjoy what you do if you don’t know your passion
- Best Shopify Print On Demand Apps in 2020 / Agree?
- Help with Master Thesis research - Business plan for a circus school (sports/dance centre)
- Are there any entrepreneurs here with ADHD?
- Fulfillment By Amazon (FBA) Destroying Margins, is FBA even realistic on low priced item?
- SaaS solo founders: are you on pager duty 24/7?
- Trying to get more spa/eyelash extension clients any tips?
- I need some advice on the direction of my new clothing/accessories business
- Looking for Growth and Legal Advice for my Podcast!
- Can i handle your business Instagram account?
- What industries do you think the next wave of billionaires will come from?
- Name search came positive but domain is not available. What can we do?
| Accomplishments and Lesson Learned Friday! - (June 26, 2020) Posted: 26 Jun 2020 06:11 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: 26 Jun 2020 08:10 AM PDT I just got my first client!!! pops champagne bottle even though I don't drink DREAMS COME TRUE!!! [link] [comments]  |
| 19 YO Making 4k+ Monthly Selling Other People's Upwork & Freelancer Services... ��♀️ Posted: 26 Jun 2020 01:17 PM PDT What you're about to read is my experience doing what's called Service Arbitrage... So like a year ago, I dropped out of Uni. Completed the first 2 sems but then got tired of the lack of practicality with what's taught. (+ Most oversaturated degree attainable to man) Anyways, work wise, I had prospects but I just generally thought they were highly f%3king under-paid and extremely demanding. Customer support jobs. Sales. Etc. Kept seeing people launch agencies, even considered purchasing Oven's Consulting course back then, but decided against it due to $$$. Needed to start making money fast as bills were pilling up as well. One major issue though, I had no sell-able skills nor any sell-able product. All uni taught was BCG matrixes, outdated marketing, bookkeeping (the only good thing...) & financial statistics. No offerable skill set came to mind other doing people's accounting but even that seemed meh... I thought about testing SMMA (Social Media Marketing Agency) but then a better idea struck me... Maybe I can just sell other people's services? I noticed that there are literally hundreds of thousands of talented freelancers selling their skills on freelance platforms like Fiverr, Upwork & PPH. Plus they are all looking for freelance work... So, why not get clients for the service they offer and outsource the work to them? I didn't know it at the time, but I was stepping into what's called service arbitrage, exactly what you see others call Drop Servicing today... Here's how it worked for me (for those looking to replicate...) First, you find/identify in-demand services that freelancers are already offering at low prices on freelancing websites. You then market their services to businesses that need it. Once you get the sale, you hire the freelancers to deliver the work for you. Through-out delivery you act as a bridge between the freelancer & the service buyer. *At some point, you can even hire a fluent english speaking VA to act as a sort of in-house project manager between the firm and the freelancer. Your money is made by quoting a higher price to your clients than what your freelancers quote you and pocket the price difference as your profit, hence, mark up. Just like an agency. The only difference is that you are outsourcing the work to other freelancers instead of doing the work yourself. Step by step breakdown of what I've mentioned: Find a profitable service to offer to the right niche.So the key to starting a successful service arbitrage business is to identify a service that is already trending (through Google Trends & other keyword volume tools) and pair it up with an industry (niche) that reciprocates well with your offer. The reason we're niching down is to move away from competition/market oversaturation, which is absolutely essential considering the low entry barriers for ANY online business! Find Clients/TEST.Once you have decided what service you want to offer for your service arbitrage/drop service business, it's time to get clients/test your service x niche hypothesis. Two ways of doing that:
The method I had working best for me (right at the beginning) was automated Lead Generation through tools like Phantombuster & We-connect. They allowed for an automated outreach across Linkedin & Facebook at an extremely low price (sub $100/month) Double Down (Scale) / Retest.Once you've identified your service line and niche, it's time to double the F%$* down on it and scale it beyond the side hustle capacity. (if you intend to, of course) Should your initial test fail, however, it's then advisable to get back to the drawing board and retest either by changing the service, the niche, the price point, or whatever other variables you see necessary. -------------------Up to this point, it's been working quite well for me with Graphic Design services for Ecommerce companies. Note that the MOST important aspect of this business is to pre-vet the providers to make sure that you're working with competent freelancers that can meet the requirements. Hope this helped) Feel free to ask any questions below. [link] [comments]  |
| 17 year old male, made $3750 pressure washing houses since last week. Posted: 25 Jun 2020 02:14 PM PDT First day I started I made $950 then the next day was $800, and yesterday I pulled in $1,790ish and today I only made $200. I'm beyond frustrated at only making $200 today, I don't know what it was that went wrong I'm surprised I'm not growing linearly. My cousin (16year old) and I started this business and we don't know what to do to keep our profits up, and also simply finding jobs to do is exhausting going from door to door we've calculated it takes around 50 houses to get 1 job on a good day. How can we stabilize [link] [comments]  |
| I’ve gained my first customer! Posted: 26 Jun 2020 08:01 AM PDT I've just started promoting myself through a couple of discord servers (I am trying to become a social media manager for other theme pages) and today someone reached out to me and we agreed on a price for 1 month but he said if this goes well we can start a longer plan! Wish me luck! [link] [comments]  |
| How do you folks handle customer churn, especially the ones in subscription business? Posted: 26 Jun 2020 02:23 AM PDT If you are a business with a subscription model, the key metric you will need to have your eye on is – customer churn. Churn is one metric that pulls no punches in telling you how your business is doing. It is the hard fact indicator on whether your customers love your product/service or not. If you lose 5% of your paying subscription customers each month, you are looking at a close to 50% annual customer churn rate! Few things I can think of, as steps to unpack the churn and take corrective measures are:
But I would love to hear from you, especially the ones in SaaS business. Edit: I've compiled some more points here, if you would like to check out - https://www.yaagneshwaran.com/blog/customer-churn/ [link] [comments]  |
| Why do people pay for professors who have never built a company before to instruct them on business? Posted: 26 Jun 2020 01:08 PM PDT Why do people pay for professors who have never built a company before to instruct them on business? I think experience talks what do you think? [link] [comments]  |
| Posted: 26 Jun 2020 06:58 AM PDT Been practicing business/investment/finance law for more years than want to admit. More than an attorney, I'm an entrepreneur first and foremost with sizable business start ups and projects under belt. Any general legal info that I can provide that can be helpful for you? If not, all good. Just wanting to help as we all struggle thru the times. [link] [comments]  |
| Been thinking about starting pressure washing for two years now Posted: 26 Jun 2020 11:43 AM PDT I bought a pressure washer. Nothing special and will probably only last one season if I'm lucky. Funds are a bit tight so I bought one from Home Depot for like $800. Basically bought enough to get me setup for VERY entry level part time washing. Chem, quick connects, Jrod soft wash kit, etc. my plan was to upgrade as I expand if I'm lucky enough to do so. But for some reason I feel like I've hit a wall, I've been lazy. Nervous and scared to actually get out and try it. I'm alone, haven't done anything like this before, am I a moron or is this common? Have any of you felt this way? How should I overcome this and get the balls to get out there and make some money? I don't wanna look dumb, ruin something for a customer. I'm an over thinker as you can tell. [link] [comments]  |
| What do you do when you are 90% certain you are being ripped off... Posted: 26 Jun 2020 08:07 AM PDT Our bill for prepping our year-end returns arrived in the mail... It's $5,300 with a "-3,100 courtesy discount" leaving me with a $2,200 bill. I signed a contract agreeing to hourly, but that was months ago when after reviewing our accounts (which were in much worse shape then) was giving a ballpark of $1,200 for annual returns which included an annual review of books, and they are happy to answer any questions that popped through out the year "for free as an investment into our business" (I counted my emails, and I had 5 since August - mostly about making sure certain classifications were correct, and a couple quick reconciliation errors I couldn't figure out that they were quick to solve.) We are rather small <2yr old business - partnership LLC with 2 total employees over 2019, and revenue less than $150k (and expenses in the $140k range - gotta love start-ups!). We use QB online, classify and reconcile ourselves, and used QB payroll to handle all of our payroll stuff including W-2s and didn't have any 1099s. I also handled reporting and paying all sales tax on my own. And of course, we filed our own individual taxes as well. Meaning we're dropping $2,200 for an accountant to file our 1065 and state annual report - which after talking with other similar-sized partnerships in the area, is MUCH more than normal. After emailing for a break-down of that cost, they called me and said they quoted me that price last August, and that my quickbooks needed much more cleaning up than expected. Which that is definitely not what I was quoted, and I have serious doubts my book-keeping needed that much cleaning. I had ~5 error duplicate transactions that needed deleted after reconciling, and their assistant had another 5-8 bullet list of transactions/expenses she had questions for me on that we spent about 1 hour going over. (Oh, and one account that needed to be a COGS rather than expense account. But on the accountant end, this can be fixed in a minute or two. I literally watched her do it). Anyway, now I'm just ranting. To get back to my question, I'm fairly certain they have largely inflated their pricing. So what would you do in my case? Obviously, we are BROKE and a big bill out of the blue like this, especially with Covid-19 already squeezing our budget, it's gonna mean we basically pay our selves even less than we already do (about $6/hour if we were working a 40 hour week. I get too depressed if I do the math on ACTUAL work hours...) and we are barely making it with personal CC debt beginning to add up. (We just got approved for a business LOC instead of having a business CC with sitting debt. Our business is growing slowly but surely, but cost of start-up + learning curve is a bitch, and I'm trying to avoid another loan). Would you bite the bullet, simply pay it, and learn the lesson for next year? Is there another option? Perhaps, I'm too agreeable, and should make a bigger stink about the cost, in hopes they re-adjust price? This bill has just ruined my whole week... [link] [comments]  |
| I love entrepreneurship, the freedom to… Posted: 26 Jun 2020 07:52 AM PDT |
| Posted: 25 Jun 2020 05:31 PM PDT Built a niche business that supports bulk material packaging for clients with equipment failures, sales expansion, or new market testing. First mobile packing trailer built had an ROI of 2 months, currently building additional trailers to meet the demand. Here's a quick video of the trailer in action: https://youtu.be/_-zrC__O3gQ [link] [comments]  |
| Love enjoy what you do if you don’t know your passion Posted: 26 Jun 2020 01:06 PM PDT Hi guys.. I wanted to share my recent experience and how some legends spoke true words. From almost last decade I've been struggling saying I don't know what my passion is, I don't know what's out there which I would love to work, I want to give my 100% but I don't like my work etc etc. then I read a quote somewhere which I'm sure everyone of you have read many times 'love what you do' and almost 4-5 months ago I decided to start loving what I do.. the result is astonishing!! Until now because I didn't like what I do, I wasn't paying much attention and with minimum efforts I could successfully produce the results my employer wanted (because I know I'm smart but lazy too) but I never could shine because I never put my heart to it.. The day I started pretending to love what I do, I actually enjoyed the work and the end result is just amazing! I work in IT and today one of my projects is going live and I can't share how I am feeling.. I was passionate about this project, I got many appreciation along the way and I'm happy with myself.. Before I used to look for others validation for my work but since I put my heart to this project I'm happy with myself and in this moment I don't even care if there's anyone else in this company who is doing better than me.. I'll strive to outshine myself in the next project but I'm not in a competition with anyone else.. One thing I learnt today is that jealousy, inferiority complex, validation need all these come when you know you're not doing what you're supposed to be doing and when you don't put your heart to work.. Just focus on your work, what you should be doing and do that the best way you can!!! If a task is to put the table from one place to another, put that table so perfectly that none else can put it in a better way that you.. Since I'm new to Toronto and don't have friends to celebrate this success, I wanted to share this with you guys while I open the bottle of wine and enjoy it with music on!!!! I'll be gearing up for Monday to take on another task but today I want to celebrate this small success.. cheers!!! I wish all the best, luck and happiness and love to everyone here [link] [comments]  |
| Best Shopify Print On Demand Apps in 2020 / Agree? Posted: 26 Jun 2020 12:54 PM PDT Print On Demand apps are on a roll. We have shared some of the most popular Print On Demand apps that are available on the Shopify stores. https://libautech.com/best-shopify-print-on-demand-apps-in-2020/ [link] [comments]  |
| Help with Master Thesis research - Business plan for a circus school (sports/dance centre) Posted: 26 Jun 2020 12:46 PM PDT Hello! I'm asking this for my girlfriend who doesn't have an account. For her masters thesis, she wants to write a business plan to use for developing our circus school. The problem is, she cannot find any relevant articles or books to use as basis for her research. The idea is to have a kind of sports centre / dance studio aimed at teaching circus disciplines. Is anyone able to point us/her in the right direction? To some solid literature aimed at creating that kind of business? Thanks! [link] [comments]  |
| Are there any entrepreneurs here with ADHD? Posted: 26 Jun 2020 12:31 PM PDT I have an idea on the challenges of running a small business for someone with ADHD but I still would like to hear about your story. [link] [comments]  |
| Fulfillment By Amazon (FBA) Destroying Margins, is FBA even realistic on low priced item? Posted: 26 Jun 2020 11:26 AM PDT I have a food product that I wanted to look at selling on Amazon. I was creating a sellers account and the fees end up costing as much as the product itself. The product is priced around $3 where as the FBA ($2.5) and listing fee ($.3) makes it impossible. Am I missing something here or are low cost products just not possible? Thank you for your time and insight. [link] [comments]  |
| SaaS solo founders: are you on pager duty 24/7? Posted: 26 Jun 2020 07:27 AM PDT Or do you just put in a "best effort" during the day and watch things a little more closely after a release? Curious how you'd maintain any kind of social life otherwise. [link] [comments]  |
| Trying to get more spa/eyelash extension clients any tips? Posted: 26 Jun 2020 11:06 AM PDT I have an Instagram and Facebook business page. I have my business cards posted up on the front desk at the salon I'm in along with my service menu. I don't know what else to get more clients. There is another eyelash extensions artist that also works where I work and her station is on the salon floor (long story short the salon owner felt sorry for her because she was getting treated poorly at her last job and hired her after I got hired despite her telling me I was going to be the only one doing lashes) so I feel it's so much easier for her to get clients than me because I'm back in the spa room and she's on the floor where hair clients can see her and there isn't room for me and her to be on the floor at the same time. So I'm in dire need of some good ways to gain clients that actually works! Any suggestions? [link] [comments]  |
| I need some advice on the direction of my new clothing/accessories business Posted: 26 Jun 2020 10:58 AM PDT BackgroundAbout a month ago I started a new clothing/accessories business on Instagram selling necklaces with designs relevant to my home country. So far in the 5 weeks we've been running I've made about 30 sales (9 this week alone) and it would've been more had I not run out of stock of pendants for 2 weeks. For reference as well, the business is in Kingston, Jamaica. The ProblemAn issue I've encountered while advertising is that about 2 in 3 people will be asking about custom designs and not the designs that I've had my artists create. In every instance of this I've told customers I don't do customs, only the designs that my artists have made that I believe fit best with our brand. My friends and family have told me this isn't the right approach and I should still offer customs when asked about it but I feel confident that the way I'm doing it is the best way to build brand recognition and identity, with unique designs that speak to groups of people. Another issue I have with doing customs is logistical. That being, yes on a small scale I can offer customs but I would run into issues with that if I were to scale and be doing say 200+ orders a week. Your AdviceThat being said, I could be wrong and that's why I'm here today, asking for advice on what you guys would do in a situation similar to mine. Should I stick to my script and only sell necklaces with designs I feel fit with my brand or should I shut up and take the money from those looking for custom necklaces? Link to the store: www.instagram.com/oggiogja [link] [comments]  |
| Looking for Growth and Legal Advice for my Podcast! Posted: 26 Jun 2020 10:45 AM PDT Hey fellow entrepreneurs, I love to travel and meet new people but since I can't do that. I'm starting a podcast called "One More Dr1nK." I plan on grabbing a drink with 1 random person every week or so. I'm looking for fun people who are doing interesting things. Looking to learn, network and have a good conversation. I am an entrepreneur at heart. I have a background in sales, fintech and startups. I love talking about macro ideas, business, philosophy, psychology, travel and anything in between. There are so many awesome people out there that are doing wild things! What do I plan to make it more unique? Not much to be honest. Just plan to have random guests, people who I have never met. I know plenty of interesting people, but I think it would make for more awkwardness and intrigue! Perhaps, eventually I'll have people vote on who I should grab a drink with. I would love to hear your recommendations and thoughts on: (1) Growing my viewership/following. I believe having good content and nurturing a community will eventually grow itself but how can achieve consistent growth? I'm not expecting thousands of viewers out the gate, but I would like to know what I can do to grow a good following. (2) Production. I was planning to just record on Zoom. Edit it and put it on YouTube. That's good enough, right? Any thoughts on YouTube versus Twitch? (3) Legal issues. Any legal tasks I need to get taken care of before starting a podcast? (4) General advice. For those of you who have started something similar, is there anything I should expect or be wary of? A sample questions I'd like to ask people (more in the google forums) - You get the attention of humanity for 30 seconds. What message would you broadcast? Any suggestions, thoughts or advice would be much appreciated! And of course, if you're interested in grabbing a drink with me virtually! Fill this out! https://forms.gle/BidEobaBJ1L6cfWu8 Remember to keep pushing! It's entrepreneurs like us who change the world for better ;) Cheers! [link] [comments]  |
| Can i handle your business Instagram account? Posted: 26 Jun 2020 10:43 AM PDT I have some experience in Instagram and I'm just looking if anyone is willing to hire me to handle their Instagram account. I will create posts daily and upload them also do hashtags research. [link] [comments]  |
| What industries do you think the next wave of billionaires will come from? Posted: 26 Jun 2020 10:42 AM PDT |
| Name search came positive but domain is not available. What can we do? Posted: 26 Jun 2020 10:39 AM PDT We should searched for available domain first. What are our options? Do a name search for a different name or can we add a 'co' to our domain even though we didn't name search with a suffix? We're incorporating federally in Canada. [link] [comments]  |
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