I'm a part-time commercial property building manager and I want to help our small brick and mortar business tenants. small business |
- I'm a part-time commercial property building manager and I want to help our small brick and mortar business tenants.
- Steps to making Vegetable farm “legit”
- Fairy Tale Life, But Not Happy. Could Use Advice
- Can someone help me with the details of valuing a company based on EBITDA?
- I received an order for equipment, credit card processed and was approved. I verified the purchase with Chase twice, but something seems off. Am I still liable if this is fraud?
- LLC structure for a family business...should i be adding my name and parent's names?
- How to check the legitimacy of a Canadian Company?
- Should I pay $500 for the domain name for my business website?
- A teenager wanting help
- FREE/CHEAP Texting Service for Appointments
- How/why did you name your business?
- CC Liability and Charge Back Questions
- Any gym owners?
- Covid exposed employee question
- My Favorite Business Books from the past 10 years. Curious to know yours.
- PNC closing down credit lines?
- Suggestion for a way to remotely train someone with doing outbound phone calls while on a landline?
- How much $ would I need to make per year to be a non-profit?
- If you want to grow rapidly with other founders join!
- $1 million general / product liability insurance
- [California] Fired employee last year, applying for Unemployment this year under new employer
- Is the social media culture finally shifting? Had two dozen friends go missing off of my list and post reach is way down.
- Black Lives Matter - What has been the impact on your business, do you expect to do anything to support that cause? Are you doing business differently because of it? Do you dismiss it as irrelevant?
- Seeking large cardboard boxes for shipping
| Posted: 13 Jun 2020 12:58 AM PDT You guys.. it's been a rough week so I'm hoping for some light here. We have about 30 independent, usually family-owned businesses at our little strip mall. They range from mom and pop restaurants, chiropractors, podiatrists, insurance, CPA, tutoring centers, nail salon, pizza joint, postal shop... Obviously COVID has hit them hard and frankly, I feel like we are 12-36 months away from being out of the woods. 80% of them are immigrants and almost all of them are not tech friendly (don't understand GoogleAds, can't convert online easily, ecommerce won't be their thing). They're mostly around the 45-65 age range. I feel for them because my parents also immigrated and I see so much of my upbringing reflected through this job. This week, I've had grown men cry on the phone with me and in front of me several times. I hear how daunting the future feels. I hear about their children and their children's dreams. Kids that just graduated high school or Yale and couldn't even have a graduation ceremony. My tenants worked their asses off for 10 years scrubbing floors, washing feet (nail salon), dealing with haughty customers, nasty Yelp reviews..but all in the name to support their families. Obviously, the tenants can't pay their rent with COVID. We can't evict anyone by law until Nov, not that we want to, and we are working on negotiable flex terms with them for the next 12 months. There's no way in hell their margins make sense with 50% capacity, even 75%. I've sent everyone PPP and EIDL info a few times but at the end of the day, it's another loan. Their businesses don't have many full-time employees so most of them didn't really get much of a break with the forgivable grants. My question to this subreddit would be: For those who understand this brick and mortar space, what tools/resources/help/attitude could I offer these tenants as a property manager? Obviously, I can't just give everyone free rent (our building has a mortgage too) . I lay awake at night and think about how many of them are doing the same (but they have waaay more pressure than me, I'm child-free). I'm not delusional (although right now ignorance would be bliss) and know that some of these guys aren't gonna make it. If anyone is in the same boat with managing commercial property, would love to hear from you. Feel free to DM. Parting thoughts: Please support your local businesses. Be kind to them. Thanks for reading. It helped me just writing it all out. [link] [comments]  |
| Steps to making Vegetable farm “legit” Posted: 12 Jun 2020 08:33 PM PDT How's it going? my girlfriend and I have been farming our acre of rented land, where we live. We have been making a profit and living off of that( paying rent, car loan, everything). Next steps are a loan for mortgage/ Land, but in order for that we need to make our farm our job, according to the IRS and banks. So what steps do we need to take and who do we need to talk with for that? Is that just filing out specific tax forms come tax season? Intuit Quickbooks? Filing as an LLC or sole Proprietor with the state? Not sure exactly which direction we should head down ! We stopped working about 6 months about to pursue this full time. Thank you!! [link] [comments]  |
| Fairy Tale Life, But Not Happy. Could Use Advice Posted: 12 Jun 2020 07:25 AM PDT TLDR. Have a great business and personal life, but feel trapped and can't escape. Could use some direction. Hi Reddit, I'm a mid-30's small business owner (tax consulting practice.) I have three really good staff. My own office. Make decent money and have good clients. I'm married to a brilliant, motivated, beautiful wife, who also is a business owner. She understands the "self-employed shit show" ups and downs. We have a perfect little baby boy, who is happy and healthy, and is really easy going. And we've just found out we have another one on the way, which is great news. We live in a great neighbourhood in a great house. Have some investments. Two dogs. Just built a new deck to enjoy the summer. On paper, it seems like everything is perfect. And by all measures I suppose it is. But I'm feeling trapped, and that the walls are closing in. And it doesn't feel like it's one particular thing that's a causing it. In no particular order:
I feel like something is wrong with me, because on paper I really do have the fairy tale life. And I am very thankful that things worked out how they have - The gods have been very kind to me, and I appreciate it. But for whatever reason I just feel trapped now. For example If I decide to say "fuck it" and go ranch again, I'll lose everything. We can only afford our lifestyle because of my practice, and if I step away from the practice, there's no money. And it's not fair to my wife, because when she married me I was the suit and tie, hardcore driven CPA who super stoked about going into practice. Telling her that I'm pulling the plug and trying something new would completely blindside her. Then throw the baby into the mix, and yeah. Anyway, I'm probably rambling now. If anyone has some thoughts on what to do, I'm all ears. [link] [comments]  |
| Can someone help me with the details of valuing a company based on EBITDA? Posted: 12 Jun 2020 10:18 PM PDT We are buying out a partner, and they want to use the EBITDA method. We plan to use the details from 2018/19 and they want to use the first 5 months of 2020, which we exploded since Corona helped the Pizza business and dont want to give a higher evaluation cause he's a terrible minority partner who basically tried screwing us. Can someone help give me the slightest ballpark answer on what numbers to use from my financials, or I can message you some details if you can help evaluate. If the numbers will look like they plan to get too high, we are just going to make him a flat rate offer, not pay for the evaluations, and just let him keep it or walk. Is there a shortcut using Net Income/Profit by year end? Because all of the stores had a drop in 2019 because of changes in payroll and operations, so the profits slowed. The store profits were 85k / 30k / 75k / (-9k), by year end. Each location has already surpassed those numbers by the end of May2020, and #4 hasn't had a loss once this year. His investments tally a total of $65k, and is expecting to multiply that payout 2x-3x. Any info will help. [link] [comments]  |
| Posted: 12 Jun 2020 04:55 PM PDT I received an email earlier this week requesting a quote for projectors. My company provides audio visual equipment as well as installation and consulting. I sent back over the quote, and the contact approved of the estimate of just under $10k. I requested a PO from the client, and was sent one the next day. I then checked out the business, not a lot of information about them, but was cleared as legitimate when I checked with the state attorney general. The purchaser is on the other side of the country from me, but it's not that weird to get requests from all over the place. I found it odd that they were requesting the drop shipment to go to a different state than they were located. Again, this isn't that weird in our field as we often times do jobs all over the place depending on the contract. So I made sure to call him and verify the details. I then sent him a CC authorization form, he called me the next day and asked if he could give me the card over the phone. He provided me all of the correct info, including the CVV number and billing address. This raised concerns as the persons name on the credit card was someone different than himself, and she was located in another state. After I ran the authorization it came back as approved. Concerned something wasn't right here, I contacted Chase, the card provider and did a Code 10 check. Everything came back as fine, information was correct. Something still felt off, so I did a little more research and found the shipping address was a storage unit center, which felt off, but again, if it was an out of state installation sometime we will use temporary storage units as a base of operations for equipment. I then did a search for the person who the card was registered and could find no affiliation with the company ordering the equipment. I called back chase again and requested that they follow up with the card holder directly as I am uncomfortable drop shipping that much product with the risk of fraud and then losing all of the equipment and potentially at risk for chargebacks. Does anyone have any suggestions as to the situation? If after I did all this work, verified the information twice, and then find out this is fraud will I still be held liable? [link] [comments]  |
| LLC structure for a family business...should i be adding my name and parent's names? Posted: 13 Jun 2020 12:09 AM PDT My parents started a vacation rental business, and I setup an LLC under my mom's name for it. Technically my dad and I also helps with the business, so should I be putting our names as employees/other positions under the LLC? Or is it OK to just leave my mom's name? I initially just used my mom's name because I think it technically counts as a sole proprietor that way? Thanks! [link] [comments]  |
| How to check the legitimacy of a Canadian Company? Posted: 12 Jun 2020 04:59 PM PDT Hello All, I run a small business in the US and have been in talks with another company regarding partnership located in Canada. I have been doing some digging around on the internet and I am coming up with what feels like a 50/50 chance this might be a scam deal. The few names I've been talking to, there seems to be no trace of them on Facebook or LinkedIn. Their website seems legit, they have quite a few reviews from people who have more than 10 reviews under their names on Google. I've read a handful of articles that talk about them published within the last 6 months. Like I said, it feels like there might be something here that isn't right. I'm trying to do my due diligence and verify. I'm looking for a resource to verify the company is registered in their specific province or to prove they are legit. It is an online business that contracts services for jobs. Appreciate your time, Thank you. [link] [comments]  |
| Should I pay $500 for the domain name for my business website? Posted: 12 Jun 2020 11:46 AM PDT I finally picked a business name over much agonizing. I have checked and there are no other businesses with the name I chose. It is simple, easy to remember, and perfect for the industry I am in. To my excitement, when I went to "mybusinessname" .com, I found it was for sale! I reached out to the owners of the domain name and they said it is for sale for $500. I have tried to negotiate but that is the lowest they will go. Everyone is telling me that is crazy expensive and not to do it.... but it is a simple URL. Literally one word, which is my business name, .com. Is this a crazy price? My business is a plant shop. I am not exactly rolling in dough but I have been operating for about 3 months and I am in $2,000 in profits. I am definitely looking to expand and make a living off of this... so what is $500 in the long scheme of things? [link] [comments]  |
| Posted: 12 Jun 2020 10:48 AM PDT Hello everyone! My name is Justin and I am a high school junior who has started a website where company founders and CEOs share their knowledge with aspiring entrepreneurs. I was just wondering if I can get some feedback on it. Thank you so much! The link is www.learnthestartup.com [link] [comments]  |
| FREE/CHEAP Texting Service for Appointments Posted: 12 Jun 2020 08:42 PM PDT Hello, My family owns a nail salon and have been trying to find a cheap (preferably free) texting service for appointments to make our lives easier. Parents are reluctant to use technology with so many changes. I believe reminder for appointments would help the salon though. If you have any suggestions please send them my way! I think those "text "—-" to ##### for updates" are very helpful. Thank you guys! [link] [comments]  |
| How/why did you name your business? Posted: 12 Jun 2020 03:30 PM PDT how did you name your business? What was your process? why? Do you regret it? Would you have done anything different? Please share! I am going to start a small business here in the next few weeks. I had a name all picked out, it was perfect I loved it, multiple pages of google had nothing similar. I changed the spelling (added an E like you would in French) and multiple companies in the same/adjacent industries have name. Now I feel like it's not unique enough. [link] [comments]  |
| CC Liability and Charge Back Questions Posted: 12 Jun 2020 05:28 PM PDT Does anyone have experience with CC authorizations and chargebacks? I received a payment that seemed off to me. I verified the information, CVV, Number address, etc. twice with the issuing bank and was told that it all checked out and looked good. This shipping address was different than the billing address and it was a large amount with a new customer. If this does turn out to be a stolen credit card am I still liable even though I acted in good faith? [link] [comments]  |
| Posted: 12 Jun 2020 11:20 PM PDT Curious about the indoor profit just from monthly fees [link] [comments]  |
| Covid exposed employee question Posted: 12 Jun 2020 05:17 PM PDT I own a small auto repair and maintenance shop, 13 employees, and this problem was bound to come up at some point. I'm just not sure how to handle it. Our area of the country has been slow to have cases of Covid but now that we are "reopening" it seems to be skyrocketing. Today one of young mechanics found out that his mother has tested positive, likely she was exposed at work. He lives at home. We're a little bit confused what actions we need to take. I believe he needs to stay home until tested. But then it's quite possible he would come up negative and in a few days or weeks time, could be positive due to exposure. Meanwhile, if he continues to work he puts the staff and customers at risk. I believe our first step should be to have him get tested, but upon a negative result, I'm not sure what to do. Due to the help we got with the PPP loan, we would be able to keep him paid in the short term, but long term could be a concern. Also if he remains negative, he and any other employee can have this risk at any time in the future. Worst case we could have this over and over at any point in time with one or several employees at a time. It will become difficult afford this over and over. I am looking for some insight on how to proceed. Thanks [link] [comments]  |
| My Favorite Business Books from the past 10 years. Curious to know yours. Posted: 12 Jun 2020 06:21 AM PDT I've been reading business books for the past 10 years. The list is huge But I have listed my Top 10 favorite business books that really guided me in my entrepreneur journey.
So which one will you be including in your list??? Also curious to know your choices... [link] [comments]  |
| PNC closing down credit lines? Posted: 12 Jun 2020 06:41 PM PDT We took about half of our credit line out to cover expenses at the beginning of our state mandated shut down. Normally we need to pay that off within a year and the credit line has always been renewed in July. We just got a statement today that the line is maturing on June 21st and we must pay $60,000 immediately in addition to the $65,000 we paid earlier this week. Fortunately, we have the cash available but I talked to a contractor who does work for us and they were just told their $500,000 credit line, also with PNC, was not going to be renewed. They have been a client with them for 30 years. Each of our companies run millions of dollars a year of deposits and credit card business through PNC each year. On top of sticking it to small businesses with the PPP loan fiasco it now looks like they are shutting down lines of credit as well [link] [comments]  |
| Suggestion for a way to remotely train someone with doing outbound phone calls while on a landline? Posted: 12 Jun 2020 06:20 PM PDT We have a new girl who is tasked to just make outbound calls to our customer inquiries but she still needs training. We all use VOIP for our internal comms but she's on a landline, so I don't know any way to really train her. I could in theory dial her, then dial out, and merge the calls, but that's some janky panky if you ask me I'm wondering if anyone knows something simple as like just a conference system that's affordable (since I'll only be using it one day) where we can just conference call and chit chat, then when need be, dial out while she's still on the line, without the need to merge lines or anything. Doesn't Google Meet sort of achieve this? She can call into the room, and then I can call out? [link] [comments]  |
| How much $ would I need to make per year to be a non-profit? Posted: 12 Jun 2020 08:48 PM PDT I've had a pet sitting business for 5 years now. It's a gig job. I make maybe 10K per year. It's not my only source of income but I understand if I were to try to be a non-profit, I'd have to prove I make a certain income from the business . [link] [comments]  |
| If you want to grow rapidly with other founders join! Posted: 12 Jun 2020 06:33 PM PDT r/MastermindSaas is for everyone who got tired of seeing spam fridays feedback tuesdays, etc. We will be a free sub with a lot of support. Looking for another mod too! Feel free to join and reach me. [link] [comments]  |
| $1 million general / product liability insurance Posted: 12 Jun 2020 02:44 PM PDT Hello, I am about to submit an application for a licensing agreement and one of the requirements of becoming an official licensed vendor is to maintain comprehensive general and product liability insurance with a minimum coverage of $1 million, naming the licensors as additional insured. Does anyone have experience with an insurance policy of this amount? I'm particularly asking about the cost as well as other things to consider before purchasing an insurance policy. Is a $1 million policy on the lower end or higher end of the spectrum when it comes to insurance? Also, if I contract with another company to embellish my products, that company will need to sign a manufacturer's agreement and comply with the same insurance requirement. If I work with third party manufacture that is already in existence is it standard to assume that they have an insurance policy of that amount. I know its a simple ask to that manufacture but I'd like to be prepared in regard to the costs of doing business with them. Let's say a screenprinting company that has been operating for 10+ years that has notable clients. Will this be a challenge on their end or a standard part of the process? Thank you! [link] [comments]  |
| [California] Fired employee last year, applying for Unemployment this year under new employer Posted: 12 Jun 2020 01:31 PM PDT Hi I fired an employee in December of 2019. He found a new job this year and then filed for unemployment during COVID-19. I receive a letter from the EDD stating that I'm responsible for 85% of his unemployment compensation since 85% of his wages for the past year were from me. Am I still responsible even though he found (short) new employment but was terminated under me? I haven't told the EDD he was terminated yet. [link] [comments]  |
| Posted: 12 Jun 2020 12:55 PM PDT So, I use a "social fixer" app because I got tired really fast of all of the "we're in this together; unprecedented times; you're hitler if you don't wear a mask, etc." bull that happened when everything went sideways here in the US with coronavirus. It rearranges the news feed to override the algorithm and show you new posts first as well as being able to filter out key words. Anyway, one of the other aspects is that it tells you when a "Friend" has deactivated their account. Logged in this morning for my weekly FB post for my business and about 20 friends have deleted their accounts. This wasn't a blocking or anything because I never share content on my personal page, only use it for the business account. I knew that white people were being intentionally quiet to help boost the Black Lives Matter movement and give those messages more room, but I'm surprised by the account deletions (It was close to 6% of my friends list). If Facebook has lost 6% of its userbase, assuming a normal sampling, this has huge implications to business advertising as those people either move to other platforms or disconnect completely. Is the shift finally happening (I say finally because as much as I appreciate FB as a marketing tool, I abhor its role in society)? I also jumped to this conclusion because my ad runs are WAY down. Statistically significantly less engagement and reach which tells me people simply aren't logging in to the platform. Thoughts? [link] [comments]  |
| Posted: 12 Jun 2020 12:37 PM PDT This is likely to be a political subject but the issue plus demonstrations and protests effect small business just like everyone else. Black and minority business owners run many small business and have a personal stake. Hopefully we will focus on what people are doing rather than just what people are saying or believing. Actions speak louder than words. I encourage you to avoid politics and focus on events. We won't resolve any political issues here and it's a terrible place to stump for votes or political support. Political events do cause real world changes though and we as small business owners need to deal with those. If you want to use a talking point then discuss it, don't just spam it. Talk about how it relates to what your business does. Personal attacks will be removed as always. Calls for violence will be removed and may result in a ban as usual. *Edit: I hope folks will choose not to downvote comments just because they disagree with them (providing that person is honest in their position or experience). We resolve things by discussing them and listening to each other. I'm not saying give a platform to trolls, I'm saying that drowning people out because you happen to outnumber them will never get those people to think about the subject objectively and consider supporting the right side - no matter what side you think that is. [link] [comments]  |
| Seeking large cardboard boxes for shipping Posted: 12 Jun 2020 03:16 PM PDT I'm a small furniture company and I'm trying to find a good source for boxes. there are tons of companies that make custom small boxes with art on them, but I just need something to get the job done. My problem is that all the stuff I ship or plan to ship is large, sometimes 6' long and 4' wide. Anyone have a decent vendor? [link] [comments]  |
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