Its already been 5 years! how time flies as the owner of restaurant small business |
- Its already been 5 years! how time flies as the owner of restaurant
- My online business has made it to the one year mark!
- Small restaurant owners: what point-of-sales program do you use?
- LLC, Inc., Non-Profit/ Not for Profit, or something else
- Offering free financial consulting (reporting, modeling, analysis, etc). Former investment banker/private equity investor bored in quarantine and looking to help struggling businesses
- Advice on starting a clothing brand
- Quick Tip I Want To Share
- VoIP vs business landline
- Where to find kid models for my product listing pictures
- I'm providing my services to small businesses absolutely FREE!
- Helping my immigrant small business owner mom w/ unemployment
- Inventory question
- Sell half or a third to my brother(s)
- Contractor with small-business LLC: The client requiring 2 signatures from the contractor (as an LLC and as an individual)
- Can running a skateboard shop be profitable?
- At home manufacturing - 3D printer
- Manual time clocks
- Just started up my very first business online
- How possible is it to start your own accounting/bookkeeping firm without work experience!
- Hiring freelance overseas
- Connecting to Local Manufacturers. Any Value?
- Looking for advice from website copy professional
| Its already been 5 years! how time flies as the owner of restaurant Posted: 06 Jun 2020 07:13 PM PDT So every year in June, I do a post on here to give an update on the business my partner and i purchased in June 2015. This year has obviously been crazy, so i will try to keep things very short, and sweet, since Im sure people are reading doing other important things. I almost wasnt going to post this year, but here i am! I will do my best to answer any questions and give any advice i can. Thanks for reading guys! So really quick backstory, we purchased a bagel shop in 2015 for $165K. Ill attach links to each update, so you can read them if your interested. 2016 https://www.reddit.com/r/personalfinance/comments/43aeny/the_good_the_bad_the_bagel/ The numbers Real quick ill brush thru our 19-20' numbers, tho they aren't quite complete as June 30th is the end of our fiscal year. We are currently averaging $1478/day this fiscal year, with May 2020 setting our all time daily average record at $1715/day. We have seen a 17% yr/yr growth, inline with the previous years 20%. we probably would have exceeded that, had the SIP/Cv-19 disaster not occurred. We will likely do $525k in gross revenue, depending on June goes. Thats from the previous owners final year of $160k and our first year of $209k, in just about 500sqft of space. One of the single biggest implements this year, (learned from last years post!!) was the using is SPLH. This tool has drastically improved our bottom line, as we went from $38-42 pre-learning, to $46-$55 post. This, coupled with improved efficiency and better staff training has led to our most profitable year yet. WE actually got to make a little money finally, which was nice. Me and my partner are now taking home $50k each along with some benefits paid thru the business, such as healthcare and car. Thats basically double what we made any year before. We also paid off virtually off the business debt by March, which coincidentally, came in handy. Our building was purchased last Fall, by a local Real estate investor. This has actually been wonderful. While we did see a nearly doubling of our rent, from $1100/mo to $1950, this guy really cares. He is spear heading a huge gentrification project in our district. He is a born and raised local, and has created a community of business in this district. I couldn't be happier. They have done many repairs to the building, have already spend thousands helping our business, (new AC, repairs, improvements) with more to come. They have hooked us up with a local print shop that now does all our merch, who we really love! We are also locked into a 5 year lease. The new owner literal stops by for breakfast several times a week. So, overall, its been very positive. While our rent cost has increased, the overall benefit has far outweighed that. Year over year Daily Average sales starting July 2015 Daily Average since July 2015 CV-19 / SIP So the biggest challenge for any business this year has been Covid. As you can see in the graph above, it really hit hard. Initially, we watched sales drop 40-65% during the first 3 weeks, from March 20th- April 5th. But after the Easter Holiday, we saw steadily rebounding sales, which lead to a record May. How did we have success? We, for us, it was the right time/place. A lot of luck involved. See, we are fast casual restaurant, with a very small lobby. We only had 14 indoor seats before CV19. We also moved to serving food to-go only in 2018. So, basically, when the disaster hit, it did not change our existing business model hardly at all. Our low price point, fast service, and strong local base, helped a lot. A big chunk of our customer base are local essential workers, from LEO, public utility, public works, county, and Hospital staff. Our badge discount, friendly staff, and food all helped keep people coming. We got extra lucky from the layout of store. We were able to close the lobby, and convert out window into a order/pickup windows in an afternoon of rearranging. Coupled with it being spring, we have actually continued keeping our lobby closed and only serving thru our windows, while doing record sales. we also picked up 2 delivery services, Doordash and Grubhub, both which take slightly less percentage wise, allow us to raise prices on their end, and set up custom menus. Those were huge, as after the initial 2 weeks, we started seeing $200-400/ day in delivery sales, and that has carried on. And i was worried about cannibalizing some of our regulars, but have actually picked up a lot of new foot traffic from those services. Also, before the crisis hit, we already accepted all digital payments (venmo, cashapp, paypal, samsung, google). So moving to a touch-less call in system with fast pickup was no issue. Image of the front of the shop https://imgur.com/a/1NZo7B2 . As you can see, our window layout really was lucky, and allowed us a great setup. We have also been able to retain our staff, which was huge. There were initial hour reductions, but as sales picked up ,and we got out PPP, we are now back to full hours, and have since hired 2 new people! We somewhat felt bad for getting a PPP, when we havent truly needed it, so we have made a big effort to buy the stuff lunches several times a week from other LOCAL establishments, with a big focus on local! We have also worked to increase what we purchase supplies wise from local companies. We also gave our staff bonuses, and some even received raises, to help stimulate the local econ. I will be glad to answer any questions i can. I am so very thankful for the wonderful support we have received from our community ,and that we can still provide an excellent service to our community. If i have failed to cover anything or you would like to know anything, just ask or PM me! [link] [comments]  |
| My online business has made it to the one year mark! Posted: 06 Jun 2020 10:55 AM PDT It's been a crazy ride, but my online business recently celebrated its first year in business! I can't believe it's only been a year - it's flown by but at the same time feels much longer. I've learned a lot but still feel like there's so much more to learn and not enough hours in the day. It's been a lot of trial and error but I'm hoping to keep it moving in a positive direction! My site if anyone would like to check it out: www.shoplindseybrooke.com [link] [comments]  |
| Small restaurant owners: what point-of-sales program do you use? Posted: 06 Jun 2020 07:50 PM PDT Hey guys! We're fixing to open a small mexican restaurant soon. Nothing too complicated, just 8 tables and a max. capacity of 32 customers at a time. I've been looking at POS softwares, but honestly the price tags on those are just too high for what we can afford right now. Plus, those programs handle a lot of functions, while we are small and won't be using about half of the features. Other than good ol' Excel, what software do you use to keep everything in order? Thank you for your replies! [link] [comments]  |
| LLC, Inc., Non-Profit/ Not for Profit, or something else Posted: 07 Jun 2020 01:26 AM PDT LLC, Inc., Non-Profit/ Not for Profit, or something else I live in Florida I'll begin contract work for an organization that provides Targeted Case Management and Counseling services for self-pay clients and individuals on Medicaid. I'll be serving as a case manager. I have a full-time job, and this will be—part-time thing for me. The company states if I have an LLC, they can pay my LLC directly. In the future, I'm interested in opening a similar company. I'm trying to figure out sooner than later what sort of company would this classify as. I want to establish a company name earlier than later so that potential future clients can associate myself easier with my company in the future. However, I don't know what to classify said company/ organization as. Also, if anyone has any information on becoming a Florida Medicaid provider, that would be helpful. I have a Bachelors in Social Work and a Masters in something else. I've been thinking about going back to Graduate school to get my MSW and start the process of becoming licensed. Do I need be a licensed healthcare provider in the state to bill Medicaid of can I provide social services such as guardianship and case management. Thank you in advance. [link] [comments]  |
| Posted: 06 Jun 2020 09:38 PM PDT |
| Advice on starting a clothing brand Posted: 06 Jun 2020 04:22 PM PDT Hello fellow Redditors.. As you probably can read from the title, I have been thinking back and forth about launching a clothing brand but never really get it going. I am creative and artistic, but I'm stuck like a cog in a watch when it comes 'doing it', I'm not entirely sure on how to find a manufacturer and so on.. If anyone with experience in this sub-reddit knows or can give advice on how to launch a clothing brand from a design on a sheet of paper, it would be much appreciated. [link] [comments]  |
| Posted: 06 Jun 2020 07:05 PM PDT Two weeks ago I launched WebCheck AI, a chrome extension that gives you context on what you read online. Let me tell you why I decided to go for it. Everyone keeps an idea journal. Whether it's on a physical notebook, or the notes section of your phone, or as text messages to yourself, most Indie Hackers probably have a million ideas that they write down somewhere (or not) but rarely do anything about them. And that is GOOD! Turning an idea into something serious takes real work and time commitment and you can't spread yourself too thin and pursue every idea that pops into your head. However, here is something you can do for EVERY idea you get. In fact, you should turn it into a habit. It is not time-consuming and can be very revealing. Here it goes: MAKE SURVEYS. Make surveys your best friends! Whenever I get an idea, I open up Typeform, create a survey, and start sending it out to the relevant Subreddits and Facebook groups. And guess what? People like to help. Message: "Hello, I am currently building a/n X to help Y and would love your input. Please take 30 seconds to fill out this short survey. Fill free to skip any question and thank you in advance! " Protip #1: Be catchy and general in the message and specific in the actual survey. For the survey itself, make sure to ask the following:
You will find that you will quickly :
I literally sent out dozens of surveys over the years because I made it a habit. It was a survey which made me decide to pursue WebCheck AI with full force, after receiving the most overwhelmingly positive and high number of responses ever. After making a quick survey and sending it out, as usual, my Reddit / FB began to explode with UpVotes and likes. I got over 100 responses in 2 days and the sentiment was so positive, we went for it. Let me know if you have any questions or if you had a chance to try WebCheck yourself. I would love all the feedback I can get. [link] [comments]  |
| Posted: 06 Jun 2020 03:51 PM PDT Hi, hope you're all well! I'm wondering if you guys could share your thoughts about business landlines and VoIP? I was thinking of going for a Virgin media or Vodafone business landline, however, many people online recommend going for a virtual landline instead. What do you think? Thanks [link] [comments]  |
| Where to find kid models for my product listing pictures Posted: 06 Jun 2020 10:29 AM PDT I want to start selling kids school supplies. So I'm looking for kids models. The product picture doesn't need to be very fancy, just kids holding the cute pencils, etc. Do you have any suggestions? I don't know where to start. Thank you everyone [link] [comments]  |
| I'm providing my services to small businesses absolutely FREE! Posted: 07 Jun 2020 02:05 AM PDT Hey all, I hope every one is safe. Today, I'm going to offer small or new businesses something absolute free. As the world is fighting with COVID-19 and businesses are facing a lot of issues, here I'm helping small businesses by offering three services - 1) social media optimization 2) seo 3) content strategy Through this offer, I want to ease off the burden from small businesses. In return, I would appreciate some donation if anyone wants to give, but it's not compulsory. I'll share my website personally or in the comments if someone asks for. Thank you :) PS- I'm a freelancer based out of India. I'll offer one of these free services to the first five businesses only cuz I'm only capable of doing that. [link] [comments]  |
| Helping my immigrant small business owner mom w/ unemployment Posted: 07 Jun 2020 02:00 AM PDT I was wondering if I could get some guidance. My mom doesn't speak english super well nor use the computer, so I had to help her file for UI online when she was forced to close her barbershop in March due to covid (we're in CA). She's finally reopening very soon, and I had a few questions that I figured other small bus owners might be able to help us with. First, do I just simply stop filing claims? Or is there a separate form or page I need to submit to close it? They send her emails when there's updates or new claims available, so if she just stops filing, wouldn't the reminder messages just keep coming or taper off after we haven't filed for awhile? Also, what if in the future sth happens and she has to close back down again? Would she simply be able to log back in w/ the existing claim and file for new payment periods or would she have to resubmit a new app altogether? I'm sorry if this is off-topic or long-winded, but this is the first time anyone in our family has dealt with this process and we've been so worried and confused. It's been impossible to reach a human rep at CA EDD due to the traffic [link] [comments]  |
| Posted: 06 Jun 2020 05:12 PM PDT Hi, hope you are well. I work in an independent photo printing and gifting shop which doesn't really have a proper inventory system in place atm. What is the best way for us to implement an inventory to manage stock etc. Thanks in advance [link] [comments]  |
| Sell half or a third to my brother(s) Posted: 06 Jun 2020 06:24 PM PDT Own a franchise, purchased 7 months ago things have been going amazing and paid back all acquiring debt and all personal debt by overworking doing 60-70 hours a week. I'm exhausted and have been thinking of selling half to one brother or 33 to each of my 2 brothers, just to be able to take a break and cut my hours drastically to 40 if 1 brother or 25-30 if both. Have been having trouble hiring and I'd rather keep it in the family all 3 of us being in charge different shifts. Am I being dumb giving up so much for so little. I have double sales since I lurched 7 months ago and was just thinking of letting them pay the percentage of ownership for the same price I paid. Splitting all profits would be enough to life a normal life but working 25 or 40 hours. Am I thinking of this wrong? [link] [comments]  |
| Posted: 06 Jun 2020 12:25 PM PDT 4 days ago, my friend asked me about this. He is a contractor and has an LLC (small business). He got a contract work and he was asked to sign an NDA. At the end of the page, he was required two signatures on the NDA, as a representative of the LLC and as an individual. I was told this is the first time he was required to sign as an individual, all of his past contracts allow him to sign as the representative of his LLC. I told him that I will help him by researching on google but I didn't find much info. From, what I have researched, it will always be much better to sign in behalf of the LLC instead of signing as an individual as the LLC could somehow give protection for the contractor. How can he move forward with this contract? Should he negotiate that he will only sign in behalf of the LLC and not as an individual? Is this scenario common? Edit: My friend has been in business for quite a while and he has been very careful in building his reputation and is a very trustworthy person and for sure, he had never have an intention of breaking an NDA as he always wants long-term relationship with clients. It was just his first time encountering this (2 required signatures) [link] [comments]  |
| Can running a skateboard shop be profitable? Posted: 06 Jun 2020 10:18 PM PDT Seems like some savvy manufacturers and retailers focus more on the clothing. I'm guessing margins are much higher on clothes than hard goods. Also, the average consumer probably spends more per year on clothing compared to a board. Complete board is maybe $140. A pair of Nike SB dunks can retail for that (though some recent releases are listed for $1,500 or more on GOAT. Is this a business bound to lose money, especially now during a pandemic? [link] [comments]  |
| At home manufacturing - 3D printer Posted: 06 Jun 2020 07:45 PM PDT I am interested in buying some 3D printers and manufacturing products from home for online sales. Niche products, most likely state with some firearm accessories and possibly transition to other segments for customer order fulfillment. I have capital, I work for home for my full time job and have experience with customer service and operating websites. I don't know much about 3D printers but I feel like this may be a good way to start and I like the scaleability.. don't rally want to manage employees while I work full time. Being at home i could go and do any restarting or filling of the needed. Anyone other there with fairly in depth knowledge of 3D printing or understand/could they point me towards some in depth reading to help me understand 3D printing. I'm in Minnesota - maybe i can find someone local. Thanks!! [link] [comments]  |
| Posted: 06 Jun 2020 12:05 PM PDT I am looking to get a new manual time clock and waf looking for recommendations. [link] [comments]  |
| Just started up my very first business online Posted: 06 Jun 2020 07:01 PM PDT Is there anything that I should know that you wish you knew when you were first starting up? Looking for any advice you can give, appreciate it! My store: wherethestrawberriesgrow.com [link] [comments]  |
| How possible is it to start your own accounting/bookkeeping firm without work experience! Posted: 06 Jun 2020 02:14 PM PDT I'm a college student with some opportunities, and I don't want to miss out just because I don't have specific work experience within the field. [link] [comments]  |
| Posted: 06 Jun 2020 07:54 AM PDT Sorry if this isn't the right place to ask the question, but in the UK if I run a limited company and hire another company / freelancer from another country to, say, build me a website. Would that cost be tax deductible (because the company I hired is not a UK company)? [link] [comments]  |
| Connecting to Local Manufacturers. Any Value? Posted: 06 Jun 2020 01:24 PM PDT If there was an easy way to generate quotes quickly from local manufacturers, either for materials, such as corrugated boxes, metal, hardware or other items, would this be something useful? Has it already been done well? I personally would love something like Alibaba but for local manufacturers in the US. If this is something you'd use, which industries would you like to see it available for? [link] [comments]  |
| Looking for advice from website copy professional Posted: 06 Jun 2020 11:29 AM PDT Hi! I'm designing a landing page for my business idea and gave been writing and rewriting the copy, unsure if it can convert. Is there a professional who can take a look and give some pointers? I'll respond with a link to this who would like to take a look. Thanks! [link] [comments]  |
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