[PPP/EIDL] The PPP application period is closed but forgiveness issues and the EIDL are still concerns. Let's discuss them and similar local programs here. small business |
- [PPP/EIDL] The PPP application period is closed but forgiveness issues and the EIDL are still concerns. Let's discuss them and similar local programs here.
- From a business perspective, what’s best for the business if you have a Covid case?
- Automation should be the last thing you do.
- How to find employees who will show up to work?
- Anyone here Automate?
- How to import American food to Europe for small business
- Help! I'm planning to start a small bakery and am not sure how to start
- Looking for a new Credit card with decent rewards and a large credit line
- Large personal leave obligation
- Franchise help.
- How much % to save for taxes for a private hair studio in IL?
- Wellness app powered by data
- 2019 Schedule C (draft) required, but business didn't begin operations until early January 2020.
- How are you sending RMB/CNY to China?
- Slowly Bringing Back Staff
- Choosing the correct price to sell my product to small shops
- Platform suggestions
- Who do I talk to to help me double check FDA regulations?
- Reconsideration letter needed
- Closing a business in one state and opening the same business in another state help
- Furniture removal
- Business Loan through Chase Bank? They might be paying that for you.
- How should I curb opportunist re-sellers coming to my retail shop?
- Started a business, Feel like I missed something.
- Spouse doing projects under my S-Corp?
- Catering Software
| Posted: 30 Jun 2020 05:00 PM PDT The PPP application period closed June 30 (unless there's been another change in the rules) but people still need to figure out forgiveness and those who missed out still might be working on EIDLs. I'll be adding links to past discussions and to the forgiveness applications (they are available at SBA.gov though). *Edit: News sources are saying that the Congress is in the process of extending eligibility for PPP until August 8th. The last minute slapped together approach continues. [link] [comments]  |
| From a business perspective, what’s best for the business if you have a Covid case? Posted: 30 Jun 2020 06:45 PM PDT We do not have a case but as a family run business with about 60 employees in a town of about 130,000 people, an employee getting Covid would be catastrophic for the business it seems. I've thought a lot about this and it seems that in my city they shut down a lot of businesses for 14 days if they have an employee with Covid. We could survive 14 days but I imagine it would be a solid two months before business returned to even close to whatever is normal now. I don't know if we could survive two months of no customers. Do you publicly announce if an employee has a case but the health unit doesn't shut you down? Do you just do what the health unit tells you to do? We are doing absolutely everything we can from masks, to shields, to social distancing, hand hygiene stations, customer logs for contact tracing, disposable pens, you name it. It just seems like as much as this virus is a people killer, it's even more so a business killer and I don't know if the business could survive a Covid case at our business right now. It really is disaster planning at this point and it could be something that we just can't prevent no matter how much we do since an employee could bring it from home. Any thoughts? [link] [comments]  |
| Automation should be the last thing you do. Posted: 30 Jun 2020 10:33 PM PDT I'd like to add my 2c on the topic of automation, as it's clearly something everyone here would be interested in – obviously for good reason. My opinion is summed up in the title – automation should be the last thing you do (or one of the last). I'm not going to get into the technical details about the how-to's of automation, just know it can refer to all sorts of things: Excel macros, use of industry software solutions, custom Python scripts, BPM solutions, integration platforms, physical automation including mechanism and automated production manufacturing etc.. But before you jump down the rabbit hole of these automation tools & techniques you need to be aware of one thing, automation isn't a magic solution that's going to make all your problems go away. It is simply an efficiency multiplier of your existing processes. What should you do instead? First, identify your business area or processes that are causing you the most pain. Then, map out their 'real' process workflows. Use flow-charts, bullet point lists, whatever works best for you. Then follow these steps:
Easier said than done I know, but just know that there are always tools you can use to help with each of these steps. I am not going to go into each of them in detail - each could be a post on their own - but here are some search terms to get you started: Business Process Improvement (BPI), Business Process Management (BPM), process modelling (e.g. BPMN, swimlane diagrams), fishbone or root cause analysis, process value chains, SIPOC diagrams, value stream maps, TQM, Six Sigma, PDCA cycles, business analysis, lean manufacturing etc. The important thing is that you end up with processes that - even if they aren't automated - should be well documented, streamlined, simple, short, only as frequent as they need to be and are easy to delegate. Automation is just the icing on the cake at this point. There were some great points around not knowing what or when you should automate as well, to which I say xkcd has a good rule of thumb. [link] [comments]  |
| How to find employees who will show up to work? Posted: 30 Jun 2020 06:13 AM PDT My wife and I bought a laundromat together a few months ago, and this is our first business. We put a lot of work and research into everything we're doing, and things are going well! We had some work to do on the property and on the washers/dryers, but nothing we weren't prepared for. We're making money every month now and for the most part we're happy. The thing that's crazy is the CALL-OUTS. We are open 98 hours a week and we have 5 people on the payroll; 4 of those people have regular hours and we've hired a 5th solely to respond to call-outs. We get 3 or 4 call-outs a week, consistently! They're sick, their car broke, their kid is sick, their boyfriend is sick, their dog is sick, they need to go to court... So many reasons but the end result is the same - they're not coming to work. It is crazy. Meanwhile they are all constantly complaining about problems in their life with landlords, car repairs, roof leaks... Things that money would fix!! Don't they want it? We've started slashing hours, hiring more people, and churning through employees but is that the right move? We want consistent employees putting out a consistent product, not constant new people making constant mistakes. We can't pay much more than we are, and stay competitive. What's the answer? Thanks! [link] [comments]  |
| Posted: 30 Jun 2020 05:39 PM PDT This is coming from that Bill Gates - Lazy People work better thread. There's an ongoing discussion about how amazing automating tasks or jobs are but no one really discusses what it's for or how to do it. They're just talking about how they do a week's work in just 1 hour and then pretend to work until the deadline and fool their bosses into thinking they're being overworked. I understand you can automate data entries. I have programming with my POS that provides in depth analytics of all my numbers. Sales, Customers, Salesman, GP%, MDY comparisons, Times of Orders, Annual Comparisons, it goes on and on. But I dont have the time do really develop these through pivot tables. My system did however provide me with a daily report which I do skim. But regardless.... Automating. Where is the go to place to learn about this? What should be automated? Should there be a permanent consultant working with you (lots of Redditors talked about how they werent appreciated and once the code was in they were expendable but low and behold a year or two later the server crashes and theyre begged back only for them to basically flip them off and let them go out of business) [link] [comments]  |
| How to import American food to Europe for small business Posted: 01 Jul 2020 02:49 AM PDT Hi everyone, I'm interested in starting a small business that sells American food products. I'm American myself and I often find that the American food offered in Europe is not what we actually eat. I would like to open a store that reflects a more accurate representation of what I grew up with in my childhood. Does anyone know the process in importing American foods? How to buy in wholesale or have it shipped in a shipping container to Europe? Thanks! [link] [comments]  |
| Help! I'm planning to start a small bakery and am not sure how to start Posted: 30 Jun 2020 07:09 PM PDT Hello all, I'm planning on starting a small bakery and feel lost on how to start. To put in context, my grandmother died recently, she owned a bakery but closed it due to problems. All the equipment is relatively new, and she told my mom to give me a chance to begin a small business using her things before passing. I was her only grandkid and went to "help" her regularly when I was a child, I was really interested in bakery since a kid. I have all the equipment for free, and even have a place to set up, so I think I'm starting with a huge advantage. Right now I am 17yo and don't know what to do, could anyone give me some recommendations/advice? Thanks in advance :) [link] [comments]  |
| Looking for a new Credit card with decent rewards and a large credit line Posted: 30 Jun 2020 04:31 PM PDT So I wholesale goods and things have been quite busy of late. A fair amount of the profit from the business is the cashback/rewards that come from when I purchase goods. Issue is I need a lot more credit. I currently have some charge cards from amex, credit cards from citi, bofa, cap1 spark, wf 1.5% business card. I need a lot more purchasing power though, and really could use it with 2 percent rewards. Issue is that cap1 does not give huge lines, and they refuse to raise mine because of "cost of account transactions" aka my swipes aren't profitable for them. Citi doublecash is a personal card, but has a few k of credit line. Barclays doesn't give out huge lines and doesn't love cycling their limits. Amex plum in theory is the best overall I guess because it's a charge card with unlimited 1.5% back. I need to swipe annually around 15 million or so, does that make me eligible for some corporate cards? Is there a card i'm missing perhaps? Or some small bank somewhere with a good program? TIA! [link] [comments]  |
| Large personal leave obligation Posted: 30 Jun 2020 10:08 PM PDT I've recently taken over managing a business and one long-term employee has 589 hours of accrued personal leave. There has been no accruals for this as Xero just takes it from S&W expense when used. I'm a bit concerned that if they went on extended sick leave the organization couldn't afford to pay out that amount of leave as well as back filling. Luckily that has not happened yet and I want to manage the risk proactively. Can anyone suggest a course of action that won't send the Auditors into a spin? PS: I've been told by our accountant that we are not allowed to accrue for personal leave as it may never be taken, but this seems to leave us exposed. [link] [comments]  |
| Posted: 30 Jun 2020 02:33 PM PDT Looking to break free from my day job. I have some cash in the stock market, and I would like to use it to start/purchase something that would be mine. I like the idea of buying a franchise because while I have been an engineer for the last 15 years or so, I don't know a lot about the business side of things, so a franchise feels more like buying a machine I can take apart and see how it works rather than designing a new machine from scratch. (One of the only things I've learned in engineering is that reverse engineering is easier, lol) I have spoken to a couple of franchisors in my area but they mostly feel like they're trying to get me to buy into an expensive pyramid scheme. So, does anyone have a resource where I can learn what I need to know? Franchises for dummies (I didn't look, is that already out there?). Also, is there a rule of thumb to help me estimate how much I can expect to be able to pay myself from any of the options I'm evaluating. I expect this question could practically be its own subreddit, but I need just a point in the right direction beyond googling 'how to franchise', which is where I'm at now. [link] [comments]  |
| How much % to save for taxes for a private hair studio in IL? Posted: 30 Jun 2020 03:12 PM PDT Hey guys, need some help here. I'm a new owner of a private hair studio (I don't booth rent, this is a studio space). I have an LLC. How much should I be saving to pay for taxes? I know I have to pay taxes for my income, but how do I calculate how much I need to be saving? But do I have to save money to pay taxes for the services my clients are receiving? I pay taxes for all the color, supplies, and tools I use to preform the service. The one thing I know for sure is when the time comes to sell product/retail, I'll be applying for a tax ID and then filing the sales taxes quarterly. Thanks! [link] [comments]  |
| Posted: 30 Jun 2020 08:07 PM PDT Hey Everyone! I'm part of a small team that has built Ladder, a personalized wellness app designed to help people foster more self-efficacy and awareness when it comes to mental health. You can build habits with mindful readers, understand your emotions in a cognitive journal, and get insights on what's affecting your emotional health. After months of working with mental health professionals and our community, we have launched on Product Hunt! I'd love to invite you to join the community and join the conversation. Any feedback would be greatly appreciated :) Click here to see the product hunt page. [link] [comments]  |
| 2019 Schedule C (draft) required, but business didn't begin operations until early January 2020. Posted: 30 Jun 2020 07:20 PM PDT Looking for quick advice. New business; started operating early January (any business that begins operations before Feb 15, 2020 is eligible for PPP loan). Required to provide 2019 Schedule C (draft is okay) for PPP loan. How on earth can I do that if the business didn't operate in 2019??? [link] [comments]  |
| How are you sending RMB/CNY to China? Posted: 30 Jun 2020 10:27 PM PDT Apologies if this question does not fit this subreddit, wasn't sure where to post it. For those that are sending large amounts to suppliers in China in the local currency RMB/CNY, what is the best way you have found? Im currently going through a employee i have in China but thats not really a long term solution. Payment services like Veem which are decent for small amounts, just dont make sense due to the fees with large payments. Does anyone have a solution that they are using that is efficient in terms of fees and time? [link] [comments]  |
| Posted: 30 Jun 2020 10:26 PM PDT I'm trying to be smart about this. We took a big hit in revenue during the shut down, even though things are looking a little grim, I can start to slowly bring people back slowly. The employees that I want to bring back are collecting unemployment. What is the max hours or $$ can they receive from my company so that they don't lose out on their unemployment insurance? Employees make around 30 per hour and they are receiving full unemployment with CARES. [link] [comments]  |
| Choosing the correct price to sell my product to small shops Posted: 30 Jun 2020 06:34 PM PDT I made a post here a couple days ago about approaching small local shops with my product and received very useful feedback, I am back for a small follow up. I made a Facebook post today promoting my product and a couple of local shops have reached out to me. I plan to meet them to show them the product and for a discussion in the next few days. I am selling an accessory for trading card games to small game stores if this is relevant. Currently the base product costs around £8 to make and I sell it online for £29. What sort of price should I begin negotiations with? I don't want to low-ball or high-ball the offer and have seen varying suggestions through my online searches. Many thanks! [link] [comments]  |
| Posted: 30 Jun 2020 04:00 PM PDT I am looking to implement a tool that helps me manage and track KPI performance for my business (real estate). It has around 100 employees and I would like to be able to analyse data in real time. Any suggestions for useful tools? I already have some data but it is not consolidated into a single place. Any recommendations are much appreciated! [link] [comments]  |
| Who do I talk to to help me double check FDA regulations? Posted: 30 Jun 2020 09:02 PM PDT Im starting a small online business focused on body care. Most of the things I plan to sell are regulated by the FDA. I don't think i have enough legal know how to navigate this world and I'm wondering who I can turn to for help with that. [link] [comments]  |
| Posted: 30 Jun 2020 08:16 PM PDT Hi guys, Need your help, my SBA application was denied because my roommate and I applied under the same address. I've been asked my SBA representative to write an email regarding the situation. How can I describe that we are both applying separate loans for own business. English is my second language and I would greatly appreciate a sample letter on how to go about it. Thanks! [link] [comments]  |
| Closing a business in one state and opening the same business in another state help Posted: 30 Jun 2020 01:36 PM PDT I am moving from California to Arizona and wanted to transfer my main business location to AZ. Most of my business is still in CA so I think I'd still have to be registered as a foreign entity. I think for tax purposes it would be better to be based in AZ but it seems like a headache to close the CA location. Maybe I should just leave it open there and keep it there? Any ideas of who I should contact for help? A business lawyer, a CPA or someone else? [link] [comments]  |
| Posted: 30 Jun 2020 05:23 PM PDT I was wondering if people had any suggestions for how to cheaply remove office furniture? I was thinking about donating them, but non-profits are closed right now. About input would be appreciated. [link] [comments]  |
| Business Loan through Chase Bank? They might be paying that for you. Posted: 30 Jun 2020 09:46 AM PDT Hey all, just a quick update on a post I made last week about an absolutely nightmare of a situation I was having dealing with Chase Bank getting them to make payments on my SBA backed loan under the CARES act and them telling me repeatedly that I didn't qualify for the program despite not being able to tell me why. Post is here: https://www.reddit.com/r/smallbusiness/comments/hektjp/chase_bank_ineptitude_and_incompetence_refusing/ Yesterday I finally received a written communication from them stating that my loan was no longer backed by the SBA and this is why it didn't qualify for the debt relief program under the CARES act. BUT... That they would still be making principal and interest payments to my loan for a period of six months. Why are they doing this? I'm guessing this isn't a sweeping program that affects all of their loan customers. It would be prohibitively expensive (and stupid) for Chase to pay business loans for their customers when they are under no obligation to do so. I suspect they are doing it for very specific customers because they incorrectly categorized their loans by reporting them as paid in full to the SBA when they were not actually paid in full. My contact at the SBA stated that this is quite common, especially with customers like me who had an SBA revolving line of credit that converted to a fixed loan after 4 years. The banks would erroneously report the loan as paid in full when it converted to a fixed term. Historically this hasn't been a problem but with the debt relief program under the CARES act suddenly it was a very big problem. If you have an open business loan that was originally backed by the SBA it might be a good time to follow up. Chase may be making your loan payments for you. Actual wording of the letter: "Chase will credit your loan account for an amount equal of up to 6 monthly payments. So, starting now, if you don't opt out, you won't need to make any monthly payments for the period covered by the credit (Credit Period). We are offering this relief because the loan is no longer guaranteed by the Small Business Administration and therefore isn't eligible for the SBA's subsidy program under the CARES Act." [link] [comments]  |
| How should I curb opportunist re-sellers coming to my retail shop? Posted: 30 Jun 2020 05:16 PM PDT I have a one-year-old brick and mortar retail shop in a market where demand far outpaces supply. There is a also a hot sub-market of people reselling at gouged prices on Etsy, Marketplace, E-Bay, and social media. (Not to mention many of them are under the table.) I am licensed, pay taxes, offer my employees a living wage, and I value providing fair prices to my local community which is not very wealthy. I could make more money selling online, but I value my local community and offering the store experience. I think re-sellers are contributing to inflating market prices. When they clean me out, then people can't get a fair retail price from me, and are forced to pay the jacked up reseller price. Case by case, i have been limiting sales or refusing to sell specific limited-availability items to resellers. Some of them go away angry and never come back. Some keep coming and trying to buy as much as they can. Most of them feel pushy and slimy. Tbh I'm a little afraid of them. At least one has already left a hate-review. How can I formulate a policy that discourages resale? Is it worth the risk of backlash to nix someone? And/or, should I just raise prices to make reselling less lucrative? I could give my local customers some kind of points/reward/member discount system to offset a price hike. (Most of the resellers are from out of town.) Or, am I being too idealistic? A sale is a sale. [link] [comments]  |
| Started a business, Feel like I missed something. Posted: 30 Jun 2020 04:29 PM PDT Is there anybody that is familiar with Iowa law and how to make sure I'm 100% compliant? I really feel like I missed something that's going to trip me up later. [link] [comments]  |
| Spouse doing projects under my S-Corp? Posted: 30 Jun 2020 03:56 PM PDT I'm the single owner/employee of an S-Corp that does business consulting. My spouse recently lost his job and is looking into opportunities to do some consulting projects himself while he figures out his next move, or possibly for longer if he decides he likes being his own boss. We have very different areas of expertise and would not be involved in the other's projects or clients, although he's always handled my bookkeeping and billing. I have my own retirement plan through my company, but our health insurance will be though his COBRA for the near-term. If he's able to get some projects, ideally we'd bill them through my company since everything is already set up in QuickBooks. We would also use my business URL for his e-mail address and it What would be the best way to go about this? Does it make sense to add him as an employee or as a contractor? We have a CPA but he's expensive and tied up right now and we want to get the ball rolling on any paperwork so my spouse can start reaching out to contacts. [link] [comments]  |
| Posted: 30 Jun 2020 03:55 PM PDT Hi everyone, I'm running a catering business, I basically drop off meal kits or meals to clients many days of the week. I am looking for software that would help me for the process of: 1) Selling items 2) Specifying date of delivery 3) Order management system showing delivery dates of orders Tapmango has done something like that which makes it pretty easy but they're also charging $89/ month with a 6% commission and standard credit card fees on too of it. Is that a reasonable cost - is there other software I can use? [link] [comments]  |
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