Thank you Thursday! - (July 30, 2020) Entrepreneur |
- Thank you Thursday! - (July 30, 2020)
- I quit my job to make model trains for a living
- With 10k capital, what business would you start?
- Local Streaming Service
- What according to you is the future big tech?
- I just launched my Ecommerce business 3 days ago, 134 sessions but no sale, what am I doing wrong?
- Has anyone ever used Wise Guy Reports?
- Best Free Website builder
- How to Sell A Business!
- Best money making strategy
- Looking To Test The Core Assumptions Of My SaaS
- Making A Deal On Hardware Invention Royalties
- Anybody Own a Food franchise?
- Being asked to work on a newly registered company connected to the company I work for. Advice on what value I can receive?
- I need to interview a entrepreneur for my economics assignment but I don’t really know where to look or who to ask?
- I have 5k. I want to start a business.
- Freelancers vs Digital Agencies - Who should I hire to develop my business idea?
- How much would you feel comfortable saving before quitting your job?
- New stream of income?
- How we get fresh perspectives using an open mindset.
- How do you start incorporating HR as you start employing people?
- How to get the most out of AppSumo?
- Help selling tech business
- Email templating tool
- How to gauge consumer interest? Funding?
| Thank you Thursday! - (July 30, 2020) Posted: 30 Jul 2020 06:08 AM PDT Your opportunity to thank the /r/Entrepreneur community by offering free stuff, contests, discounts, electronic courses, ebooks and the best deals you know of. Please consolidate such offers here! 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]  |
| I quit my job to make model trains for a living Posted: 30 Jul 2020 05:15 AM PDT So I've had a corporate job for the past few years, and it's slowly been getting less enjoyable and fulfilling. A career change was definitely bound to happen. At the same time, for about the past year I've been building up a model train manufacturing/service company. I have done work for people in the hobby for a long time, but it's become more "legitimate" over the past 12 months (DBA filing, business bank account, taxes, etc). It has grown substantially over this period of time, and is now to the point of nearly matching the income from the corporate gig. I go to work, come home, then go right back to work. The hustle has been really enjoyable. A combination of spending more time at home due to COVID and the business continuing to grow has made me realize this could turn into a legitimate income source beyond just "fun money". That combined with the lack of fulfillment and enjoyment from the corporate gig (my mental health has been taking a toll) led me to do some risk assessment exercises, and make the decision it's was time to go full time with the trains. In about a week, I'll be a full time model train nerd, which sounds fucking crazy - but I think it'll be enjoyable. Sticking it to the man, working for yourself, doing your own thing, whatever you want to call it - I want to try this out for awhile while I'm young and have no "real" obligations or responsibilities. Of course I can go get another job somewhere if I make no money doing this, but I'd rather take the risk and try it out than be sitting around in 50 years, wondering "what if". Website is www.motownmodels.com if any of you care to see what we do. Thanks for coming to my TedTalk [link] [comments]  |
| With 10k capital, what business would you start? Posted: 29 Jul 2020 06:02 PM PDT Hey everyone, Just curious to see what kind of business you would enter with only 10k capital. Would you start a lawn mowing company? If so, how would you beat out other competition? Would you start an e-commerce store? If so, would you brand a product? Start a clothing line? Explain what your marketing goals would be. ^ just a couple of thoughts to get the discussion started If you wouldn't start a business with only 10k capital, then definitely state why and how much capital you would need for your perfect business! Really interested to see what everyone has to say! [link] [comments]  |
| Posted: 30 Jul 2020 02:46 PM PDT Wondering if anyone has any experience with something like this. Think Netflix, but for live entertainment. Local bands, comedians, etc. Anything that can be done on a small stage. Are there prominent examples of something like this? I'm researching everything I can. If anyone can answer any of these questions from experience, I'd greatly appreciate your time. If someone simply has a link to a similar service they know of, that's awesome too. Here are my specific questions:
Thank you for any advice you can give me. It is for a non-profit theatre company, but our structure is vastly changing thanks to covid. We hope to run this venue like a fundraiser for our mainstage productions. [link] [comments]  |
| What according to you is the future big tech? Posted: 30 Jul 2020 05:24 AM PDT All big tech firms of today harnessed the huge growth potential of internet 20 years ago. According to you, which technology/resource now is equivalent to internet of the past? [link] [comments]  |
| I just launched my Ecommerce business 3 days ago, 134 sessions but no sale, what am I doing wrong? Posted: 30 Jul 2020 02:44 PM PDT Hello there, Any help would be highly appreciated [link] [comments]  |
| Has anyone ever used Wise Guy Reports? Posted: 30 Jul 2020 02:36 PM PDT Fellow entrepreneurs, have you used Wise Guy Reports? if so, what was your experience? is the data accurate? they happened to have a report I was looking for but I didn't find much reviews about their services/products online so I'm asking here. [link] [comments]  |
| Posted: 30 Jul 2020 02:26 PM PDT I'm 17, just starting my brand godhasfavorites. I made an Instagram account, and now I need a website. I really need a free ecommerce store that I can add my own domain to. (Low budget until I start selling and am in profit.) [link] [comments]  |
| Posted: 30 Jul 2020 01:52 PM PDT Hi! This is my first post ever on Reddit, so I hope you enjoy! I want to address something that all entrepreneurs should know prior to starting a business, and something that is not talked about enough! HOW TO SELL A BUSINESS First, let me give you some background on who I am:
Let's get into it! How to Sell(or Divest) a BusinessSelling a business can be a daunting thought, well before you have even had a chance to start the sale process. You need to find the right buyer, negotiate a value for your business, provide mountains of due diligence information, form legal documents, and manage your legacy/future. ( I had to upload nearly 15,000 pages of documentation for one deal :O ). However there are a number of things you can do right now to make sure the sale process is smoother. Prepare to Divest Way Before You Actually Divest Owners and shareholders should prepare to sell their business way before the actually even start to think about selling the business. What do I mean? You should take the steps in your day-to-day business operations to keep things in order. This means making sure financials are not fuzzy, processes are well documented, and potential "deal-killer" things are taken care of. Potential deal-killers include tax or legal issues. Selling a business is a long-term lifestyle and leadership shift - even before you start your business! **Not saying you cannot sell a bad business, but certainly don't expect a proper market valuation. \** Prepare a Digital Dataroom The simplest way to speed up the initial due-diligence period most investors require is to have the documentation ready to go. Use a secure platform like Box.com to upload critical initial due diligence information. If investors/acquirers are able to see this information quicker, they can give you a decision quicker. Some items to consider putting in a dataroom:
DO NOT PUT PROPRIETARY INFORMATION SUCH AS TECHNICAL PLANS, DRAWINGS, SUPPLIER, ETC IN THIS DATA ROOM. THERE IS A TIME FOR THAT, NOT NOW! I have a more detailed list I can provide via email - pm me for email. Understand Valuation and Legacy It is important to have realistic expectations of the valuation of your business. There are very few businesses in this world that are worth 10X revenue or 30x EBITDA. Valuation negotiations cannot be Win-Lose in your favor. Approach it as Win-Win for both parties and you can get the deal done. If you are worried you are giving up upside - the transaction structure can be adjusted to include a minority share or earnouts. Determine your legacy. Do you want to cash out fully and go away? Do you want to stay and continue running the business? What salary do you want to stay, and how long do you want to work for? If you want to leave, make sure you have a professional management team in place. Keep in mind almost all transactions require owner to stay for some period of time. Hire The Right Advisors - Strategic,M&A, Accounting, and Legal Not to self-promote but it is always good to have advisors both on the strategy/M&A side as well as the legal side. They can help with all of the above, plus identifying potential buyers. Hire advisors that you feel comfortable working with and understand your business. Advisor must understand your business to properly position it for sale, find the right investor or acquirer, and achieve a proper valuation. Patience! Patience! Patience! This is a self-explanatory section. Please! Please! Please! Please be patient! Do not force the sale process, you will regret it. Do not get involved in a fire sale either! How to be Sellable!Here are a few things to consider to gauge if you're a sellable company:
Final Thoughts!Hope you all enjoyed this post. Selling a business is difficult mentally, emotionally, and physically. You need to take steps early on the alleviate pressure. Don't lose out in the end because you didn't want to take the extra time to plan ahead. I am here to answer your questions! [link] [comments]  |
| Posted: 30 Jul 2020 01:45 PM PDT I have been struggling my whole life trying to make money , going job to job working overtime and weekend shifts Whilst all my friends were living there best life earning a good living and getting there dream jobs . I thought there was no chance of me making a stable income until my friend suggested me a link which changed my life and gave me a new found confidence and motivation [link] [comments]  |
| Looking To Test The Core Assumptions Of My SaaS Posted: 30 Jul 2020 01:28 PM PDT I've got the basic idea of my SaaS complete. It looks great and functions how I want and now I am wondering how I can go about testing the market for it? I'm building out the entire app anyway as a web development portfolio project but I'd like to know if the idea has any business merit. Are there any sites which will put your idea in front of beta testers and collect feedback for you? How do you differentiate between feedback of the app UI/UX compared to feedback of the idea itself? In case you're curious, you can check out the web app at ForgetTheBudget.com [link] [comments]  |
| Making A Deal On Hardware Invention Royalties Posted: 30 Jul 2020 01:18 PM PDT Been working hard for three years on a disruptive consumer hardware product. Had a deal with a major company last year which went nowhere because they couldn't secure IP we required. So I secured the 3rd party IP, and they want to take my invention on as a major part of their business. The first company was going to fund, brand, manufacture and distribute with a 20% net wholesale royalty to me. But that doesn't matter now. I've been lean, spent about $50k to this point (mostly patent and engineering work, and travel to/networking at events). Next phase is prototyping for the commercial product which is $80k-$135k. Which I will raise. The next patent phase is due next month which is $35k. Some software elements will be $20k. So I'll be in at around $250k (will have to raise to achieve this - all I have left of my savings is the $35k for the patent process which I have set aside for 2.5 years and not touched, to ensure I'd be able to do it if things got close here which they have). Then the 3rd party will take over everything and make 30k units at a cost to them of $1.5M. They have offered me 10% gross on everything (they do 50% distribution, 50% DTC, so quite a value chain involved but the direct to consumer is lucrative). They are more than capable of handling everything. I am considering assigning the patent to them for additional royalties, as long as the conditions protect me. Been sleeping on an air mattress and surviving off covid payments which end in August. After my bills in Aug are due, I'll have spent more than my last dime and be in poverty until this hits shelved in 18-24 months. What advice do you have for better terms than what's been offered? Or is this good? We are settling the LOI at the moment and the ball is in my court. [link] [comments]  |
| Posted: 30 Jul 2020 12:52 PM PDT Was wondering if anyone here owns a franchise like Nandos,subway or Burger King. If so how much net income do you make from the franchise and what was the cost to start the franchise. [link] [comments]  |
| Posted: 30 Jul 2020 12:38 PM PDT So I work for a successful company that's also naturally benefited hugely from COVID-19 due to the products we sell. I work in marketing and primarily do design. For the past few months I have been designing OEM packaging for some of these supplies under a new brand, related to the company I work for. The director is pushing more and more on me which I'm fine with, but I'm not actually working on my contracted job, I'm doing all the design work for this newly registered company's product packaging (and logo). My immediate manager pointed out to me that now it's registered, I could and perhaps should ask for shares in this new company considering I am doing all this branding and packaging work, for a company I don't technically work for. As this is a busy period for us, my manager suggested using that as the main point saying I should suggest getting shares in this new company, and working on it in my spare time, instead of my normal work hours. There's no doubt this newly formed company would be a success, huge in fact so I'm happy to play long term instead of a slight salary increase for example. Does anyone have any advice in this? How to ask? Whether I have a right to ask? Thanks [link] [comments]  |
| Posted: 30 Jul 2020 06:28 AM PDT If you're an entrepreneur who has time to answer 7 questions with short responses it would mean the absolute world to me! Comment and I'll private message you! [link] [comments]  |
| I have 5k. I want to start a business. Posted: 30 Jul 2020 12:22 PM PDT Hey guys. I rarely have this much money. It's now or never. I want to start a business without quitting my job. I'm hearing drop shipping is no longer a smart idea. To give you an idea of my skills, I'm great at communications and have excellent education, so that would've been a great option. What else can I do? [link] [comments]  |
| Freelancers vs Digital Agencies - Who should I hire to develop my business idea? Posted: 30 Jul 2020 12:13 PM PDT Freelance vs Digital Agency Which should I choose to create a delivery system? I heard that freelancers often charge less but digital agencies may have more experience? [link] [comments]  |
| How much would you feel comfortable saving before quitting your job? Posted: 30 Jul 2020 11:42 AM PDT Startup costs- less than 10K, living costs 3K/month, service-based business. Just an open ended question, what would you feel comfortable saving before you quit your job and start? 6-12 months savings? [link] [comments]  |
| Posted: 30 Jul 2020 11:41 AM PDT |
| How we get fresh perspectives using an open mindset. Posted: 30 Jul 2020 11:31 AM PDT From our book: Next For Me: A Guide To Change For Everybody FRESH PERSPECTIVESPerspective is everything when you're making a big change. You're starting a new chapter here, and you need to be open to new possibilities and options. By altering your perspective just a little, you may find yourself with a solution to an "unsolvable" problem, or you may discover a more efficient way to do things. You can see something you've gone over a hundred times in a new light by writing about it, visualizing it, and talking it out with your colleagues and friends. Cultivating this mindset will prepare you for many of the curveballs life will throw at you, so you can meet new challenges with grace. A healthy sense of humor doesn't hurt, either. OPEN MINDEDNESSMindset has a lot to do with how we approach challenges and how adept we are at creative thinking. Having an open mind is both a "way of being" and a technique that can be employed when thinking about your new endeavor. What may have worked for you in your career to this point isn't necessarily going to work in your new reality. It's easy and more comfortable doing things the way you've always done them, but doubling down shouldn't be your default if your old ways of approaching a task aren't working. Open mindedness allows you to zoom in and out of focus or even clear your noggin out entirely. Now is the chance to open your mind (and your heart!) to new tactics and strategies. Mindfulness and MeditationMindfulness is more than a lifestyle buzzword or the latest workplace wellness trend, it's a way of observing and appreciating what is right in front of you, good and bad. And meditation allows you to take what you've observed, and put it into a broader context. In meditation, you acknowledge thoughts, but don't hang onto them. As a result, eventually your mind opens to what is here, now. The author and founder of the San Francisco Zen Center, Shunryu Suzuki called it "Beginner's Mind," where everything is possible. If you've tried meditation before, you may recall that the first few times you had a hard time quieting the thoughts swirling around your head. It's only with some practice that you learn that having those stray thoughts isn't a failure, it's human nature. With practice comes the ability to take notice of the thoughts, and without judgment let them go. There will be many times in your experience when noisy thoughts will intrude. They can make it hard to tackle the day to day tasks at hand. They lead to self-doubt and catastrophic thinking about solvable problems. Being open and sharing these thoughts can actually be the best way to quiet them. [link] [comments]  |
| How do you start incorporating HR as you start employing people? Posted: 30 Jul 2020 11:14 AM PDT UK BUSINESS (dealing worldwide. Employees remote work, UK, and one in South Africa) Business is at the stage where it is employing people full time (no more contracting). I want to be on top of pay, tax, student loans, NI and stuff. Anyone have any good resources? [link] [comments]  |
| How to get the most out of AppSumo? Posted: 30 Jul 2020 03:26 AM PDT My eBook got accepted to AppSumo. At first it will only be "private and searchable" which means people can search for it or go to in through a direct link, meaning I will have to promote it myself. When I get 5+ good reviews on their platform, they will reexamine the exposure I get. At the moment, I'm selling the eBook through Gumroad and Amazon and receive a larger cut of the revenue. What are my incentives to sell and promote through AppSumo link? [link] [comments]  |
| Posted: 30 Jul 2020 10:49 AM PDT I am looking for some advice on selling my video-based tech company. It was angel invested and has survived for years without major marketing nor a sales team. We revenue 600k plus a year, but with the pandemic, the surge of video needs should push us close to 1 million this year. We have over 10 years of video tech built up, which is a massive Audio/Video framework that is extremely flexible and powerful. We are about to elevate the product in September with a significant IP video announcement. The IP goal is to move our entire stack into a cloud service or on-premise software-driven solution. The tech is turnkey and can easily be integrated into an existing business/workflow for a strategic acquisition. My issue is I have hit the end of my wit dealing with "investors." They all want 5 million in revenue annually or 1000's of customers to even start a conversation. Are there any good sources for companies our size to match with investors? I would love a strategic acquisition to see our tech scale in this demand for video we are seeing. [link] [comments]  |
| Posted: 30 Jul 2020 10:34 AM PDT Is there a tool/way to send emails with adapted content to several recipients? But they have to be sent from my email address. Eg.: From:me@enterprise.com To:cliente@gmail.com Content: hello {{client}}, please find attached our new personalized catalog. Attachment: {{file_for_this_client.pdf}} I know of Mailchimp, but I think the email is sent from their domain (...@mailchimp.com), and I'm not sure if we can attach files. Are there any other options? Thank you [link] [comments]  |
| How to gauge consumer interest? Funding? Posted: 30 Jul 2020 10:13 AM PDT Hi all, Sorry if this may be a more basic post. I have been working on a business (medical education product intended for kids, very young->high school) with some old friends lately. We've got a product design(s) already developed as well as production plans, which have all been outsourced. There really isn't anything on the market like what we are trying to develop, so we really don't have much to go off of in terms of direct competition or already extant products to analyze. We have a small brand but nothing worth noting. We have been trying to organically develop in this regard, but it has been relatively slow. We have not put any money into this yet and are cautious to do so. I don't want to be wasting money on things prematurely and would rather try to develop a market foundation or an idea of what consumer sentiment is before we produce or do anything of the sort... Lastly, are there any specific resources to try and get some funding besides gofundme's and stuff of that sort? PS: I was wondering if someone else picking up our product idea is something to actually be concerned about? I don't think what we have been developing is "difficult" to execute, and I can definitely see one of the big corps in this education niche just deciding to start developing the same product. It's creative, but again, nothing super hard to actually make or advertise. [link] [comments]  |
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