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    Would you fire a customer? small business

    July 03, 2020

    Would you fire a customer? small business

    Would you fire a customer?

    Posted: 02 Jul 2020 01:43 PM PDT

    I received the strangest calls from a customer today. She was aggressively asking me about the state of my business, which happens to be thriving and doing just fine. She started reading off information from my personal Facebook profile. It says I was the former owner, but that was a snafu because I had added past roles, and it showed a past role as current. I was really caught off guard with her barking my personal profile info at me. Also, she kept yelling at me to "man up" and tell her the truth if my business is ok and if I sold it. She said "man up" multiple times, interrupting and barking at me. I tried to be patient, but over and over again it really got frustrating. I have a pretty long waiting list for customers and I suggested she do her business elsewhere. Should I fire her and discontinue her account? Or, attribute it to her having a bad day and let it go?

    submitted by /u/Dotdashdotdot
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    Anyone skip estimated taxes to have more working funds?

    Posted: 03 Jul 2020 04:57 AM PDT

    Hey guys and gals - quick question, have or do any of you forgo paying your quarterly estimated taxes so that you can buy more materials, or have more working equity, or avoid taking out loans during the year you are making money?

    I'm not asking if you're underwater and unable to pay them... but if you are skipping them as a business decision. I've had a few people tell me their CPA doesn't even bother having them pay their estimated taxes because it's not a bad penalty. At first I was shocked, but I am currently researching that now.... I have already missed April and June deadlines, but am considering letting it go until April 2021 and using the taxes I owe for materials for a project I have coming up and then paying the taxes and penalty when I get paid for the project.

    submitted by /u/RenegadeBuilder
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    I received some great landing page feedback

    Posted: 03 Jul 2020 06:41 AM PDT

    I own a website where I sell ecourses and I'm quite new to the world of ecommerce. Building a sales page has been a herculean challenge for me because copywriters charge a bomb for such work. I managed to make a sales page using Thrive Architect (which gave me some pretty good templates and a UI). However, for the copywriting work you need to do it yourself or hire someone.

    I tried filling in their templates as best as I could, on my own and then tried getting it reviewed by redditors over here and on various other subs. I was blown apart each time I asked for feedback. I received lots of criticism and a few of them were even harsh. However, I took it positively and implemented the most common or acknowledged feedback.

    When I tried taking second and third rounds of feedback then once again I received criticism. But surprisingly some criticism was the exact opposite of the earlier one. They were basically contradicting themselves and I had no idea what should I go with. I would try to explain that X is implemented this way because earlier lots of people gave a feedback to implement it this way.

    I just want to mention that I'm not affiliated to the person that I'm about to mention, nor have any stake or gain from mentioning this. I hope this makes sense to other business owners who are also working on a sales page / landing page. I came across a guy on YouTube who was offering landing page reviews for free. I asked him to review mine immediately and he sent me a 45 minute video that clearly explained the places that I should change and why. The important thing is to understand why you should change anything that you must change. It's been a while now but AFAIK he's still giving off the free reviews in case anyone is interested. I just felt that I should mention this here.

    I wanted to share this experience of mine because as a single-owner business it's very important to keep your costs low and I received some pretty great value from this guy consistently in my later interactions.

    submitted by /u/zer0_snot
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    Home based business rent or mortgage

    Posted: 03 Jul 2020 06:30 AM PDT

    Hello guys i have a home based business and the house is in the wife's name. But since i want to pay rent or mortgage for my home based business. Should i write a check to the wife as rent for the business or write a check directly to the mortgage company. we are married so i am slightly confused on how to go about doing this ? thanks in advance

    submitted by /u/novalisdope
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    Looking for resources to help me systemise my buisness

    Posted: 03 Jul 2020 06:02 AM PDT

    I started a small buisness 2 years ago and now I struggle to push past my current size because every time I delegate work everything falls apart

    submitted by /u/jareyjareyjareyjarey
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    growing a small small business from home...need some advice

    Posted: 02 Jul 2020 11:16 PM PDT

    Hello all,

    I've been selling plastic bags from home. Surprisingly bags can get quite heavy and yup, shipping prices are a big punch to the gut. I'm selling on a few platforms and honestly doing very small amounts of business at the moment. I have noticed there are some bigger companies that are selling and they do massive amounts of sales. While I'm basically reselling what theyre selling, I'm profiting about a dollar per transaction up to 5 per transaction depending on the amount sold and etc. Without going into too much detail, I'm planning to invest and move on to the next step. I have contacted some factories and am deciding to order larger quantities at very good prices . I'm guessing these are the prices my suppliers are getting. I'd like to keep doing my tiny shipments as well as move into larger shipments. Long story short, the shipping. As shipping between a few ounces up to lets say 10 lbs, can cost up to about 12 dollars for me. I'm starting to wonder how I can be competitive when orders get larger and heavier. When I order from my suppliers at the moment, they offer free shipping when I spend over $600. the shipping label showed that they paid $65 to ship me almost 300lbs worth of product. How is this possible? What kind of discounts are these companies receiving? I'm trying to move on to shipping larger quantities, but no matter how I calculate, shipping prices will be out of this world. Is there something I'm missing? Any suggestions would be awesome. Thanks all

    submitted by /u/trunxzzz
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    Anyone familiar with the Japanese products distribution?

    Posted: 03 Jul 2020 04:53 AM PDT

    I am in a desperate need for some japanese medical products (vitamins) for my online store. But I can't seem to find any medical distributors, shops, which are ready to work internationally. My main problem (simplified) is that I can't find a person (or company), who will be willing to buy products in the Japanese stores and send them to my main warehouse in the Ukraine, Europe for a commision.

    If anyone has any experience in doing international shipments from Japanese stores, I will be grateful to get any tips. Actually, any tips on doing international shipments, and finding the right supliers will be appreciated.

    Thanks, Misha.

    submitted by /u/Missionnnn
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    What's a good way to track ToDo lists?

    Posted: 03 Jul 2020 04:01 AM PDT

    So far I've learnt the following:

    1. Huge number of ideas = When you check for ideas out there people everywhere are just constantly throwing ideas at you with half-the-information. "Use FB Ads", "Use SEO" at a high level and "use this website", "use X strategy" at a low level. So if you're an entrepreneur then there's going to be lots and lots of ideas being thrown around without explaining the context or when to use what. In fact, 90% of people won't tell you when to use what. Or when is idea1 better or worse than idea2.
    2. So initially you need a mechanism to store the ideas. But pretty soon this list becomes extremely big. As you surf through you get a lot of ideas and you don't want to lose them. So you file them all as "Future / Some day / Ideas waiting to be explored"(__list1__)
    3. Now out of these ideas you pick up things you want to work on. So you have a bunch of goals that you want to do. Hence, you get "Goals - High Level"(__list2__)
    4. Now you pick up a goal or two. Break them down into smaller goals in your ToDo list(__list3__). You keep referring to your ToDo list as you burn down the goals.
    5. So far so good. Now comes the problem. As you burn through your ToDo list you realize that some goals aren't really that good. You had no way of knowing until you actually failed. That goal which someone recommended to you on YouTube actually works in a very specific context / marketing scenario only which they didn't mention. So now you need to either discard this goal or move it to the future list (#problem1).
    6. Next, you had picked something from your ToDo list and started working on it. Slowly you start realizing that this isn't an actionable goal. You actually need to break this down into several, several more steps. So your ToDo list becomes very large (#problem2).
    7. To solve this you need another list ("Today's ToDo list")(__list4__) where you're picking up things from the ToDo list to burn down for the day. However, you're going to find that certain ToDo items cannot be done right now and you better to do a different ToDo item first. Or, you better to a implement a different goal first. (#problem3)
    8. This brings things to a total chaos. You're basically juggling items, moving them between these 4 lists.
    9. You still need to have more lists. There's an "ToDo Archived List"(__list5__) where you're moving the items that have been completed. There's a Marketing_Strategy(__list6__) where you're adding whatever decisions that you've made. Ideas that you think would help later on during implementation.

    I've tried tracking these on a software and it gets too messy easily even though the software can deal with the job of moving the goals around because each time you can only see a small section on your screen. So I've tried instead using Notepad++ (best option so far) for ToDos / bigger goals and software for dump of ideas. Which seems to work a little bit.

    But as the ToDo list grows big + you want to keep track of things you're doing + metrics, I've tried using Notepad++. Again, the headings quickly get lost between each other and it's a nightmare to find out what was in which section.

    The problem with an insane ToDo list that keeps on growing so long is that you just don't feel like sitting down seeing such an insane backlog.

    How do you deal with this problem? What's a good way to organize your ToDos? I'm familiar with GTD and pomodoro and have already been using them. But what's a good strategy to organize so many things together and move them around back and forth between all these lists?

    GTD / Pomodoro talk about fixed goals which is helpful to some extent. But the problem that still remains is the constantly changing goals that we're living in. Because we're reacting to the market, we need to react quickly to the result of a mini todo-list and then quickly keep revamping our goals between day-to-day.

    Does anyone else experience this problem? How do you deal with this problem?

    submitted by /u/zer0_snot
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    How to deal with being stressed out during high sales periods, anxiety during low sales periods?

    Posted: 02 Jul 2020 11:31 PM PDT

    As per title. For reference I run a handmade online business.

    I find myself stressed out during periods of high sales, rushing to complete orders, responding to customers, reordering materials that have sold out etc.

    I feel like I can barely breathe although I'm grateful for the income.

    Then, the lull comes around and I just get stressed again, but this time over the lack of sales. I worry about bills, whether sales will go back up, etc.

    I've been through this cycle a few times and have been full time for about 2-3 years now, but it's not getting better.

    Any tips, or books I can read to help me with this mental/psychological part of business?

    submitted by /u/wenchanted
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    Started a business 2 months ago, rapid growth, how do you cope with spikes?

    Posted: 03 Jul 2020 03:01 AM PDT

    Hi all! I started a web design business aimed at small businesses about 2 months ago. I have 10 years agency experience and had a good concept for "changing things up". I offer no upfront cost, it's just a monthly subscription containing everything (domain, hosting, support, email etc). I ran a few facebook ads and posted in some facebook groups related to small business, things just took off REALLY quick. I ended up signing up 15 clients in the first two weeks and another 20 since then. I've been working nearly 24/7 to deliver (which I don't mind), I absolutely love web design. But how do you guys deal with growth spikes? When do you know if it's the right time to hire? I really don't want to outsource as I've had some terrible experiences with the standard of work I've received in the past and it doesn't help I'm a perfectionist. If you absolutely had to outsource, are there any places online you "go to" for high quality freelancers? (No, I'm not talking about fiverr lol)

    I've never run a business before, and I didn't expect it to take off so quickly, kinda put myself in the deep end. Any advice would be super helpful. TIA

    submitted by /u/PashStratton
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    LLC taxed as S-Corp but never gave myself a salary

    Posted: 02 Jul 2020 04:31 AM PDT

    Hi I was running my business under the assumption that it would be taxed as a sole proprietor and I would just take the self-employment tax because I didn't think I would be netting much in the first year.

    But then my business started to become more successful than expected, so in October 2019 I decided to become taxed as an S-Corp and filed the necessary paperwork with the IRS.

    Now for the first 3/4 of the year I did not give myself a W2 or pay myself a salary. Would I still be able to tax myself as an S-Corp by retroactively assigning a salary to myself?

    If not then do I have to file two returns then? 1 as a sole proprietor for the first 3/4 of the year and another as an s-corp for 1/4?

    What are my options?

    Edit: I consulted 2 CPAs on this matter and got conflicting answers. One said I could file the whole tax year as s-corp while the other says only up to the date that you were approved as an s-corp.

    I'm thinking it's the latter and wanted to confirm it. That is why I'm asking reddit. That you all for your replies.

    submitted by /u/Vic18t
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    Free legal Documents to help with starting your business

    Posted: 02 Jul 2020 10:57 PM PDT

    Starting a business? Did you know that the majority of small businesses and entrepreneurs are not aware of the legal risks and potential liabilities that come with not having the correct documentation. They rarely consider hiring lawyers as their services are very expensive. Moreover, small businesses and entrepreneurs often require various types of legal documentation such as:

    a) Entity Setup – JV, Company, Partnership, Charity & NGO

    b) Agreements – NDA, Sales, JV, Intellectual Property, Contracting Services

    c) Corporate – Resolutions, Minutes, Authority, POAd) HR – Employees' Manual, Offer Letter, Redundancy

    All these various documents can be created by DocPro's various templates and customised on one platform. DocPro offers all the documentation required so that users can get all the protection they need. Visit https://docpro.com/ to check out their documents and essentials for small business owners.

    Highlights

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    submitted by /u/Practical-Midnight-7
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    Books on business finance management

    Posted: 02 Jul 2020 10:27 PM PDT

    Hi guys,

    tl:dr - looking for some books on managerial and cost accounting

    Small business owner here. I'm a local business, providing home services and currently work with subcontractors. However, lately been thinking of getting a company car and hiring some employees as well. Then I learnt a term called "labor burden" and started doing some thinking on how little I actually know. Even asked some other entrepreneurs friends of mine that were shocked by this term as its absolute news to us. Then I thought how little I must know about business.

    (This is my first business venture and I am in it for 2 years now. Hit $350k in sales our first full fiscal year with 12% margins. Not bad but not great).

    Alas, back to my thoughts that spawned of this. "Since we are a service business, the way we make money is eventually broken down to time spent at customers home how much time resources (man labor hours) we allocated to those services. Once I have employees, I'll need to start accounting for COGs as well."

    I never broke it down this way because I always paid per job not per hours but at the end of the day, it's still gonna be based on resources allocated and time spent. Then I started thinking about how much I make per hour per contractor, how many labor hours it takes 3 crew member to complete a job of 2000 sqft to perform a specific service, etc, etc. Then it got me into thinking how a factory calculates production cost and production value per each factory worker. I had to stop thinking eventually but never thought about business this way until recent. I'm 35 years old and feel like I should know these things.

    Then I thought "boy, I should've finished college so I could've gone to grad school and learnt this stuff". Here I am , trying figure out things that have already been figured out by smarter people than me.

    Basically am asking for some help and if you know if any good books that can help me through this process without having to go to business school and getting an MBA?

    submitted by /u/symphonix
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    What are simple additional revenue streams and money saving tips for your business?

    Posted: 02 Jul 2020 09:57 PM PDT

    I'm looking for the groups input and their ideas on increasing revenue streams for your business. We run a small club in our city, and at the moment, we're leasing car parking spots to other businesses near us, we're also looking into putting in an ATM for easy cash withdrawal for customers (fee per transaction withdrawal), installing a vending machine, hiring out rooms for functions. What are other ideas you can implement to increase your profitability for your business? No matter whether the revenue is big or small.

    submitted by /u/M1S1EK
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    Best Platform Opinion/Tips

    Posted: 03 Jul 2020 12:56 AM PDT

    I'm in the process of turning a hobby into a small business. I would be providing mostly digital downloads and am exploring the idea of mailing small items (stickers, cards, etc.).

    Between Etsy, Square and Shopify, what do you all recommend? What has your experience been with art/craft/hobby businesses? What should I know before opening?

    submitted by /u/raaducay
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    This is recruiting - Expert opinions

    Posted: 02 Jul 2020 11:48 PM PDT

    Hey Everyone,
    We just launched This is Recruiting—a series where you can learn tips, tricks, strategies, ideas, and more on recruiting.

    For the first episode of This is Recruiting, we have Michelle Yoon from StackOverflow that has been a remote-first company since it's inception. This episode talks about how a remote-first company nails it's remote hiring process.

    If you'd like to watch this interview, DM me or leave a comment.

    submitted by /u/zezta13
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    How Digital Marketing helps small businesses to grow?

    Posted: 02 Jul 2020 11:46 PM PDT

    Well, I think small businesses need promotion and digital marketing helps them to build their brand digitally.

    submitted by /u/empowerdtech
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    Facebook page product issue

    Posted: 02 Jul 2020 11:46 PM PDT

    I assume many of you use Facebook for your products and services...hopefully!

    I'm having an issue with the fact that I have my products posted on my Facebook page, set up how it should be but when I do a "test buy" on my friends account the products are not able to be purchased, it's just the photo of the product. Does anyone know how to change this?

    submitted by /u/wheelerKingjr
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    I need a new (to me) vehicle. What’s the best way to do this? As a person or the sole proprietorship?

    Posted: 02 Jul 2020 07:40 PM PDT

    I have a small farm in NC we do a few thousand a year in revenue. I need a new to me $25,000 or so truck. It would be 80/20 farm to personal use. Is there any advantage to buying the vehicle as a small business vs me just getting a standard loan?

    submitted by /u/Silverado212
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    To any finance/economics related startups...

    Posted: 02 Jul 2020 11:00 PM PDT

    I am holding an event for high schoolers and we need sponsers. No money is needed, we are giving you free advertising and publicity.

    Please DM me if you are interested.

    submitted by /u/NotVector
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    Business ideas

    Posted: 02 Jul 2020 10:54 PM PDT

    What would be a good profitable business that can be started during this pandemic?

    submitted by /u/yafino
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    Small business owner in C. FFCRA

    Posted: 02 Jul 2020 10:34 PM PDT

    Does that apply to all businesses? I own a small business and we have 3 employees. I'm concerned about paying them for all those hours while hiring more employees while they're gone? Basically doubling my payroll. Thanks

    Edit. In CA.

    submitted by /u/StuckOnHopium
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    Hi all, looking for a solution to keep track of inventory(clothes mainly).

    Posted: 02 Jul 2020 10:30 PM PDT

    I need to have access from phone and laptop, I want to be able to scan the barcode and enter description for the items, size and count. Ideally, I want to be able to store that info in some simple database from which I could print. Free solutions preferable. I have looked into an app-Sortly. This is something I want from the solution, but cannot justify the 30-40 dollar bill per month. Thank you! P.s sales happen independently of the inventory tracking solution. Thanks!

    submitted by /u/whattheflag
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    Apparently a Grant lottery that determines the life and death of many small businesses is considered entertainment... wtf

    Posted: 02 Jul 2020 06:38 PM PDT

    I have an idea for a dry food product that i think could be successful, not sure where to start?

    Posted: 02 Jul 2020 10:07 PM PDT

    I'm in the very early stages of starting what I want to be my next job. I've been testing recipes and I've thought of a name, but not sure where to start when it comes to actual business moves.

    This would be for a dry food product, that i would mainly want to sell on amazon and on my own website. I am located in California.

    Thanks for any help!

    submitted by /u/allblackevrythng
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