Business plan for owner in the event of Covid related illness small business |
- Business plan for owner in the event of Covid related illness
- Learn from my mistake: go check your domain renewals right now
- Acquisition- 7a - Trying to close before 9.27.20
- Honest Review of Dropshipping
- Is ~15% APR for a loan to purchase equipment expensive?
- How to connect with (English Speaking) biz owners in Japan ?
- Resource Guide: COVID-19 Resources for Small Business Owners
- Getting initiated checkouts but no sales,
- Is there any CRM or POS system that handles special parts orders?
- The Personal MBA
- Payment terms with importers
- What is a good software/card/etc. to monitor and approve employee purchases before they are transacted?
- Are there profit limits on social enterprises? Should I just start as a regular business?
- Instagram/Facebook verification to boost your brand
- In times of Covid, I'm trying to get my small business of gift items to stay afloat by selling them online but there's people who are selling at 50 bucks over the cost which is ridiculous profit. These people kill our profit margin and makes me lose my most valuable customers. What do I do?
- Monday Motivation: Kufukaa Quote of the Day
- purchasing order software recommendations
- How do I promote my business?
- Question
- Is a large yearly bonus as a tool for managing turnover just a stupid idea? Feel free to be blunt
- Help for a beginner!
- Question on postal indicia/alternative to stamps
- Canadian confused on business vs personal taxes
- Money transfer for purchase of small business?
- First time business buyer, what to look for?
| Business plan for owner in the event of Covid related illness Posted: 10 Aug 2020 10:01 PM PDT Recently researching business plans and came across multiple articles stating our first priority should be a plan in the event we become ill/ disabled from Covid. Thoughts? [link] [comments]  |
| Learn from my mistake: go check your domain renewals right now Posted: 10 Aug 2020 06:03 AM PDT TLDR at the bottom. If you want the details of how I lost my domain and how I got it back, keep reading. In 2017 we launched our business with a .co domain and that has been our primary domain since there. In 2018 I purchased the .com domain from one of those companies that own a crap ton of domains and sells them for well over the $10-$15 they should cost. Our business was at a point where it made sense to own it, we could afford it, and we didn't want the price to go up because it got more popular. We paid just under $1,100 for it and that seemed crazy to me. Fast forward to late May 2020 and we get a support ticket asking if we wanted to buy our domain. I disregarded it. Then we got another. And another. This was odd... why would these people message us for a domain we already own.... unless we don't own it. Panic sets in and I log in to my domain manager to see that it is in the process of being released and is beyond the grace period. How the hell could this have happened I wondered; all of my domains have auto-renewal turned on and how could I not have received an email about this!?!?!? Turns out I didn't have auto-renewal turned on. When we transferred the domain in and bought an extra year it didn't add auto-renewal by default as the system does for domains you buy through them directly. But why didn't I get an email about it? Like many small business owners, we use GSuite and I had my inbox set in a way that "important" emails (as defined by Gmail) got pushed to the top. Hadn't failed me previously but there's a first for everything. Turns out the emails about the domain expiring, yes- there were multiple, hadn't gotten flagged as important. The kicker: we use Google Domains for our domain manager and Gmail didn't flag their own emails as important! Frustrating to say the least. At this point, I was slightly consoled by the fact that it wasn't our primary domain which would've been WAY worse as we do a bit of SEO work that would've been down the drain. We were honestly lucky in this regard. I was also resigned to figure out how to get it back. So, I tried a lot of things to try and snatch the domain up before anyone else (spoiler alert: I failed). I attempted to just buy it the day it was officially removed. I had multiple domain catching services set to grab it. I had domain status watchers configured to alert me of any changes. Ended up losing it anyways. In the end, it appeared on another domain manager site but wasn't for sale and hadn't been after a few weeks. I ended up finding the CEO on LinkedIn, guessed his email to reach out, and he responded. Coincidentally, the same day he responds the domain goes up for sale for over $3k. Don't get me started on how shady the domain industry can be but suffice to say I was just happy he replied. I negotiated (e.g. begged w/ my stupid sob story) a discount and ended up re-buying my domain for just over $2,600. Running tally for this domain: $3,700+ and I'm hoping that's where it tops out (I don't mind a measly $12/yr on this as if feels like chump change at this point). Hopefully, my story can prevent someone from suffering a similar fate. Go check your domains and make sure you're set to auto-renew. There are some more mundane details I left out that may be relevant to someone who does find themselves in this position and I'm happy to share what I learned... just PM me. TL/DR: Bought a premium domain, transferred it to my domain manager of choice, didn't check auto-renew was on, lost said domain, had to rebuy for over 2x the original cost. Go check your domains right now and then check again every six months or so. [link] [comments]  |
| Acquisition- 7a - Trying to close before 9.27.20 Posted: 10 Aug 2020 09:14 PM PDT Hello people of Reddit, I am trying to get a 7a loan closed before 9.27.20 so I can qualify for the 6 monthes p&I. Does anyone have any sba contacts (Not brokers) that can push it through last minute ? I don't want to go through a broker either as they take a percentage. The deal has already been pre qualified from a reputable public bank... but everyone who I called seems to be jammed up and can't close before the deadline including the bank that pre qualified me. The deal is not hairy at all. If you could please give me contacts or your thoughts on how I could get this done. Thank you for your time!!! [link] [comments]  |
| Posted: 10 Aug 2020 07:54 PM PDT FYI, I will be posting this on other relevant subs Ok, this will be an honest a proper review of the entire dropshipping game, so if you are interested in starting one, read through this before you decide to go all in. I have no intentions to make money, so I won't link or recommend any thing here, just my honest thought from starting my own dropshipping business. Firstly, Drop shipping courses are a SCAM. These so called Gurus on their blogs and YouTube channels do not know anything. They are just trying to make a quick buck by selling you cheap and easy to produce content which will not help you at all. You can get better info for free by doing a little bit of research. So I repeat DO NOT pay for any drop shipping courses, no matter what the "gurus" say. Secondly, drop shipping is not a guaranteed money making tactic. There is a high chance your business will not make it's money back, ever. However I want to make it clear, you can make money from drop shipping and many people are doing so, but it's not a guaranteed way to make money and it will be very difficult. Next, when you start drop shipping use free plans and trials, so you can actually see if you want to go all in or not. Try not to buy top plans and if anything looks too good to be true, it is too good to be true. Furthermore I recommend you don't spend a lot of money on setting up your website initially as things change and your product or website may become redundant very quickly, so spend less in the website so you have money to pivot. Also saving money on setting up will help you have capital to spend on marketing. Drop shipping is a marketing business, this is where most people mess up, by doing wrong marketing. This also means do not over spend on marketing, spend small amounts testing different ad methods and audiences that work. Do not spend hundreds of dollars on ads. 5$ ads testing can lead to better results. Finally, go in with the mentality of it will be difficult so you must treat the business as a business, not a get rich quick scheme. So put in the time, effort and do you research before and during your drop shipping business. Good Luck - an ex drop shipper [link] [comments]  |
| Is ~15% APR for a loan to purchase equipment expensive? Posted: 11 Aug 2020 02:43 AM PDT I'm looking to get an embroidery machine. The company that sells it partners with lenders and they gave me a rough estimate for a $54k machine like this: ~$1,725/month for 36 months (about $1,615/month + CA sales tax) 10% equipment buyout at the end of lease ($5,400) Since the loan is essentially a "lease to own" for equipment. If I pay it off early I'll still have to pay the interest for the entire loan period unfortunately. Is this a good deal? Trying to find other options here but it's looking slim out there [link] [comments]  |
| How to connect with (English Speaking) biz owners in Japan ? Posted: 11 Aug 2020 01:33 AM PDT I apologize if this is the wrong forum for this, but I've tried the Japan specific forums with little success. I'm fairly new to Japan, and have been looking to connect with other English-speaking business owners. There are local communities for entrepreneurs, but they are (understandably) run mostly by (and in) Japanese. Because my Japanese is currently lacking, I'm looking for a club / group / something for foreigners - but I haven't managed to find anything aside from the obvious meetup.com groups which seem to be more for tech "startups" than anything else. Anyone have any suggestions as to where I might look? Or, better yet, how I might set up a group of my own and attract other entrepreneurs? Where do biz owners hang out, anyway, besides Reddit? Any advice is more than appreciated. [link] [comments]  |
| Resource Guide: COVID-19 Resources for Small Business Owners Posted: 11 Aug 2020 03:07 AM PDT Last month, I shared some financial resources for small business owners and entrepreneurs to help you through the COVID-19 pandemic and business shutdowns. Hopefully, you've been able to take advantage of some of those resources to keep your business afloat during this difficult time. With stay-at-home orders extended, and uncertainty still being rampant, I want to share some additional resources that have become available. Paycheck Protection Program The Paycheck Protection Program is administered by the Small Business Administration as part of the CARES Act, which was enacted into law last month. The purpose of the program was to enable business owners to continue to pay employees even if they have closed as a result of the pandemic or if they have experienced a significant decrease in revenue. The PPP allows small business owners (defined as businesses with fewer than 500 employees) to borrow up to 250% of their average monthly payroll costs for 2019. The note is a two-year, 1% note with payments deferred for six months. However, the loan may be completely forgiven. Any amount that you spend during the first eight weeks after receiving the money will be forgiven if you spend it on: n Payroll costs n Rent n Mortgage interest n Utilities Not only will the loan be forgiven, it will be forgiven on a tax-free basis. With those requirements, it's easy to understand why over two million business owners rushed to apply. The PPP began accepting applications on April 3 and the $349 billion allocated to help small businesses had been depleted by April 16. However, the program has been replenished and the loans are still available. One thing you should be aware of is that if you apply for and are granted a PPP loan, you will not be eligible for our next resource. Keep that in mind. Employee Retention Tax Credit The Employee Retention Tax Credit is an alternative to the Payroll Protection Program. Given some of the ongoing issues and loopholes with the PPP, if you have not already applied, you may want to consider opting out to get a tax credit instead. The ERTC is available to employers who have:
For businesses with fewer than 100 employees, all employees are eligible. When there are more than 100 employees, only those employees who are being paid without providing a service (in other words, non-essential employees who are unable to work) are eligible. You should be aware that health care costs may be included in the calculation of eligible wages. Employers may claim a maximum of 50% of employment taxes up to a maximum of $5,000 per employee for wages paid between March 12, 2020 and January 1, 2021. As I mentioned above, any employer who receives a Paycheck Protection Program loan is ineligible for the ERTC, and vice versa. Because you cannot claim both the PPP and the ERTC, my recommendation is to think carefully before choosing. If you have already received a PPP, you cannot get the ERTC. If you missed out on the first round of PPP loans, take a few minutes to calculate which option is best for you before deciding what to do. Reopening Plans So far, I've focused on financial resources. But, with more states talking about how to reopen businesses – and many medical experts suggesting that there may be a lull in new cases during the warm summer months – it's important to think about how to reopen your business safely. Reopening is not something you can without a plan. One resource I like comes from the Small Business Development Center, which works in tandem with the SBA. You can read their full reopening guide here, but some of the things you'll need to address include: n Creating a safe and healthy environment for your employees n Allowing at-risk employees to work remotely n Setting up a notification system to inform employees and customers when they have come into contact with an infected person n Encouraging sick employees to stay home n Reworking employee schedules to minimize crowding and the risk of infection n Maintaining agility, so you can respond quickly to regulatory changes and recommendations The chances are good that we will experience a second wave of infections later this year, and that means that you should plan for it now. The rapid shutdown in March took a lot of business owners by surprise, but you'll have time to prepare for the next one. Business Webinars The business reopening guide isn't the only free resource provided by the SBDC. They also have a series of free webinars for small business owners. They include: n Strategies for Business Survival n E-Commerce During COVID-19 n Navigating Cash Flow Crunch n Financial Strategies to Survive and Thrive in the Pandemic What I like about these webinars is that they provide business owners with different ways to address the challenges presented by the pandemic. SBE Resources The Small Business and Entrepreneurship Council, or SBE, has a special page dedicated to resources for business owners. It includes: n Updates on the CARES Act and SBA loan programs n Guidance for how to navigate the ADA and other regulations during the pandemic n Information for companies wanting to produce medical supplies n Links and information related to business taxes, including credits and filing extensions n Workplace risk management More than anything else, this is a situation that requires agility on the part of business owners. We aren't in a position to predict what the rest of the year (or next year) will bring. Taking a systematic approach to planning won't save every business. However, I feel confident saying that the businesses that do survive are those that emphasize practicality and creativity as they navigate the pandemic. Why not check out our 30 Day Covid-19 Marketing Plan. [link] [comments]  |
| Getting initiated checkouts but no sales, Posted: 11 Aug 2020 02:30 AM PDT So i started my website a couple weeks ago i am selling survival gear,i have spent £80 on advertising on peoples pages on instagram and i have had 100 visitors to my site,13 added to carts,11 initiated checkouts,but no sales,i offer free shipping on everything and the checkput process isnt that complicated ,so why are people initiating checkouts but not finishing the sale? This is my website https://tabzysurvival.company.site/ [link] [comments]  |
| Is there any CRM or POS system that handles special parts orders? Posted: 11 Aug 2020 12:41 AM PDT I have a repair shop and looking for a POS software that allows me to create purchase orders for my non-catalog items. Do you know any? [link] [comments]  |
| Posted: 11 Aug 2020 04:00 AM PDT Thinking about starting a business but are worried about how to start or run a business, then may I suggest you check out /r/Personal_MBA a new community of people committed to mastering business administration without the burden of debt and the hassle of getting and overpriced credential. [link] [comments]  |
| Posted: 10 Aug 2020 06:56 PM PDT I'm working with a foreign company that has an office in the US. I am purchasing a full container from them to be sent to my home port, and with all the paperwork done (no custom broker needed). Their terms are 50% upfront, and 50% cash against documents, and they take care of any damage. I've only worked with foreign businesses before and used letters of credit. As for this one, I'm going to send the money into their account which is in the same account as mine. Other than a regular wire transfer, what other forms of payments I can use to protect myself? Or will I be protected under the law having all the conversations and documents on my side? [link] [comments]  |
| Posted: 10 Aug 2020 07:55 PM PDT Given the current COVID situation, I've been looking into hiring VAs to make purchases for some of my inventory. I've been doing some digging on what might work best to ensure they are working under an assigned budget, purchasing only from approved sources/sites, and need to request approval before making transactions. I've looked into Mesh virtual cards, TeamPay, and others, but am not sure what would work best for a very small operation starting with 3 VA's at most. I'd love to read about experience with any software/card that can tackle this issue. [link] [comments]  |
| Are there profit limits on social enterprises? Should I just start as a regular business? Posted: 11 Aug 2020 02:19 AM PDT I'm juggling the idea of starting my business as a social enterprise or as a regular business. Ty :) [link] [comments]  |
| Instagram/Facebook verification to boost your brand Posted: 11 Aug 2020 01:33 AM PDT Hi! I work in social media and actually apply for verification for a lot of clients. Any profile both for Facebook and Instagram that is not classified as personal can apply for verification. Usually contacts are assigned per region to each category, so I can assist you by taking on your application. Number of followers is irrelevant and I charge a fee for helping you draft the write ups and expediting the process. DM if you're interested [link] [comments]  |
| Posted: 11 Aug 2020 01:33 AM PDT How do I retaliate? How do I retain my customers and profits without having to sell every product at the cost and barely make any profit in order to survive? [link] [comments]  |
| Monday Motivation: Kufukaa Quote of the Day Posted: 10 Aug 2020 07:18 PM PDT "Persistence. Perfection. Patience. Power. Prioritize your passion. It keeps you sane." [link] [comments]  |
| purchasing order software recommendations Posted: 10 Aug 2020 07:04 PM PDT hi all- i've been put in charge of researching purchasing order software. we have a relatively small company between 100-200 employees total, there are probably three main branches that would need access to it- marketing, shop supplies, and office supplies (there are countless sub departments that fall under these larger departments but very few people would need access to the P.O. software) it seems everything i can find is geared toward larger companies and on the expensive side. i started looking into creating your own software systems on google sheets or excel but it seems like a lot of work and i'm not sure i am able to create something this in depth. i'm also very new to P.O. systems so if someone could give any pointers or has any ideas of places to look i would greatly appreciate it! [link] [comments]  |
| Posted: 11 Aug 2020 12:32 AM PDT Hello everyone! I hope you guys are doing well! I recently started an online handmade accessory shop to pay for some college funds. I am currently waiting until I have access to Etsy to start a shop on there, but for now I am based off of Instagram and a google form. I was wondering how you guys promote your business and attract new customers? Thank you so much! [link] [comments]  |
| Posted: 11 Aug 2020 12:01 AM PDT I have purchased several floor cleaning machines for cheap and intend to fix them up for use. I have thrown around the idea of renting them out. Would there be any legal implications of doing so? Does anyone have any similar experience? TIA [link] [comments]  |
| Is a large yearly bonus as a tool for managing turnover just a stupid idea? Feel free to be blunt Posted: 10 Aug 2020 07:46 PM PDT So let's say you would normally pay an employee $60,000 but you tell them that you are going to pay them $55,000 with a $10,000 bonus at the end of their first year (you are paying them $5000 more for the inconvenience). You put in writing that it's 100% guaranteed so long as they don't quit or get terminated before the set date. You sell it as a forced savings plan and a bonus for the tenure of sticking it out for another year. Then in the 3-6 months prior to said date you begin a monthly or bi-monthly formal check in to gauge their satisfaction with the company and it gives you time if you suspect they might leave after so you can either plan to prevent their departure by better meeting their needs or have time to plan to replace them. Let's assume your business is being managed fairly well but it's just a difficult business that has high turnover due to the nature of the work. Is this just really dumb? And if so why? [link] [comments]  |
| Posted: 10 Aug 2020 06:19 PM PDT It has always been my dream to have my own business, and I would like to start my own online store. A store that sells items such as clothes, accessories, home decor, etc... I have worked in retail stores all my life and have been in positions such as supervisor and trainer, but I have no training in actually starting/owning a business. Looking for any help on how to get started on my own! any help would be appreciated! [link] [comments]  |
| Question on postal indicia/alternative to stamps Posted: 10 Aug 2020 09:57 PM PDT I'm in Canada and I'm looking for an alternative to stamps to send out this year's contracts. I'm looking into indicia, but I'm not clear on how the indicia ends up on the envelopes. For those of you have used it, do you print your envelopes? Do you order pre-printed envelopes? Do you print onto a label and apply to the envelope? That feels a lot like stamps, and I'm trying to reduce the amount of repetitive labour in sending these out. Any help and suggestions would be greatly appreciated. [link] [comments]  |
| Canadian confused on business vs personal taxes Posted: 10 Aug 2020 03:24 PM PDT I'll be starting up a company early next year and I'm trying to wrap my head around how taxes are calculated. I'll eventually talk to a business consultant but figured I'd ask here ahead of time: Say my business makes 50k and I am the only "employee". Do I have to pay taxes on the 50k twice? Once as business taxes and once as personal taxes? Would I theoretically make less than someone just being paid 50k in salary due to taxes? (Costs of business and such aside) Does throwing a partner into the mix change things? My wife and I will be running it together as a partnership. Thanks! [link] [comments]  |
| Money transfer for purchase of small business? Posted: 10 Aug 2020 05:26 PM PDT Hi community! My partner and I are finalizing our purchase agreements for a small business (~$50k purchase). Kind of a silly question, but any advice on the best way to transfer the funds for this cash purchase? Just want to make sure I'm not missing something advantageous prior to the purchase :) Thanks in advance! [link] [comments]  |
| First time business buyer, what to look for? Posted: 10 Aug 2020 08:13 PM PDT My cousin is selling us her bread route for a bigger one to take on. I know it's done her well as it has helped her purchase another business (nail spa). They gave me the numbers and everything sounds good but this was all from a report they pulled and not on official tax documents. I asked for documents and received their income and expense statement but honestly it's a little confusing to me. This is all new to me. All it shows is the accounts payable and expenses and tax paid back to them. I asked for a 1065 but she said she was a single member LLC and doesn't file one. I just want to see official documents stating revenue, gross profit, taxes, etc. Shouldn't they have something to show me for the business? [link] [comments]  |
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