Interesting Indie Hacker article that shows only 12 founders out of 17,000 members could produce 10k+ MRR. The odds look awful. Entrepreneur |
- Interesting Indie Hacker article that shows only 12 founders out of 17,000 members could produce 10k+ MRR. The odds look awful.
- I finished reading Zero to One and Good to Great.
- Following the SMART Goals Framework helped me identify the right goals for myself
- Is self improvement a decent niche for adsense or other ad agencies?
- Saturday morning business idea for anyone who wants to give it a go.
- Is this legal?
- Stepping back to find I have the skills and tools to run a business completely alone
- Has anyone met their businesses partner on reddit?
- Looking for content on franchising in the services industry
- I just got abruptly put in charge of a $2-4m/year family business (manufacturing). If it isn't too much trouble, does anybody have any good "running-a-PREEXISTING-business-101" materials or books? The more detail the better! Maybe even a textbook? Would love any tips and advice too! Thanks!
- Bored full stack developer looking for a side project
- I’m attempting to change the way financial market advice is delivered, to better serve the smaller end of the investor spectrum
- Best Email Marketing Software to Distribute Free Content with Ads?
- Cost calculator for WordPress, how do I find someone to build it?
- How to proceed if I’m nothing more than an “idea man” at the moment?
- How to best network in a online convention?
- How to proceed with mentor?
- Could I have some thoughts on this project?
- Crosspost here if anyone wanted to add something to the discussio.
- I want to create an AI startup
- Does anyone here have experience forming a "partnership" with an already existing profitable company? Can it go wrong?
- What to do when facebook account is locked?
- High schoolers: a platform/app to network and get involved with entrepreneurship and business
- I've started but where do I actually start? A disjointed rambling about my journey into the Dance Studio world.
| Posted: 22 Aug 2020 01:47 AM PDT https://www.indiehackers.com/post/holy-heck-this-is-hard-8ebe864174 Granted, my personal theory is that a large chunk of the 17,000 have never sincerely attempted starting a business, but even if you take a small percentage of that 17,000 userbase, 12 founders is still a horrifically small number of (modest) success. 10k * 12 = $120,000/year, a paltry sum to most high-paying careers. This should immediately put a dent in any of the wishful positivity that glamorizes entrepreneurship and serve as a bucket of cold water to any wantrepreneur. The six figure 9-5 is starting to look a lot better. I welcome any CMV's that can argue better odds of success. I am floored by the numbers and thought it'd be interesting to share. [link] [comments]  |
| I finished reading Zero to One and Good to Great. Posted: 22 Aug 2020 04:08 AM PDT Both of these books keep going on about how competition is the death of business, and to succeed you need to be a monopoly like Google. That the only thing worth pursuing are grandiose ventures that will change the world. I just want to be financially free. I'm not an engineer, a technologist, or a developer. These books were depressing on this front, but also had some very good insight on leadership qualities and successful structure. [link] [comments]  |
| Following the SMART Goals Framework helped me identify the right goals for myself Posted: 22 Aug 2020 11:57 AM PDT Goal setting can be a tricky thing. There's so much that I've wanted to accomplish but not everything that I have my eye on is the right fit for me. Some of these things were not going to fulfill and some of them were not clearly defined objectives that I could pursue. This is where the SMART Goal-Setting Technique comes in. This model helps you narrow down your objectives based on 5 criteria - S: Specific - Is it a clearly defined goal? M: Measurable - Is it something that you can track or measure progress with? A: Achievable - Is it truly something attainable or are you planning on becoming immortal? R: Relevant - Is this goal relevant to the vision that you have for your lift? T: Time-based - Is it something you can set a time limit on? This framework has helped provide so much clarity with whatever I want to achieve and I've broken this down in depth here - https://www.youtube.com/watch?v=T_irWkOPC5I If you're having a little trouble with the way you approach your goals, try giving this a shot, it might just do the trick. [link] [comments]  |
| Is self improvement a decent niche for adsense or other ad agencies? Posted: 22 Aug 2020 01:00 PM PDT Ik this should be in r/blogging but I also wanted input from this sub. But yes, basically I was curious as to whether or not this niche can be profitable in terms of getting ad revenue. I heard it's not and that it's better to just sell your own products and I plan to do this but I thought it would be nice if I could get some ad revenue as well. If it is a decent niche, what kind of ads would I be seeing for example? Is it also a decent niche for affiliate marketing? (What kind of products would I theoretically be selling?) -Thx guys [link] [comments]  |
| Saturday morning business idea for anyone who wants to give it a go. Posted: 22 Aug 2020 03:13 AM PDT Hopefully someone spots this who can implement it and make a few quid for themselves. Last year pre covid I set up a live stream of my sisters wedding. I just covered the alter part vows, ring exchange etc. It was extremely simple with just a fixed camera left running. Since covid hit, all the guests remember the stream and many are asking can it be done for their wedding. I'm happy to help where I can and there is a clear deman due to social distancing. Exact process. Get a good HD webcam with a usb extension cable. Mount the webcam anywhere that suits, typically I mounted right at the front of the church facing back to the couple and crowd. Wire the camera to a laptop. Hook the laptop up to a 4g network via tethering to a phone. The audio was slightly more technical. We wired a small camera shotgun mic to the laptop also and used some software to pick that as the audio source. We then streamed everything via a private YouTube streaming link which the couple shares as they wish in the lead up to the ceremony. Et voila, couples are delighted. It's a nice service to provide during these times. Given what photographers and videographers charge you can get paid well if you so wish. Startup costs are very small. Hopefully some young go getter out there can make some weekend cash over the coming 1-2 years with it. 👍🏻 [link] [comments]  |
| Posted: 22 Aug 2020 03:55 AM PDT My girlfriend has noticed people from her home country shipping Canadian products there for a hefty fee. These vendors are going to Walmart/Costco picking up products on sale, and shipping them out. There is no order button on their website, everything is done through messaging. My first impression is that this isn't scalable unless you start hiring people to pick the products for you, manage messages, and ship them. Most importantly though, is this even legal? It seems like a shady way of doing business, and even though there are buyers in other countries willing to pay anything for the products, doesn't make it ok. Aren't there laws against third party selling without a partnership or sorts? When it comes down to taxes, I wonder if these people declare this income. They could be masked as gifts. Since they use foreign websites, and private messages I feel like they would be tough to track. [link] [comments]  |
| Stepping back to find I have the skills and tools to run a business completely alone Posted: 22 Aug 2020 01:44 AM PDT I had a really great entrepreneur moment today and just wanted share it here. For context, I was the third to join of 3 business partners/co-owners of my retail business, so I have never been a solo entrepreneur. I joined to establish the e-commerce channel for the business in 2018 when the first brick and mortar store opened (I had 2 years of e-commerce and web development experience at that time). We are now a team of 7 and the business is 3 years old. Pre-COVID, our business had 85% of sales come from brick & mortar vs 15% online. Our brick & mortar shop has been closed since March due to COVID, so we are now entirely online (with pickup, delivery, and shipping). Right now, both of my business partners are out of town at the same time (a rare occurrence) and the 2 employees I'd normally be with today weren't feeling well enough to come to work. So it was the first time in a long time that I felt like I was running things alone. I ended up taking on those two employees' roles for the day; product photography & editing, managing inbound inventory, etc. along with my regular job working on our e-comm site. It kinda sounds like a lot to do, but honestly it was so much fun! It had been a long time since I played these roles, and it was so nice to reconnect with all these little aspects of the business, all of which I'm pretty good at! Of course I'm grateful to not have to do everything on my own normally (I'd never have all the time) but there's something special and so efficient about one person doing all aspects of a business. Nothing gets lost in translation or slowed down by schedules and communication barriers. I was able to accomplish so much in a day just by focusing my full attention on a small handful of products, from all angles (photos, copywriting, inventory, waitlist, social media, etc). For context, we carry hundreds of products, so it's rare to have this level of coordination/focus across various roles within the company. And in the end, my store had the best sales day for all of all of COVID so far, and second best sales day for the whole year (the best sales day was on a busy Saturday when the brick & mortar store was still open). In more clear terms, our e-commerce channel grew 710% as compared to our best sales day this year, just 7.5 months ago. I'm so freaking proud of this day. I used my own judgement to make executive decisions and pull an array of levers with the skills and experience that I have gained over the past few years of working in the e-commerce industry. And it WORKED. It was a great business lesson for me on the importance of rallying your entire team around common goals - something that's a given when you're working alone, but can easily get lost as the company grows. It was also a wake up call to me that I really am capable of being a solo entrepreneur if I ever want to be. It's a really great feeling to step back and see how much I have grown in my career! [link] [comments]  |
| Has anyone met their businesses partner on reddit? Posted: 22 Aug 2020 12:14 PM PDT I always see posts from people with "ideas" looking for someone to do all of the work and it makes me cringe lol. It's more so in programming and development subs but you'll see these posts along the lines of ' I have x idea for an app and I just need someone to do literally EVERYTHING.' I've found my best business partners to be my good friends and my worst to be people with the so called 'good ideas that just need x for it to happen'. Feel free to include stories of your best and worst business partners met on reddit and also outside of reddit if you have a good story positive or negative. I love cringing at the bad stories haha but you can learn from both. [link] [comments]  |
| Looking for content on franchising in the services industry Posted: 22 Aug 2020 12:06 PM PDT It seems as almost all collateral on franchising is about retail/food which makes sense. I'm looking for more case studies and process information on starting a service franchise. Any help? [link] [comments]  |
| Posted: 21 Aug 2020 04:30 PM PDT I am very lucky in many many ways. However, I am very scared and have a lot to learn. I am looking for books or sources that provide a 30,000-foot overview of running small businesses, auditing to find potential problems that I am not aware of, etc. Not presently looking for management, motivation, encouragement books. Frankly I am sort of looking for a textbook lol I would consider myself very lucky to receive anyone's general tips or advice too! Thanks :) [link] [comments]  |
| Bored full stack developer looking for a side project Posted: 22 Aug 2020 02:54 AM PDT I'm not sure if these kinds of threads are allowed. I've been reading this board and others like it. I'm a mid-senior level tech lead at a startup, and I realise I've got a lot of spare time after work that I've been filling with video games. I'm looking to do something productive, and figured I'd put my skills to good use. Willing to work on tech projects with NodeJS/Angular/Vuejs and basically build full stack apps. (ie; I can independently turn an idea into a hosted usable application, and scale it. Willing to split the hosting fees as well if you can convince me it will be profitable). Why don't you just do this yourself? I am not interested in marketing, finding customers, or anything like that. I simply build tech. Is anyone in the opposite position, with a talent for finding customers, an web-app idea, but no idea how to build it? Are you charging? Equity mostly, I'm willing to work for contract-pay as well, but the most important thing I want out of this is to use my skills productively and be a part of something. [link] [comments]  |
| Posted: 22 Aug 2020 08:46 AM PDT Hello from Sydney, Australia! As the title says, I'm trying to change the way general stock market advice is delivered to create better value for investors, specifically those with investable capital in the sub $10k category. I live in arguably the most tightly regulated jurisdiction in the world for financial advice and financial services in general. The Australian regulatory model is considered one of the gold standards across the world, and I believe this offers a significant advantage if we're marketing globally. It is however very expensive to remain licensed and compliant. This is one reason advice here is often so costly. For the above reasons, professional stock market advice is almost inaccessible to the general public. If you're someone trying to build a portfolio with sub $10k, the cost of advice can eat up a large percentage of your investable capital. Almost the entire industry currently runs on a monthly or yearly subscription model, charging anywhere from $40 - $1,000 per month depending on your requirements. Even then, these subscriptions are so generalized that many investors won't find utility in most of the recommendations put forward. I'm introducing a new model. I'm going to allow clients to build a tailored list of stocks they want to follow, and charge per stock ($5 per 12 months as of right now). This means a client can build a list of 20 stocks that they're interested in, and pay just $100 for an entire year of access to those stocks, including all updates to the research. The charge is NON-RECURRING after the 12 months - the client has to opt back in. This allows them the chance to make adjustments to their list so they're not paying for advice they're not using. The research is conducted and delivered entirely in house, by us, a fully licensed and regulated firm. A key problem with the current industry standard subscription model is that it's not transparent. People don't know what they're actually getting until they subscribe. With my service, I solve that problem by making my entire list of coverage public, allowing clients to essentially create a shopping list containing whatever stocks they want. In addition, we offer a "custom" research service where clients can submit a stock we don't cover and we'll research it on their behalf, delivering them a report in our standard format. This is more expensive at $50 per submission to reflect the time invested to conduct ground up analysis of the given company. We also offer the opportunity to get all of the research for free, through our agreements with a broker. If a client invests through us, commissions will subsidize the research and it will remain free for the life of the account. This is completely optional of course. I know that's a lot to take in, but maybe once you see it you'll better understand. The list of coverage is limited right now as we're just getting started. We're doing a lot of testing and client engagement at the moment. Any and all thoughts appreciated! [link] [comments]  |
| Best Email Marketing Software to Distribute Free Content with Ads? Posted: 22 Aug 2020 02:08 PM PDT I am currently building a website with a single focus, to be a landing page for people to sign up to receive something free every day via email. The goal is to build up a good sized mailing list and then sell advertising space on the daily emails. Pretty straight forward. What I am having trouble with is finding the best Email Marketing platform to use. I have been doing research for Active Campaign, MailChimp, and Constant Contact. Anyone else have a strong opinion or recommendation about which Email Marketing platform would be best suited for a daily email that will include free digital content with ads? [link] [comments]  |
| Cost calculator for WordPress, how do I find someone to build it? Posted: 22 Aug 2020 02:07 PM PDT Hi, I would like to build a price calculator like this one https://enyotalearning.com/resources/elearning-cost-calculator/ for my website. Is this something I can do with a plugin for my WordPress site, or do I need to get custom css for it? What would this be called? How much could I expect to pay for something like this? Any help would be greatly appreciated! Thank you [link] [comments]  |
| How to proceed if I’m nothing more than an “idea man” at the moment? Posted: 22 Aug 2020 01:55 PM PDT Hello /r/Entrepreneur, I have a vision I want to execute as soon as reasonably possible, but as of now I don't have the skills to do it myself nor the capital to do it with others. What I have in mind is a unique social media platform (I know everyone and their uncle has a social media platform idea, still I have faith in mine) but I have no conceivable way to execute it. I'm about to start my first year of college as a Computer Science major, which is certainly the right path to take, but it will take years and years before I have the skills to see my idea through (and then even more years actually doing it). The idea and business plan has been mostly fleshed out. I've completed the concept for the user interface. I imagine that mean very little. Of course, Zuckerberg started Facebook because he was smart and had the knowledge already. My options seem to be to wait it out and do it myself, or find a way to hire employees to do it for me, which I have no money for. What do you all recommend? It's frustrating having a vision so unattainable in the short run. Would my ideas and plans alone be enough to present to a venture capitalist (for employee-hiring money)? Is that even a smart thing to do in the first place, or should I just wait? Sorry if this post is frustrating for some of you. I'm aware of how ignorant I may be coming off, and I know entrepreneurship isn't a game. I imagine that some of you will tell me to start smaller / more achievable, and build up the skills/money to see my plan through. Which I understand, but it's so hard to shelve it! Thanks for reading. [link] [comments]  |
| How to best network in a online convention? Posted: 22 Aug 2020 01:54 PM PDT Hey so we are attending our first convention as a company. Its the absolute biggest convention in our field (soccer). In this industry contacts are everything however networking in a online convention seems unimaginable to me and therefore would appreciate some advice! [link] [comments]  |
| Posted: 22 Aug 2020 01:48 PM PDT Hi guys! Last Wednesday I had a call with an investor who is well-known and -connected in my (small European) country, basically he was a speaker at one of our incubator programs and we somehow got in touch. He gave me a bunch of tips and advice with regards to our slide deck, etc. At one point he mentioned he would be interested in becoming an official advisor (with a small equity share in return), but mentioned that these things come naturally anyways if we find his advice useful. He asked me for a few "marketing documents" for our company (brochure,...) and sent me a few useful links to videos, podcasts, etc. in return. He hasn't yet send me some links to grants etc. he mentioned in the call but I don't want to sound like someone who can't Google by asking him for that. My question now would be: How should I proceed with him so that I'm not annoying the hell out of him but also don't lose the contact. Should I write about some insights I gained through his links? Should I ask some questions about our business? Anything else? Thanks guys! [link] [comments]  |
| Could I have some thoughts on this project? Posted: 22 Aug 2020 01:31 PM PDT I would like to know if this is a problem that you face. It's basically for those who have reward card points like Subway, KFC, Starbucks, etc. Thanks. [link] [comments]  |
| Crosspost here if anyone wanted to add something to the discussio. Posted: 22 Aug 2020 01:30 PM PDT |
| I want to create an AI startup Posted: 22 Aug 2020 03:32 AM PDT Hello everyone. I am a Business Analyst at Dell Technologies. I am really interested in AI and ML. I have made full use of quarantine to develop my ML skills and work on such projects. Though there is still lot more to learn, I feel I have become really good at it. With that being said, I am interested in becoming an entrepreneur in the next 4-5 years. The product will definitely be AI-based (maybe like a recommender system). Hence, my question to entrepreneurs who have built an AI startup, how do I start and grow an AI startup? What skills do I need? What sort of network is a necessity? What should I be working on hands-on, and what should I delegate? [link] [comments]  |
| Posted: 22 Aug 2020 01:07 PM PDT I am planning to make a deal with a "bottled water company" that'll potentially give both parties a huge increase in profit, but what are the possible downsides? Is it possible to get sued from them even if I did not breach any contract? I have a whole business plan detailed out, ready to be presented to them. I am trying to make a deal with a water brand company, as setting up my own bottled water brand company will cost hundreds, if not millions, of dollars and I do not have much capital to work on atm. I am pretty confident this will work but no money = no start. So I was hoping to make a deal with an existing company as that saves me time and all those FDA approvals, but can anyone share their experience with such scenarios as mine? Do you regret it or was it a great choice? [link] [comments]  |
| What to do when facebook account is locked? Posted: 22 Aug 2020 01:04 PM PDT Hi so my wife started a small business on the side and just as her facebook campaign was starting get some traction here account was completely blocked without much information. This started when she was trying to link her instagram account and had some technical difficulties; then out the blue her account was locked. She had since submited a help ticket, even uploaded her driver license, but was also rejected. The question is has anyone experience this before and how to resolve this? There does not seem to be anyone we can contact for help! Thanks. [link] [comments]  |
| High schoolers: a platform/app to network and get involved with entrepreneurship and business Posted: 22 Aug 2020 12:40 PM PDT Hey everyone, For the last few months I've been working on a platform/app that enables high school students to get involved with business and entrepreneurship; think "LinkedIn for high schoolers." Along with being a social network, one of the central features is that we're enabling you to pitch business ideas to each other and collaborate to bring them to life. I'd like to get even more input from the community on what features would you look for in a platform like this/what would make you want to use it. I've got a solid chunk of it built already but I want to make it perfect for the needs of the people who will be using it. Also, I'm doing a soft launch starting really soon, so if you're interested in getting access to the platform, let me know below and I'll send you the link. Looking to get a good handful of early access users so I'd really appreciate it. Would also love other feedback and advice as well on this. Thanks! [link] [comments]  |
| Posted: 22 Aug 2020 11:46 AM PDT Let me start with this: no, I absolutely don't dance. My wife has been involved with some form of dance for most of her life. Most recently she's been involved with dance fitness (Zumba, step..) and has gained a loyal following in a short time. With all that is Covid she hasn't had anywhere to teach other than online. So why not start a dance studio that has both dance fitness and classical dance instructions at the "end" of Covid, right?? I have faith in her so I'm all in. I look at what we have and what the options are and present her with a plan. No loans, no borrowed money. ROBs 401k rollover and cash out refinance on the house for the initial funding. Funding of the 401k will be completed this week. We are C-corp... with my wife and I as directors. She's the CEO and artistic director and I'm the treasurer. We have found a place, a GC, a floor, mirrors, domain, and most other things we need. The CEO is holding off on the marketing aspect until ink is on the lease agreement. The treasurer doesn't agree but it's not worth an argument. I have created an Excel sheet that tracks every starting cost, initial funding, annual fees, monthly fees, money in, tax... and I've projected out 3 years. Why did I do that?? I don't know, and I hate looking that far out. Our startup/build-out/expensive ass floor costs are currently ~$100k. These numbers are padded for the costs that I haven't captured yet. With 0 money in, we can survive for 12 months. We would start to go red at month 13. My calculations estimate an annual cost of ~$90k a year. We need at least $30k the first 12 months to "comfortably" go into year 2. Year 2 we need at least $50k to go into year 3. Year 3 we need to make $90k. The point of all of this is to ask; Am I doing it right? Are we crazy? What am I missing? Is this the second worst time to open a dance studio or the best time? I'm sure there was also another point or question... Side note - I work full time and will continue working full time. I also have a LLC that I use for some side contractor work. Also side note? I have no idea what I'm doing. I only know what I know from what I've read on the interwebs. We all know that everything on-the-line is true so I must good-to-go right? Right! Right?! [link] [comments]  |
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