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    NooB Monday! - (August 03, 2020) Entrepreneur

    August 03, 2020

    NooB Monday! - (August 03, 2020) Entrepreneur

    NooB Monday! - (August 03, 2020)

    Posted: 03 Aug 2020 06:12 AM PDT

    If you don't have enough comment karma here's where we can help.

    Everyone starts somewhere and to post in /r/Entrepreneur this is the best place. Subscribers please understand these are new posters and not familiar with our sub. Newcomers welcome! Be sure to vote on things that help you. Search the sub a bit before you post. The answers may already be here.

    Since this thread can fill up quickly, consider sorting the comments by "new" (instead of "best" or "top") to see the newest posts.

    submitted by /u/AutoModerator
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    #001: How This Ad Sold 425 Million Cigarettes In A Year

    Posted: 03 Aug 2020 06:23 AM PDT

    Image Of Ad Campagin

    In 1913, R.J. Reynolds carried out the first ever viral ad campaign and probably the most successful product launch in history. To put that in perspective, 425 million cigarettes in a year looks like:

    • 35,416,667 cigarettes a month
    • 1,164,383 cigarettes a day
    • 808 cigarettes or 40 packs a minute

    And he did it in an age weeeeeeeell before the internet.

    In this post, I'm going to share how he did it, the exact ads he used and what lessons you can apply to your business & ads.

    Son Of A Tobacco Farmer

    Image of R.J. Reynolds

    In 1850, Richard Joshua "R.J." Reynolds was born in Virginia to Hardin and Nancy Reynolds. Hardin was a tobacco farmer and Richard became fond of the tobacco business by helping his father.

    In 1874, Reynolds sold his share of the family business to his father. He left home and moved to Winston, North Carolina, because he needed a railroad hub for his business. Winston happened to be the closest one.

    At Winston, he started his first tobacco manufacturing operation. In its first year, it produced 150,000 pounds of tobacco. Even despite 15 other tobacco companies in the area. Reynolds separated himself from his competitors using business smarts and innovation. The biggest example of this is adding saccharin (artificial sweetener) to chewing tobacco.

    In 1913, Reynolds had a simple idea: "What if tobacco users had cigarettes already rolled for them?" At the time, almost all tobacco users that smoked cigarettes rolled their own. Nobody was selling the pre-packed cigarettes we know today.

    Reynolds created 4 brands: Reyno, Osman, Red Kamel and Kamel. Reyno was for All-American smokers. Osman, Red Kamel and Camel all used a blend with Turkish tobacco (hence the Middle Eastern branding). In all 4 brands, he believed he'd perfected the right blend of tobacco to appeal as a national cigarette.

    Details about the other brands are hazy. But what we do know is this. Reynolds favoured the Camel brand. He went straight to the largest marketing firm, N.W. Ayer & Son. He offered them $250,000 ($6.5MM in today's money) to launch Camel.

    … And they refused.

    If This Cigarette Will Not Sell Without Advertising…

    Armistead, the handler of the advertising account for N.W. Ayer & Son, advised against the launch:

    "While it is true that all those around the Reynolds Tobacco Company who have tried the new cigarette think it is a great blend, some of them may have expressed that belief because they thought it would please you, Mr. Reynolds.

    If you spend a quarter million dollars on that cigarette – and the public does not like it – you will kill the brand, as well as lose a quarter million dollars. Public approval is the only way to test the product.

    If this cigarette will not sell without advertising – it certainly will not sell with advertising."

    The advertising firm recommended Reynolds do what we now call a soft launch. They recommended he send a carton of Camel Cigarettes to 125 retail stores in Cleveland and only measure repeat orders.

    And repeat, they did.

    Reynolds tested Camel Cigarettes in all sections of the country. And indeed Camel cigarettes had repeat sales everywhere. Armed with this information, Reynolds set up the necessary distribution deals in place and went back to N.W. Ayer & Son.

    Beginning The First Ever Viral Ad Campaign In History

    The first ever viral ad campaign was just a series of 4 ads, each printed on typically a full-page spread one day after the other.

    Image of Ad 1

    Nothing about the product.

    Nothing about the company.

    Nothing about tobacco.

    Just a full-page illustration of an animal that people may have heard of, but nobody had ever seen. The camel you see here is named Old Joe and was part of the Barnum & Bailey circus.

    The sole purpose is to grab the reader's attention and plant the brand in their mind, nothing more.

    Image of Ad 2

    An exotic animal and now a simple caption "The Camels are coming!"

    A play on the famous "The British are coming!"

    Again, a full-page spread in the newspaper.

    "Wait, what? When? Why? How many? Who is bringing them?"

    The first ad grabs your attention. This ad now creates questions.

    Image of Ad 3

    You've seen the first ad and know what camels are.

    You've seen the second ad and know they are coming.

    In this third ad, you find out:

    • They are coming tomorrow (urgency).
    • They are coming to your town (personal).
    • They are coming in a very big number (visually descriptive).

    At this point, your entire town is talking about it. Tomorrow comes and everybody wakes up, wondering when the camels are arriving.

    If you don't see them in the streets, you'll no doubt check the newspaper to see if there's any more information. And then you see this:

    Image of Ad 4

    For your convenience, here's the copy:

    (Headline)

    Camel Cigarettes Are Here!

    (Subheading)

    To cigarette smokers of America who smoke 10c, 15c, 20c or 25c cigarettes:

    (Copy)

    Here are Camels—20 cigarettes for 10 cents—a choice blend of specially selected Turkish and domestic tobaccos!

    No man's money can buy a more delightful cigarette at any price.

    High grade tobacco and expert blending gives you a cigarette that will not bite the tongue and leaves no cigaretty taste (you know what that means!) in the mouth.

    Every time you buy another brand you're simply wasting money and pleasure.

    On sale all along the line—20 for 10c.

    A Few Things To Point Out

    Look at the images:

    • The iconic camel is still being used
    • There is a picture of the product itself (pack of cigarettes) to recognize in stores
    • There is a picture of the product in action (lit cigarette) to show what it is

    The headline pays off the previous teaser ads and introduces the cigarettes.

    The subheading is specific and calls out cigarette buyers of different price ranges.

    The copy uses very descriptive language to communicate quality:

    • Choice blend
    • Specially selected
    • High grade
    • Expert blending

    It translates these features to promise two main benefits:

    • It won't bite the tongue
    • It leaves no cigaretty taste (note the casual language)

    The copy emphasizes the main appeal ("reason to buy") – value for money:

    • 20 cigarettes for 10 cents (mentioned THREE times)
    • No man's money can buy a more delightful cigarette at any price
    • Every time you buy another brand you're simply wasting money and pleasure

    Under the camel, there is a tiny paragraph saying no coupons or discounts available. That the product is of such quality that it cannot be sold any cheaper.

    Under the copy, there is a tiny paragraph that gives instructions on how to buy Camel Cigarettes if your shop doesn't have it.

    Key Takeaways

    In your business…

    • Start a business in an industry you know. Reynolds grew up in the tobacco business and was familiar with every step from farming to selling tobacco.
    • Start a business in the right place. Reynolds started his business near a railroad hub, allowing him to easily source and distribute goods. Geography is a lot less important with today's internet and infrastructure. But it still matters for brick and mortar businesses.
    • Think of ways to improve your customer's experience. Reynolds made his tobacco sweet. He used his expertise to make a tobacco blend so good that it overcame regional preferences. He added convenience by eliminating the work of rolling your own cigarettes.
    • Be careful about feedback. It's likely Reynold's employees cared more about not upsetting their boss than being honest. The same is true of many people in your life. The market, especially repeat sales, is what decides if your product is good or not.
    • Do a soft launch. Test your ideas before you spend the money and time to roll them out large-scale. Spend a little money making something people want before you waste a lot of money making something people don't.

    In your copy…

    • Use the unusual to grab attention. An ad lives or dies by its ability to get attention and attention of the right people. Use unusual imagery to grab it, but keep it relevant to your brand/product. Generally, the more universal your product, the more vague your imagery can be.
    • Call out your prospects. Directly call out your prospects and speak to them.
    • Repetition. Repetition. Repetition! Repeat your core offer multiple times in different words.
    • Use pictures wisely. Use pictures to show your product and/or show it in use.
    • Give buying instructions. Tell clients how they can get your product, especially if it is something new or it might not be available by standard means.
    • Copy is a multiplier. A stellar product with stellar copy gets amazing results. But a crappy product with stellar copy still won't get anywhere.

    What's up, guys? Victor from UnfairCopy.com here.

    And I'm starting a (hopefully) weekly series where I break down some of the most successful ads in history. In each breakdown, you will get 3 things:

    1. You will learn the business decisions that led up to it.
    2. You will learn the exact words and psychology that made the ad successful.
    3. You will get actionable takeaways to improve your business and your copy.

    Why?

    To be transparent, I want to get my name out there and to earn the trust to hire me as a copywriter. And I want to give some value upfront first.

    Hope this is useful for you guys. :)

    submitted by /u/AskACopywriter
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    My buddy had his idea horribly stolen by this kickstarter

    Posted: 03 Aug 2020 12:39 PM PDT

    For context: a few of my friends created this concept product called Iris 2 years ago for one of their collaborative industrial design classes. It was called IRIS and featured a black and orange color scheme. The product was a coffee portioning system.

    Just recently he showed me this Kickstarter by a company named Concept featuring their product named IRISgo which is a coffee portioning system featuring the same color scheme (and a few more colors)...

    This has got to be one of the most egregious examples of idea theft I've ever seen. Unfortunately they had no patent or copyright for their ideas so they're probably SOL here.

    My friends behance from 2018: https://www.behance.net/gallery/62399945/IRIS-Coffee-Grounds-Storage

    Kickstarter: https://www.kickstarter.com/projects/irisgo/irisgo-finally-lets-you-enjoy-reusable-cups

    Edit: more context for the Kickstarter - https://www.yankodesign.com/2020/07/14/ingenious-cup-uses-a-camera-inspired-aperture-closing-system-to-become-water-tight/

    Pretty crazy if you asked me. Figured this might be enjoyable to some, triggering for others.

    submitted by /u/scraftii
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    How a Paddle Board startup used Unsplash to build some serious brand awareness!

    Posted: 03 Aug 2020 09:16 AM PDT

    A few weeks ago I got an email from a newsletter subscriber, Max.

    He told me about this new marketing tactic he's been trying. I was so impressed I thought I'd share it.

    So, Max works for a paddle board company.

    They had some nice images from photoshoots. So he made an account on Unsplash (the photo discovery platform) and uploaded them.

    Five months later the images have 6M views. And 24k downloads.

    Pretty neat brand awareness! Here's where it gets interesting.

    Max realised if people were downloading the images they'd also be being used on websites.

    So he uploads each one to Google Images. And finds 50 websites using Tower Paddle Boards photos. (See image)

    Now, Unsplash images are free to use. There's no obligation to link. But ask politely and people are happy to help.

    So, Max sends the following email to each website.

    Hey ____

    We saw that you're using one of our photos on your website. We love that you're using it. Would you be able to include a photo credit link under the photo to our site? Let me know if this is possible.

    So far eight have replied. And four added backlinks.

    To quote Max:

    Four links isn't exactly monumental, but as a company built through SEO, it's so critical.

    The best part is it's sustainable.

    Next month Max's images will be used on a new bunch of sites. He can send another bunch of emails. And pick up another bunch of links.

    SEO is an art not a science. Get creative!

    Edit - Tower Paddle Boards are not a startup!

    Thanks for reading. If you found this useful maybe I can tempt you with my marketing newsletter. I share a new case study, like this one, every week.

    submitted by /u/harrydry
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    Choosing The 1st Startup

    Posted: 03 Aug 2020 07:31 AM PDT

    I'm facing a dilemma and would love to hear from more experienced and knowledgeable people.

    How would you choose between the below 2 startups if you were me?

    Background: Banker - little money - a lot of connections.

    1. Savings app (Fintech)
    2. Young industry in my country
    3. Definitely fills a need but unproven as no one did it before
    4. My financial background adds value
    5. Mega project with high barriers to entry

    6. Difficult to find CTO/developers due to complexity

    7. Food delivery for kids

    8. Mature industry

    9. Fills a need

    10. I can't boil water (my background doesn't add value)

    11. Low cost to start with low barrier for entry

    I'd love to know what you think even if general thoughts, thank you!

    submitted by /u/Eternal619
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    Took me 5 months to make a sale. Worth every minute of it.

    Posted: 02 Aug 2020 08:40 PM PDT

    So I started a financial print-on-demand studio during COVID because nothing sells great in a pandemic quite like completely unnecessary artwork for the home office. Still, I'm a stock and options trader full time and have always wanted to do a side hustle/more stable source of income so I went for it. Turns out, there's a lot of people on the internet that say they make a killing in the markets but apparently very few can actually afford to back that up with their wallets.

    I put about $4,000 into this to start it up, hired a lawyer to set up an actual LLC, and a bunch of designers to make my artwork. I've been trying to build my site up and have been on Etsy in the meantime. I've made enough on Etsy to basically almost be break-even, which is actually pretty awesome when you consider I've grown designs from 3 to 34 and have a good collection in my office now as well.

    Today, almost 5 months after starting this thing, I got my first sale on my site. That just hit really different for me because the customer truly came to me, to see my stuff, without some hinting algo or search thing like on Etsy. I might end up making $60 on that sale when it's done, but it's the best $60 I made all week.

    In the next 3 months, I'm going to have hired a photographer and 2 models to show off my artwork so I can get away from the photoshopped mockups, I've applied to afterpay to offer financing on some of my pieces (my top seller with full options runs about $650 so there's a sticker shock to some I'm sure), and I plan to have my site completely optimized and SEO ready to the point I will begin reaching out to interior designers and setting up partnerships/commissions or something similar.

    I say all this for one very simple reason. It's worth it. It's hard as hell to succeed and to literally put in close to 500 hours into something with nothing better than break-even will crush a lot of people. But to those that can make it, if you are truly simply starting something for yourself to do online, it's not the giant leaps that count, but the daily or weekly consistent tiny steps. Make the goal to simply be better than you were yesterday, to have one more thing checked off your list.

    My goal for August was to get 1 sale on my site and I hit that on day 2. I had that same goal in July and it never happened. Make goals, try to achieve, and if you fail, reset, and try again. Once the ball starts moving, the goals can get bigger, and badder, and someday the goal might be to sell 3000 units in a month and clear 6 figures on a side hustle.

    You just don't know what you're capable of until you do it. So take a chance. Take a shot. Put your head down and work. There is no overnight success and whether you're trying to do something to learn, to blow up, to make you rich, it doesn't matter. They all take the same amount of hard work and grit to make it. I'm not even close on this thing to making it, but I'm a lot better now than where I was 5 months ago, and I'm pretty pumped to see where I'll be in 5 more.

    If you're on the fence about starting something, the answer is clear. Get to Work. In 6 months you'll either be glad you did or wish you would have. The choice is simple. Good Luck!

    submitted by /u/traderfromKS
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    Problems with wife as a partner

    Posted: 03 Aug 2020 09:57 AM PDT

    Hi guys,

    My wife and I started a business roughly 5 months ago. Since then we have made over $200k in revenue and roughly $100k net profits. Demand has been good. However, there have been some issues along the way.

    1. The stuff we sell is very heavy. As such, it typically falls on me as opposed to my wife to carry this and do a lot of the labor. I have to be involved in almost every step of the process because of this.
    2. We are at a stage where things are inefficient. A lot of our sales are meeting in person, delivering, picking up the inventory, and negotiating online. With COVID, we haven't been able to systemize things to a more efficient manner.
    3. I work a full 40+ hour job. My job is toxic with horrible bosses and I am currently in the midst of a EEOC complaint due to this.
    4. My wife is studying for a professional license exam. I am currently the only significant bread winner (she makes 1k-1.5k a month teaching online otherwise) and have financially supported us for the past 5 years while she finished graduate school.

    In some weeks, we make twice as much as I would make in a month at my job. I have been working 18 hour days basically - finishing up my workday as fast as possible, then picking up, dropping off, selling, negotiating with suppliers etc for the business. My wife has also worked very hard. However, because of the nature of how heavy things are, I have to be involved in every step. We have delegated to her some roles of negotiating, sourcing, selling and she has done well with these.

    The problem comes in that I have been giving my all for this business to prosper. I have been trying to build up enough profit to have options in case things change after Covid and maybe diversify with real estate. Sometimes my wife and I have gotten into serious arguments. To me, this is the only way out of the rat race. The business success gives me a sense of achievement directly correlated to my efforts - things that I have not seen in my career where you are not rewarded for your efforts.

    However, my wife has taken the stance, knowing how invested I am in the business, that when we have a serious fight, she says she will no longer help with the business or do anything for it. On one or two occasions this caused us to lose a shipment we could have picked up that would be $3k-$7k for the week. The other day, while I was towing 8k pounds in cargo, she would not help with the navigation while k was just trying to keep the trailer from fishtailing and could not do both. Now, the new fad is that if we have a tough fight, she fucks the business over by not doing her designated duties.

    This is absurd to me. Why punish the only thing that is taking us where we want to go? Why not separate the personal from the business for a better future?

    It makes me go back to thinking that since I have been the breadwinner, the one that put her through graduate school, and one that took 100% of the financial burden for the past 5 years, she is comfortable and is willing to keep that life going when I am so desperate to get to a financial point to take the load off my shoulders.

    It is ridiculous to me.

    Have you guys dealt with a similar situation? How have you handled it?

    submitted by /u/nighthawk5300
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    How to recover from a failed business…

    Posted: 03 Aug 2020 01:16 PM PDT

    Hello All,

    I was wondering if you guys had any advice on how to recover after a failed business.

    I invested my own money along with family money on 2 restaurants. I had to close one location and sell another. I am in the hole about 350k and will most likely have to file bankruptcy. Regardless of the bankruptcy, I'll have to pay back my family because its just the right thing to do.

    The thing is, I am 29. About to be 30 in 90 days and this has destroyed me mentally. I have always been an entrepreneur and I know the road to success is a roller-coaster yet I am having a hard time moving forward. I see my friends who took stable corporate jobs out of college and well they may not like their jobs, they seem to enjoy the lives they have created for themselves with this stability. Nice apartments, beautiful girlfriends, etc.

    Now, as I am fast approaching 30. I am single, broke, and living back home with my parents while starting over. Although this journey has taught me a lot and one day I will be able to see this as a valuable learning lesson, I am struggling a lot now. I dedicated all of my 20s to save up money to accomplish this and even sacrificed many relationships which all seems like a big waste now.

    I guess I am just looking for some advice or to hear from people who had to start over at some point and made it.

    submitted by /u/reaper_1nine
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    Co-founder threatens to sue the company to bring down its value when I wanted to exit and cash out my shares. Does he have a case?

    Posted: 03 Aug 2020 09:57 AM PDT

    After years of shady and manipulative, abusive behaviour from a co-founder (let's call him A) I decided to leave our struggling professional services company. In response, he accused me of subpar performance (debatable) and that he should be compensated for the lost opportunity costs he borne when we started the company.

    Sounds like hogwash to me, but is it?

    submitted by /u/dirtytrunks
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    How is dropshipping different than resales businesses?

    Posted: 03 Aug 2020 01:25 PM PDT

    Is it about the products itself or its origin?

    submitted by /u/SIG_94
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    How to get feedback on business idea without exposing it to the world?

    Posted: 03 Aug 2020 01:22 PM PDT

    I'd like to run an idea by a small group of people to avoid risking it being stolen. How should I go about this? Should I directly contact specific individuals on LinkedIn/Twitter/etc.?

    Or is this fear unfounded? Perhaps the risk of someone stealing it is far lower than I think.

    I'd like to hear about your own experiences and any advice you might have.

    Thanks

    submitted by /u/Ralen_Hlaalo
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    Copyrighting Advice

    Posted: 03 Aug 2020 01:04 PM PDT

    Just wondering how I could copyright my art, not specific works per say, but the style as a whole if that is possible. If not then can I have advice on how to copyright specific works?

    submitted by /u/El-Sapo
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    What’s the most effective way to market a brand new business?

    Posted: 03 Aug 2020 12:32 PM PDT

    Specifically, a business supplying fashion items to the general public on an e-commerce website.

    submitted by /u/iamprocrastinating93
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    Helping small businesses and startups find the best location (site-selection consulting)

    Posted: 03 Aug 2020 08:37 AM PDT

    Before all the COVID-19 craziness this year, I was planning to purchase a small piece of land to utilize as a food truck park. I wanted a place close to young professionals, with low crime rates, and within one mile of at least one bar.

    After a while, I decided it would be nice to hire a consultant to assess my choices using data instead of relying only on intuition. I realized that there are many site-selection services for big corporations, but none for small businesses and startups.

    Having many years of education and experience in data analysis, economics, and GIS, I decided to create such a service myself. One that is affordable and fast, without the huge overhead costs and long useless meetings that a legacy consulting firm will impose on you.

    As a professor, I had a lot of time on my hand. I read a few books on site selection while developing the website and thinking about how to package and provide my consulting services.

    Well, now it's here: www.maptimum.com

    The name is a portmanteau of map and optimum, meaning that I will find the optimum point on the map for your business.

    I admit that it's not the best time to launch a site-selection consulting business (with everyone considering work-from-home opportunities) but still, there are many businesses that would rely on physical locations.

    I'm planning to market my services on Google Ads, but before that, I'd like to know your feedback about

    • The website
    • The pricing
    • How the services are packaged

    If you were searching for an office/retail place for your business, would you use this service? And if not, what can I do to make it more appealing to you?

    submitted by /u/maxfort86
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    How did you find your 'Why?' ?

    Posted: 03 Aug 2020 08:33 AM PDT

    Recently I've been caught up with college classes and my own personal problems that I've lost motivation to pursue entrepreneurship, I remember that most successful people had a reason that lead them there (their 'why') And It seems that I didn't have a strong enough reason to keep me going even though the toughest times Can anyone give me some advice on how I can get my motivation back?

    submitted by /u/potcubic
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    Hesitating about launching ecommerce

    Posted: 03 Aug 2020 12:16 PM PDT

    My friend's mother has business as a retailer. She sells clothes, but due to pandemic, she has difficulty with selling products. Most of her products are becoming inventory. Me and my friend came with an idea of developing website on wordpress to help to sell. However, what I'm concerned about is that should website be developed or is it better to use Instagram or Telegram since it is a small business.

    In nutshell: Which one is preferable for small retail business to sell products online website or Instagram/Telegram?

    submitted by /u/Gulyuz
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    How to market something that customers may not understand? (Selling tech to dinosaurs)

    Posted: 03 Aug 2020 12:03 PM PDT

    I want to help businesses automate parts of their company.

    I think nearly every company has room for this, but how do I quickly inform them that some of their issues can be solved with something that they don't know exists? I really want to avoid "creating a problem for me to solve", I know there are pain points for business owners that a simple script or program could solve, but they may not. Any advice?

    submitted by /u/Imjustkidding
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    What is the best high income skills you can learn at home?

    Posted: 03 Aug 2020 08:01 AM PDT

    Hey people, i want to know what is one of the best and most useful high income skills you can learn at home without having to pay for it. I'm currently trying to learn some coding basics but that will be a relatively long journey so i want to learn something else as well, related to marketing or anything else

    submitted by /u/ohmygreg_
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    Selling my business for $18

    Posted: 03 Aug 2020 05:47 AM PDT

    Last year, I had an idea to build a little text bot - eventually AI - that would simply annoy and harass random members of any group with inappropriate texts. In a similar category of product as the hilarious 'Cards Against Humanity". I called it DoucheBot, and paid an undisclosed amount for the premium domain DoucheBot.com. Anyone who wants to actually build DoucheBot can have this domain, the idea, and ME as an advisor and cheerleader. All for the low cost of $17 (the cost for me to renew the domain!). Why? Because I want DoucheBot to exist. And hey, if you don't have $18 at the moment, you can owe me. Just prove you can code a chat app.

    DM me :)

    submitted by /u/Scott-Kennedy
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    Expansion: Partnership or Employee/Commission?

    Posted: 03 Aug 2020 10:45 AM PDT

    I run a service business in a state outside a large metropolitan area, generating about $300,000 a year in gross revenue. I don't do much business inside the metropolitan area, for a number of factors. But the potential to expand there is very enticing.

    I don't have the time to expand the business there myself. I'm too busy and stretched too thin with my current customers as-is.

    I have a longtime friend whom I've been talking with about expanding my business into this area. He lives there, has the time, and is trustworthy/intelligent. He'd be doing sales, cold emails and calls, and recommending marketing options to me. Eventually, as it grows, he'd run all of the operations for that area, including hiring and training employees (1 or 2), with my minimal oversight.

    I'm currently training him to be able to perform services himself.

    I'm trying to figure out the best way to go about this; primarily a fair offer for him. I'm not interested in giving up equity in the company at this time. Obviously, there's no reason to right now.

    So, I've been toying with a small salary for his time as he starts to build business in that area, and eventually for hiring and managing the schedule, plus a lifetime % commission of every time we get hired in that area (typically recurring often with the same clients), plus he'd get paid for performing the service whenever he wants to do it himself.

    I also don't want to offer too much and be unfair to myself. I debate whether a salary is even necessary at the start, as most of his time will be spent on sales, which will be reflected in his commission. And in terms of hours spent on non-sales related tasks, the hours are minimal - maybe 5 per week. Again, he'd be compensated separately for performing the service himself, so I'm not counting that in those hours.

    If eventually his area grows large and has sales nearing my own, we'll likely be bleeding into each other's zones, so I'd open to an overall partnership at that point.

    I don't know how something like this is typically structured.

    Any thoughts or tips on this scenario?

    submitted by /u/bvelo
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    How to Build and Spend "Capital" with your Team - podcast

    Posted: 03 Aug 2020 10:18 AM PDT

    The episode in the link is on how to build and spend "capital" with your team -- but in this case it is talking about spending human capital rather than dollars and cents. I give tips on how to onboard, inspire, manage, and build points with your team - and perspective on when and how it is smart to spend those points.

    ​

    https://feeds.captivate.fm/the-blackwood-show/

    ​

    I started the Blackwood Show this last week as an outlet for Entrepreneurship, finance, personal development and more. I have been an entrepreneur since I was 15 years old, with four failed businesses and one hit - I am one of the owners of a chain of 44 healthcare practices across the United States. Hopefully I can share some insights, and would love this communities' feedback! I have been on this forum for years, so I hope this is a way of "paying forward" some of the knowledge and experience I have accumulated.

    ​

    I'm also on Apple Podcasts, Spotify, etc. Hope you all enjoy!

    submitted by /u/blackwoodify
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    Looking for large quantity, cotton face mask manufacturer in Vermont.

    Posted: 03 Aug 2020 10:00 AM PDT

    Can anyone point me in the right direction?

    submitted by /u/whocaresthrowawayacc
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    Copying a product that has an expired patent

    Posted: 03 Aug 2020 06:10 AM PDT

    There is a product in the health space that I like a lot. In fact, I was a customer.

    The people who sell it have been at it for a long time, though they have a terrible website that has largely gone unchanged for like 15 years. I have actually reached out to them for a potential partnership, but they are not interested. That's fine, though I think they're doing a disservice to all their potential customers.

    They have a patent on the main thing that they sell, but it is expired. I would like to make my own and sell it on a modern ecommerce shop. I currently do pretty well in ecommerce selling my own health-related thing, so I know how to navigate the regulations. I can probably make it better, seeing that they're been selling the same product for over 20 years, and materials have advanced since then.

    Are there any pitfalls that I'm not thinking of?

    My goal is not to put them out of business. In fact, a competitor like me who aggressively advertises might actually expand the market and add to their bottom line.

    submitted by /u/Snoo_54812
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    Zoom or Youtube live for webinars?

    Posted: 03 Aug 2020 09:48 AM PDT

    It seems like youtube live which can hold upto 100k+ viewer is a better choice. What are some drawbacks of using youtube live over zoom or goto meetings etc.

    submitted by /u/techsin101
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    Need advice - Where can I find clients? How can I grow my business?

    Posted: 03 Aug 2020 09:45 AM PDT

    Hello r/Entrepreneur!

    I have decided to start a business where I teach some courses online. Some courses that I plan to offer are:

    • Personal Finance 101: Many people are not aware of the basics that we may take for granted. In this course, I would teach budgeting, investing, various accounts for investing, whether it makes sense to buy a house or rental property, etc.
    • Software Engineer - Interviewing bootcamp: Everything from writing a strong resume, coding questions, and soft skills.
    • Computer Science Fundamentals: Targeted towards those who are new to computer science.

    Each of these courses are meant to be interactive and only be offered to a small group of folks at a time. For example, for the Personal Finance 101 course, I was thinking of making it a 4 week course, with a 1hr session each week and some actionable steps/homework. I would only offer it to 4 people at a time so that they feel comfortable enough sharing their finances, and have enough time in the sessions to ask me any questions.

    My biggest hurdle right now is finding people who would benefit from these courses.

    I was wondering if you had any tips for me on how or where I can find the right clients. Any other advice on my idea is also welcomed and appreciated.

    Thanks in advance!

    submitted by /u/fiwithme
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