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    Home Unlabelled A year ago you all told me not to invest in a coffee shop. I am back with my third and forth update! Links to previous ones inside. Entrepreneur

    A year ago you all told me not to invest in a coffee shop. I am back with my third and forth update! Links to previous ones inside. Entrepreneur

    September 26, 2020

    A year ago you all told me not to invest in a coffee shop. I am back with my third and forth update! Links to previous ones inside. Entrepreneur

    A year ago you all told me not to invest in a coffee shop. I am back with my third and forth update! Links to previous ones inside.

    Posted: 26 Sep 2020 07:03 AM PDT

    Hello all,

    My second post got a lot of replies and 1000 upvotes so I figured I would be back for another.

    ​

    ​

    First Post. - https://www.reddit.com/r/Entrepreneur/comments/agcxwr/about_to_invest_in_50_of_a_coffee_shop_and_dont/

    Second Post - https://www.reddit.com/r/Entrepreneur/comments/cd2uxy/5_months_ago_i_made_a_post_about_buying_a_coffee/

    So I am back for another update. Lets call update 3 Covid until now and lets call update 4 the beginning of new plans.

    As you can see in the other posts my formating sucks so let me just say what comes to mind and you can ask away like last time. please excuse me as I am literally just sitting down and writing freestyle till I run out of things to say.

    From last update until covid we grew to having 7 employees and were at around 6x bigger than when we started. We had an hour wait on Weekends for pizza and wine, we had begun selling bread to other coffee shops and restaurants, we started making actual money and with that came plans to expand. No giant changes made, we started functioning better, profiting more but no crazy updates to our business model, Just a shock of seeing an almost dead place become incredibly popular.

    I think the most important thing is how well my partner and I learned to communicate. I also think its the most important part of our success... So anyways.

    With those plans came our first real roadblocks. In order to expand we needed to spend about $25,000 when my initial investment + loan only equaled $27k. We needed to do 3 or 4 different things at the exact same time in order to make it work and so we had a clear roadmap of 6-9 more months and then making all these changes....

    And then covid hit. We immediately lost 40% of our business.. and then each month it got worse... so we went from making money to spending almost every penny we had trying to stay afloat. We paid every single employee full wages, we closed down the inside and did take out and delivery only, we shortened our hours to only the morning so the entire staff could come and leave together and made every other change we could to adapt. We lost money until we started breaking even and all the while we tried to pivot to some other options.

    Because we had been so popular we were turning down wholesale accounts because we could not produce enough bread. With retail getting cut in half we were able to take on some new wholesale clients, we started making sandwiches and focusing more on delivery of pizza, and we also started a line of food products, jams, hot sauce, spreads etc.

    We quickly got to the point where we were breaking even, paying our staff in full, and then slowly growing and that was more than enough for me considering how bad it could have been.

    So I guess that was the end of update 3 I will go into the beginning of update 4 which is...

    We had a list of people over the past year who wanted to invest in us! We never needed those people because we were ok doing ourselves but given the current world we decided to look for an investor that could offer us some of the things we did not have. The obvious would be money but more importantly we wanted a partner who had connections in the food business, who had built up a success big company before and who would fit well with us.

    We had a list of 10-15 people who had expressed interest and out of one of them we made a deal!

    It took us about 2 months of talking and figuring out plans but we sold 20% of our business for $75,000. Just a reminder I bought 50% for $15 about a year and four months ago.

    This partner owns multiple food businesses, is taking over all the accounting, marketing and behind the scenes and we are in the process of expanding with a focus on wholesale bread, a second location, pizza full time, breakfast, our food business and soon chocolate and roasting our own coffee.

    By the end of the month we will be up to FIFTEEN! employees, two locations, a baking facility 10x what we had at the beginning and truly all the tools we need to succeeed.

    I still own 40% of the company. I am happy with my employees, my partner and the direction of the company but I am also well aware that the risks have just gone up exponentially!

    I think it will take us the next 3 months to fully expand with the help of this new partner and I really can't imagine where we will be in 6-12 months with his connections.

    I love doing these updates. I hope they are useful or at least entertaining for everyone.

    I wont proof read this but I will diligently answer any questions like before.

    submitted by /u/nice_elsewhere
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    Island kid wanting freedom

    Posted: 26 Sep 2020 01:58 AM PDT

    Hello people of r/Entrepreneur, I'm a 16 year old high schooled who lives on a small (9k pop) island that is basically domestic tourism based along with the needs of the local community. Being here I feel that I want to earn an income without having to spend a 9 to whatever job and waste my teenage years like I was doing before.

    I was wondering if there was any advice I could get to being able to work for myself in such a small place and have time to be a kid?

    Thanks for any responses :)

    submitted by /u/Benjifletcher
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    If your soliciting involves spamming my business's email, or phone, I will never patronize your service.

    Posted: 26 Sep 2020 08:52 AM PDT

    I try to support other start ups, and in my industry, B2B, and B2C, is a huge sub-sector. Billions of dollars, cutthroat competition, and 90%+ failure rate.

    I will always get someone who I want to support, because they seem genuine, nice, and their service might add value to my business. Through my local MLS, I literally get a half dozen of these types of businesses solicit me each day. Way too many, from around the country, with an occasional business from another country. Anything from lead generating software, to PR firms, to builders and associated services in construction... Part of the problem is being a part of the MLS, which sells all my info to other businesses (so they can stay alive I'm guessing?).

    So, like many of you, I sign up for a few which look promising, and from that point on, it's like 3 emails each day, and the services are no different than what my local people offer. On top of that, my local people call me from a phone number that shows up as their business name, I can get someone on the phone, and their products are way better as they just have more experience than a new start up. But most importantly, they do not spam me all day.

    So now I just flag these newbies as spam, block and filter their emails, and TRY to unsubscribe from their emails, although these newbies also don't understand you need to provide that link at the bottom of the email, roughly 1/3 of the time. I don't even feel bad about it, because they are just wasting my time, with pointless articles, dumb videos, naive ideas about my market, and suggestions that they can help me build my business, when they haven't even gotten their feet off the ground.

    Here is a list of things which annoy me about these business/spam artists:

    • We've all seen those YouTube videos about building your business and generating leads by making content. If your content is good, then you're all good... But more often than not, these videos are some dude in his extra bedroom, just talking about NOTHING. Literally wasting everyone's time including theirs. Then you have the Insta models turned business people. Yea oooooook, if I'm looking for a salesperson, maybe I would consider them, otherwise, what pearls of wisdom can I glean from them. The articles they write... They sound like a high schooler wrote them, and really are just rehashed advice all over Google.
    • If you send me 3 emails a day, I will not do business, and I will block you, then filter your message as spam, so it is harder for you to bypass other email services like Gmail, hotmail, etc. If you don't understand that you need an Unsub link at the bottom of your email, you will be auto-added to my spam list, and then I will review your company for you with a 1 star, wherever it will be most crucial for you to gain good reviews. Hell, if you send me 1 email each day, you're still going to get blocked. There is no information you need to tell me every day in my industry, which I don't already know. You better come at me with something which has VALUE. I don't care about your interpretation of an article you just read on Google News. I read that at 5 AM that same morning, and already developed a deep understanding of the meaning of it and how it affects my business, before you even finished your morning coffee. That's my job. You really don't need to make a YouTube video on it.
    • DO NOT call me from a spoofed number. I will get fucking nuclear on you, and flag all your business phone #'s as spam, and all your emails as spam. You might think, wow, who cares right? Well I use a software, which is very common among other professionals, to screen these calls. I don't get these calls anymore, and anyone else who subscribes to the services won't get your spam calls either. So essentially with your one spoofed call to me, you are losing thousands of possible leads. I lump these people in with the robo-callers, as they still want to call you after you unsub from them. That is illegal, and wastes an incredible amount of time and resources. If you hear the tone of disappointment in my voice when I pick up because you spoofed me, you can be rest assured that I will add your # to my list.
    • If your service doesn't add value, don't pursue that line of work as your business model. Many, many, many of these people are offering data aggregate services. Like, why the hell do I need that service when I get it free from my industry? Are you assuming I don't understand the info? or know how to use it? Then you have the Facebook and IG marketers... They call you with such bravado! YOU NEED FACEBOOK! Yea, if you did your research, you'd see I utilize that already.
    • If you are a financial services start up, and you call me out of the blue about a business loan I applied for, I will take that as a violation of privacy. Currently, when you, or I, apply for a loan, your info, with your name, business name, loan amount, interest rate, and property address, will be lumped online in one of a hundred data aggregate sites, which these kids in a basement can pay $5 to access. You think I'm joking? I'd say you need to be more concerned with your business's safety. I know where they get their data, as I apply for loans with a "special" phone number I have for these little tykes. This is so I know who sold my info out by dumping it on the internet. There is currently no security out there for consumers in this realm, so be aware of this. It could be a con man just trying to get your business info so they can clean out your bank account. Very simple to do.
    • Never call me with the attitude that you are savvy or something. I will immediately think you are just full of shit, and either hang up on you if you can't take no for an answer, or tell you what's really up. I guarantee you I've been doing my job for decades, while you just started your business bec you got fired from your programming job.

    Anyway, I hope this can help some of you to be better at your sales. It gets really old, and all these tactics just wear you down. So much so that I don't even pick up my phone anymore, and your call just goes to my voicemail service. You ruined it for everyone. Don't be one of the problems, offer a service which adds value to my business, or just GTFO of my face. Thanks!

    submitted by /u/humaniteer
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    TED talk I found helpful starting my online business

    Posted: 26 Sep 2020 12:37 PM PDT

    Nano Influencers and Social Media Marketing - Digging Deep

    Posted: 26 Sep 2020 12:22 PM PDT

    Improve your social media marketing strategy by using Nano Influencers

    Who are Nano Influencers and why does it matter

    How much do you know of Social Media Marketing? The word has created fields and industries which are specialise in maximising the results from it.📊

    Do you know that an average instagram user has 150 followers? That has been only growing with time as accounts get abandoned and new accounts get created.

    Nano influencer is a blogger who has from 1 000 - 10 000 followers.💪 Those are friends and real life connections. They are highly engaged with the account and read every word their friend says.

    The new trend is not advertising once with the big boys and girls, who has more than 1 million followers. The new trend is advertising 365 days a year with a nano influencer.

    The categories of Influencers:

    • Nano-influencers: 1,000 – 10,000 followers ✅
    • Micro-influencers: 10,000 – 50,000 followers 🤗
    • Mid-tier influencers: 50,000 – 500,000 followers 🤤
    • Macro-influencers: 500,000 – 1,000,000 followers 🤠
    • Mega-influencers: 1,000,000+ followers 🤑

    Benefits of using NANO influencers

    As I already said it sucks when your favorite blogger or someone you admire starts writing about their daily life and how a specific product helped them. I hate that BS.

    But when my friend on instagram tags a dry cleaner who helped him get the worst stain of his favorite hoodie.

    Or my love from school posts story where she says that she has never seen better service than in a specific shop.

    I really follow those pages and next time I need to clean, or buy something I will remember what they recommended.

    Think about yourself. Who is more likely to influence your choice on cereal brand. 10 close real life friends or LeBron James?

    The nano influencers has a specific and very deep niche of followers. There are also so many of those unbotted nano influencers that you have as much choice as you want. Doesn't matter who is your target.

    There was an article in New York Times about phenomena of Nano-influencers.

    "Their lack of fame is one of the qualities that make them approachable," says author of the New York Times' piece. "When they recommend a shampoo or a lotion or a furniture brand on Instagram, their word seems as genuine as advice from a friend."

    Also one of the best parts for a business is that a free trial or a sample of a product will be enough to agree on terms of advertising.

    No one is coming to them every day offering partnership. If you are the first to contact them, a nano influencer has NO IDEA how much it actually costs to advertise. Even asking for money will feel wrong as they might think their story post has no value to your brand.

    In 2018 nano influencer wasn't even a term:

    That is why it is one of the best ways to advertise online right now. It doesn't matter what social network we are talking about, but Instagram, Twitter and Facebook are surely the best platforms to use nano influencers at.

    How to find Nano influencers

    One of the easiest ways is to find already good service which provides you with list of influencers looking to earn with sponsored posts. This would be leveraging the most annoying work of sending DM's on Instagram and getting into shadow ban for getting blocked too many times.

    Another way is to leverage this to someone else like a small marketing agency or a VA who can follow a script and reach out to the influencers.

    One of the ways to guarantee yourself finding up and coming nano influencers is to follow specific hashtags.

    One of the most used hashtags by those who are looking to be sponsored is #discoverunder10k

    You can check both Top and Recent to find the best fit for your niche.

    Another way would be to look for related accounts when following a nano influencer. Usually they follow each over and make a niche circle around themselves. Something similar to a community.

    Something that will give away an inspiring influencer is:

    • Interests & Specialties In Instagram Bio:

    Nano-influencers have a very specific niche and they have a lifestyle or values they identify themselves and also their followers. This is a great way to check if your brand and their way of thinking has any cross references and if it makes sense for you to collaborate.

    • Photography:

    A looking-to-be nano influencers have a very specificly organized or styled pictures and albums. Those are usually specific to their interests and niche but general pattern is usually present.

    • Highlights:

    Highlights is a go to identifier of a nano-influencer. As they already have a relatively big followage, their way to engage more users and increase their following was the highlights as it allows you to share some stories and experiences to engage people more fully. Sometimes even a previous integration with another brand is present in the highlights.

    • Contact Information:

    The way for nano-influencer to be contacted and to be sponsored is to provide easy contact information. So if an email or a phone is present do not shine away from going away from instagram(I would use everything as to not get ignored).

    Examples:

    MEGAN VADNAIS – 9 961 FOLLOWERS

    HAILEY KNOTT – 4 138 FOLLOWERS:

    Remington campaign

    One of the best nano influencers campaigns was Remington's official social promotion strategy. They posted it on their website and promoted it through word of mouth. The guidelines were:

    • Take a photo of yourself using the curling wand, ensuring the entire product is in the shot
    • Tag the brand's handle (@RemingtonUK)
    • Use the brand hashtag (#HairToBeDifferent)
    • Include an FTC disclosure (#Sponsored, in this case #gifted)
    • Share the product's value proposition ("the new product's heat settings protect against hair damage")

    Calculating the results

    Every business and marketer is spending money to get more money back. Long term or short term. The way to make sure that you are getting at least your money back after each influencer marketing and social marketing campaigns is to calculate ROI. 📈

    If you see that your Return on Investment is too small or smaller than compared to working with micro or macro influencers than check your strategy and basic assumption.

    Test. Test. Test. And than Test some more.

    Every business has it's own specifics and there is no single right way to go about social media marketing. But it is very easy on figuring it out. Just try it out and see for yourself.

    Please tell me by email what you think! Tweet at me. DM me.

    I am always open for discussions.

    Have a nice day. Klim Y 😉

    submitted by /u/Simvollick
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    WANTED: Young Small Business Owners for a new Podcast

    Posted: 26 Sep 2020 02:17 AM PDT

    Hello business owners of Reddit!

    I am recruiting business owners to tell us the story about your business ownership. These interviews will be the content for my new podcast, which would be a platform for small business owners to share their unique experiences so that we can collectively learn from each other's failures and successes.

    The very first episode will be the story about my personal journey to business ownership.

    So many times, relationships are crucial in getting a sale or a referral and what better way to start a relationship than sharing your personal story?

    I would like to focus on younger entrepreneurs (under 40), who had started their business within the last 10 years. This would make the conversation very relevant in today's market. Furthermore, I would like to focus only on those that have already established businesses.

    As compensation, I would like to offer a $50 store credit at my personal printing business, StickerTitans.com. This is limited to the first 30 small business owners that complete a 10~25 minute interview/conversation with me.

    If you are interested, can you take 30 seconds to fill out this real quick questionnaire? It'll give me some background information on you and your business and also will be important on determining if your story will be beneficial to various Redditors.

    https://stickertitans.wufoo.com/forms/small-business-on-the-record-podcast-preinterview/

    Thank you so much!

    James

    submitted by /u/walkingisoverrated
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    Any entrepreneurs that need help with their social media growth and too busy to do it themselves?

    Posted: 26 Sep 2020 12:18 AM PDT

    I'm going to start working as a social media manager again because I took a break from it. I mostly work with instagram and I'm dabbling into the world of tiktok because I see it's potential.

    Depending on your industry or niche I may be able to help with content creation. I'm looking to help about 2-3 people at the moment, I can't handle more than that. I don't work on an hourly basis but rather a monthly one because that's a simpler way for everyone.

    If anyone is interested you can DM me your IG and I'll message you there. If you don't already have an IG page you can message me here and we can discuss the layout you want and who your target audience is.

    My languages are English, Dutch, ASL and Italian so I can help with these audiences as well when it comes to engagement.

    Take care!

    submitted by /u/mirkohokkel6
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    How worth it is to create an ERP agency?

    Posted: 26 Sep 2020 01:42 PM PDT

    As I understand more than 30% of ERP implementations fail and the work also depends a lot on the businesses processes.

    ​

    Of course, there are successful cases, but how stressful it is, for example, compared to running a SaaS?

    ​

    Anyone with experience or thoughts?

    submitted by /u/HenryEck
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    Can a "resident of nowhere" legally incorporate and operate a US Corporation?

    Posted: 26 Sep 2020 12:55 PM PDT

    I'm a non-resident alien (NRA) and want to start my US business which I have been working on and planning since quite a while now. Because I will do actual business and trade in the US my best choice will be a Corporation rather than a LLC. Place of incorporation will most probably be California because I will qualify for business there. I have no official tax residency and live a perpetual nomad lifestyle, staying in one country and move on after 2-4 weeks. I am officially "signed out" in my home country.

    Question: Is it possible to legally incorporate and operate a corporation in the US as a "resident of nowhere"?

    submitted by /u/110prcnt
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    Did anyone else get their IG business accounts deleted?

    Posted: 26 Sep 2020 12:42 PM PDT

    A lot of people were complaining that they had their account deleted today. Seems like it's because of the new update. Please let me know

    submitted by /u/mp_visuals
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    Guys help me on marketing

    Posted: 26 Sep 2020 12:09 PM PDT

    Hello im 23 years old im started my first business. I made a deal to supply multi purpose screen cleaning products to big chain supermarkets in my country. I need to make marketing for screen cleaning equipment i never did marketing before if u guys have some idea pls help me.

    submitted by /u/trashyas
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    Ground-truthing a business plan and budget?

    Posted: 26 Sep 2020 12:00 PM PDT

    Over the last few years my spouse and I have used our excess income (about $7000/mo) to purchase and renovate properties in a "resort" town. We do 90% of the physical work, don't use agents or contractors, and so have been able to buy 4 properties so far. We should be able to have #5 and 6 purchased within the 2 next years or so.

    We would work our regular 7:30-4 jobs, then I coached, and then on Friday night we would drive to properties, and work the weekends. (I suppose this isn't relevant.)

    Anyways, as of late-Spring we will have 3 functional AirBnBs. The town has 2 functional seasons (summer hiking/foreign tourists) and ski season.

    So, income has some seasonality to it, but over a year a single property generates between $20-25k a year, with us using it 15% of the time to do work and to clean it. With multiple properties this 15% number will go down, as a relative rate, because we can only be at one place at a time. In 2019 the single property generated $21k with us using it about 15-20% of the time.

    I estimated (very conservatively) that if we ran 3 places, it would generate about $53,000 a year. To be honest, I think this number would likely be closer to $70k, but I'm not willing to budget that way.

    Expenses I predict run about $12-15k per year for 3 rentals, outside of the costs of purchasing and building on new properties.

    But, here's the kicker: This is now taking time to run, and will take more as we add more properties. Now, we are working both jobs still (at least until August), I am still coaching, and we still drive there every 2-3 weekends to work. We run the business at night, and during our other jobs. We also have 2 school-aged kids, with sports and lessons at night.

    So, here's the proposal: At the end of this school year, I take a year "leave of absence" (I will be guaranteed my job for the following school year, and get paid and have insurance through August). And I would run the business, and "just coach" (6 mos a year).

    So, current financials (2020-2021):

    • Spouse income (take home): $70k (very secure, good benefits, good job)

    • My income (take home): $72k (pretty secure, okay benefits, soul-crushing job)

    • Coaching income (take home): $8k

    • Rental income (estimate w/ 2 places currently): $35k-40k

    • Mortgage: $22k for house. Rentals owned outright.

    • Normal life expenses: $50k/yr

    • Business expenses: $10k/yr + $60k to buy 3rd rental

    Next year (2021-22)

    • Spouse income (take home): $68k (I'm added to her insurance, assuming no raise cause COVID)

    • My income (take home): None

    • Coaching income (take home): $10-15k (longer season next year)

    • Rental income (estimate w/ 2 places currently): $53-70k

    • Mortgage: $22k

    • Normal life expenses: $45k/yr (money saved not teaching)

    • Business expenses: $15k/yr

    • Additional taxes: $3k

    Our state taxes would just barely kick in, so our tax rate on business income would be less than 1%. We withhold enough from our income taxes to have a minimal income tax bill, but would have to pay a little more income tax on the new income, but part of this is offset by expenses from the business.

    We have a HELOC that we can dip into for a little more than $100k in case of emergencies, or a property purchase we can't pass up.

    Cash reserves: $40k. Should be $75k by August, after factoring next property purchase for business.

    Will this work? Can I quit my job at the end of the year? What should I be looking out for?

    submitted by /u/futureformerteacher
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    Which Side Business to pursue...

    Posted: 26 Sep 2020 11:51 AM PDT

    Will try to give some background and my goal and my possible business ideas on how to achieve them. I want to get peoples opinion on which idea out of the ones I present they feel would be best and why?

    Background: 22 Y/O who currently works for a small residential Plumbing/Heating/Cooling company. I have been in the industry for 3 years plus 2 years of trade school beforehand. I have done many side jobs (Ex. Central AC Change outs, Water heaters etc...) and I am confident and have the tools/abilities to tackle jobs on my own but I am looking at side jobs outside the Plumbing/Heating/Cooling industry as described in the next paragraph

    Goal: Run a SIMPLE and DIRECTIVE side "hustle" (Nights +Weekends) to generate income that could eventually possibly grow into something bigger. Simple and Directive is highly important to me. Coming from the Plumbing/Heating/Cooling industry I see new equipment fail sometimes out of the box or within months of installation. This puts you in a very awkward spot with the customer after they just spent big $$$ and now the equipment is malfunctioning. ALSO being a side hustle I want to go in do a good job and get paid and get out. I don't want jobs to be with me for years. With that being said this rules out a majority of the Plumbing/Heating/Cooling jobs I would want to side hustle.

    Ideas: 1) Portable Restroom Trailer: Pros- Easy Setup + Breakdown ( Tow to location drop off and pickup at end of weekend), Good $ for a weekend rental , Simple and Directive

    Cons: Medium Startup Cost $7-$10K (if bought enclosed trailer framed it for interior walls and built the restroom trailer myself) , Dumping Septage , Insurance?

    2) Excavator Rental(Building House will own excavator soon): Pros: Will be able to use while I build house, Decent $ for renting machine

    Cons: Bigger truck to tow machine around, Have to buy trailer to transport excavator, Liability if somebody gets hurt using the machine, Would probably need a GPS tracker incase somebody tried to steal machine

    3) Oil Tank Installation ( In the northeast many people use oil to heat their homes and an oil tank is typically located their basement to store the oil) Pros: Inanimate object (Once installed nothing can really go wrong or break requiring service) Decent $ for days work, Low startup cost (have all tools required to do these jobs)

    Cons: Would need to pay helper to move tank in and out, I suspect a lower volume of jobs and really only doing them in the heating season

    4) Brush Removal Only (Wood Chipping not falling trees) Pros: Low liability (Basically just feeding branches into wood chipper that then blows them into back of truck) Once the job is done it is done, Might be able to sell the wood chips, Decent $

    Cons: High start up Cost $10-$12K, Most likely would need to pay helper

    Currently I am leaning towards #4 it is Simple/ Directive and can be done weekends. Startup cost is a little high but I feel it could be made back within a year. Many homeowners in my area will tackle taking down trees but dealing with the brush is typically a headache. Also I should add I have quite a bit of experience with a chainsaw since the lot I have been clearing required much cutting.

    ​

    TLDR: Read #1-#4 and tell me which side hustle you would run with and why???

    submitted by /u/ExistingAmount
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    Working a small job for a well known person in my city.

    Posted: 26 Sep 2020 12:57 AM PDT

    It's a really small job that i am doing. Would it be worth it to ask him to post on social media about my side business for a cheaper rate on my services or bill the full amount and kindly remind him to leave a review?

    His posts would be seen by a lot of people where the review would only be seen by people looking at my social pages

    submitted by /u/BomberR6
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    Learn lists in html by making projects

    Posted: 26 Sep 2020 10:15 AM PDT

    Link to the video : https://youtu.be/-vIo521LctE

    today I'm gonna make a project to enhance your coding skills with lists in html. make to sure to watch the previous video where I teach all the important aspects of lists in html : https://youtu.be/c5406R3PGqc

    also make sure to comeback to this video if you ever forget anything about lists and want a reminder.

    and please actually write the code your self you cant learn anything just by watching you tube videos

    submitted by /u/overlord479
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    Are there any loans that actually look at your business plan?

    Posted: 25 Sep 2020 10:14 PM PDT

    We have been looking at different loans for a while now to start our business. Are there any loans that look more at your business plan and experience than simply your collateral and credit length?

    Maybe it's because of the pandemic but every loan we have applied for has either turned us down or only given us a possible amount based on our personal collateral/credit. I understand the importance of those factors, but I feel also having decades of experience in the industry, a successful career, and a detailed business plan that shows the risk mitigation would be something that should at least move the needle on getting loans or determining their amount.

    submitted by /u/Hauntrepeneur
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    Elastic Habits showed me the right way to stay CONSISTENT with good habits every single day

    Posted: 26 Sep 2020 09:39 AM PDT

    My experience with sticking to a habit is probably not that dissimilar to your own. You start out with all the right intentions, but somewhere along the line, the commitment to follow through disappears. Elastic Habits showed me that habit formation is more than just a binary approach.

    Through Elastic Habits, I've been able to split my habits into a 3x3 grid of varying intensities by incorporating the following into my approach:

    • Lateral Flexibility: A variety of ways to approach a habit. (So "Exercise" could be a walk outside OR pushups at home OR a session at the gym.
    • Vertical Flexibility: Different quantities that you would do. (So 5 minutes or 5 pushups)

    The truth is that if flexibility is a core piece of your strategy, then you can bend your habits and goals according to what suits you best that day.

    I also use color post-its to track my habit so I can visualize my version of consistency everyday. The main thing is to stay consistent in same way for that habit to stick. I explain this further here - https://www.youtube.com/watch?v=OFmzRSmDzcE . Hope this helps give you some ideas about a better way to approach your habits.

    submitted by /u/BladeV-Cash
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    Should I ditch the idea of retirement accounts?

    Posted: 26 Sep 2020 05:49 AM PDT

    I'm in a rather unique situation. First, I plan to be financially independent before the age of 50. Second, I want to use my time building rental houses mostly with my own labor instead of working at a job I don't like in order to pay contractors to do the entire job.

    In this scenario, should I ignore IRAs and ROTH IRAs and instead invest each pay period's savings in the stock market without a retirement vehicle in order to save up as much as possible as quickly as possible for the house?

    Just a couple pother considerations: 1. I'm anti-debt. I don't sleep well owing someone something so this is out of the question. I'll retire just fine without leverage. 2. I want all my rental property in one place and built to last which is why I'm not looking to buy scattered houses all over the county. 3. Using my time to build my retirement rental house portfolio sounds like something that would work well. The government can't tax time invested. Only money. So by building a house in a year my income is low (tax savings) even though my net worth goes up significantly. Plus I enjoy building instead of clocking in at my job.

    Thoughts?

    submitted by /u/stg000g
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    I don’t know where to start

    Posted: 26 Sep 2020 09:28 AM PDT

    I have been working my ass off for the last 4 years and I have a budget of around 3500€. I would like to start some sort of Business but I have no idea what I could do. Can you guys give me any ideas or tips. Also I feel like it is important to include that I am 16.

    submitted by /u/gnzlbr
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    The poor buy liabilities, the middle class buy liabilities, THINKING THEY'RE ASSETS, and the rich buy assets.

    Posted: 26 Sep 2020 09:00 AM PDT

    I heard/read this quote (or something along the lines) by Robert Kiyosaki a couple of times before, now I know the difference between an asset and a liability, but my question is what exactly does he mean by "the middle class buy liabilities, thinking they're assets"?

    Thanks in advance!

    submitted by /u/BoBiShemeta
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    Does anyone have experience on reaching out to big companies to get their product on the shelves?

    Posted: 26 Sep 2020 04:59 AM PDT

    For those who have started a business selling their own products and got it on the shelves. How did you reach out to the big companies (local or nationwide)? Did you wait until your product is "perfect" or did you try to sell it to the companies early on?

    submitted by /u/jcorp98
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    Can you make money selling small / cheap products through your own website instead of amazon?

    Posted: 26 Sep 2020 08:07 AM PDT

    I have come across a product that is small and cheap but has a high demand just now however it is already on amazon with 'reasonable' reviews etc. I can definitely undercut the amazon prices but is there any point attempting to set up a website and sell the product through Facebook and Google marketing myself or does majority of people just go to amazon and buy low priced products?

    submitted by /u/iotabadger
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    Help with running fb ads for a teeth whitening offer?

    Posted: 26 Sep 2020 08:05 AM PDT

    I'm running fb ads with a very old business that has an inactive fb page with 300 likes. Would it be wise to create two different ad groups to target both: existing customer list to upsell to them and a cold audience? Or should i create a lookalike audience from the custom list? Is there's anyone with experience with running ads for dentists please let me know below thanks.

    submitted by /u/Hyper_Intake123
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    Shipping Cost for vinegar business

    Posted: 25 Sep 2020 07:57 PM PDT

    Hi everyone, I am putting together a food business. I am focusing on spiced (spiced) vinegar and using 5 oz bottles for now since covid has really hit the industry with all the manufacturing of bottles.

    I've been using USPS-medium flat rate boxes about $7.50+ for shipping. I wanted the smaller ones to keep the cost down but it wouldn't fit at all. The other alternative i just saw is USPS flat rate packaging, which I saw for $4.80 if I can get a smaller box.

    Are these the best prices out there? Are there better alternatives to shipping bottles?

    submitted by /u/fartiz
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