I’m 18 and inherited 500k, Need Advice small business |
- I’m 18 and inherited 500k, Need Advice
- Just hired staff.... not sure When or How to take home the profits?
- Moving business from NY to FL
- Thinking of starting a dog HIKING business
- How do I most effectively manage employee access to our various softwares?
- Good books to read on tax / cash flow optimization?
- LLCs, DBA, and Foreign Entities
- Should I cut my advertising when it’s slow?
- Building Your Own Audience Is Profitable Than Advertising – Here’s Why.
- How can I trick my (multi-billionaire Hong Kong) landlord to not raise my commercial lease's price?
- Question about business license application (California)
- In a 51/49 percent business with a big problem
- LLC Business address/Virtual address confusion - California
- Owners of self-serving kiosks at your brick-and-mortar, what are the pros/cons of this?
- Business Expenses Help for Canada!
- Opening an LLC as a foreigner who's never been to the US
- Long time client charged well over industry norms
- GETTING AN LLC STARTED
- Record keeping as a babysitter? (Canada)
- Investing in a successful private LLC
- Question regarding Covid-19 enforcement
- We are in need of feedback.
- Is SaaS per user pricing based on created or active user?
- Simple Scheduling Software
| I’m 18 and inherited 500k, Need Advice Posted: 01 Sep 2020 06:23 PM PDT This is a Throwaway Account, not a troll post. So I'm 18 and have just inherited 500k, My grandfather passed away and left my dad with millions of dollars in land. My dad sold some of the land for 500k and opened a Account for me and deposited 500k in it. He sat me down and explained to me that we wants me to use the money wisely and he wants me to use it to make my life easier in the future. He also told me that I will be getting around 2 million dollars in land in the future when we decide to sell the land. The land is in India and my dad thinks we should sell all of it since we live in Canada. Its my life goal to own a Business and I want to be a business owner. I want to use the money to buy a business. I'm 18 and am going to university for accounting and after graduating with my degree, I want to buy a franchise instead of getting a 9-5 job. Nothing wrong with a 9-5 but it's not for me. I want to buy a Subway or little Caesar's franchise for cash and then just buy more after. Should I buy a existing local business or a franchise. What option would be better for a first time business. I feel Franchise would be better for a first business since it would be a lot less stress for a first time owner and would help me learn along the way. I know a lot of people will tell me to keep the money in the bank, but I want to buy a business with it. I want to buy a business with it and then focus on buying more. Also instead of graduating university and getting a job, I just want to buy a business and focus on scaling it. Ideally I want to focus on business and management throughout university so that whenever I graduate I can just buy a franchise or a existing business. Is this a good idea? I want to actually do something with the money and not just leave it in the bank. What can I do at 18 so that when I graduate university I can be ready to purchase a business. Hopefully you guys understand what I'm trying to say. I'm not trying to brag, I apologize if its written wrong, it's hard to express myself just by typing. Hopefully you guys understand what I trying to say through the post. Please feel free to ask any questions for any clarification. Any advice or tips would be appreciated. [link] [comments]  |
| Just hired staff.... not sure When or How to take home the profits? Posted: 01 Sep 2020 10:45 AM PDT TLDR: Formerly had a small business by myself. Took all my money home at end of month . Now have staff, not sure what to do. I'm a small business owner that recently hired 3 staff members, bought a vehicle, and other expenses... Staff expenses (myself included) are paid on 1st of the month. Vehicle loan, utilities, rent, etc are paid at various points in the month. I'm a little confused on when and how to take out the business profits. And how much to leave in anticipation of upcoming expenses. For example (fake numbers), On the 30th of August, I have $17,000 sitting in the business account. I've paid all of August's expenses already, but I have September expenses coming up. Do I take the $17,000 minus anticipated September expenses? Should I have 3 months worth of anticipated expenses in the business account? Should I withdraw profits on a monthly, quarterly, yearly basis? Thanks in advance. Not sure why I'm stumped by such a seemingly easy one. [link] [comments]  |
| Posted: 02 Sep 2020 04:04 AM PDT Move business from NY to FL Hello, I am planning to move to Florida and also thinking of moving my business there. I don't sell any products, just services such as web development, etc. What's involved in doing this? It's an LLC and I am the only employee. I am weighing my options I am not sure what type of headaches I will run into doing this. Also considering a new LLC if it's too much. Any help is greatly appreciated, thank you! [link] [comments]  |
| Thinking of starting a dog HIKING business Posted: 01 Sep 2020 12:12 PM PDT I live in a mountain community that is very close to a major city and I am seriously entertaining the idea of starting a dog walking business - but instead of walking, we go hiking with dogs. We pick up the dogs, take them to the mountains and hike with them for a few hours (3-5 miles), then bring them home. There are some others who are currently doing this and charge between $60-$80 per dog, per session. I've owned and operated a catering company before and a brewery, so I am no stranger to business. I just wanted to put it out there in this community and see what others thought on viability & scalability. Startup costs would be a van for transport (could lease or finance), van wrap, dog crates, business logo, website, insurance, etc. [link] [comments]  |
| How do I most effectively manage employee access to our various softwares? Posted: 02 Sep 2020 03:21 AM PDT Hi All, I consult for a company of about 30 employees, and we are looking for a way to manage the user access for all our employees. Currently, whenever we lay somebody off, we need to change the passwords across all our different softwares (a lot). I think this is an untenable situation and was trying to come up with an alternative. I originally looked into password managers like LastPass, Okta, etc which allow you to share passwords with a user but not show them the password (with a Chrome extension), but it seems that on any website that allows users to view the password (such as Google Accounts), this is rendered pretty much useless. Also, if a user is technically savvy enough, he can just save the password using a different password manager and therefore view the password. Have any ya'al come up with a solution which addresses these issues? Thanks. [link] [comments]  |
| Good books to read on tax / cash flow optimization? Posted: 01 Sep 2020 06:58 PM PDT Seeing a lot of suggestions on reading Profit First here. Anything else? [link] [comments]  |
| LLCs, DBA, and Foreign Entities Posted: 01 Sep 2020 09:12 PM PDT There is an out of state business which I am debating partnering/buying into and creating a nexus in my home state. The owner has been a sole proprietorship "doing business as" under a trade name since the mid 80's. I would prefer to keep the business separate from my personal finances/property, but how do I go about setting up a foreign LLC without another LLC or even business with articles of formation if the "foreign" party is a DBA? [link] [comments]  |
| Should I cut my advertising when it’s slow? Posted: 01 Sep 2020 08:39 PM PDT Part of me is saying keep spending on advertising to get more work. The other part is saying spend nothing until things pick up. Which side is most right? [link] [comments]  |
| Building Your Own Audience Is Profitable Than Advertising – Here’s Why. Posted: 01 Sep 2020 11:54 PM PDT Advertising is failing, thanks to Adblockers. Here's how you can sell successfully to an audience without trying to shove an ad down their throat. https://medium.com/@manishmshiva/building-your-own-audience-is-profitable-than-advertising-heres-why-88bfc3aaf8c0 [link] [comments]  |
| How can I trick my (multi-billionaire Hong Kong) landlord to not raise my commercial lease's price? Posted: 01 Sep 2020 11:25 PM PDT I run an essential business in Hong Kong. I lease 900 sq. ft. for $20K USD/month. 1 USD = 7.8 HKD. I already included the "Management Fee and A/C charges" at $3 psf/month. Moving isn't an option, because even after this rental hike, this premise is the cheapest. HK's real estate tycoons control all the real estate. My multi-billionaire landlord want to increase my lease by $5K USD/month, notwithstanding the political protests, COVID19. How can I (legally) gull them into keeping my lease price? I'm thinking of creating another email with a fake name, to pretend to be interested in the current premise. Then I'll make extremely low offers, to try to convince them that other lessees are worse and I'm offering far more money. [link] [comments]  |
| Question about business license application (California) Posted: 01 Sep 2020 07:21 PM PDT New to the subreddit. I tried searching first, but I could not find this specific question. Backstory: I have had a videography business on the side for a few years now (since 2016). Most of my work is repeat business with clients that 1099 me as a sole proprietor and I've always done things by the book tax-wise (to the best of my knowledge). However, a client that I have worked with that entire time has informed me they are changing a policy that now only allows them to work with independent contractors who have business licenses-even sole proprietors that don't necessarily need one like myself. Exposition out of the way: I am working on the application for business tax certificate with my city and one of the questions is "Date Business Started in City". It may be important to note I also will be using a fictitious name now since I will have the business license instead of just my legal name. Do I put when I first started doing independent contractor work back in 2016? Or do I just date it as today's date or something since it will be the first time using the fictitious name? Any help is appreciated. Thanks in advance! [link] [comments]  |
| In a 51/49 percent business with a big problem Posted: 01 Sep 2020 01:46 PM PDT So my parents own a beer store with our uncle and my parents have 51% of the business while my uncle has 49%. We couldn't do 50/50 because the beer store is in pa and me and my parents are in pa so if my dad wanted a beer license he has to be majority owner and my uncle lives in Florida but after we bought it big problems came up, like my uncle asking for a higher pay for his son that works there and how we should give up 5% of our profit to his son so he can make money, my dad found the whole business and we were gonna add my dads friend as a partner but my mom wanted her brother as a partner Bc he wasn't doing to hot on the making money side and now he's doing this. My question is can we go to court and buy out the business/ kick him out by giving him his money and taking the 49% or it's not possible? [link] [comments]  |
| LLC Business address/Virtual address confusion - California Posted: 01 Sep 2020 02:59 PM PDT Hello all, I have done some research on starting up an LLC in CA and ran into an issue with the business address or "designated office" term found in the form LLC-1 2a. According to California Corp code 17701.13 (d), documents will need to be kept at the business address or "designated office" specified in form LLC-1, these include things like the Articles of Organization, financial information, etc. I was planning on using something like a virtual business address/office to reduce some overhead but I doesn't sound like this would be valid for the state of CA. Does anyone know of any alternatives that would work with this restriction? Many thanks in advance! [link] [comments]  |
| Owners of self-serving kiosks at your brick-and-mortar, what are the pros/cons of this? Posted: 01 Sep 2020 08:01 PM PDT Considering what's going on right now, what would you say are the pros/cons of integrating a stand alone, self-serve kiosk at your place? What's your take? I'd prefer to hear from someone who considered getting one or has had experience with one, and not from a website. Thank you. [link] [comments]  |
| Business Expenses Help for Canada! Posted: 01 Sep 2020 03:53 PM PDT Hi team! I'm based in Canada and am opening a small business for my first time this month! I'm wanting to purchase the majority of my equipment (carpet cleaning) from the states because of the quality and price point. I don't mind the shipping and duty paid on top as it's still cheaper for me. My question is: Am I able to use these equipment costs as a business expense in Canada? Thanks! [link] [comments]  |
| Opening an LLC as a foreigner who's never been to the US Posted: 01 Sep 2020 03:51 PM PDT I've been working as a freelancer for the past 6 years, mostly writing articles and blog posts on various freelancing sites like Upwork. Since I have a large number of clients I work for regularly, I want to avoid some costs imposed by these freelancing platforms and start a US-based LLC (easiest for me). The reasons for opening a US LLC are: Does anyone have any experience and can shed light on some of the hurdles associated with this? If any foreigners have been through this, I'd appreciate feedback or even a PM so we can talk. I know I'll need a virtual address and a US phone number for my business, so will open those up, and am planning on using FileInc for starting up the LLC (New Mexico probably). My biggest concern are taxes and how to file them (if I should file them at all), since I know LLCs are pass-through entities. I still have to file form 4732, but not sure whether I'll have to pay any taxes (state, local or federal). For the record, my country doesn't have a treaty with the US. Thanks guys! [link] [comments]  |
| Long time client charged well over industry norms Posted: 01 Sep 2020 03:02 PM PDT I purchased a well established service-based business last year. In drilling down on details of existing clients, I found one client has been with us for 30+ years. While most industry fees have been trending downward as a percentage, theirs have remained the same. As such, they are now basically paying a 60%+ premium compared to other clients/our competitors. It's a significant chunk of business, so I'm torn on gladly earning the extra income, but also don't want them to find out that everyone else is paying less. Also, not sure how to even do the approach of offering to lower our fee without opening a possible can of worms. Thoughts? [link] [comments]  |
| Posted: 01 Sep 2020 02:12 PM PDT I am a cosmetologist that is currently listed as a sole proprietorship. My hobby of officiating weddings is starting to take off and I want to combine the two together to create a whole new business! I have been told starting as an LLC is my best option. What would be the best way to go about this in an efficient and legal manner? Any advice for a newbie business owner? [link] [comments]  |
| Record keeping as a babysitter? (Canada) Posted: 01 Sep 2020 11:50 AM PDT Hi, I brought in some income working as a babysitter for 3 or 4 families in 2020. I recieved cash payments, and I have reciepts of the payments I earned as well as a ledger where I document the dates and times I worked as well as the names of the families and the amount i brought in. It's around 5 or 6 days a month. I'm wondering how I should file my taxes when the time comes because I can only find advice for people who ran home daycare businesses, and I did not work as a home daycare provider. Additionally, I'm wondering what other records I should keep in the future. I dont have any real expenses to keep track of, just records of cash income. If this belongs in another group please let me know. Thanks [link] [comments]  |
| Investing in a successful private LLC Posted: 01 Sep 2020 09:52 AM PDT I have a family member who runs a successful real-estate business that has a large focus on providing bridge loans. He's almost always able to employ additional capital due to the large number of secured loan requests he gets. I'm looking for a way to allow for individuals to invest their capital in the company and I'm not sure who to contact about this in order to ensure everything is done legally. I've come across the following as potential solutions but I'm having a hard time coming up distinct pros/cons for each.
If anyone has any input on the differences between the two routes it would be much appreciated. From what I've gathered, the two are very similar, but the issuance of bonds requires lots of disclosure from the LLC. Why would someone choose to issue bonds over private loans? Does it simply make it more marketable? In regards to marketability, I know and Investment advisor can advise suitable clients to purchase bonds. Can they also advise clients to provide a private loan to a company? [link] [comments]  |
| Question regarding Covid-19 enforcement Posted: 01 Sep 2020 07:33 AM PDT I own a small homemade ice cream shop. I have mask mandate legislation instructing those entering that a mask must be worn on both of our entrances. Quite a few customers still do not wear masks. I have gotten several complaints that mask enforcement needs to be taken more seriously. Most of my employees are high school girls. I do not think it is safe or appropriate for them to enforce mask usage to adults. Also, there is no way we can have someone at both doors checking masks during all business hours. I'm wondering if anyone else has a good solution, or if I'm doing everything correctly and should just ignore the few complaints. [link] [comments]  |
| Posted: 01 Sep 2020 11:06 AM PDT Hey guys, we just launched our creative agency a couple months ago & we would love to hear some feedback. We have decent amount of work coming in and would love to get feedback from you guys and see areas we can improve. Thank you! [link] [comments]  |
| Is SaaS per user pricing based on created or active user? Posted: 01 Sep 2020 04:23 PM PDT Let's say for 10 users... Can there be only 10 users in the database... Or, there can be 50 users, but only 10 can use the app at the same time, meaning someone has to logout, for another to use the app? [link] [comments]  |
| Posted: 01 Sep 2020 04:19 PM PDT We have a small service business (think electrician, plumber etc) that has three employees. Two doing service calls and one shop guy to handle walk ins and projects there. Currently our scheduling is a board that we tape notes to for each day of the week and then employees grab the notes off the board and put them on their clipboard in the morning for their morning jobs, and then again after lunch for afternoon jobs. Needless to say it's less than ideal. We're trying to find some software that allows the two computers at the shop and our phones to be able to view or edit scheduling. No need for time clocks or anything fancy. Basically just need something that says: Title of job Time - Date Location Contact information Notes for details on job Employee assigned to job There is also situations for jobs where we don't know exactly when we're doing it. Say we have a window of Tuesday or Wednesday so we'd like to be able to specify that as well. Does anyone have any suggestions? It would be nice to be away from the scheduling board and access the schedule or know exact information as to where techs are during the day. Thanks! [link] [comments]  |
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