Marketplace Tuesday! (September 01, 2020) Entrepreneur |
- Marketplace Tuesday! (September 01, 2020)
- Jim Carrey drops some T-Bombs about doing what you love
- Homeless with part time minimum wage job - what are the next steps to make a business?
- I want my legacy to be helping reduce mental health issues and suicide in men. What are some business ideas to work towards achieving this?
- My industry was decimated. Here's how we maintained profitability.
- Any business owners here who just outsource most of their work outside of admin and sales? Could you share some tips on how to run the business well when you dont really have control over the operations?
- What Poker Can Teach You About Startups
- As a software agency employee/owner, how do you solve a situation where you are just starting and clients would like to have additional support from you after the project ended?
- I think my newsletter is really good - how do I get more subscribers???
- Female and Male Co-Founders Who Have Not Met Before...Will This Partnership Work?
- I have a product I want to start selling involving UV light should I be afraid of people suing?
- Discovering your WHY?
- Looking for advice
- Any simple side hustle recommendations and advice?
- Don't fixate on finding business ideas... Fixate on solving problems... “Solve a problem = Make money”
- A Founder's (Non-exhausted) Guide to Debt Financing
- Before I spend (another) $3000 - Kids product safety - Magnetic Pillow Fort
- How did you guys change your mindset when you left your full time job?
- Weekday Nugget #11 - Lessons From A Guy That Sold 4 Companies - Use Your Version Of Truth To Be More Positive and Productive
- We just launched our B2B SASS for online meeting notes
- CRM + Mailing Campaigns - Help needed :)
- Can I use Shopify forwarding email addresses to create my Stripe and PayPal account?
- Questions for a High Level Property Manager
- Investment Capital Sourcing
- Anyone in the blogging or newsletter space?
| Marketplace Tuesday! (September 01, 2020) Posted: 01 Sep 2020 06:10 AM PDT Please use this thread to post any Jobs that you're looking to fill (including interns), or services you're looking to render to other members. We do this to not overflow the subreddit with personal offerings (such logo design, SEO, etc) so please try to limit the offerings to this weekly thread. Since this thread can fill up quickly, consider sorting the comments by "new" (instead of "best" or "top") to see the newest posts. [link] [comments]  |
| Jim Carrey drops some T-Bombs about doing what you love Posted: 01 Sep 2020 04:10 AM PDT Here, Jim is talking about how his father could have been a great comedian but he chose to be an accountant because he thought that was a "safe" option. And despite choosing the safe option his father lost his job and his family struggled. And that taught him, "that you can fail at what you don't want, so you might as well take a chance on doing what you love." How often are we while traversing the path of entrepreneurship barraged about the "safe" option? What was the safe option that you gave up? [link] [comments]  |
| Homeless with part time minimum wage job - what are the next steps to make a business? Posted: 01 Sep 2020 11:15 AM PDT As the title reads, I'm in a rough chapter in my life. But, it's not all bad - my necessities are met. Now, I have a fire and drive to get somewhere in life. I'm asking for advice for what to do and the correct things to do. Saving up money with a minimum wage is not going to make me rich or start a business in time. Whenever I have time, I read and learn about business. (this subreddit helped a lot). Should I connect with wealthy people with a solid business plan and find venture capitalists? Should I start with a cheap small business and build up wealth from there? [link] [comments]  |
| Posted: 01 Sep 2020 09:44 AM PDT I don't care about becoming a millionaire, or buying a lambo, I want to create a business that will help fix this problem. I would of course like to earn enough to raise a family, so giving up my free time or volunteering isn't what I am thinking about here. What are some business ideas to achieve this? [link] [comments]  |
| My industry was decimated. Here's how we maintained profitability. Posted: 01 Sep 2020 01:29 PM PDT Hey r/Entrepreneur! My name is Brandon Wong and I am the CEO and co-founder of Photobooth Supply Co. We've done a few Starter Story posts which go over how we built our company as a husband and wife team in 2013 to the 20 person team we have today. TL;DR We started off as a wedding photographers when we were 19. By 21, we started a successful photo booth rental side hustle. The next year, we began selling the photo booths as a turnkey option for other entrepreneurs struggling to find a business to start. Today, we've helped thousands of people pursue their dreams of owning a business while capturing precious memories and extending our original mission as photographers. Fast forward to March 2020... We were having our best quarter ever and the experience economy was in full bloom. In fact, we were on track to pass our 2019 profits by the middle of Q2. Then... the pandemic struck and gatherings were banned. By the first week of April, revenue had dropped 90% and we had to get creative. There were many things out of our control but we focused on what we could control. Here's what we did: Team Members
Marketing The pandemic forced us to think outside the box. This Reddit post gave me the idea of becoming to "go to resource" for anything photo booth related, so we started the following:
All of these efforts take care of the consideration and decision stage of our buyers journey. So now we've been able to focus our new ad spend on the awareness stage. Shifted Product Strategy Our photobooths have a SAAS component that allows them to create, capture, and close events. So, the question we now needed to answer was: how does our product provide value if even if you aren't physically present at an event? So, we shifted our strategy to focus on ways our app could help our clients book future events and do them safely.
The Result
We are all exhausted, but happy to have the opportunity to continue to provide for our customers and community! Whew. That was fun to write up. Feel free to post any questions! [link] [comments]  |
| Posted: 31 Aug 2020 07:10 PM PDT Lots of businesses seem to focus on sales and admin and then outsourcing the "real work" to third party companies (Chinese manufacturing, freelance coders, marketing etc). That said id yet to see a company doing this who arent running around like chickens with their heads cut off. I know well managed businesses with this business model exist id just like to hear some advice on how to do it well. Thanks! [link] [comments]  |
| What Poker Can Teach You About Startups Posted: 01 Sep 2020 02:11 PM PDT Some of the best entrepreneurs like Tony Hsieh, Sam Altman, and Chamath Palihapitiya say they learned a lot about business from poker. Poker has a few lessons to teach every entrepreneur. Poker can teach you about choosing a startup idea, timing, luck, risk, and dealing with people. Without further adieu, here are the lessons! Choose the table to sit at carefullyIn poker, there exists a term 'fish'. That's how professional players call amateurs who are at the table to lose money. As a poker player trying to make money you try to find a table and play with 'fish'. Here's a great summary of the point from Tony Hsieh, the CEO of Zappos:
Timing is essentialEven the best cards might not be worth playing out of position. There is a great TED talk that explores this thought in detail. In short, according to researchers the single biggest reason startups succeed is timing. One example is Airbnb starting after the 2008 financial crisis when people needed extra cash and were willing to explore the possibility of hosting strangers in their house if it meant paying for their bread. It's about understanding people.Reading people gives you the ultimate advantage in poker. With amateurs, you can see their bluff in their body language. On a professional level, reading people is often considered very hard if not impossible to pull off. It's what separates professionals and amateurs in poker. Understanding people is also crucial in business. Moreover, in comparison to poker, the advantage doesn't wither away as you grow. Success is not about the quality of your product. It's about the perceived quality of your product by others. Can you convince them to buy? Can you deliver them a great experience of using your product? It's all about people, understanding them, and delivering to their needs. Take calculated risks"Feeling lucky" doesn't cut it if you have 2 and 7 offsuit, which is the worst combination of starting cards in poker. The best poker players are able to calculate the probabilities of success and not be swayed by their emotions. The same applies to business. Many entrepreneurs go back to a 9 to 5 job after one failed startup. Yet, what are the chances of success with a startup? 1 in 100? Moderate success for 1 in 20? If you were to truly internalize those odds, you would realize that often it's not about you, but rather about a bad lottery ticket. Buy another one, bad beat is not a reason to give up on your dreams! Originally posted here [link] [comments]  |
| Posted: 01 Sep 2020 04:27 AM PDT Since there are only a few us working on the project part-time after our jobs, how can we provide additional support after the project ended? Maybe a few us won't work on this anymore or we will get another project that will be our main focus, we cannot tie ourselves with the maintenance of the existing one? Am I missing some bigger picture with my thoughts or? EDIT: My question is how would we structure this in a contract if it's a new case? The key aspect here is that we're all employed full-time at different companies, and we're doing this in our free time hoping to one day open a company. How should we arrange for these situations if that is our goal? Should we try to remove the maintenance part or sell it and find more people for new projects? [link] [comments]  |
| I think my newsletter is really good - how do I get more subscribers??? Posted: 01 Sep 2020 11:14 AM PDT Ideally looking for suggestions from newsletter creators with experience, however I am open to anyone's ideas! So I write a weekly newsletter for b2b sales professionals. I discuss something sales related that provides an actionable sales tip in 3 minutes or less, and I have a few other sections that are more like optional bonus content for the reader in the form of links to recent headlines, meme's, etc. It's written very conversationally as most sales training/reinforcement is super boring. My first edition went out July 21st, but here are my stat's thus far: Subscribers: 105 Any feedback I've gotten has been super positive. It's obviously still early, but not getting any negative feedback aside from that 1 unsubscribe has been awesome. Majority of my current subscribers are just from me DM'ing people on LinkedIn that are in b2b sales. This is tedious and also not scalable, so I'm looking for other growth methods. The only idea I have is a referral program, but I feel like it might be too early for that..? This is NOT a backdoor way of promoting my newsletter, genuinely looking for ideas. But if it helps to provide context for my product, I left the link to my landing page below. [link] [comments]  |
| Female and Male Co-Founders Who Have Not Met Before...Will This Partnership Work? Posted: 01 Sep 2020 11:07 AM PDT Hi all, I've been searching for a local technical co-founder to start my b2b online business with for about a year now. Yesterday, I stumbled upon a tweet from this local lady saying that she is looking to join a technology startup as a technical co-founder and she is passionate about technology startups. I clicked on her bio link and I was impressed by her resume even though she graduated from college with a high gpa CS degree only a couple of years ago. She seems like a good fit from a technical standpoint. I wan to set up this business ASAP and don't want to blow this partnership opportunity up with over thinking. However, I want to be thoughtful about how to get it working successfully from the get go. So, I am here seeking your advice. I have a couple of points that I especially need your feedback on: 1- I am planning on offering her 40% equity and we both will earn our equity on a 5-year vesting schedule with one year cliff. Any feedback on this strategy? 2- She lives 400km away and she said will initially work part time. So, we will work together mostly remotely but we can meet if we really had to. Could that cause a problem in the future? 3- How likely would a business partnership be affected by having opposite gender business co-founders (two co-founders in our case) who never knew each other before? I'd really appreciate it if you mentioned whether you've partnered with a technical co-founder before along with a thorough feedback on the above concerns and any other considerations in general :-) Many thanks all! BT [link] [comments]  |
| I have a product I want to start selling involving UV light should I be afraid of people suing? Posted: 01 Sep 2020 10:37 AM PDT People sue for basically everything and I'm a college student so I basically have negative money, is this something I should be worried about? Any recommendations for getting around it? [link] [comments]  |
| Posted: 01 Sep 2020 10:26 AM PDT Hello! Does anyone have any book suggestions or resources for helping to discover your "why" in business/life. Sort of looking for some strategy help. I've read Simon Sinek's "Start With Why" and I'm thinking I'll purchase his second book "Find Your Why" (though reviews say this is more focused towards organizations vs. individuals) I'm really looking for some tools/resources in helping me with this. Whether it's a book, journal prompts, video, etc. Of course I'm doing my own research online to find these answers, but am curious if anyone on this sub has ideas [link] [comments]  |
| Posted: 01 Sep 2020 02:11 PM PDT I've been working with luxury apartment communities to bring onsite events (bingo, trivia, comedy shows) for their residents for the past 3 years. Covid really helped my business, oddly enough, I did close to 50 virtual events during April and May. I set up these under my own name. I'm now trying to get everything under a business name to make it more official. Anyone with a similar experience, what's the best way to transition existing clients to your new business? [link] [comments]  |
| Any simple side hustle recommendations and advice? Posted: 01 Sep 2020 02:07 PM PDT Currently i am 14 years old and i'm looking for ways that i can earn $50 a day. I am willing to put in work but i don't want to end up wasting time doing something which won't help me. Help please? [link] [comments]  |
| Posted: 01 Sep 2020 08:02 AM PDT Creating a business is simpler than most people think it is: "Solve a problem = Make money" This is from a recent article I wrote that got a lot of praise from my email list. Thought that maybe you'd enjoy it. I added a couple of examples from my past in the article. You can read the entire thing here if you are interested, but basically the formula is this:
I'd love to hear your opinion on this! [link] [comments]  |
| A Founder's (Non-exhausted) Guide to Debt Financing Posted: 01 Sep 2020 01:26 PM PDT TL;DR: Debt isn't talked about as much as equity financing for startups. For those considering it to fundraise, I lay out specific options that may work for you that are different from your standard bank loan as well as pros and cons for you to scroll through. Debt still carries lots of risk, so use due diligence. Many of you who are in the startup space know that fundraising is dominated by the idea of equity financing or venture capital. Debt financing isn't discussed as often and can commonly be misunderstood by founders, because there are so many options available. I want to lay out a guide for founders who may be curious about debt financing discussing what exactly is debt financing, the most common options, and the advantages and disadvantages to guide entrepreneurs in their fundraising efforts. To start off, what is it? Debt financing is the borrowing of money to fund working capital. The borrowed amount comes from an outside source where the borrowing company agrees to pay the principal plus interest over a specified period of time. Debt financing isn't limited to traditional bank loans. In fact, individuals not affiliated with financial institutions can lend capital to businesses in the form of debt. How is it different from equity financing? Debt, in any form, must be repaid. With equity financing, you are exchanging company ownership for capital. There is a lot of risk associated with equity financing relative to debt financing, making it a very expensive option. While tech startups generally look into the equity financing route, debt financing can be beneficial for these types of companies because they can leverage debt to supplement or extend runway for future financing rounds. The different forms of debt financing: 1) Business Line of Credit A business line of credit is a revolving credit that allows you to borrow capital when you need it up to a certain limit. Lines of credit are best for companies that are looking for short term funding for regular expenses. They are also beneficial for seasonal businesses looking to bridge their busy season, and businesses who need extra capital for new contracts or projects. 2) Business Credit Card Similar to a line of credit, business credit cards are also a form of revolving credit. Approval for a business credit card is based on personal credit history rather than company history, so it's perfect for companies that have a relatively new or nonexistent credit history. Business credit cards are often used for operating expenses, but they generally come with high interest rates if you don't pay off your balance each month. One of the perks of business credit cards are the rewards that come with it. So when choosing one, keep in mind what type of rewards your business would benefit from the most. 3) Invoice Financing Also known as factoring, invoice financing is a way to borrow money against your account receivables. Lenders (in this case, factors) fund a certain percentage of specific customer accounts. Doing this will allow you to control your cash flow and continue to move business forward without having to wait on customer payments. Invoice financing is most beneficial for businesses with larger accounts or payments to pull forward. 4) Merchant Cash Advance Merchant cash advances (MCAs) are often given to businesses that heavily rely on payments from credit and debit card sales. Businesses receive a lump sum from a provider and repay it with a percentage of their sales. MCAs are often seen as a last resort, because they are known for having very high annual percentage rates. However, they can be an option if you don't qualify for other types of financing because credit scores and business history isn't a huge factor in receiving an MCA. 5) Venture Debt Venture debt is a type of debt financing to venture-backed companies by specialized banks or individual lenders to fund working capital. This can be difficult to acquire as venture debt lenders use a similar due diligence process used for venture capital, and it poses higher risks than other forms of debt financing. And now the advantages and disadvantages of choosing debt: Pros:
Cons:
When choosing debt financing, keep in mind what you need the capital for, if your customers pay on time, and if you can make regular payments. Debt is a great solution to prevent equity dilution, and it's important to have a high-level understanding of debt financing as a founder if retaining equity is a priority for you. [link] [comments]  |
| Before I spend (another) $3000 - Kids product safety - Magnetic Pillow Fort Posted: 01 Sep 2020 03:54 AM PDT I'll spare you the background story, click here if you want more: BACKGROUND Question: - What sort of compounds/chemicals should I be looking out for to keep out of my kids products? (I'm manufacturing in China, and I know there are a lot of dangerous things for kids and parents are very sensitive). - With Prop 65 - what do I need to be concerned about with that? (I've got neodymium magnets, a polyurethane foam and polyurethane "leather" covering product) - Can anyone recommend where to get product safety testing done? - Can anyone recommend who can help me draft safety sheet to put in product box and on website? (as well as safety tags on product, I have no idea who does these!) Thanks for your time and input! I've been a happy lurker here for a while but want to start getting to know people! --- OTHER RELEVANT LINKS FOR CONTEXT --- [link] [comments]  |
| How did you guys change your mindset when you left your full time job? Posted: 01 Sep 2020 12:05 AM PDT I will be leaving my corporate career of 13 years to go full time on my business within the next couple of months. For the last couple of years I have had my excited startup phase and so I don't get to run at my business with quite the same enthusiasm as back when I started. I am fearful that:
It feels like I need some sort of huge mental or physical overhaul to restart my life. Has anyone else had a similar dilemma? What did you do? [link] [comments]  |
| Posted: 31 Aug 2020 04:43 PM PDT Hey nugget peeps! I'll start this with a quick story: My parents went to high school with a comedian and actor named Robert Townsend. Some of you young chaps might not know him, but he had some popular roles in the 90s (Meteor Man) sticks out, and he was a pretty popular black comic for awhile. Anyway, in high school apparently no one thought Robert Townsend was funny. He was constantly joking around, but the only funny thing about his jokes was precisely how unfunny his jokes were. Eventually, everyone finished high school and sometime right after college my parents saw Robert Townsend in a commercial. "Man, I can't BELIEVE that dude made it" Well, he did. Robert is a working example of one of my favorite concepts---which is to hold onto whatever version of the truth (within reason) that will help you be more positive and productive. In business, there are going to be days where you encounter a fork in the road emotionally. This usually occurs after something intensely negative. We have the choice to give into that negative---such as lashing out in a bad way at a customer, losing passion (or motivation) for the business right when you're gaining some momentum, or allowing some petty thing to distract you from the larger vision. I have come across many entrepreneurs (and wantrepreneurs) over the years and unfortunately, the people that aren't good at seeing the bigger picture just won't do very well. But sometimes, sometimes...it's fucking hard for the best of us. In these situations, I have trained my mind to 'lock-in' on something that in the moment doesn't make sense, but that forces me to take a more productive route. This could mean accepting some exceptionally harsh criticism---poorly delivered, but correct and helpful advice. This could mean playing nice with a crappy partner until you work out an agreement to part ways amicably. This could mean reinvesting a bunch of money into the company that you really didn't want to spend (maybe you were anxious to start enjoying some fruits of labor) so that your company can pounce on an opportunity with a limited window. The problem with some of these scenarios is that sometimes it's hard to know whether your efforts will guarantee a better outcome, so you have to rely on faith. What is faith? Accepting something as truth even if surface logic doesn't exactly tell you to do that. The nugget is this: If you train yourself to be in control of your thoughts, and focus on a truth that will allow you to be more productive, your business can get through some exceptionally difficult challenges. Lean on your new truth, and fight for that truth. If you enjoy this content, join us over at /r/weekdaynuggets! [link] [comments]  |
| We just launched our B2B SASS for online meeting notes Posted: 01 Sep 2020 11:06 AM PDT Hello I have been working with corporates and I was having too many online meetings and I was tired of taking notes and keeping a track of it. Life was getting hell and thanks to Coronavirus, it just reached the next level. I started using Otter and other Voice to Text solutions, but it was just a transcription service and it didn't help me a lot. I was looking for a solution to automate it, and I started to work on a solution and finally with day and night work, Here is what we have built, this is the first version.
Apart from all the above stuff, it also provides a very good transcription and the accuracy of the transcript is more than 85%. What I think, we will be working on next is -
I am a first-time founder and I would really like to show you the tool and get your feedback. It will really help me and my team a lot to better understand your need and also we can make a better tool for you. Please support us, you can book a demo with us here - https://rechord-ai.netlify.appAlso, anyone signing up for the demo, we will set up a personal account and also give additional hours to test out the tool and for FREE. [link] [comments]  |
| CRM + Mailing Campaigns - Help needed :) Posted: 01 Sep 2020 11:02 AM PDT Hey guys, we are a medium-sized startup in the AI sector. I need your counsel on what tool we should use. I have done many many hours of research and feel a bit overwhelmed. We are looking for tools for 3 purposes:
Right now I am considering getting Klenty/Woodpecker for cold mailing and free Hubspot for CRM. Don't know if the free hubspot will cover the second point though. Another idea I have is to get ActiveCampaign which would definitely cover second point and even has its own CRM but doesn't allow for cold mailing - don't know if I could integrate Klenty/Woodpecker with it. Any help will be extremely welcome, I know there is no better place to seek help than you fellow Redditors. :) John [link] [comments]  |
| Can I use Shopify forwarding email addresses to create my Stripe and PayPal account? Posted: 01 Sep 2020 10:16 AM PDT Just a quick question, if you have insight or advice that would be greatly appreciated. Can I use forwarding email addresses to create my Stripe and PayPal accounts? Thank you for your time. [link] [comments]  |
| Questions for a High Level Property Manager Posted: 01 Sep 2020 09:35 AM PDT I have a student housing startup which I am doing market research for, and I have used my entire network and even reaching out to various companies with no avail. Is there anyone on here who has worked in a high level property management position that can answer a few questions for me? Primarily about rent pricing and additional service pricing tacked on to rent (utilities,parking passes, etc.) [link] [comments]  |
| Posted: 01 Sep 2020 08:40 AM PDT Hi all, what are your ideas on how to raise private investment capital for a down payment on a loan to buy a pre-existing business? Is there a website you would use to pitch the idea? Talk to family and friends? [link] [comments]  |
| Anyone in the blogging or newsletter space? Posted: 01 Sep 2020 08:03 AM PDT Looking for a some help testing an app to help driver referrals. [link] [comments]  |
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