- UPDATE: (My former boss offered me my job back (rather a better one) with a mouth-watering compensation package way north of $150k. Would I be a fool to decline it?) I declined it. Guess what happened next. Should I offer him stake in my company instead?
- hey guys, i’m (16F) thinking of selling my baked goods but don’t know much about pricing products, making profit, and all that
- Today someone asked if I would sell them my small business...
- Amazon again?
- I am trying to start my own small business, advice on market research?
- Family owned cafe restaurant - to shut down, try to sell at 50%+ loss, or keep going while going into debt?
- What makes an online tutorial session exciting for you?
- Lacking funds for initial inventory, suggestions?
- What is your experiences with Indeed?
- Small Business possibility?
- I'm jumping in.
- i keep failing on every business, should i just stop trying?
- Interested in starting a non-profit but below 18
- Is it reasonable to hire someone to manage my social media? Need more experienced business owners advice.
- What do you think of this name for my graphic design business?
- best card machine for a small business in UK
- Franchise “lied” about how many locations they have
- [Asking a Favor..] What are the first few cybersecurity tools you use?
- Trademark or LLC first? How do I best protect my business name?
- Looking to Start PC Repair/Build Gig
- business broker
- Recently formed LLC
- My business has a cash reserve of 2x our annual expenses. What should I do with the non-emergency fund portion of it?
- Customizable POS System for produce/grocery store?
| Posted: 04 Sep 2020 08:11 AM PDT A couple of weeks ago I shared this thread: https://www.reddit.com/r/smallbusiness/comments/ie1q3u/my_former_boss_offered_me_my_job_back_rather_a/ To summarize: I quit my big agency job right before the COVID-19 pandemic hit to start my own small agency. I have been doing ok considering. A couple of weeks ago my former boss called me to try to convince me to come back and take up a higher-paying ($150k+) position. After thoroughly considering my options and a lot of reflection, talking to people I am close to, and a lot of convincing my wife, I finally made my decision. (Thank you to everyone for those truly humbling, inspiring stories, and encouraging words.) I met up with my old boss for lunch this week, proceeded to thank him for the opportunity, and politely declined. We left off with him considering my suggestion for consulting/outsourcing instead. As if I wasn't having enough tough time deciding on that $150K+, someone else with a seemingly solid company reached out to me after seeing my post here willing to offer even more and an opportunity to experience a new challenge (thank you again if you see this). Then yesterday as I was getting ready to leave my office for the day, my phone rings and its a facetime call from my old boss again. I knew something was up because he's never facetimed me before. He goes straight to say, "I am sending you an email and I want you to look at it right now." So I open the email and I cannot believe what I am looking at. There it is...$170K (base salary + other guaranteed cash compensation)....that's a leap from what I was making prior to quitting. He had to be out of his mind! Before I can say anything, he goes on to say, "The offer is valid only if you accept it right now and sign that pre-employment agreement." I couldn't do it, I needed some time to think. So I played the only card I had...I told him that I needed some time to discuss it with my wife, which I needed. He could not get out that one, so he finally obliged, albeit with a play of his own. He agreed to give me until Tuesday, but with a condition: take-it-or-leave-it and there will be no talk of the possibility of consulting. --- (here are some background details and me just sharing my thoughts...feel free to skip) --- As I got off the phone, I couldn't help it but think that something was going on. In NYC $150K for this position (top manager right below director level) combined with my experience (10+ years) doesn't scream out of place. But $170K? That's a Silicon Valley kind of figure. So after I got off the phone, I wanted to find out what was going on so I started doing some 'digging'. So last night I called an old co-worker who still works there to see if he could spill something without knowing why I was calling. What I found out was that about 2 months ago they just signed a long-term contract to produce a yearly campaign based on a prototype we did 2 years ago for the same F10 company. The thing is, I designed the framework for that campaign. They have the platform to build on, so I am thinking that maybe the client asked about me. Anyway, I have not told my wife yet and I don't know if I want to or how to. If she thought I was being foolish refusing $150K, she's definitely going to take the kids and have me committed to a mental institution if I give her the slightest hint that I may not take $170K. If I don't take it, should I just not tell her until I can equal that figure on my own and then tell her then? Last time I managed to convince her using the prospect of consulting, of which the fees plus the projections from my current business would leave us closer to that $150K anyway. This time, I have nothing tangible but a gut feeling to argue against taking a $170K job, especially if he's serious that he won't consider consulting if I decline the offer. Might he just be trying to scare me into submission with the all-or-nothing ploy? At this stage in my life, I am having a hard time going back to being an employee again. Also, I sincerely believe that I can make that figure on my own eventually, maybe even sooner than I can prove (to my wife). Part of that confidence comes from the fact that the agency is not the only thing I have going on. For example, I have another project (media) that's also picking up. Moreover, deep down I honestly think that with my skillset and experience (marketing and software engineering), I would fit perfectly as a co-founder / CTO at some tech startup (a guy can dream). --- (to here) --- EDIT (9/4/20: 4:47) Just to be clear, my wife is not leaving me and neither am I suggesting that she is some fly-by money-hungry kind of person that would actually leave if I don't take the job. It was just my way of colorfully (and obviously dramatically) capture her initial response (as matter of fact, she'll probably jokingly say it exactly like that). The same goes for the point about not telling her. I appreciate all of you that reminded me that I should tell her. I was going to tell her but just wanted to emphasize the point that it won't be easy. [link] [comments]  |
| Posted: 04 Sep 2020 08:18 PM PDT i've calculated the production cost solely by ingredients, which i guess you could consider raw material, how do i add other expenses like labor, delivery, general overhead, etc? [link] [comments]  |
| Today someone asked if I would sell them my small business... Posted: 04 Sep 2020 03:58 PM PDT ...and how much I'd sell it for. I thought he was joking at first and laughed. But then he looked serious. So I said "seriously?" And he said yes. I have been thinking of shutting it down because I want to start another one. But selling it obviously SEEMS like a better idea. But I would have no idea how to even come up with a dollar amount. Or the pros and cons. He'd want all of it, the name, clientele, inventory, and would need to be trained. Has anyone here sold a business? What are your thoughts? How did you come up with a fair selling price? Did you offer to stay behind and train the buyer, and if so, did you include that in your selling price? [link] [comments]  |
| Posted: 04 Sep 2020 08:39 PM PDT About 6 years ago i was doing the retail arbitrage thing on amazon. I sold something that was report as counterfeit and banned. I appealed and lost. Fast forward to today where I have a real company making a real product that sells decent. I would like to get back on amazon but when I tried I was told no. Does anyone have an experience getting back on? There a companies that offer a service saying they can get you reinstated but my gut tells Me it's a scam. [link] [comments]  |
| I am trying to start my own small business, advice on market research? Posted: 05 Sep 2020 03:13 AM PDT Hi all small business owners! I have been dreaming about starting my own business especially during quarantine, I have a lot of free time. I am new to everything business. I would love any advice on how to do market research to find niche or products to sell or to the right demographics. What have you used in the past or do you know of best ways to do market research? I have heard of things like asking on facebook groups or sending out surveys [link] [comments]  |
| Posted: 04 Sep 2020 05:47 PM PDT Pre-COVID, the cafe restaurant was averaging about $1k/day. Now it's gone down to $100-150/day. It's depressing. We've reduced to just my mom running the store and me helping out here and there (I have another job), but she is not fluent in English and feels a lot of anxiety having to deal with English-only delivery services alone. We considered hiring a helper but if the delivery services don't bring in much profit, then most of the money earned that day would go towards paying the helper. We talked to a family friend who is a business broker and he said others in our area are shutting down because they can't sell for more than half of what we bought ours for ($400k). They tried selling theirs for $200k and no one is interested. Our monthly lease is $7k, so to think we should try pushing through or keep waiting around to sell is incredibly costly. We're already $20k deep, we've just been paying the bare minimum required. Our store was in a popular area of the city, which is why the lease is so high. We're not sure what the best thing to do would be... Every day goes by and we just sink deeper and deeper into debt. We have no idea what to do. [link] [comments]  |
| What makes an online tutorial session exciting for you? Posted: 05 Sep 2020 01:32 AM PDT Hello! Would you help me answer a few survey questions to get some insight into what gets you interested in taking an online tutorial session? I feel on one hand, paid courses can be astronomical in cost and include more than you need to learn; on the other hand, free tutorials can be quite helpful, but sometimes they lack the structure and consideration of your personality and learning style to keep you on the path to the finish line. I'd like to find a balance and develop a program to make the learning process exciting and curiosity-piquing. I'm aiming to develop one-on-one, personalized sessions for adults looking to get back into the workforce again, or who want to learn a new organisational skill from home to sort out their tasks more efficiently. I have a background in math and office coordination and the tutorials will lean towards topics like arithmetic and organizational skills, but the survey questions are neutral and I'd love to hear your insight. This is the link: https://docs.google.com/forms/d/e/1FAIpQLScJguvq3BC3F70W5GpfMQ-JFlPG0l0cU_sOn8Nabne5JFxyGw/viewform The survey: • has 16 questions, You're also more than welcome to comment here and let me know what makes sessions exciting for you. Thank you so much! 😊 [link] [comments]  |
| Lacking funds for initial inventory, suggestions? Posted: 05 Sep 2020 12:52 AM PDT My business is just nearly operational. It's fully licensed and registered, filed for necessary trademarks, website is fully functional, conducted the proper marketing analysis and a decent business plan, etc. The only problem is that I'm a few grand short to pay for the initial inventory. For the past few weeks I've been debating the best way to solve this issue. Some relevant information, I'm a service disabled veteran so a few additional venues open up. Idea #1 - SBA 7a. This is a last resort, I would prefer to avoid taking out loans before generating income. Idea #2 - Veteran organizations. There are some non profit organizations that exist to help veteran owned small businesses succeed. I tried this twice already. The first time, the organization mixed up their scheduling and I never heard back. The second time nobody was interested because my products aren't related to the military in any way and aren't made in the US. Idea #3 - Angel investors and anything similar. This is the furthest down the list because it seems the hardest to obtain, most investors have a huge list of applicants to sift through. Many business-savvy investors that I have come across want a huge stake in the company in return for a small investment. Idea #4 - Cease all operations and extend deadlines. Currently I'm making a reasonable paycheck, enough to live off and put a little cash aside. I'm not sure how long it would take to pay for the inventory since the business is not currently generating profits. The first deadline was to have the shop running before December, with this option all the deadlines would have to be pushed further while still paying for certain expenses such as the annual licenses. What's the best method to finance initial inventory when I'm a few grand short of the necessary cost? Edit - Just wanted to say thanks to everyone for the quick and helpful responses. I have a lot of new ideas to work with now. [link] [comments]  |
| What is your experiences with Indeed? Posted: 05 Sep 2020 12:27 AM PDT |
| Posted: 04 Sep 2020 10:46 PM PDT In my spare time I recently started helping promote products for small business. They send me product and I review it, give feedback and provide comments and improvements. The way I get paid is kinda by the product. Is this a legit business plan? I am in the pursuit of making income but as it stands no one's paying me hourly or a salary just with promotional product. I'd like to think this is a legit pursuit of income, allowing me to take deductions for my home office, computer/cellphone, and storage room where I keep the product and marketing material. Thoughts suggestions? Can I pay myself an hourly wage or charge for it? I don't have to keep the product I can resell it at my cost, and I get to keep the profits. This is just a side idea to make some extra cash and take advantage of having a home based business for some tax advantages. Thanks Appreciate any advice! [link] [comments]  |
| Posted: 04 Sep 2020 08:38 PM PDT I am a seasoned hairdresser who has worked in/managed corporate salons for about 13 years. I want to bust open my own shop. I need any and all advice you have about starting a business. [link] [comments]  |
| i keep failing on every business, should i just stop trying? Posted: 04 Sep 2020 08:22 PM PDT I am currently working on a lenticular printing business and i haven't gotten a single sale to begin with, yeah i started around a week ago but this is really discouraging, i've heard of people who are on the same business that they started getting sales the single second they published their stuff so why is it so hard for me? i published on FB groups (of my niche interests), FB's marketplace, the most famous selling website of my country, fiverr, instagram and no results, should i spend the last little money i have on instagram ads or just give up [link] [comments]  |
| Interested in starting a non-profit but below 18 Posted: 04 Sep 2020 07:43 PM PDT We're a team of high schoolers interested to start a non-profit organization. We would like to incorporate and have a business bank account in the name of the organization. Do any banks in the US allow minors to start a business bank account or do we need help from the 18+ incorporator? [link] [comments]  |
| Posted: 04 Sep 2020 01:04 PM PDT Basically 4 years ago I opened eBay store for fine jewelry that makes me $15k net profit annually with zero effort. No marketing cost, no packaging, handling, shipping. My supplier does it all. The store runs itself at this point. Now I decided to take it more seriously & hired people to make me a Shopify website, hired an agency to take care of google ads & I am wondering if it's the right time to hire a social media manager? I just opened the website 2 days ago. Basically my monthly profit from this for now is $1200-1500. I pay $600 to the agency and another $1500 for the ads for now. Eventually I will invest more. Is it worth to pay out of pocket for someone to handle my Instagram. He will be charging me $300 monthly. The question is not whether it is worth to pay SMM a $300. I think it totally is & I will definitely hire someone once I make more money. The question is should I handle it myself for now? What does make more sense financially? I am funding it with the small EIDLA loan that I got and my monthly $1k disposable income from my job plus the $1200-$1500 from eBay. I do not have any personal debt or payments that I need to worry about & my living expenses are covered by my job. Considering I am a millennial in my 20s living in Los Angeles & having a personal IG with 10k followers, I am not clueless about SM it just takes lots of effort from me & together with my regular job I get no time off basically. What do you think? I'd appreciate any advice from more experienced people who have gone through this path. Sorry if my explanation was all over the place :( Thank you!!! [link] [comments]  |
| What do you think of this name for my graphic design business? Posted: 04 Sep 2020 02:57 PM PDT Hey Reddit! Currently I'm in the middle of rebranding my Toronto-based graphic design business and I'm looking for feedback on the new name I've chosen. Prior to this, my business's name was OKRUK Design (OKRUK is my last name), though I found people were struggling to pronounce/spell it. The new name I've chosen is Juleo Design. My first name is Julie, last initial O., say it all together: Julie-O! haha. The spelling Juleo is a play on that, and I like that it's a bit shorter/more abstract. SO what do you pronounce when you see it? What do you think? I appreciate any and all feedback. [link] [comments]  |
| best card machine for a small business in UK Posted: 04 Sep 2020 06:33 PM PDT can anyone recommend me any I have been looking around not sure who to sign up with just looking for something cheap and reliable that won't mess up [link] [comments]  |
| Franchise “lied” about how many locations they have Posted: 04 Sep 2020 06:08 PM PDT I'm not sure if this belongs in this sub, but the franchise one doesn't seem to active. Anyway, my mom runs a small franchise tutoring business. When she bought it (4 years ago), the company said there were 32 thriving other locations. She just found out today that there's only 4 locations and her's is the most successful. Either they lied or the franchise is on a steep decline. This is raising flags, but I don't know if it's red flags or not. From your opinion, what do you think we should do? My mom is thinking of asking if she can buy out the other locations. On the other hand, this could be red flags about the franchise brand, at which point I'm thinking she should probably sell her location as her sales are at an all time high. What're your thoughts on this? [link] [comments]  |
| [Asking a Favor..] What are the first few cybersecurity tools you use? Posted: 04 Sep 2020 07:56 AM PDT Hey, all - In an effort to canvas a variety of small businesses, I figure posting here is best. Looking to figure out what minimum cybersecurity hardware/software you have in place to feel comfortable with your infrastructure. Helpful Example: We use Antivirus, Password Manager, and basic Encryption Tools I'm asking this as a favor, since I'm doing primary research for a potential new product for the SMB world. Thank you in advance! [link] [comments]  |
| Trademark or LLC first? How do I best protect my business name? Posted: 04 Sep 2020 03:40 PM PDT I have had my business name for over a year now. I started as a dropshipping store. I have started rebranding it as a print on demand streetwear clothing company. The problem is there is another store that got started a few months back with the same business name and a very similar domain name. They are also in the retail niche. They have been checking in at my business on facebook acting as though they are the original. My question is how do I best protect my unique business name from a copy cat? I know about common law trademarks but I'm not sure that is enough in the long run. [link] [comments]  |
| Looking to Start PC Repair/Build Gig Posted: 04 Sep 2020 03:40 PM PDT I live in Lacey Washington, and am posting my services to Craigslist. I have a pretty much complete rundown of pricing, but wanted to ask if they were OK. I have all the tools and bits and bobs i need to do the repairs/builds. These prices were mostly a shot in the dark so I could be WAY off base. Please let me know what you would change. Here are my prices: - Full system diagnosis ($35) [link] [comments]  |
| Posted: 04 Sep 2020 02:01 PM PDT I am looking to buy a business and looking to work with a busines broker. Have you guys had any experience working with a broker before? Anyone you recommend? Any other advice? This will be in continental US. I am also doing my own reading on things to look out for when buying a business. [link] [comments]  |
| Posted: 04 Sep 2020 10:04 AM PDT So if I recently formed an LLC in New York( literally Today September 4th), would I have to file the 3rd quarterly taxes that are due on September 14th? [link] [comments]  |
| Posted: 04 Sep 2020 01:34 PM PDT Should I put it into GICs or equities or savings accounts? Or neither and just let it sit given the current volatility of the market? [link] [comments]  |
| Customizable POS System for produce/grocery store? Posted: 04 Sep 2020 01:25 PM PDT I need a replacement POS/management system to control everything in our store, it needs to be extremely customizable and feature rich. I tried looking for some systems online but I couldn't find any affordable options that would match the needs of a produce market / grocery store. Do any of you run this type of business and have any recommendations? Or am I going to have to resort to programming my own? [link] [comments]  |
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