[EIDL/PPP Megathread] New changes for forgiveness of PPP loans under $50k and all questions related to PPP go here. small business |
- [EIDL/PPP Megathread] New changes for forgiveness of PPP loans under $50k and all questions related to PPP go here.
- Our customers think we are a Subway but I want to be a McDonalds
- Foreign income exclusion, S Corp, Retirement accounts
- Transferwise for LLC with "virtual address"
- One credit card for multiple businesses?
- Seeking POS reccomendations *not squareup*
- Finally starting my own small business. Do I need an LLC or Assumed business name?
- How do you create a Trust for a LLC?
- Beeswax wrap packaging
- COVID and small businesses - what helps?
- in personal chapter 13, but business loan@21% is draining me, quit paying loan as negotiation tactic?
- Purchased a small business 6mo ago and looking for advice...
- FB Business Pages
- Small Business PPP Loan Forgiveness
- Is building business credit worth the time and effort ?
- Fall decrease in appointments
- Automating cheapest shipping options when carriers prevent automatic price comparisons?
- how to not micromanage and instead delegate?
- Does anyone use Brightlocal?
- How do you honestly feel about your business website?
- Quick Tips
- Demonbreedinc.
- Question about having clients schedule appointments online
- Starting reselling
- Newbie trying to get a business credit card
| Posted: 09 Oct 2020 09:15 AM PDT The SBA released new rules for forgiveness of loans under $50k link and that may make it a bit easier for some of us. More information is available Credit Union interest group analysis Forbes - yeah I know but still Have questions? Have advice? Want to discuss? Keeping it here will help us all see the issues and keep the forum open for other questions important for us to survive this year. [link] [comments]  |
| Our customers think we are a Subway but I want to be a McDonalds Posted: 09 Oct 2020 07:59 AM PDT We are in healthcare service industry providing a premium service. We have fortune 500 companies that offer what we do as a part of a "happy meal" jumbo combo of 5 or 10 services. We just do one but we do it pretty well. The issues are: 1) We only get the Subway customers - people who want something special, maybe extra tomatoes and cheese. I am have created a subset of our product called Lite that has basic features, no frills, good price point, and limited support. This is separate from the "premium" product that has a ton of features. Has anyone bridged the gap between having a small handful of niche customers to having a larger swatch of "plain hamburger" customers? What did you do? [link] [comments]  |
| Foreign income exclusion, S Corp, Retirement accounts Posted: 09 Oct 2020 11:20 PM PDT I read that if you pay yourself a salary of 100k and then claim foreign income exclusion on all of it, that the employer (S Corp) cannot contribute anything to SEP IRA because it's considered double dipping. Is this true? If so, what retirement accounts are eligible in this case? Would 401k contributions on excluded income also be considered double dipping? [link] [comments]  |
| Transferwise for LLC with "virtual address" Posted: 10 Oct 2020 02:42 AM PDT I have a US LLC, in order to provide local billing that carry a Tax ID from the US. Transferwise.com refuses to open accounts after asking for the "place of business" Does anyone have some tips on how to accomplish this? [link] [comments]  |
| One credit card for multiple businesses? Posted: 09 Oct 2020 05:35 PM PDT Is it recommended to have a separate card for each business or can you have one credit card for all the businesses? Is it easier to track everything if you have separate credit cards? It seems that having just one credit would be more convenient. Very curious about this. [link] [comments]  |
| Seeking POS reccomendations *not squareup* Posted: 10 Oct 2020 01:23 AM PDT Mini rant: about 2 weeks ago Square randomly deactivated my account after just over 1 year of everyday use and will not communicate with me as to why (I don't deal in any high risk items etc)?! What a terrible experience for a small business owner. I'm now using Shopkeep and its...mediocre. Brick-and-mortar retail shop, in the USA. What I'm looking for specifically:
Anyone using something they love? Feature rich? My business is still very new, I am successfully building a discerning and loyal client base on my professionalism, attention to detail, fine products etc. The payment experience is part of this, and serving remote areas (Alaska) means I rely on invoicing and handing over paper receipts for folks to reorder etc. Fumbling with clunky software (Shopkeeps item search feature is terrible) and weak receipt design options looks half baked... Hoping someone using a great POS can chime in. [link] [comments]  |
| Finally starting my own small business. Do I need an LLC or Assumed business name? Posted: 09 Oct 2020 02:59 PM PDT Hi all, I'm finally getting the ball rolling on my small business. I've been doing a lot of work on my own stuff that has gained some interest and people want me to do custom work on their things as well. I'm registering a business now in Oregon, and wondering if I need a LLC or just an assumed name?I read the description of both but still not sure. I manufacture and customize various EDC gear... Knives, pocket pry bars, vintage axe restoration. etc etc. My question.. If someone gets one of my items or I customize a customers item and something malicious happens with said item, am I in anyway responsible for that? Or could I be held responsible? Am I over thinking things? Thanks for reading this text wall! [link] [comments]  |
| How do you create a Trust for a LLC? Posted: 10 Oct 2020 12:01 AM PDT I tried to look this up but I can't find anything that helps. Does anybody know of any books that would help with learning about creating different kinds of trust? [link] [comments]  |
| Posted: 09 Oct 2020 11:06 PM PDT Hi! I'm starting a beeswax wrap business and having a really hard time with packaging. What is the proper yerm for the sleeve that serves as the packaging for beeswax? Sorry, english is not my forst language. Also if you are in Canada and know a supplier of those packaging, please let me know. Thank you! [link] [comments]  |
| COVID and small businesses - what helps? Posted: 09 Oct 2020 09:47 PM PDT Good evening (or morning, wherever you are) small business people, I'm hoping you can help me with some feedback, and in doing so, I can help you with operating your business in our COVID world. I know that dealing with COVID is a difficult thing for small businesses to do, and I know that often the biggest challenge is to make patrons/customers/staff feel comfortable in your establishment while still maintaining safety/screening. Several bars in my city have been shut down for violating these screening protocols, and I think it's just because the economics don't work. It doesn't make sense to hire a person just to ask screening questions or man the door to deny entry to those who aren't screened - it's just too expensive. Likewise, it's too expensive to keep a business operating at 20% capacity for long. I currently work in the healthcare field, and it's certainly cumbersome for us to meet that high standard for everyone who walks in our building. To better screen and deal with filtering symptomatic patients, I created an application that better screens individuals with COVID via texting to their phone. For those of you dealing with customers, would something like this be useful for you and creating more trust/comfort/risk avoidance in your establishment? You can currently demo our system (it's free) at www.screenedMD.com. Please feel free to DM me with any ideas or any specific pain points that you feel could be helped with a system like this. With much respect! [link] [comments]  |
| Posted: 09 Oct 2020 05:53 PM PDT I am in a Chapter 13 bankruptcy (coming up on 1 year now). That seems to be doing okay. However, I have a business with it's own EIN, a single member LLC that has 3 loans that were not part of the bankruptcy. These obligations were not part of the bankruptcy since they were under the name of the LLC. I am having issues with one of the loans, it's a line of credit "Overdraft Protection" or ODP with Citizens Bank. I owe 10K and it is 21% APR. I have called the bank several times and there is nothing that they can do to reduce the interest (they say there is no protocol for this issue). It's been almost a year, and the principal does not budge (and with Covid 19, my earnings have been hit). I am struggling to my business afloat. Since I am in bankruptcy, I cannot take out a lower interest loan. I am considering closing my citizens bank account and not paying on the line to see if that presents a way to re-negotiate with them. Is there another course of action? Is this dangerous? I may end up asking my bankruptcy attorney (he's a great guy) but sometimes I think I am bothering him with my questions/concerns. Appreciate any thoughts and advice. And before somebody says anything, I have 2 jobs and work 70 hours a week. Appreciate your thoughts and advice. [link] [comments]  |
| Purchased a small business 6mo ago and looking for advice... Posted: 09 Oct 2020 06:15 AM PDT TLDR at end... I left a senior leader corporate job with a Fortune 150 company, to purchase a small business (10emp, ~$2.5M rev) and strike out on my own as I was miserable and no longer enjoying going to work. The business I purchased is a ~40yr old brick and mortar specialty store owned by a retiring baby boomer who hadn't invested in modernizing (i.e. the POS system runs on a computer build in the late 90's and is DOS based). I saw/see great opportunity in modernizing and streamlining most facets of the business. The staff has extreme tenure with the business with about 1/2 of the team being here 15yrs+. This is unusual to me for a number of reasons but I digress from why I am writing this. My general manager is the top sales person, only buyer, and hub for the business. I realized during the due diligence process she was critical to keeping the business running as the previous owner was a lame duck leader/owner. So I offered a signing bonus and raise to keep the GM (25yrs with the business, 30yrs in the industry) on as without this person, we would be sunk. No one knows how to purchase, where to go for products, who the key contacts are, or anything with the general operation of the business. Now the problem is the GM is a martyr. I hear how much the GM does, how no one else cares as much as the GM about the business, how no one else does what the GM can do. To add to this the GM has no need to work financially. So in the end money is not a motivator or key driver. I am frustrated as we lost a couple of team members during the pandemic and we are not finding decent replacements (lots of duds) so we are all having to do more and I don't have a lot of time to learn the purchasing process. So I have a potentially major procurement gap as we sell $250-300K a month on 15K-20K products so inventory is key to keeping the business rolling. I would like to replace or reassign the GM to either being the lead buyer or the sale manager (reduce the number of hats the GM wears) but I don't see an easy way to do that without breaking our business which has been clipping along reasonably well given the current state of the world. My estimate is I would loose about 10% of my revenue if the GM leaves not to mention the loss of knowledge and experience as well as potentially losing a couple of other staff members. What ideas or experiences have you had to resolve similar situations? I know that something needs to change, I just feel pinched as I don't have a way to fill this gap if the GM leaves before I learn the purchasing side of things. The upside is, regardless of this situation, I love going to work again. TLDR: My purchased business is shorthanded, the GM is a difficult person (martyr) who is doing way too much. I need to address the GM issue but don't have a way to fill the gap if they leave and it will significantly impact the business. What are experiences you have on resolving situations like this. [link] [comments]  |
| Posted: 09 Oct 2020 08:32 PM PDT Hi Everyone! I was just wondering if people would be interested in sharing links to their FB business pages so that we can help each other build our followers? I know this falls into self promotion so maybe something an admin should facilitate? But wanted to throw the idea out there. [link] [comments]  |
| Small Business PPP Loan Forgiveness Posted: 09 Oct 2020 10:40 AM PDT Has anyone heard if the SBA has approved any PPP Loan Forgiveness Applications? [link] [comments]  |
| Is building business credit worth the time and effort ? Posted: 09 Oct 2020 08:45 AM PDT I understand that even with a business credit, it's not easy for small businesses to secure financing and specially not at favorable rates ? In the end, it always comes down to personal credit and cashflow ? How much is that true ? Is it worth it to spend all the time and effort and extra expense required to build business credit ? I do have a business credit card, but do not have any Net30 accounts. And they don't make sense to me. I share a personal/business amazon on one prime and all the other sites are considerably more expensive than Amazon. [link] [comments]  |
| Posted: 09 Oct 2020 11:00 AM PDT I've been operating a auto detail business for about 22 months now and I am experiencing a sudden stop in appointments. Business has been going steady since about April/May of last year, with this year being super busy. I have had slow weeks before but not weeks where the calls just stop. The week of September 21st it started slowing down with my schedule being about 50% full compared to an average of ~90% full for the last three months. Last week, the week of September 28th and this week, my schedule was even more empty, with just a few appointments dotted around. For this upcoming week starting the 12th of October, I have nothing on the schedule. Majority of my advertising is done with FB and Nextdoor. Occasionally I will send out mailers to address lists from my service area. I am always handing out flyers to neighbors walking/driving by appointments. According to Google analytics my activity is up nearly 100% this cycle compared to the last, same with FB ads with engagements. Since the company was still growing and I was still finding my groove last year, is this something that I can expect at the start of fall every season? School is starting, weather is cooling off in the south, people are spending time outside. I/the company have enough cash on hand to make it through the next 2-3 months but this is making me incredibly stressed. [link] [comments]  |
| Automating cheapest shipping options when carriers prevent automatic price comparisons? Posted: 09 Oct 2020 03:48 PM PDT The US shipping carriers forbid companies like ShipStation, ShippingEasy ect from doing live price comparisons or from automating the choosing of the cheapest shipping method. You can click through the options on these softwares, but this needs to be done manually and that takes a bit of time since each shipping company takes a moment to calculate your rate. Surely big fortune 1000 companies don't have people sitting around and selecting the cheapest shipping method for every shipment. How do they do it when small businesses can't? [link] [comments]  |
| how to not micromanage and instead delegate? Posted: 09 Oct 2020 10:46 AM PDT For business how can a person be the company builder, the executive rather than the manager? Is that what a business owner needs to do? Should I also be looking at business in terms of compartmentalizing things in departments, and chain of command to really simplify my job as the executive/strategist, and leave the managing and ground work to the employees? [link] [comments]  |
| Posted: 09 Oct 2020 07:13 PM PDT Ive been researching bright ocal and wanted to see if anyone else had an opinion on it. I think it looks pretty sweet. Has tons of features for 30 bucks a month. [link] [comments]  |
| How do you honestly feel about your business website? Posted: 09 Oct 2020 03:24 PM PDT For those of you who own or manage a business, are you proud to send your potential customers to your website? If not, what's keeping you from getting to that point? I'm doing some research and would love to hear what roadblocks you've faced. [link] [comments]  |
| Posted: 10 Oct 2020 12:56 AM PDT Hi! Anyone want quick tips on digital marketing for businesses? Check my instagram account www.instagram.com/bernadinecapua.va I hope the tips I'm gonna be posting will give you new insights and will help you grow your business. I would also appreciate feedbacks since I'm still starting. Thank you! Also, watch out for social media service freebies I'll offer in the future. I'm building my portfolio so there will definitely be a lot. Thanks again! [link] [comments]  |
| Posted: 10 Oct 2020 02:24 AM PDT Hey guys I just started up a small t- shirt line (Demonbreedinc.) and I was hoping you guys could check out my Instagram and possibly drop a follow if you think it's something you could see yourself wearing. @Demonbreedinc [link] [comments]  |
| Question about having clients schedule appointments online Posted: 09 Oct 2020 06:50 PM PDT I'm a tutor in the New York area. I work with students one-on-one. So far, I've done all of my scheduling by email, phone, or text. I'd like to start having students schedule their meetings online, so it's less work for me and more convenient for them. I don't know which service to choose, what the drawbacks might be, and what other changes I'd have to make in order for online scheduling to work well. With that in mind, I have three questions. I'd appreciate any advice or insight you could give me:
[link] [comments]  |
| Posted: 09 Oct 2020 06:28 PM PDT Hello to all the resellers that may be in here. Where are the best places to start at for a newbie. Is it thrift stores, clearance isles at stores like walmart, target, ect. Or is there someplace else that would be a good place to start? [link] [comments]  |
| Newbie trying to get a business credit card Posted: 09 Oct 2020 05:15 PM PDT Don't have a high volume business, but trying to get a business credit card to help jump start it. The problem is I'm getting declined from every major one from Chase and Amex. I have a pretty good credit score (around 700). Any advice or cards I can easily be approved for. Need 0% APR for the first 12 months. Thanks. [link] [comments]  |
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