How did you choose/start your small business? small business |
- How did you choose/start your small business?
- I can't stop working!
- Doubled revenue from 1 client. How to wisely deploy cash?
- MY FIRST BUSINESS
- Recommendations for reputation recovery?
- Business around AWS sevices
- Has anyone used a company to make an ebay shop??
- Is this a good reason to take out a small business loan?
- Moving a dba business across state lines- need advice?
- shipping rates! :)
- LLC IN CALIFORNIA HELP!
- Small business & email marketing
- NJ Surety Bond Question - where to go?!
- Would appreciate any thoughts
- Adequate Capitalization of a Tiny LLC --- How much is enough?
- 401K Plan Possible For Single Owner/Employee C Corp?
- Is it normal for me to feel no progression? Even though Im working hard.
- When can I withdraw money from a S corp?
- The most reliable cloud POS?
- Minority owned LLC - real advantages?
- Buying equity for the first time
- What type of professional can help determine my small business structure?
- Clothing webstore
| How did you choose/start your small business? Posted: 10 Oct 2020 05:20 PM PDT In short - I'm in a PhD. I'm skilled with many data science tools (GIS/Simulink/various data sets) and know a variety of programming languages (MATLAB/python/R). In my time working in industry before this as well as now, it has become abundantly clear to me that I enjoy working hard and hold myself to a high standard - however I really don't like the idea that I will have to abide by someone else's timeline or face expulsion for the rest of my life. For this reason I'd like to take steps towards creating my own income. I'm wondering if your community has any advice for: 1. How did you choose your niche 2. What are first steps in finding a customer base? Edit: apparently a fair few think this post is pretentious or that I think a PhD counts for something in the world of business. Believe me - I know it doesn't count for much in small business, but I would assume the skills I know are beneficial. I only post my background to look for people with a similar background. Also - if making next to no money as an apprentice scientist and eating rice and beans while you run experiments that don't work all day for 5 years sounds pretentious to you then... idk what to tell you. [link] [comments]  |
| Posted: 10 Oct 2020 04:41 AM PDT Tldr; How the hell do you all set limits so you can unwind ? How do you get over the fact that there is ALWAYS something next to work on ? What has been effective for balancing work and relationships? I never thought I'd have this silly situation! I used to be so very inefficient with my home time and wasted most of it. Now Im running my own business, while minding my young son. I am recognizing that I have no experience with balancing work and saying enough is enough. I know I've asked him if he'd like an internet-free day every week, but never followed through with it. I know I Want to, and have probably mentioned, a work free day or two every week - but it won't consistently materialize unless I prioritize it. I think as I am a maker, I didn't recognize right away I was doing the same justifications as those cliche business suit parents in kids media ('less time for you now because I'm earning so we can have a better future!!'). So, to healthier practices...
I am intelligent enough to know I can also stop working by building healthy work habits (and meditating). So I'd rather invest in the long term solutions. How the hell do you all set limits so you can unwind ? How do you get over the fact that there is ALWAYS something next to work on ? [link] [comments]  |
| Doubled revenue from 1 client. How to wisely deploy cash? Posted: 10 Oct 2020 05:21 PM PDT I have a very small web design agency and we have had a booming 16 months. Here's the problem: a huge majority of that growth is from 1 client. Im fully aware that the client could go away at any time, so i want to be smart about how to use the excess cash while i have it. Im the only employee but have 5-6 contractors. I know i need to diversify my client list so I assume that I should be spending this money on marketing. How could i be smart about this great opportunity ive been given and leverage this extra cash to grow my business in a smart way. [link] [comments]  |
| Posted: 11 Oct 2020 04:01 AM PDT Just made a website for my business called[The Galaxy Lamp](www.thegalaxylamp.org) I repeat www.thegalaxylamp.org [link] [comments]  |
| Recommendations for reputation recovery? Posted: 11 Oct 2020 02:59 AM PDT Between 2018-2019, I became - what I would consider to be - absolutely 100% the wrong person for the job. There were a variety of factors: mental health, medication interference, financial stress, family issues, etc. It weighed on me for a while, and I became someone that was a real poor quality human. I wouldn't have hired me. I also recognize that leading up to 2018, the cracks were starting to show here and there, but I was still somewhat holding it together. I took it all on AND the work as well. However, by the end of it all, everything went off the rails. (I also realize that everyone has these problems. It's just apparent to me that not everyone handles them well. Plus I was a bit of an arrogant buffoon at one point, and that really skewed my perspective on a lot.) 2020 has provided me an opportunity to finally get back on track. I'm organized again. I've handled all of the circumstances that were setting me back. I am confident when I take on a task, and I execute it as well as I did (if not better) prior to my bad run. My head isn't getting in the way. I can even recognize my mistakes for what they are and own up to them now. That's a new one. Unfortunately, there's a lot of wreckage due to past mistakes , and "I'm sorry's" only go so far. I turn 30 next year, and that's given me some perspective. I feel in more control of my life than I ever have right now, but I just hate that it took so many mistakes to get to this point. I know I can't waltz up to old clientele or former collaborators and say, "Howdy! I had a bad run... but I'm back. How about ya hire me?" How do you recover from a poor reputation when you're finally back in working shape? [link] [comments]  |
| Posted: 11 Oct 2020 01:05 AM PDT Hey guys, just looking for some advice on how to focus a business around AWS services. Here's the story: I've recently come into contact with a small team of super-talented developers in Eastern Europe that specialize in back-end data infrastructure and networks (scaling, structure, etc.). One of the most interesting aspects of their experience is solid knowledge of AWS. Obviously, a high level of talent and a competitive price point make this a very interesting business opportunity. A couple of years ago, when I did some Lyft driving, I had a chat with a tech guy (no idea where he's from except that it's somewhere in the Portland, OR area). We started discussing tech jobs and opportunities and he gave me a tip that AWS related services are in super high demand. I didn't give it much thought at the time, but am now seriously looking into the possibility of setting up an AWS servicing business. Problem is - I know almost nothing about AWS, who uses it, and what type of services are in-demand. Any ideas on how to structure the offer around AWS services and what companies may be looking for? I assume it's mostly devops type of work, but it seems that there may also be an opportunity for long-term servicing. Will appreciate any feedback and comments. Thanks! [link] [comments]  |
| Has anyone used a company to make an ebay shop?? Posted: 10 Oct 2020 02:35 PM PDT So we've been on ebay over a year and its doing around £10k in business for us in the last year. whilst we do the best we can in regards to the listings i'd love a much more professional listing style and a ebay shop. we are listed as a business seller at the moment so in terms of ebay shop i mean where it all links across and there's much more cross selling etc. so this is the design style i'm talking about has anyone done this on ebay and what kind of results has this produced?? [link] [comments]  |
| Is this a good reason to take out a small business loan? Posted: 10 Oct 2020 11:10 AM PDT Hey folks, I am concerned that I am about to do something stupid, so I wanted to ask those more experienced in starting small businesses here to sanity-check my decision making process. In the interest of valuing your time, I'll do my best to be succinct (I may not succeed). Here's my situation: 1 - I currently own a small but reasonably successful tutoring agency. Revenues have been going up by 20-30% each year (well.. except for this year.. ouch) and I've outsourced most of the management, so I don't really have much to do it with it. I'm technically living the '4 hour work week' dream, making > $80k/year, but, frankly, I'm bored... and covid has showed me that having a company in only one industry as your sole source of income is fragile, which leads me to work on: 2 - Starting a business helping other tutors become small business owners, much like I did over the course of many years. My main form of marketing is YouTube because I love ranting on camera, and - this is relevant - I used to run a small video production company with a partner some time back. I'll post a link to a current video if anyone is curious. Here's where it gets interesting: I currently live in Japan, with my Japanese wife. She goes to business meetups, and whenever anyone hears that we know anything about video/YouTube, business people are immediately interested and want help to get on YouTube and make videos. Some have already come to our home studio to shoot videos. It turns out that despite the fact that Japan makes most of the worlds most advanced cameras, the actual quality of video production in Japan in the consumer / prosumer market is about 10 years behind the western world. Suddenly my skills - which are 5 years outdated - are at least 5 years ahead of the curve here. At the same time, because space is limited, everyday people don't have the ability to set up a studio in their spare bedroom or garage like they do in the states.. since no one has any space to spare. Given all that, I want to start a small video production studio both to a) make it easier for me to make videos for myself, and b) sell video production services to other businesses. At the moment, my studio is our living room.. which is highly unprofessional to say the least, with video shoots interrupted by our cat, noise from neighbors, etc, etc. It also makes it literally impossible to get away from work, which I find more and more important with age. The only issue is that I don't have enough capital to (comfortably) rent out a studio. Japan tends to require large deposits on commercial property (like 6 months rent + extra), and, given the current covid situation, I can't guarantee that either my current business (or the business I am starting) will generate money fast enough to cover the burn rate before burning through savings. At the same time, Japan has some extremely favorable loans (<3% interest rate, 7+ year payment) meant for business startups, and one loan that doesn't even require a personal guarantee. So: Am I crazy to take out a loan (max 100k) to get things off the ground and have enough operating capital to keep things running for a while? I've run this kind of business before, so I kind of know what I am doing, and we already have interest with no advertising... but no sales just yet (we've been offering free videos to people to build a local portfolio). My other business was started with no capital (but years of sweat), so I'm pretty new to the idea of starting (growing?) a business this way. Please educate me. [link] [comments]  |
| Moving a dba business across state lines- need advice? Posted: 10 Oct 2020 01:25 PM PDT Hi, I have a "doing business as" -a website that is my firstnamelastname.com- on file in my current state of North Carolina. I have a separate bank account, and debit card with this name. I'm moving to Kansas, and I don't know how to handle my property tax listing in North Carolina (which I'd like to close- I listed my old computer and a handful of associated tech as property; >$75) or what it means when I move the office of my(self?) business? Anyone have any ideas or suggestions? Is there a FAQ for self incorporation someplace? [link] [comments]  |
| Posted: 10 Oct 2020 03:04 PM PDT hi, i'm a small business owner (from the UK) and i really want to start shipping internationally (Europe and the US) but i'm not quite sure which delivery service to use. for reference, i sell clothing that's roughly 0.45kg and 9x12in :) please give me advice on which delivery services have worked best for you (and pretty cheap too, since i don't want to charge too much for shipping). [link] [comments]  |
| Posted: 10 Oct 2020 08:45 AM PDT I started my own LLC on September 30 and had it terminated within 1 week due to I wouldn't be using it. I'm in California so I'm aware I have to pay the $800 in taxes regardless if it generated no income. I want to know if I still have to pay that even though I did not use the LLC at all and it was terminated within the week that it started. [link] [comments]  |
| Small business & email marketing Posted: 10 Oct 2020 04:04 PM PDT So my question is... are small business using email marketing from subscribers or things like that? Would it be profitable? What platform? [link] [comments]  |
| NJ Surety Bond Question - where to go?! Posted: 10 Oct 2020 03:09 PM PDT I need to obtain a $150,000 surety bond in New Jersey for a residential mortgage brokers license. It's my first time with this and some places I've searched online seem a little sketchy. Obviously want to go for something cost effective. Does anyone have any suggestions on where to go? Thanks in advance! [link] [comments]  |
| Posted: 10 Oct 2020 10:45 AM PDT Could a small business potentially be a luxury brand right off the bat? If not, how do you increase the value of a brand over time? (I'm still on track with my market research as a sole proprietor and I have just been these questions in my head) [link] [comments]  |
| Adequate Capitalization of a Tiny LLC --- How much is enough? Posted: 10 Oct 2020 10:40 AM PDT I have a very tiny blog that gets very little traffic at the moment. I only have 2 expenses in the year: 1) Web Hosting 2) Domain Name I already paid the web hosting so I only need $20 to renew the domain name in a few months. I have $30 in my LLC's bank account. Am I adequately capitalized or do I risk someone being able to pierce the liabiliy protection provided by the LLC. [link] [comments]  |
| 401K Plan Possible For Single Owner/Employee C Corp? Posted: 10 Oct 2020 09:51 AM PDT My wife is a single owner C Corp and the only employee. She earns about 40k per year. The business has been showing no profit. And this year will probably show a big loss due to the lock-down. She draws a salary of approx 40K. Her income along with mine is pushing us into a high tax bracket. Just thinking of ways to lower our Adjusted Gross Income. Could she set up a 401K with a match for only herself? She doesn't use payroll software, she just writes herself a check every week and pays the taxes. If she can do a 401K, and recommendations on a company? Thanks [link] [comments]  |
| Is it normal for me to feel no progression? Even though Im working hard. Posted: 10 Oct 2020 12:59 PM PDT Hi all, I have a small online magazine about cars & Investment. I saw slow and steady progression in a longer period, then it stoped completely. I dont know why and i felt i was moving in the right direction. But i might be wrong. I love cars and try to give my personal view on them through articles and short stories. Do you have any advice for my approach etc. You can see my magazine here if you are interested. Hope you can tell me what Im doing wrong or right and whether i should keep pushing on or not? Thanks! [link] [comments]  |
| When can I withdraw money from a S corp? Posted: 10 Oct 2020 08:43 AM PDT I'm looking at S corp designation for a LLC that generates about 500k in income. With LLC sole proprietor, I generally withdraw the money right away to invest it. When I designate as S corp I plan to take a reasonable salary of 100k and the rest in distributions. However does this mean I can't take out the remaining 400k until the end of the year? It seems a huge waste if I can't invest the 400k right away, assuming 10% market gains that's a potential loss of around 40k, which doesn't make up for tax savings. [link] [comments]  |
| Posted: 10 Oct 2020 11:53 AM PDT A friend of mine has been looking to find the most reliable Cloud POS System for their restaurant. They have a great network with multiple access points and a backup internet service provider for redundancy. They have been battling bug issues with support for over a month with their current Cloud POS, Talech, and they want to move to another system. They are primarily looking for the following: Good customer support, the ability to run credit card transactions offline if there is a network outage, the ability to use receipt printers for both customer and kitchen, and finally to have credit card transactions and register all-in-one (no 3rd party merchant & separate CC terminal). From what I've researched thus far, it looks like Square for Restaurants covers all these needs.. but is pretty expensive. Are they any other Cloud POS systems that cover the necessities of my friend's restaurant? Has anyone had first-hand experience they would like to share? Your advice is much appreciated. [link] [comments]  |
| Minority owned LLC - real advantages? Posted: 10 Oct 2020 11:06 AM PDT Hello, I've been toying with the idea of a minority owned certification (MBE) for my LLC in WA state. I do tech consulting and I'm looking to find new business. I'm wondering if anyone has gone down this route and can vouch for its advantages. I'm told that there's access to grants, loans and opportunities that would be otherwise hard to get. Is this true? Thanks in advance. [link] [comments]  |
| Buying equity for the first time Posted: 10 Oct 2020 06:34 AM PDT There are two current owners of my business and one is retiring. I plan on buying him out, and they are both open to this happening. Where should I start? Are there articles or books I should be reading about how to do this? Any advice on how to go about this knowledgeably would help me greatly. Thanks. [link] [comments]  |
| What type of professional can help determine my small business structure? Posted: 10 Oct 2020 10:09 AM PDT Years ago, an accountant told me that I might pay less in taxes if I structured my business differently. Currently, I file as a Sole-proprietor and I've been reading up on other business structures. Most articles I read say, "talk to your business advisor, accountant or attorney". I don't have any of those. I'm not looking to hire someone on a consistent, on-going basis, just someone that I could pay for some advice/recommendations. What type of professional do I contact that can help me determine the best structure for my small business? [link] [comments]  |
| Posted: 10 Oct 2020 09:56 AM PDT How much on an average does an average online webstore make? I don't know if this is a bad question, i am new to this sub and to this business.Please kindly Help. [link] [comments]  |
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