Wantrepreneur Wednesday! - (October 28, 2020) Entrepreneur |
- Wantrepreneur Wednesday! - (October 28, 2020)
- Choose what you do & for whom you do wisely
- Do you integrate CSR and global sustainability in your organisational strategy? If so, is it based on regulatory compliance, or do you actually consider CSR to be a worthwhile endeavour?
- Business ideas worth nothing. You have to accept it!
- I started a community 3 months ago, and just crossed 700 members
- Is it a bad idea to start my business in the dead season?
- Stripe isn’t novel, they’re just out executing everyone in a crowded space. Here’s what entrepreneurs can learn from an insider
- Not having a constant paycheck sure is stressful
- Selling Intellectual Property
- Plant import customs delivery question
- Webshop with 50K rev isn't that profitable. What now?
- What Are You #1 In The World At?
- I’m ready to start up a website and drop ship products from it. Where do I start with how much to pay someone to help?
- Advice: Learn how to correspond professionally if you ever want to be taken seriously
- Digital marketers - help would be great
- Shipping to EU and specifically UK from Canada/USA
- What are the some major technologies that are promising areas for new start ups
- Cost of incorporating LLC in Zug
- Good financing/installment programs for high-ticket items.
- [FEEDBACK REQUIRED] Entrepreneurs, can you give me feedback on this idea please?
- What taxes to charge and how to implement taxation for an eCommerce App?
- Credit Card payments
- How Do You Deal With Your Company Taxes?
- Taxes for small lawn care business? How do you make a living?
| Wantrepreneur Wednesday! - (October 28, 2020) Posted: 28 Oct 2020 06:11 AM PDT Please use this thread to ask questions if you're new or even if you haven't started a business yet. Remember to search the sub first - the answers you need may be right at your fingertips. 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]  |
| Choose what you do & for whom you do wisely Posted: 28 Oct 2020 12:15 AM PDT In 2003, Marlin Steel made $800,000 selling wire bagel baskets, and it was sinking fast because of newfound competition from Chinese factories, which were selling bagel baskets for $6--half of what Marlin's baskets cost. Marlin's customers were switching to save $200 a store and Marlin would never be able to match its Chinese competitors on price. There were no barriers keeping new global competitors at bay or preventing price-conscious customers from straying. So Marlin Steel built them within a radically rethought business plan. The transition began in 2003, when Marlin received an inbound sales call from an engineer at Boeing who wanted 20 wire baskets. The Boeing engineer, who had seen a Marlin steel ad in the Thomas Register, a pre-Internet manufacturing directory, wanted baskets to hold airplane parts and move them around the factory. He wanted them fast and he wanted them made in a way Marlin wasn't used to--with astonishing precision. The Boeing engineer needed the basket's size to be within a sixty-fourth of an inch of his specifications. Marlin steel owner Drew Greenblatt told the engineer that such precision would cost him $24 a basket. The engineer didn't seem to mind. Greenblatt thought "I'm trying to sell a basket for $12, the bagel shops they are saying, 'I'm not paying more than $6.' and here's a guy who just approves the outrageous sum of $24 in a moment, WOW!." He's price insensitive. That aha moment led to the company's rebirth. After the Boeing job, Greenblatt did a little poking around, and he made two discoveries, Factories have a huge appetite for wire baskets, which they use to stage parts for assembly; a single big factory has thousands of them. And in the United States today, factories outnumber bagel stores by a hundredfold. With these 2 insights and action plan in line with it Marlin steel is now a $50,00,000 maker of steel products, transitioned from making wire bagel baskets for customers like Bruegger's and Einstein Bros. to making custom baskets, hooks, and precision sheet-metal products for customers like Boeing, Caterpillar, GE, Merck, and Toyota. The baskets used to hold food; now they hold everything from microchips to turbine blades. Learning from the story 1. Choose your target audience wisely. 2. Know the size of the target market and check if your long term goals can be achieved with them. 2. Once you choose them, know what you're really selling your unique serving proposition. The wire basket was only part of their product. To Boeing, they were selling engineering, precision, and speed, too. Questions to ask: 1. Who are my target audience; are they a right target market? 2. What is that we are doing for our target audience? 3. Do my target audience value what we do for them in terms of satisfaction and payout? [link] [comments]  |
| Posted: 28 Oct 2020 01:56 PM PDT Dear Community of this Subreddit, I would be very happy to hear your thoughts about this topic. [link] [comments]  |
| Business ideas worth nothing. You have to accept it! Posted: 28 Oct 2020 10:00 AM PDT While talking with dozens of startups that I mentor within acceleration programs, I still hear the same remarks from the founders quite often:
Let me tell you the known and proven fact: your idea worth nothing until you execute it. Even Steve Jobs has declared it years ago, saying:
Keeping your business idea as a secret will only harm your startup, and here is why:
PS: There are many more aspects proving what is described above. But I hope that it is already enough to make you get rid of illusions that ideas can be considered as your asset. Because I sincerely feel sorry for those startup founders who still believe in this myth and therefore lose many opportunities for validation and moving forward from the idea stage. [link] [comments]  |
| I started a community 3 months ago, and just crossed 700 members Posted: 28 Oct 2020 07:56 AM PDT I started a community called Local SEO Community 3 months ago, and just crossed 700 members. I noticed there were a lot of FB groups and forums that talked about SEO as a whole, but there wasn't really anything focused specifically on local SEO, so I decided to do something about it. What is local SEO, and how is it different from normal SEO? For example, a restaurant doesn't need to worry about ranking globally for the search term "food". Rather, that restaurant just wants to show up at the top of the map search results (AKA Map Pack) when people search "food" in their area. That is local SEO. So I created Local SEO Community, a forum-ish website that specifically focuses on local SEO and Google My Business tips and strategies. Growing the community initially was kind of tough. It took a lot of manual outreach to people who I thought might be interested in joining. Some people were even mean to me (mean people on the internet? What??) But I started getting a good mix of small business owners and people who work in the local SEO industry (agencies, freelancers) joining as members. Small business owners like it because they can get free advice on things like how to optimize their Google My Business listing. For people who work in the local SEO industry, it gives them a place to share their knowledge and be seen as an industry expert in a place full of potential leads (the small business owners). Eventually, word-of-mouth helped growth a lot, as I noticed batches of signups from people who work in the SEO industry (employees at companies like Moz and Ahrefs). At this point, the engagement is pretty solid, with new posts basically every day, and other members commenting on those posts pretty quickly (which is important because nobody wants to join a dead community). Why not just have a Facebook group for this? I think a lot of people might have gone the Facebook group route, because of the simplicity and low barrier to entry. BUT, posts in Facebook groups cannot be found via a Google search. This was a very important thing to me. I wanted to create a community where the questions and answers people were posting could be found in the future by others who were googling the same thing. That way, the flywheel starts turning, super slowly at this point, but eventually increasing more and more. Ideally within a year or so, the majority of traffic coming to the site will come from Google searches. I hardly see any posts in this sub about community building, but hope this might be helpful to anyone else actively building or thinking about building a community/group/forum/whatever you want to call it :) [link] [comments]  |
| Is it a bad idea to start my business in the dead season? Posted: 28 Oct 2020 12:14 PM PDT Hello everyone! I am in the process of opening a business here in Canada. It would be a B2B business selling physical products in a particular industry/niche. Obviously, because of Covid, the demand is way lower, and the dead season is also pretty much approaching. So I was wondering if it was still fine for me to start the business now or would it be better to wait for the ''high'' season - I'm using quotation marks because it won't be as high as normal because of the pandemic? The main reason why I'm thinking of waiting is that I feel like businesses wouldn't buy my product now, and by the time things start to pick up again, they will have forgotten about it. I may be wrong for thinking that though, so feel free to correct me. On the other hand, maybe it's better to start slow to get experience and be ready for the high season. So is it a bad idea to start a business in the low season of an industry, or it doesn't really change anything? Any insight would be helpful, even if it's off-topic. Thank you very much! [link] [comments]  |
| Posted: 28 Oct 2020 03:40 AM PDT The compounding impact of doing little things fast No less than Paul Graham said if it's him reading the signs he thinks Stripe will become the new Google (perhaps the only Google by that time), and as a former tech executive I can say that when building a product that requires payment processing, it's all but a foregone conclusion that you'll use Stripe. Things are going well for the payment processing company not because they are particularly unique, but because they are out-executing everybody in a crowded space. As such, there are many things entrepreneurs can learn from them. That in mind, I really enjoyed this account, written by a serial-entrepreneur-turned-Stripe-employee, of what life is like at Stripe. The whole article is worth the read, but from my perspective one factor of the Stripe culture stands out as particularly relevant and worth emulating: the compounding impact of doing little things fast. From the article: "The returns to pushing your cadence to faster are everywhere and they compound continuously, for years. Don't send the email tomorrow. Don't default to scheduling the meeting for next week. Don't delay a worthy sprint until after the next quarterly planning exercise. Design control and decisionmaking structures to bias heavily in favor of preserving operating cadence. I don't think Stripe is uniformly fast. I think teams at Stripe are just faster than most companies, blocked a bit less by peer teams, constrained a tiny bit less by internal tools, etc etc. A stupendous portion of that advantage is just consistently choosing to get more done. That sounds vacuous but hasn't been in my experience. I have seen truly silly improvements occasioned by someone just consistently asking in meetings "Could we do that faster? What is the minimum increment required to ship? Could that be done faster?" It's the Charge More of management strategy; the upside is so dramatic, the cost so low, and the hit rate so high that you should just invoke it ritualistically." There are layers and layers of depth to implementing this, but it's also the type of thing you could start right now. ——— From Second Mountain Startup, the weekly newsletter for conscious [link] [comments]  |
| Not having a constant paycheck sure is stressful Posted: 27 Oct 2020 10:45 PM PDT Took off from my job to work on a sales business. I'm about four months in. Revenue comes in in waves from clients. Boy are finances stressful. Rent is no longer "save $X for rent each check." It's "you've made X months worth of rent. You need to close another client to get get more padding." Keeping up a good work ethic hasn't been as difficult as coming to terms with how fragile I am financially without a constant paycheck. Anyone else feeling the pressure? [link] [comments]  |
| Posted: 28 Oct 2020 10:45 AM PDT Hello All! I created an instruction manual for a popular app used at a landscaping companies that teaches their employees how to log in and use an application to track their time, and services completed at job sites. Given that this app is also used to automate the billing process for these companies, there is a high value in insuring that employees clock in to jobs correctly. I'm trying to determine how to, or if I should, capitalize on the instructions manual that I have created. I consult with a few clients that use this specific app, which is a very small fraction of business that use this app. I've shown the client that I work with, what I've been working on, and they would all love to have this instruction manual, but I've been putting off sending this to them, because I don't know how to capitalize on the value that I see. There are probably a thousand landscaping companies that use this application, and even though it's fairly complex, it's probably one of the best in the industry. Surprisingly, there isn't a decent set of instructions out there on how the employees should use it. Given the headache, and the amount of time it creates on the admin side when employees don't use the app correctly, I would say having good instructions at their disposal is worth at least $100 per month. I'm not trying to sell to all the companies that use this application, because honestly the creators could probably come in and create one themselves, if they got wind of it. The instructions were not difficult to create, and probably only took me ~5 hours, but the owners that rely on this app (at least the ones I work with) have repeatability tried and failed to create a coherent set of instructions for their teams to use. In the spirit of passive income, I'd like to capitalize on this. I'm not sure how to share a set of instructions for employees to use in the field without making it a pdf or something similar. Once they have electronic access to it, there is nothing I could do to incentivize them to continue paying me. Opinions please. Should I just give my clients this document, and consider it a good will service? Should I sell it to them for one lump some, and hope they don't give it to any of the other clients I work with? Should I create a login service that prevents people from copying or printing? [link] [comments]  |
| Plant import customs delivery question Posted: 28 Oct 2020 02:20 PM PDT Hello, I am a young entrepreneur going headlong ass backwards into the plant import and online retail business. I have applied and received the proper import licenses from the USDA. I have secured a supplier on alibaba. I have given the supplier one of my shipping labels and my license, so it will be going to the standard intake location in Miami. My question is, is there anything I need to do to ensure the package gets from the customs inspection point to my final business address? Do I need to ensure a second set of postage get attached to the package for that second leg of the journey? The Chinese suppliers on allibaba are not very helpful on this matter. Any advice if anyone knows anything about customs and imports. [link] [comments]  |
| Webshop with 50K rev isn't that profitable. What now? Posted: 28 Oct 2020 01:39 PM PDT My automotive webshop (/sideproject) made 50K rev over the last 12 months, of which 15K should have been profit. However: Corona made my production a bit more expensive, my revenue dropped the last two months and my accountant charged me way more than he's actually worth, making my total profit this year 'only' 6K. Which is 500$ a month, and honestly? I've worked way too hard to only have 500$ a month extra revenue, so I'm thinking about stopping my webshop since I'm actually not that passionate about the automotive scene. Anyway, I've build some GREAT online assets via this project .. and I feel as if it's a shame to let it go to a waste. At this moment, I have:
With the audience I have, I could rebrand it in an automotive magazine .. however: I'm not that passionate about the automotive scene to write on a daily basis about it. I know it would be a shame to let these digital assets go to waste, so I'd like to stop my shop and rebrand it into a new project. However: I have no idea what to do with it next. Another option would be to find cheaper suppliers, reduce shipping efforts,.. but I'm not interested in reducing the quality of my brand, because of my vision. At this moment I'm proud to introduce my brand to someone, as soon as as I reduce the quality, I would feel personally ashamed by it. Anyway, I assume there are a few people on r/Entrepreneur who stopped their company / sideproject and had the same problem? Hence why I call out for help: What have you done in this instance? [link] [comments]  |
| What Are You #1 In The World At? Posted: 28 Oct 2020 01:09 PM PDT Most founders are okay at 1 thing (which is bad) or okay at several things (which is even worse). Look at it from the perspective of the consumer. Why on Earth would they pick you if there are so many better alternatives? And if, for some reason they did, why would they become repeat customers, let alone, fans? Forget about being okay at 10 things. Focus on being the best in the world at 1 thing. That's actually much more doable than you think if you approach it the right way. GUARANTEE WINNING BY CHEATINGDO LESS, BETTER We already started cheating, simply by throwing 90% of ''the homework'' in the bin. And just picked 10% to work on. It's not hard to be the best if you're the only one doing it. EXPLOIT GEOGRAPHICAL CONSTRAINTS Another way to cheat is to realize ''the world'' doesn't mean the entire planet. It just means your world. No one travels further than a few miles to get a haircut which means your barber's competition is geographically constrained. [1] EXPLOIT UNDERSERVED MARKETS You can simply pick an area that's neglected. I.e. No one was making delicious protein bars before Quest, or bone broth before Kettle & Fire. Both of them could relatively easily become the best in the world because no one else was serving that respective audience. REFRAME YOUR WEAKNESS INTO A STRENGTH Netflix didn't have any stores, unlike Blockbuster. But that lack of overhead actually allowed them the freedom to do things like ship DVDs. And later, build an online platform. While at Blockbuster, their stores were actually a big part of their business model. Upsells with food, late fees with movies, and so on.
Something similar holds in business.
SOLVE THE PROBLEM BETTER We can use Professor Christensen's ''jobs to be done'' here. What is the job a product is being hired to do by the consumer/user? Ring (the doorbell) is supposed to solve security. But Deep Sentinal realized that footage doesn't prevent property crimes, it just allows you to have a cute video after the fact. They created a real-time security system, that's constantly being monitored in order to actually be able to prevent crimes from occurring. CREATING AN UNFAIR ADVANTAGE BY REFRAMINGI often hear non-founders say things like ''Easy for them to say because X.'' But we all have advantages because we're all different. Remember the step from fact aggregation to benefit transformation in Alchemy: Turning Words Into Money Part — 3? I showed you that, in creative, anything can be turned into a positive if you just frame it the right way. A car is light: It's fast, fun, and attracts cute girls. A car is heavy: It's a smooth, comfortable drive, that's safe for the whole family. Airbedandbreakfast: Come sleep on an airbed with 2 broke designers that can't pay rent vs. Connect with other designers that'll show you around the city. More on that in the Airbnb series: The Dumbest Startup That Ever Worked — What You Can Learn From Airbnb. It's all just a matter of perspective. Category 4 of Dutch School: Context Changing. RAVING FANSA very important cheat is to create a product that a tiny audience loves rather than a product that a huge group is ambivalent about. [2] You'll have an easier time identifying and creating something great in a small group than in a big group. And it'll scale easier. So:
Some essays on this topic: Ten, The Third Chair, Create A Product That's Hard To Live Without, Do You Have Customers Who Deeply Love You? NOTES[1] My barber of 7 years, was one of maybe 3 barbershops to brand themselves as an old school men's only barbershop. I was looking for a place that did 60s haircuts. Like the old school executive contour but with a skin fade. They were the only ones in my city to do that. On top of that, they specialized in old school men's haircuts and offered less than a dozen haircuts. It's not hard to be the best when you have no competition and only have to do a dozen haircuts vs. hundreds. This is cheating! [2] Paul Buchheit on going deep vs. broad.
REFERENCESY Combinator. (2018). The Path to $100B by Paul Buchheit [Video]. Retrieved 27 October 2020, from https://youtu.be/Ir3hGtg0Wog?t=1048. ------------------------------------------------------------------------------------------------------------------- Hope you enjoyed it. If you did, I write daily essays on entrepreneurial science to help you grow your company faster here. RJ [link] [comments]  |
| Posted: 28 Oct 2020 12:41 PM PDT I'm operating a pretty successful YouTube channel and I'm ready to direct traffic to my own website where I can offer different things including selling products. I know that WIX makes it pretty easy to start a drop shipping website, should I try this on my own? I'm willing to hire someone to help put together the professional site and manage it for me but I have no idea how much to offer to pay. Any ideas on where to start? [link] [comments]  |
| Advice: Learn how to correspond professionally if you ever want to be taken seriously Posted: 28 Oct 2020 11:49 AM PDT Take this: you sit down and write your professionally structured and correct e-mail or message to a new possible business collaborator only to receive 'years later' a dry and lifeless response that barely resembles a sentence, let alone a professional piece of correspondence. No greeting, no signature whatsoever. Could well have been written by a seagull for all you know. Yes, there are worse practices than not replying to correspondence at all. You probably have been in this situation. And not once, but quite a few good times. And know how monumentally bad it looks. Many of you on this subreddit might think that this is incredibly obvious advice but you would be surprised how many times people cut their change of getting another's business from the very first contact by acting so unprofessionally. Here's what: regardless that you only represent yourself as a small business or a big corporation, take the time to write your correspondence that shows you mean business. Address appropriately, compose a full sentence or phrase even for something you can replace with a simple "ok" or "no" and sign off professionally. It takes a couple of minutes to assign a signature to your mail and it makes an immeasurable difference. [link] [comments]  |
| Digital marketers - help would be great Posted: 28 Oct 2020 11:11 AM PDT I started a website/blog in February 2020 in a product/hobby focused niche. I have over 80 pieces of content on the website e.g. reviews, guides etc. The website has a domain rating of 11 and currently gets around 1,500 organic monthly visitors. I have an instagram account for this with 1,450 followers so we get around 300 visitors a month from social too. The site got 3300 page views in the past 30 days which is the most we've had since we started. I have affiliate links on the site and also have a £15 info product too. I have made probably £100 pounds from the site so far but have invested probably about £700 in content and some small Facebook ads too. Some of our competitors have 200K organic visitors a month whilst others have around 10-50K. My question is... Should I keep going? Part of me knows that SEO takes time and to build a solid digital asset isn't going to happen in 6 months. The other part of me is thinking I could just use this time I'm spending to do client work and make instant $$. The niche isn't something which I'm particularly passionate about however there is a good market for it. Any advice would be appreciated! [link] [comments]  |
| Shipping to EU and specifically UK from Canada/USA Posted: 28 Oct 2020 11:06 AM PDT Hello, I am wondering if there is anything I need to ship to the UK from Canada. I will be shipping products that will be around 30 - 100 dollars CAD and was wondering if I will be needing any additional specifications in order to have it imported into the UK/EU. Right now I am on amazon UK and I believe I have to register for VATs? Also from my understanding, I will not need to pay customs and duties since it is under 135 pounds according to CETA? If anyone has any experience importing goods into the UK from Canada, please let me know if there is anything I will need to register for before I start shipping. My goods are christmas decors and gifts if that helps. Thanks! [link] [comments]  |
| What are the some major technologies that are promising areas for new start ups Posted: 28 Oct 2020 10:33 AM PDT Anyone have any ideas or suggestion? What are some top 5 major tech that are on high demand which new startups can benefit on [link] [comments]  |
| Cost of incorporating LLC in Zug Posted: 28 Oct 2020 10:27 AM PDT We are building a crytpo startup and I wonder how much would it cost us to incorporate LLC in Zug? I know that we need 20.000CHF as a capital. I want to learn more about costs involved and how much that would be in total? Also, is it possible to open LLC without a lawyer, in order to cut expenses? [link] [comments]  |
| Good financing/installment programs for high-ticket items. Posted: 28 Oct 2020 10:03 AM PDT Hey guys, I own a furniture design business, and we just opened a showroom. Most of our items are $1000+, and we'd really benefit from a good financing program. We used to use Square installments, but they've cancelled the program due to the pandemic. This has been a trend, as I've applied for various programs, like Klarna and Afterpay, and we're either too highly priced, or they're not accepting applications due to COVID. We do have a rent-to-own type program, but I hate the terms, and don't like selling customers on programs that I feel are predatory. Furthermore, that program is focused on bad-credit customers, and our niche is higher end clients that are seldom in those categories. Does anyone have good leads on financing programs I can offer my customers? [link] [comments]  |
| [FEEDBACK REQUIRED] Entrepreneurs, can you give me feedback on this idea please? Posted: 28 Oct 2020 09:45 AM PDT Hey Entrepreneurs, new member here but enjoying what I've read and the discussions I've taken part in so far – thanks for creating a great group. Because you all seem so helpful and smart then I'd love to get your insights into something. Could I receive some feedback on this idea I'm working on from you? So here's my thoughts... I know there are a lot of people out there, due to the current situation, looking to start their first business. But the recurring theme I see is that many don't have any clear ideas about what that business would be or what's even possible. Plus it's easy to get overwhelmed with all the different options, overload by information, or just caught up in get rich quick schemes or worse scams. Whereas... I have quite a few years experience with online business so I know most of the different legit online businesses models, the pro's and con's, start up costs, time involved and skill required etc which gives me an advantage many who are just exploring the idea for the first time don't have. So here's my potential plan... I'm thinking to launch a free, weekly, newsletter where in each edition I feature an example of an existing successful online business and break it down to show what the model is, how it makes money, the different moving parts, skill level, cost etc. Each week the business featured would be in a different industry and / or focused on a different business model so that readers could see all the different options available and discover one which suits them. It would be a free to subscribe newsletter and to begin with wouldn't likely be monetized but I'd aim to bring on sponsors or advertisers once it's grown to reasonable subscriber base, and that would allow it to remain free to subscribers. In the future it may become "freemium" where free subscribers continue to receive the weekly newsletter but you could also upgrade to get more in-depth analysis and insights and / or past editions or become a membership site. I think there will always be a free version of the weekly newsletter though. So that's what I'd like to know from you... If you're new to the idea of starting an online business would this idea be useful to you and if so why? Likewise, if it doesn't seem useful then why not? If you're not new to online business and already have experience then does this interest you at all on any level? If not can you still see it being useful to those who are new and looking for their first idea? Would love to hear your honest feedback and thoughts, good or bad below please... Thanks [link] [comments]  |
| What taxes to charge and how to implement taxation for an eCommerce App? Posted: 28 Oct 2020 09:31 AM PDT I'm currently developing an App that offers digital content for purchase. I'm planing to use Stripe as a Payment Service but unfortunate Stripe doesn't offer any help when it comes to taxes. I currently have a few questions:
Usually the web is full of information when it comes to building similar products but as I experienced, when it comes to taxation, it's hard to find good information about it. Everyone that uses Stripe must have the same problems as I do, why is it so hard to learn about the technical side of this stuff? Have you ever build a ecommerce website/app and had to handle the taxes your self? How did you handle it? Any help and resources about this is appreciated! [link] [comments]  |
| Posted: 28 Oct 2020 09:07 AM PDT I run a freelance design business. Client wants to pay with an Amex credit card to get the points. I'm not set-up for that at the moment. I don't get a lot of business that pays with a CC. I do accept Venmo or Paypal, she can link her Amex to those two sites and pay that way? And still get the points? [link] [comments]  |
| How Do You Deal With Your Company Taxes? Posted: 28 Oct 2020 08:20 AM PDT So imagine you start the company with $1M for easy math. The product that you sell requires 3 years to be created. It's not a problem because you have money already. You think about spending $300k per year. But...you have to pay taxes every single year. So how do you adapt to that? If you pay $300k the first year you have $700k left meaning you will be taxed on that and spend way too much money so it's not worth it. You think about writing off everything as a business expense and decide to spend most of your money to avoid taxes but if you do that you don't have enough money for the next two years. So how do companies deal with this? How do you do it yourself? Not everyone lives in the US so taxes aren't the same but the idea/concept is what I am interested in. I have so many questions related to taxes and I am thinking about talking to an accountant but before that, I really want to know the opinion of people who actually run businesses. Thanks, [link] [comments]  |
| Taxes for small lawn care business? How do you make a living? Posted: 28 Oct 2020 08:08 AM PDT Hello. I'm thinking about starting a small lawn care business. Just a mow and blow type of thing. I have been planning out the expenses and how many yards I would need to make the money I want, etc., and I was really happy until I remembered that I have to pay taxes. After I figured the possible tax write-offs, and my state's income tax and the 15.3% self employment tax, I took away about 25% of my income. My question is, how do people make a living doing this? It's only possible to scale a lawn care business so far. I just want to do about 30 yards by myself. How does ANY small business make a living with this shit? Because every time you try to scale, you pay MORE taxes! [link] [comments]  |
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