NooB Monday! - (November 02, 2020) Entrepreneur |
- NooB Monday! - (November 02, 2020)
- Anybody ever successfully purchase a business?
- A simple strategy for better productivity
- Pricing: using the .99 or .95 trick
- What if you have an app idea, but can’t code?
- Does what I am doing/planning on scaling up present potential legal issues?
- The 3 Ps of Successful Entrepreneurs
- How do you even know how to start?
- Offered Sales Based Vesting Equity?
- Want to start a recruitment agency
- Creating a new products - general thoughts
- I’m interested in shopping my minority shares in a nutritional supplement business. Not sure how to find potential buyers.
- 7 Billion Glasses of Orange Juice In 1 Year – The Sunkist Story
- Need help getting distribution?
- Suggestions on who to go through to form an anonymous LLC in delaware?
- Ever loose your Entrepreneurial Spirit?
- I no longer want my part time job..
- A quick way to increase revenue
- Financing - How did you do it?
- What to do/invest with 7k? Start ups or ideas with a 24/48 hour firefighter schedule?
- ADVICE: Major player in the industry wants my company to manufacture for them
- Advice: Corporate to Startup 2021
- How to earn respect sub-contracting?
- Passive Incomes
- Looking for Entrepreneur for short, text based interview
- Make money with affiliate marketing.
| NooB Monday! - (November 02, 2020) Posted: 02 Nov 2020 05:12 AM PST If you don't have enough comment karma here's where we can help. Everyone starts somewhere and to post in /r/Entrepreneur this is the best place. Subscribers please understand these are new posters and not familiar with our sub. Newcomers welcome! Be sure to vote on things that help you. Search the sub a bit before you post. The answers may already be here. 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]  |
| Anybody ever successfully purchase a business? Posted: 02 Nov 2020 04:21 AM PST I have spare capital and plenty of free-time with my primary business only requiring 10-20 hours/week from me, so I've been looking into purchasing a business as well. Of course I'm also working on other projects to start myself, but it would be nice to add another cash-flow positive business to my portfolio that I can work on for a few months before it eventually turns into something that I only have to put in a few hours a week. I've looked into all the business brokering websites as well as online marketplaces such as exchange, basically everything seems like a scam or horrible value. Obviously this is to be expected, not many people would sell off a cash-cow business that required little work, but I was expecting to find SOMETHING. Like, the owners don't know how to improve or beat out competition so selling at a discount, owners retiring, etc. But nope, all the online stores are bullshit niches or drop shipping that aren't sustainable. All the in-person ones are like, pool routes, franchises, etc. Then the worst is owner-operated stores with low cash flow. I found a desert shop asking 50k which happened to be very close to my business and within 15min of where I live. Interior could use some renovations but overall it looked very nice as-is. The yearly cash-flow was 40k. I asked if they had any employees.... nope, husband/wife duo works it full time, the 40k is what they pay themselves. So if i wanted to stick in employees, I would actually be losing money lol. NOT TO MENTION THIS WAS PRE-COVID CASHFLOW. He wouldn't give me current numbers, and kept saying I can't take that into consideration. Bruh, considering I'd barely breakeven on previous numbers, I don't think I'd even take the business for free. At this point it's a liability. Even if the cash flow was still 40k and it was an owner-operator intending to purchase it -- who the fuck has 50k in the bank and wants to spend it so they can work full-time making barely above minimum wage? I'm genuinely baffled, I can't fathom who their target buyer is. Is there something I'm missing? You're not buying a business, you're buying a job. ANYWAY, I'm done ranting. Any good places to look for businesses to buy? [link] [comments]  |
| A simple strategy for better productivity Posted: 02 Nov 2020 07:54 AM PST I'm tired of seeing bloggers giving the same bullshit advice on productivity. Thankfully, there are a few gems out there. Like the essay Sam Altman made on productivity. In his essay Sam states, "It doesn't matter how fast you move if it is in a worthless direction. Picking the right thing to work on is the most important element of productivity and usually almost ignored. So think about it more!" Working on the wrong thing is a mistake we've all made before, even Sam. During an interview Sam was asked about what mistakes he made as a teenager. This was his response, "I didn't spend enough time thinking about what to work on. I just let myself get pulled along." Learn from Sam's mistakes - Multiply your productivity by spending more time deciding the right thing to work on. *** Thanks for reading. If you enjoyed it and want to get weekly startup tips check out FreshmanFounder.com [link] [comments]  |
| Pricing: using the .99 or .95 trick Posted: 02 Nov 2020 01:42 PM PST Hey guys I sell aquarium fish online. People usually buy multiple items in 1 order. Price per item range from $5 to $60. So here's my question. Should I set all my prices .95? I know this shit works but how do I make it more aesthetically pleasing. I have over 40 items. If I end all of them in .95, it may look suspect. Should I do a mix of: $5.00 $5.50 $5.75 $5.95 ??? What do you guys think? [link] [comments]  |
| What if you have an app idea, but can’t code? Posted: 02 Nov 2020 08:08 AM PST As the title says, I have an app idea, it's nothing too complex. It's literally something that can be built in an excel spreadsheet, but I want a nice user interface that will allow others to use it as intended. Do I learn how to code it myself, or should I just hire someone? Update: I want to thank everyone for the responses. I'm going to start drafting an idea of what this should look like and reach out to some connections I have in the IT/Development world. I really appreciate everyone! [link] [comments]  |
| Does what I am doing/planning on scaling up present potential legal issues? Posted: 02 Nov 2020 10:35 AM PST Not sure if this the right place for this question, but figured you guys would know best. I handled the promo t-shirt ordering & sales for my fraternity while I was in college. I have a family friend who runs a t-shirt/promotional item printing business, which is who we have used for our shirt printing the last 4 - 5 years. She really does it to mainly to help us out and for her to make some extra profit outside of her typical (and much larger) corporate clients. She has always split the profits 50/50 with me which in turn went back into our organization when I was still an active member/college student. Since graduating a year ago, I have been handling the orders still and essentially acting as a middle man between the fraternity and my family friend. I handle the communication, timeline planning, and delivery side of things. I donate about 20-30% of the money I make to the fraternity as an incentive to keep using my family friend for their shirts. I have a couple questions regarding if what I am doing/planning on doing is legal as I try to scale this to offer shirt printing services to other organizations on my alma mater's campus: - If the customer's (fraternity/sorority members) are providing me with t-shirt designs with their letters and things that could be potentially trademarked am I at fault in any way for infringement? - I am assuming that my family friend has rights to print greek letters as she does this for other organizations at other colleges. Is that assumption wrong? - I am thinking of using social media (instagram, twitter, etc.) to promote the service by posting shirts we print for the different organizations. Is this another way to potentially get me in trouble? My main concern here is what if a member of a fraternity sends me a design that is not original from them and I post it. Could that lead to me being at fault for something? I would appreciate any advice here as I see this as a viable side hustle to my current full time job, but don't want to get myself into a legal situation. Thanks in advance! [link] [comments]  |
| The 3 Ps of Successful Entrepreneurs Posted: 02 Nov 2020 08:11 AM PST Having had two startups that stumbled/fumbled along to exits, I find that these are three of the most important traits for entrepreneurs to be success. Do you agree?
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| How do you even know how to start? Posted: 02 Nov 2020 04:47 AM PST I don't know anyone that owns their own business. I've never even known anyone who is particularly wealthy. I have no idea where to start when it comes to starting my own business. Besides the obvious of needing the initial idea, what's the best advice you could give to someone who's taking their first steps into being an entrepreneur and is having to do it all on their own and learn as they go? [link] [comments]  |
| Offered Sales Based Vesting Equity? Posted: 02 Nov 2020 02:46 PM PST Im wondering if there is certain things I need to look out for and ask for in this contract. I am being offered 20% equity that vests over 4 years (5% per year). One thing I am worried about is the contract only specifies what my first year milestone goal is for the first 5%. The cofounder said its hard to predict what the milestone goals for year 2, 3, and 4 should be (which I understand is a common issue in milestone vesting agreements & why time based is more common). He wants the contract just to say after year 1 we will negotiate the remaining 3 milestones in good faith. Is this common? Im a little worried that if the remaining 3 years and 15 percent arent ageed to now he could decide to not even offer the remaining 15 percent, create unattainable milestones, etc. What are my options here? Can we setup a milestone goal for year 1 & if I prove my value the remaining vesting schedule is time-based? Should I not be so worried about the remaining 3 year milestones being negotiated in good faith after the 1st year of vesting? Is there anything else I should ask for, request, or make sure I look out for? [link] [comments]  |
| Want to start a recruitment agency Posted: 02 Nov 2020 02:25 PM PST Dear Entrepreneurs, i need your help and advice. I will soon be made redundant by my company due to the impact covid-19 had on our industry (airline). A little bit about me and my background, i'm 29, live in the UK, studied accountancy and business management, certified in German and Italian language. Started working in a company as administrative assistant when i was 17, left after 3 years, started as an accountant for couple of years, left, worked as an interpreter for few months till i found a full time job in HR that soon will end. I always wanted to start a recruitment agency but i will be honest with you, I don't know where to to start and how to find companies who are searching for a recruitment agency. I would be really if someone who is in this field or has his own agency share his experience with me and give me any advice they have. [link] [comments]  |
| Creating a new products - general thoughts Posted: 02 Nov 2020 02:12 PM PST I wanted to create a glow in the dark mini zen garden. It's a toy that can help people meditate as well as entertain. Do you think this product could be successful in terms of people being interested in it?(I'm a little limited on this subreddit because I can't put pictures so feel free to message me to know further details) I appreciate any advice very much!!! [link] [comments]  |
| Posted: 02 Nov 2020 01:16 PM PST Business is highly profitable, with relatively strong long and short term prospects for growth. Our house brand has grown considerably over the past five years. We're doing roughly 8MM in annual sales. I own 1/3 rd of the shares. [link] [comments]  |
| 7 Billion Glasses of Orange Juice In 1 Year – The Sunkist Story Posted: 02 Nov 2020 07:14 AM PST Reading Time: 9 Minutes -- Original Article Here Sup Reddit? In 1885, the average American ate 8 oranges. In 1914, the average American ate 40 oranges. In 1916, that jumps up to an estimated 200 oranges. Let's find out how it happened. The History of The OrangeOn every long boat trip, the Spanish carried lemons and oranges. These fruits are high in Vitamin C and keep sailors from getting scurvy. And in the 1700s, they sailed to America and brought these fruits with them. They weren't all that popular until about the 1840s and 1850s. Also known as the California Gold Rush. It brought thousands of miners to California. All looking for gold with dreams of getting rich. Thousands of miners is thousands of mouths to feed. The local food supply just couldn't keep up. So miners got scurvy because there weren't enough oranges and lemons to go around. In about 1870, there was a boom in orange farming. Farmers discovered navel oranges and Valencia oranges. With these two oranges, a farmer could grow and sell oranges all year. So, many farmers got into the business. But here's the problem. The demand for oranges was flat. The supply for oranges was growing. And basic economics means that farmers were losing money. In the 1880s, California orange growers began organising into cooperatives. Basically teaming up to bargain for higher prices instead of competing for lower prices. And in August 1893, they formed the Southern California Fruit Exchange. Lemon growers joined in 1896. Growers from San Joaquin Valley north of L.A. joined in 1905. And in 1905, they changed their name to the California Fruit Growers Exchange (CFGE). A Deal With A Railway CompanyThe CFGE had a big problem. At peak harvest, prices were so low that growers lost money. And the same success they had as a group was about to come back to bite them. Past success made CFGE farmers plant thousands of acres of new groves. Groves that will give oranges in a few years. Enough oranges to double the current supply. One of two things had to happen:
They chose option 2. Advertising. But they didn't want to pay for it. As a compromise, the CFGE President visited the President of the Southern Pacific Railway. Like in the story of how Ogilvy built a national brand with just $1.50, the CFGE President offered a deal the other guy couldn't refuse. For every dollar the CFGE spent on advertising, the Railway company would add a dollar to the campaign. And when the CFGE sold more oranges, they would use the Southern Pacific Railway to ship them. The Railway president agreed. The CFGE put up $10,000. The Southern Pacific Railway matched it. And with $20,000 ($550k today), the CFGE went to make history. This was the first ever large-scale ad campaign for a raw food. Sunkist, Lord & ThomasThe CFGE's Eastern Office was responsible for all marketing. It was in Chicago. And the most famous agency at the time was the Lord & Thomas (L&T) Agency, also in Chicago. The CFGE wanted to do a test campaign for $3,000 ($80k today) in Iowa. Why Iowa? Iowans really liked California. The CFGE's oranges are from California. Seemed like a good idea. For this campaign, in July 1907, a copywriter named R.C. Brandon had an idea. He suggested the CFGE use "Sunkissed" as a single brand for all members in the CFGE. In August, that was changed to "Sunkist" to make it easier to trademark. The CFGE liked the idea, but didn't want to change their branding. So, L&T had to make a campaign without a real brand name. This campaign was "Orange Week in Iowa" and it involved:
And it worked. In 1908, CFGE sales went up 50% in Iowa and 17% nationwide. With these results, the CFGE started taking the Lord & Thomas agency more seriously. And in April 1908, the CFGE formally started using the Sunkist brand. And used it only for the best fruits grown by its members. Also in 1908, the CFGE ordered 6 million "Sunkist orange" stickers to put on their oranges. Feeling excited about the 1909 harvest, CFGE increased their budget to $25,000 ($715k today). And they gave one task to L&T. Cover the north half of the U.S. with Sunkist ads. But don't sell competitor's oranges. Sunkist – The Biggest Buyer of… Spoons?This was a tough one to solve. Shopkeepers would take off Sunkist labels and selling lower-quality oranges at Sunkist prices. This made them more money but ruined the Sunkist reputation. L&T suggested wrapping each orange in paper with a Sunkist logo. Shopkeepers just threw these papers away and continued. So L&T answered with a campaign. A free Sunkist Orange Spoon to anyone who would send in 12 Sunkist wrappers and 12 cents. What happened next? Shoppers started demanding the wrappers for every Sunkist orange. It worked so well, the CFGE sent out a total of 2 million spoons in 1909 and 1910. They became the largest buyer of spoons in America. And from bulk buying and the 12 cents customers sent in, the CFGE actually made A LOT of money. About $40,000 ($1MM today). By 1914, Americans were eating 40 oranges per person per year. By 1915, the CFGE opened up its wallets and bumped up their budget to $250,000 ($6MM today). This was fantastic timing because of what happened that year. And it's here where I need to tell you about Don Francisco, the man who invented orange juice. Wait, A Mafia Boss Invented Orange Juice?No. That's just his name. After graduating from college in 1914, Don got hired as a fruit inspector for the CFGE. His job was to basically check incoming fruit to make sure it wasn't spoiled on arrival. Don was a very curious guy. In an interview, he said this:
One of the things Don learned is that soda fountain attendants hated making fresh orange juice and lemonade. Too messy. Too time-consuming. So they didn't sell it or made it too expensive for customers to buy it. Don read between the lines here. If stores thought it was too much trouble, that means people at home would too. So… wouldn't it be nice if people didn't eat half an orange with a spoon? Wouldn't it be nice if people could instead have the juice of a whole orange? Or two? Or three? Don took this idea back to CFGE. He went to work with manufacturers to develop 3 things:
A glass company agreed to produce 1 million of these glass juicers with "Sunkist" on the side. These would be sold for 10 cents each. L&T jumped on this idea with both feet. And they pointed their biggest gun at it. The first copywriting legend himself: Claude Hopkins. The campaign was called… Drink An OrangeTo say this campaign was successful is an understatement. On the back of this campaign, Sunkist sold roughly:
Sales for the glass juicers were so ridiculous that other glassware manufacturers jumped on the bandwagon. On the strength of this campaign, people went from having half an orange to 2-3 oranges per serving. That would translate to a little over 6 and a half billion glasses of juice by my estimation. And the most famous ad in that campaign is a very rare find. An ad written by Claude Hopkins himself. The Full AdThe Headline & LayoutVery simple. Straight to the point. It introduces a new use of a product that many hadn't thought of. For the layout, Hopkins did something unusual. This ad was written in separate sections, like it is many ads in one. One section is for orange juice. Another for Sunkist. And one more for the glass juicer. The Orange Juice Section
Hopkins describes what orange juice is (healthfulness itself). He combines who orange juice is for (overeaters, babies, adults) with the benefits it has (digestive aid, food value). And in making a case for babies, he uses the authority of "thousands of physicians" to calm any safety concerns. By mentioning babies and adults, he implies that every age in between could benefit from orange juice.
Here we have plenty of product upscaling. The juice is fresh, pure and LIVE. And it is also a natural regulator. The peel is nature's germ-proof package. Then we have usage instructions to have it at every meal. To end this section of the ad, we have a rhetorical question with a very wide benefit. The Sunkist Section
Quite simple. Mention the brand name in large letters. And mention what the product is.
Hopkins starts by describing Sunkist navel oranges using a lot of tempting adjectives. He adds social proof to differentiate Sunkist oranges by being the preferred choice for hundreds of thousands of housewives and famous chefs. He also offers a lead magnet in the form of a recipe book which will educate customers on how to use Sunkist oranges. And gives a call-to-action for the reader to order the booklet and to use Sunkist oranges in the dishes inside it.
Buying instructions. And a callback to the popular free spoon offer. The Sunkist Juicer Section
The headline is a soft-sell call to action. It doesn't tell you to buy it. Just to use it and what it costs.
Pay attention to how Hopkins keeps emphasising Sunkist. The juicer has Sunkist in its name. It is especially designed for Sunkist oranges or lemons. It is manufactured exclusively for Sunkist. And the juicer itself has Sunkist written on it to reinforce the brand. Note how Hopkins also emphasises its versatility (works on large and small Sunkist oranges or lemons) and durability (heavy tough glass). I also want you to pay attention to how the juicer is especially designed for Sunkist oranges or lemons. Hopkins wrote 'especially' NOT 'exclusively.' He wants to avoid the reader thinking the juicer is useless without a Sunkist orange or lemon.
He justifies the price by explaining why it is 10 cents. And he also gives buying instructions in case the reader can't get it from the grocer. The ImageHere are the little captions near the picture.
Remember that there are 3 general rules of thumb when it comes to images in copywriting: Show the product Show the product in use Show the benefit of the product This ad uses Rule #2. Key TakeawaysIn your business…
In your copy…
Recommended Reading:[link] [comments]  |
| Need help getting distribution? Posted: 02 Nov 2020 01:11 PM PST I've posted a few times about Mark Cuban investing in my first company which we sold a few years ago. I now help other companies sell their products. I've gotten two products in front of the largest EVPs and CEOs of some of the largest Fortune 500s including Dunkin, Lowe's, Home Depot, Dairy Queen and more. If you need help cracking large prospects I have an insane response rate and can help. [link] [comments]  |
| Suggestions on who to go through to form an anonymous LLC in delaware? Posted: 02 Nov 2020 01:01 PM PST And is it worth it if I just want to sell a card game ... But I'm just weirded out by people being able to get my home address? [link] [comments]  |
| Ever loose your Entrepreneurial Spirit? Posted: 02 Nov 2020 12:58 PM PST I've been an entrepreneur my whole life, professionally for 25-years. I've never had a job. A few years back I had a highly successful Amazon retail business that I sold to start a Software Company, featuring the technology (I developed) that made the retailer successful. Seemed like a good idea at the time. I was getting meetings with titans of tech and finance that allegedly loved my technology. A couple of them even said "this will be the largest IPO in Los Angeles history!". That's just how they hooked me in to drain all my blood and whatever drives us to do what we do. Long story short, I was outplayed by a bunch of corporate business c*cksuckers that saw an opportunity to prey upon a naive coder trying to start a business in their realm. I got my ass kicked so badly that it still hurts 3 years later. It feels like a form of PTSD. I still can't even think about starting another business. There's a huge cloud of fear that still persists. Much like going to the beach again after a shark attack, I presume. That's how I feel anyway. They were sharks! I started doing consulting about a year ago now. That's been helping a lot. Being a hero with zero responsibility for the business has been comforting. I know it's not what I should be doing, but it's the only thing I can do. I thought I just needed some time, but it's been 3 years. This post is the closest I've come to acknowledging it to myself. Anyone else ever experience loosing your entrepreneurial spirit? Did you get it back? If so, what was the key (time, opportunity, something else)? [link] [comments]  |
| I no longer want my part time job.. Posted: 02 Nov 2020 12:41 PM PST I currently have my own company ready to begin running. I have my mentors, which are covered for the year, I have my parents helping me out. All I need is clients now and very little money to survive (like I said, I'm young and my parents are covering everything until my first clients come in). Each client is worth approximately $8000 gross revenue. This is the low average dollar amount. Like I said I have my personal trainer helping me get these clients. So to my question.. do I really need a part time job? I absolutely despise working minimum wage. I promised myself I wouldn't have one again. But here I am currently watching new employee training videos... I thought it'd be cool to have a little extra money just to have, but I have a few big issues:
What's your say in this? Should I continue feeling this negativity everyday, for a little money, or should I do what feels right, and what makes me happy mentally, and focus 100% on my clients. [link] [comments]  |
| A quick way to increase revenue Posted: 02 Nov 2020 12:19 PM PST ...is to raise your price. There are two schools of thought here: i. Always price test the market and locate the Nash Equilibrium. The point where no player is better off choosing a different strategy (higher/lower price). I.e. you'll be worse off if you lower your price but also if you raise it. ii. Price intuitively. What would be a good deal for you? Keep in mind things like signaling (the price itself conveys info). What's best for the user right now? How about in the long run? It's possible there's a right answer and we don't know it. But it's also possible that there's no right answer and it's context-dependent. Since business is a long game, it's possible that short term good is long term bad and short term bad is long term good. Having said that, from talking to my friends that run 8-figure startups, my colleagues, and based on my current understanding of entrepreneurial science, I'm leaning towards school ii. Pricing is a part of an interdependent business design. Meaning if you maximize price, you're likely to fuck up other parts of the business e.g. opening yourself up to disruption. (Think taxis or telecommunication companies screwing users with insane data and texting fees (read scams) back in the day.) But the flip side of that coin is not to price test at all. You've set a price on day 1 (probably by looking at your competitors who also looked at their competitors who also...) and stuck to it. That's the blind leading the blind. It's worth seeing if increasing the price positively affects the business. In my experience, most products are priced too low. That means when they increase the price, they generate more revenue and sometimes even reduce churn. It's also common that you lose nightmare customers and increase the number of wonderful ones, which has obvious positive long-term effects (on your mood as well, which is also an important part). NOTES[1] There is an important implicit premise here which I'm sure you've caught, namely, this only holds for brands and not commodities. If there are 12 different types of salt you can buy and they're all commodities then if you decide to enter that market you'll be at the mercy of consumer surplus (the customer would pay more but doesn't have to). You can only escape that by either technological innovation or in this example psychological innovation, i.e. better branding. TLDR: Consider price testing. If you're scared it'll hurt the business, try a small part of your audience. Or raise your price for new customers and just grandfather the old ones in. ---------------------------------------------------------------------------- Hey, I share ideas from entrepreneurial science to help founders go from idea to their first million. Want in? [link] [comments]  |
| Financing - How did you do it? Posted: 02 Nov 2020 12:17 PM PST I'm looking at starting a business in a small town that has no other business like the one I'm looking to start. I'd have little competition in town, and no competition that is on the same quality level as mine. Population level is steady with folks wanting to spend money, but there are little alternatives within a 30+ mile radius. Ok, great! The problem: I don't have a ton of personal savings (some, but not all of what I need), my friends and family are not wealthy so I don't feel comfortable asking for money. I also don't want to be personally financially liable if this tanks in a few years. The thought of risking my time, energy, and initial personal savings is scary enough, but the thought of collateralizing my home and putting myself, my spouse, and my child basically homeless if a bank has to collect is a thought that wrecks me and keeps me from moving forward. It isn't that I don't have faith in my business idea, it's that I have a family to keep on track and I'm unfamiliar with real life financial implications of business debt. 1.) Am I being overly dramatic about this? 2.) How did you finance your business, and are you personally liable for any financial failures? 3.) From what I've read, getting a business line of credit is incredibly difficult, and a business loan must still be secured from personal assets. Is this all true? 4.) What other specific things should I know or research about this subject other than endless vague google searches? Thank you all! [link] [comments]  |
| What to do/invest with 7k? Start ups or ideas with a 24/48 hour firefighter schedule? Posted: 02 Nov 2020 11:52 AM PST Hey there guys, total noob here with putting in entrepreneurial work. I have done a couple little hustles but nothing worth explaining. First off I want to say I'm working on towards becoming a firefighter and am set to finishing my recruit class some point mid next year. It has always been a huge dream that I must do. With that being said I've always wanted to have a other source of income to make money and life free since firefighters barely get paid lol. I am selling my motorcycle because I'm looking to advance in life and do something with that money. I'm looking for ideas to fit in with that schedule of 24 hours on and 48 hours off. So I will be only working 10 days a month basically and have a lot of time to do something else. I've partnered with a landscaping business when I was 17 and made some cash but haven't done that in a while. Looking for ideas to fit that schedule and also I like sales, also working with my hands and cars/motorcycles. Also if you have any suggestions to where or how I can brainstorm ideas? [link] [comments]  |
| ADVICE: Major player in the industry wants my company to manufacture for them Posted: 02 Nov 2020 11:49 AM PST My partner and I started a small company manufacturing a grocery store item a few months ago. We started off selling online and got a really good response from the public. Now, we are slowly working towards increasing our product range as well as looking for a distributor to help us stock in grocery stores across the country. Recently, a large company (that has been operating in the industry for a couple of decades now) reached out to us with a proposal to collaborate with them. The essentially want us to exclusively manufacture for them using their brand name and want to have a contract with us long term. The issue is, my partner and I are skeptical. We've worked pretty hard establishing our brand and throwing it out the window doesn't really sit right with us. However, collaborating with this company would give us the ability to expand at a rate that would have previously been unattainable (without our brand name). We're afraid that by just giving our product to this company and stamping their name on it, we're missing out on the opportunity to expand at our own pace and ultimately profit even more in the long run. However, by NOT taking this opportunity, this company has made it very clear that they intend to create their own line of product in competition with ours and flood the market with it, which would (most definitely) crush our our business. The company is open to sitting down for a meeting and working on a middle ground. What should we do? What kind of terms should my partner and I bring up that would safeguard our brand name and company? This might sound like a bunch of silly questions, but we're both very new to this industry, so any advice would be appreciated!! (P.S. We're not based in the US) [link] [comments]  |
| Advice: Corporate to Startup 2021 Posted: 02 Nov 2020 02:18 AM PST Hello, I hope I am not breaking any rules but I need to ask this community advice. I am going to try and be as thorough as possible while ensuring this not long drawn out text. I am currently 25, working at a bank in a senior role. The position I am in is great. I have a great team and manager. However, from a challenging point of view, it's not complex for me. I am an entrepreneur at heart and enjoy problem solving. I currently feel my ability is wasted. There has been a recent opportunity to leave the bank and run a startup. The opportunity presented itself from a colleague of mine who has hand picked me due to my ability, willingness and hunger to succeed. If I go ahead, we would both have to leave the bank all together. The idea is great and I can see the potential and scale opportunities. However, the problem is as follows. He is currently 50/50 with investors and wants me to jump on board starting as a salaried individual. My role would be as a Managing Partner and I would learn a hell of a lot within two years (the projected capital runway). We would both manage the business, I just wouldn't have equity. I have mentioned that in order go ahead I need to have skin in the game (equity) otherwise I'm simply in the same boat as I am now, with maybe more autonomy and room to grow. Unfortunately the investors aren't happy with this as they believe we need to "earn our stripes" and will allow me to receive profit share. I will ensure that from a contractual point of view I am paid every month, so the monthly income isn't a concern. I'm not sure if I'm willing to "risk it all" for not surety. Yes I'll make more every month (he said he can pay me more) and I'll be open to profit share, but I won't have vested interest in the business. Eventually (if all goes well) I will be open to equity options (within 2 years) as per the conversation with my potential partner. What do you think about this? Is the risk too much? Am I helping build a business with no personal guarantees? Any advice would be greatly appreciated. Thank you. [link] [comments]  |
| How to earn respect sub-contracting? Posted: 02 Nov 2020 01:10 AM PST I've taken the advice of many. I haven't reinvented the wheel, and I've started a cleaning business. However I want to slowly start to hire sub-contractors in my place. Since I don't make enough to hire employees, I don't even know where to begin with sub-contractors. Presuming I would provide all materials/gear, do I simply just call when I need the work done? I would initially join the sub-contractor with the job, as I'm unsure how else you would earn their respect to be a good worker [link] [comments]  |
| Posted: 01 Nov 2020 09:36 PM PST Hello, I'm looking for passive incomes that are worthwhile, owning vending machines and such seem like more work than what it's worth (if anyone knows otherwise let me know). I just invested into the ATM business, hoping to find another passive income while I work my day job and pursue my real dreams. Thank you for any information. [link] [comments]  |
| Looking for Entrepreneur for short, text based interview Posted: 02 Nov 2020 09:43 AM PST Hello! I hope you all are having a good day. I am looking for an entrepreneur to do a short text based interview with for a upcoming final project. If you could answer a few general questions for me and sign off confirming our interview it would be greatly appreciated. Again, thank you for your time and have a great day! [link] [comments]  |
| Make money with affiliate marketing. Posted: 02 Nov 2020 12:48 AM PST Hello everyone. I want to ask some questions to affiliate marketers who make money with affiliate programs. Are you able to get decent money from your affiliate sites? What was the biggest problem for you? How many sites do you operate and do you automate some of the processes? What are things that I should not do when doing affiliate? Sorry for English, not native. [link] [comments]  |
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