• Breaking News

    Wednesday, December 2, 2020

    Wantrepreneur Wednesday! - (December 02, 2020) Entrepreneur

    Wantrepreneur Wednesday! - (December 02, 2020) Entrepreneur


    Wantrepreneur Wednesday! - (December 02, 2020)

    Posted: 02 Dec 2020 05:10 AM PST

    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.

    submitted by /u/AutoModerator
    [link] [comments]

    Guide: How to get your first 10 customers

    Posted: 02 Dec 2020 07:37 AM PST

    Hey everyone! I'm back with another post on how to turn an idea into a business. If you haven't yet, check out this post for more context (seriously, it'll help set you up for success here).

    Let's assume there's sufficient evidence that says there's a demand/a problem and you want to see if you can make some money going after it - great! You'll likely ask the next question "How do I get my first 10 customers?" To answer that, you'll need two things - 1.) an offer and 2.) potential customers.

    Wait… what about the product? Hold off on that for now. Typically, I recommend not to build anything, or at least not software. I'll touch more on that below.

    Let's start with the offer. An offer is a promise you sell to customers about solving their problems. In most cases, you don't even need to build a product to sell your promise. To be clear, I'm not saying that you should lie - if you won't be able to solve the problem, then don't promise that you can. Our goal right now isn't to figure out if you can build it, it's to figure out if you can sell it.

    Here's why I love offers more than products - it helps de-risk two of the three fundamental challenges all startups face 1.) market risk and 2.) channel risk (product risk is the third if you were wondering). Market risk is asking the question "does anyone actually want/need this?" and channel risk askes the question "can you acquire customers (ideally profitably) through marketing channels?". In my experience, I've seen significantly more startups fail due to market and channel issues than product issues.

    Now that you've got your offer, let's talk to potential customers. It is crucial that you show your offer to the right people, otherwise, the data you get back won't be accurate. There's a right way to do this and a wrong way to do this.

    Most people will ask themselves "who do I think has this problem" and then relentlessly hunt those people down - this is a fine start, but we can do better. What I recommend is to ask yourself this, "who has the problem, knows they have the problem, and is currently DOING something about it?"

    The latter part of that is key. You want to find people who are already trying to solve this problem on their own. Why? Because these people have already decided that it's a problem worth their time/money to solve.

    With that context in mind here are some tactics to get your first 10 customers:

    • Customer Interviews > Sale: One of the easiest ways to get a customer is to circle back with the people you talked to about the problem in step one.
      • Pros: It should be an easy sell since you've got their contact info and you've built a relationship with them already. Also, if they aren't interested in buying, you can immediately ask questions that help you learn why - this can be invaluable.
      • Cons: CDIs can be time-consuming, slow, and it can be really difficult to get a potential buyer on the phone to just "talk". Also, sales calls can be uncomfortable.
    • Cold Outreach: With LinkedIn and Hunter.io you can find just about anyone's contact info and shoot them a cold email or give them a call. The key is making sure there are signals that the people you're emailing have the problem, know they have the problem and are trying to solve the problem that your offer addresses.
      • Pros: It's a relatively quick and cheap way to get your offer in front of qualified leads and give you the opportunity to talk to a real person to get feedback on your offer.
      • Cons: Cold emailing can be a numbers game and isn't effective for all types of businesses.
    • Partnerships: Partnering with influencers, businesses, or other authorities that are in a similar niche as your product is a great way to get access to buyers.
      • Pros: You leverage the authority and trust built by your partner for a boost in credibility. Also, if you play it right, your product will be in front of the right target audience.
      • Cons: Finding quality people to partner with can be tough - few people want to work with the new kid on the block. If you do find someone, you'll likely have to give up a substantial piece of revenue or equity to make this happen.
    • Online Ads: If you have a tightly defined customer segment, you may be able to run an ad with your offer directly targeted to those people on Facebook, Google, or any other ad platform.
      • Pros: This is a quick and relatively cheap way to get data and your product in front of a lot of people.
      • Cons: There isn't a great feedback loop with ads and the targeting isn't super-specific. You'll have data to look at, but ultimately, you won't know why someone didn't buy. e.g wrong audience, too expensive, they didn't like the solution, they thought the website looked scammy, ect…
    • Online Communities: My personal favorite is to engage with potential customers in online communities. Regardless of your niche, there are almost certainly online communities where your early adopters hang out.
      • Pros: Tons of qualified customers that are easy to find and talk to.
      • Cons: Most communities don't allow promotion, so you'll need to add value and find ways to talk about your promotion. This can take time and be slow.
    • Build an Audience First: Depending on the business, it can be much easier to build an audience through a mastermind, online community, or blog to leverage when you're ready to sell.
      • Pros: You build a relationship with your target audience for sales in the future. IMO building an audience is the easiest way for you to be successful.
      • Cons: The issue here is that building an audience likely won't directly test the value proposition of your offer.

    This is one post in a series of posts that will come around how to de-risk companies faster. I'll hang out in the comments for discussion.

    PS I just started using Twitter like all the cool kids, follow me if you want to see more content like this.

    Edit - Adding Content Marketing: Creating optimized content for SEO or Quora can be a great way to catch buyers through search intent.

    • Pros: It's free (assuming you write it yourself) and can have lasting effects that create a real competitive advantage for your company.
    • Cons: Time-consuming, takes a while to reap the benefits, and similar with paid ads, there's not a feedback loop (ie you won't know what's working and what isn't). When trying to get your first 10 customers, your goal should be to move fast and learn as quickly as possible
    submitted by /u/papapatty11
    [link] [comments]

    I finally did it! I launch a woo-commerce plugin in 3 weeks and in 2 days we've already done $600 in sales.

    Posted: 02 Dec 2020 12:18 AM PST

    Hi, so I haven't posted in a while but I just wanted to share this new experience. I own a couple of ecom stores but focus mainly on working with other brands. One of the easiest ways to increase your AOV is by allowing customers to brand more of what they are already getting. Apart from using upsells, most ecom stores use price/quantity tables like this. I found this to be unattractive and unengaging and wanted to come up with a much better option. I decided to create a plugin of my own but to see if others thought the same, I decided to post in a couple of eCommerce groups and I was amazed by the response and close to 100 comments asking for more details to be sent to them. I thought this was validation to proceed with the idea but I see now that there's a difference between someone asking for more details and someone taking out their wallet to purchase, either way, I decided to give it a go

    To make the development phase faster, I put a team together. The development phase was stressful. I never made use of proper teamwork tools, I believe this would have made a difference. But I'm glad I did not rush the process because as much as Product shipment is important it's better to ship something that makes a good impression.

    I did a pre-order sale on Black Friday and Cyber Monday and I got a couple of sales, not much but enough to make me believe this plugin has a future.

    We officially launched yesterday and I'm glad the plugin is already in the hands of customers who are already admiring the ease of use and front-end attractiveness.

    I'm excited to be focusing on the marketing and advertising phase because that's what I'm good at. Customer service and feedback are super important to me, I'm treating my customers the same way I would treat my clients. I even gave them my personal email and phone number.

    You can learn more about the plugin/app here

    Let me know if you have any questions. I will love to hear any advice from anyone here who has launched a similar digital product.

    Thanks

    submitted by /u/jacktaylod
    [link] [comments]

    Make your users do something hard

    Posted: 02 Dec 2020 10:04 AM PST

    So I woke up to three declined zoom meetings in my inbox, which is the validation I wished I had 5 weeks ago.

    My software product is averaging 10-15 signups a day, people are engaged, but my conversion rate is staying low. And I was convinced that since I had a few paying customers, I could just work on paid features and website copy to get more people to upgrade.

    My problem was being comfortable with what could be called "soft validation" - people being excited about the idea on social media, Slack + Discord, and people putting their email addresses down to sign up. Soft validation feels good because it's easy. But it's not real.

    Real validation comes from making users do hard things. Like putting a credit card down, or showing up to a 15-minute meeting. It sounds counter-intuitive because you'll probably scare off people who would've just put their email down. But it separates the signal from the noise and tells you how superficial or real the pain point your product is solving for is.

    So that's how I got here. I took my new functionality and put it behind a Calendly link, and then waited. A few zoom meetings popped up, which made me feel great. But then they canceled, so I'm now realizing exactly what kind of problem I'm solving.

    It's not a dealbreaker either. The "nice to have but if I'm cutting back/canceling my subscriptions you'll be one of the first to go" products can still enjoy solid growth, you just have to cast a wider net and likely deal with lower conversion rates.

    So my main takeaway here is to as early as possible, make your users jump through some sort of hoop to figure out what type of pain your solving. Because even if you get many enthusiastic tweets and positive emails, those things are easy. Aim for fewer easy wins and more truth.

    submitted by /u/BetterLearner
    [link] [comments]

    AMA crossed 1M revenue (profit TBD) in my first year as a full time entrepreneur

    Posted: 02 Dec 2020 02:40 PM PST

    Looking to give back a bit. I used to read this subreddit, personal finance, crypto, FIRE, etc and the community / support kept me going.

    About me:

    • Mid 20's Computer science degree (non prestigious school)
    • Work history - Programmer / constantly trying to build businesses
    • This is my first extremely successful business (previous successes were moderate, topped out at the mid 5-figures range)
    • No prior management experience

    Current business details:

    • Website - undisclosed (category - clothing)
    • Started in Jan 2020
    • Went viral in May
    • 5 full time employees
    • 2M-4M projected revenue in 2021
    • Shopify (not drop shipping)
    • Net income should be over 1M for 2020 once holiday season is over
    • leverage 3rd party logistics
    • China + USA manufacturing
    • heavy importing / moderate international shipping
    • completely bootstrapped / no investment, single owner business (me)
    submitted by /u/abacona
    [link] [comments]

    How did you find out what you wanted to do?

    Posted: 02 Dec 2020 02:31 PM PST

    Ever since I was little girl, I looked up to my dad. He's owned several business and has been very successful doing so. He always says "do what you love and you'll never work a day in your life". That's always stuck with me..

    I've always kind of had a niche for making crafts and selling them, which led me to find out I was very good at marketing. But I want to do something big, it would be a dream of mine to own a business but I just don't know what I should do or how to even get started!

    If anyone would like to give advice or share their story feel free to do so. It would be very helpful :)

    submitted by /u/kensdavis1
    [link] [comments]

    Need help coming up with a business model. Capital is not a problem. (Read below to understand what I really mean)

    Posted: 02 Dec 2020 08:52 AM PST

    Situation:

    So turns out my dad's promotion for which he was waiting for is going to get scraped by a pension scheme. To explain from the beginning my dad was going to get a promotion starting 2022 because the employees currently at that position were going to retire, but their company then comes out with a dreamlike pension scheme which entails that if you voluntarily retire even a month before your actual retirement you get a hefty retirement bonus and pension after that every month. BUT!! you guys might question the financial literacy of the company, WHY DO THAT, when they were about to retire, I'll tell you why because if you take that pension scheme your (the scheme takers) position is scraped forever. So if you're retiring it'll be foolish not to take that pension scheme, and since my dad, 100% for sure won't get the promotion he also plans to get the pension scheme. So now we're planning to start a business.

    A family business would be more appreciated, it'll be given to my younger brother 'cause he's not doing to hot in college.

    What we've discussed till now:

    My dad's idea:

    • To set up a small general store and preferably he and my brother will run it.
    • To buy 1 or 2 apartments and rent it out, the portfolio can also be increased by buying more houses after.

    My Ideas (For now only one):

    • So the trend of keeping those decorative house plants has increased recently and I'm thinking of opening an e-commerce store.

    My brother's ideas:

    • Attend uni and get a bachelor's degree in animation and professional video editing.
    • Become a YouTuber. T_T

    Problems with everyone's ideas:

    Dad's:

    • Too uncertain and risky, since there is a general store at every other block.
    • Also where we live there is a bad rep for rentee's not paying on time, making a hassle, and not clearing out, also there are many cases where the rentees kill the renter when they can't pay.

    Mine:

    • Too small and not that scalable.

    Bro's:

    • Getting a bachelor's degree is good, and all, but the job prospects or salary aren't very good out here. Most companies outsource their jobs from some south asian guy on Fiverr for less than minimum wage.
    • And about being a YouTuber I don't think I need to say anything
    submitted by /u/xX__NaN__Xx
    [link] [comments]

    Launched my social proof app and finally got my first paying customer!!!!!!

    Posted: 02 Dec 2020 07:29 AM PST

    Hey everyone,

    I've been really struggling to get paying customers because it difficult to reach others in the same space. I noticed that the hardest thing after you build the product is to drive the right kind of traffic to your website and getting noticed by your ideal customer.

    Methods I've tried

    - Writing content

    Writing content is great and all but it's very time consuming and some people will read the article but won't check out your website or if they do they won't convert to a user. This isn't to say it doesn't work, I've seen it become really effective but it just hasn't been for me

    - Online platforms

    I've posted in the sub-reddits to get feedback, Hackernews, APPsumo and Indiehackers

    These places are full of potential customers, the issue is how to approach it, you don't want to spam (which is what I did in the early days) and it isn't effective. I got good feedback but once again nothing came out of it.

    -- Social media

    As a avid twitter user, I began by searching for tweets that mention "social proof" but that became time consuming because social proof can mean lots of things in theory.

    My number one rule is, If you don't have a paying customer after 2 months of focused marketing, SHUT IT DOWN

    what methods you've used in the past to target your users? also here is my product if anyone is curious

    submitted by /u/indp_variable
    [link] [comments]

    Business Education Podcast. One episode features The Chair of Entrepreneurship at Duke University’s School of Business, and many successful entrepreneurs

    Posted: 02 Dec 2020 02:59 PM PST

    Hello, Everyone!

    My name is Logan Lin. I started a podcast a while back, talking about various business topics: my guests and I would have fireside chats about topics like behavioral investing, capital market efficiency, being a start up hero, entrepreneurship, cash flow, valuation, private equity, etc.

    My mission really was to help others learn something new, whether that be high school students, college students, or even young adults in the work force. Here are some of my episodes and guests. If you could take a listen when you have a chance, I would appreciate it.

    1. Billionaire Investor, Tim Draper

    2. The Dean at Cornell University's School of Business, Mark W. Nelson

    3. The Chair of Entrepreneurship at Duke Fuqua's School of Business, Jon Fjeld

    4. The Chair of Marketing at The University of Michigan Ross (#1 marketing program in the nation), Fred Feinberg

    5. The Former Vice President at Google Capital, and current Partner at KKR & Co. Inc (Named a Forbes 30 under 30 Top Venture Capitalist for 2021), Victor Chen

    6. UC Berkeley Haas Professor, Torsor Kotee

    The link to my podcast:

    https://open.spotify.com/show/3v3xNGzc1YRA9iOeBfEaxp?si=98idCOl0Tq6OGbBREFjuBw

    My future guests and upcoming episodes:

    1. The Dean at Stanford GSB

    2. The Co-Founder, First CEO, First Chairman of Netflix, Marc Randolph

    3. Bill Ackman

    submitted by /u/BG223678
    [link] [comments]

    How do I ask my audience how they would like to support me?

    Posted: 02 Dec 2020 10:59 AM PST

    Hey everyone!

    A little bit about my business:

    I started my business through Instagram and quickly gained followers so I branched out to all social media's and this past month I started selling Merch.

    My stats are: 18-32 - 58% women 42% male 90k on Instagram, 2.2m engaged followers on Pinterest, 64k on tik tok, and 12k on Facebook.

    I sell through Etsy and Shopify. My Etsy store does great by itself organically, so I hardly promote it.

    I started a texting software, where I can engage with my audience in a more personable way. I send out daily inspiration and a few blog posts here and there.

    My audience seems to LOVE the daily inspiration and I get about 98% positive feedback on the blog posts.

    When I send out texts for my store, I get positive feedback; but hardly any sales and less of a response. I'll get about 10% to respond, whereas I get 75-80% of a response on everything else.

    My typical texts will sound like: "Today is my Black Friday sale! If you have considered supporting me, now is the time to do it!"

    "I added this to the shop for you!"

    "Thank you so much for the support over the years, here's a coupon code just for you."

    "For every purchase we make, we are committed to donating to charities." (I typically name the charity)

    How can I ask my texting community how they would support me?

    Sometimes I'll get messages like: "Stop with the ads, we're here just for the inspiration."

    To be transparent, I pay $150 a month for this texting software, so if I don't make any sales then I'll obviously stop it. It doesn't make sense for me to constantly be giving out my time and content for nothing back.

    What are your suggestions for me?

    I want to ask my audience directly, how they would like to support me to keep this community going, but I don't know if that's appropriate.

    I'm 25 and this is my first business, so I'm learning as I go. I truly appreciate anyone who can help with this!!

    Thank you so much!

    submitted by /u/auzzman23
    [link] [comments]

    How Blush and Bar builds trust for users to buy jewelry online

    Posted: 02 Dec 2020 02:16 PM PST

    Hey Everyone, I recently spoke with Daniel Wesley, the owner of Blush and Bar about the things that have worked (and things that haven't) about running an online jewelry business: how they vet manufacturers, building trust with users, UA channels, etc.

    You can read the full transcript below and you can also get the audio here.

    Just a heads up - I'm not the owner of Blush and Bar, I just did the interview with Daniel. However if you have any follow up questions I'll obviously try and be as accurate as possible. I'll also be directing Daniel to this post.

    Company: Blush and Bar

    Product: Small dollar jewelry in the 'mestige' (mass market luxury) market

    Founded: Company was acquired in 2019

    Sales channels: 100% online

    Location: Tampa, FL

    Team: 1 FTE + virtual assistants + 1 subcontractor

    Revenue / month: $150k

    Gross margins: 65%

    What is Blush and Bar? Blush and Bar is a business I acquired back in 2019. It's a small dollar jewelry business, with an average order value of about $90.

    What got you interested in selling jewelry through eCommerce channels?

    I come from the lead generation space and wanted to have a brand for the very first time. With lead generation we are the people who facilitate the transaction or master the handoff; we would have no lifetime value component and no full funnel visibility.

    So I think the macroeconomic forces of something with the ubiquity of jewelry and full funnel visibility is what led me to e-commerce

    Was there a specific reason you decided to purchase Blush and Bar rather than another online jewelry brand?

    I was looking for a good opportunity with good momentum and obviously needed to consider the acquisition cost [if I could] run the business. I think it was a very unique name. The name Blush and Bar has a good interplay between feminine and masculine.

    Did you use your own cash for the purchase and how do you think about financing going forward?

    This is completely bootstrapped. I've had a couple of exits so I used those proceeds to acquire Blush and Bar. Going back to 2003, I've had a business that I bootstrapped to an exit and then another business that exited with the aid of a private equity firm.

    I've seen both sides and I think in the future it is possible to do another joint venture with probably more of a venture firm than private equity, but I think it is a possibility down the road.

    How do you think that capital would be used if you were to raise it? Inventory, R&D, testing marketing channels?

    It's just myself doing this. I'd love to build out a more formal type of setting and have a few folks that are dedicated to the cause.

    I think the biggest ones would be human resources and multichannel syndication. We'd love to expand more aggressively into Amazon and especially getting accepted into Walmart. We'd love to really get aggressive on multichannel syndication.

    My presumption with a product like jewelry is the quality of the components are important. How do you go about filtering your manufacturers and suppliers?

    One of the biggest keys for me in any relationship I enter is really trying to set the right expectations from the get-go.

    A new manufacturing partner has to have an understanding of what's expected of them. It's just going to be best for both parties longer term if the scope is very clear and concise. Every business organization is different and you definitely can't have a one size fits all.

    Do you have a process about how you evaluate new product lines with your manufacturer?

    Just a month prior to the pandemic we were converting our supply chain model from drop shipping to owned inventory. So we went through the process of sending them physical samples and the manufacturer then created lookalikes, shipped those to us for inspection and then commissioning the actual production.

    How did you filter who'd be a good vendor for you, especially for logistics since small products like jewelry can be easily misplaced?

    You know, we found a website called Sourcify. It wasn't very easy finding sources, a supplier or the right manufacturer. We were just kinda lost until we found Sourcify.

    What user acquisition channels have you found to be most powerful?

    This lies right in my core competency. For me, the most successful has been organic search. I think in my lifetime I've generated over $50 million in organic revenues, and I've always had the philosophy: 'if you can pay for it, why don't you try to rank for it?' I think the duality with having an organic SEO approach is in order to really generate organic traffic you have to create value. So for me it's a two for one if you have to put something together that is going to create a valuable user experience and at the same time I'm going to get an evergreen asset.

    We accomplish through content, which is kind of the coined currency of the web and that concept builds trust. Obviously we know relationships are built on trust and trust is the primary driver of revenues. With organic traffic, I think the perception is that the cost sink is very expensive but one of the key takeaways is that it's only paid once and then that becomes more annuity in nature. So I'm a huge fan of organic search.

    What is your current UA cost?

    The KPIs we focused on are repeat customer rates and really trying to understand those LTV to CAC ratios. How many people that we acquired for $90 day one, what do those folks look like at day 30, day 60 and day 90?

    We've really had to focus on the deferred lifetime value aspects because those front end acquisition costs are wildly expensive. I guess around $80 or so has been the average CPA.

    Have you found any UA channels to be a flop?

    Influencer marketing. I believe it's just saturation. Everyone today is an influencer. The lines between ad and authenticity are blurred.

    Only 1% of millennials say that a compelling advertisement would make them trust the brand more. I'd argue 1% of non-millennials would probably say the same thing. We always find a way to make lemonade out of lemons. One thing we did get out of that was perpetuity rights to the content.

    We've had great success repackaging and slicing and dicing that influencer content to new Facebook ads. So not all was lost, but certainly I just thought with our product and the platforms, such as Instagram, this would be a silver bullet. It's been more of a challenge.

    How have you convinced people that eCommerce is a great channel of buying it rather than going into a physical store?

    We just launched a new virtual try-on tool. It certainly doesn't replace the ability to try it on, but you can take any one of our rings, put them on a kind of a demo hand and at least get some kind of idea of how they would look or how they would stack.

    The other thing is a risk reversal. We do stand behind our products and we offer a 60 day money back guarantee and lifetime warranty. Essentially any issue that someone would come across, it's our goal to fix it.

    My mind immediately went to Warby Parker's initial process of having 5 pairs of glasses to try on at home. Would that work for jewelry as well?

    It's something we're looking at. We've actually had many, many conversations with a company called BlackCart and gone as far as integrating them and trying to figure out the user flow and model. There's definitely potential to increase average order value and allow consumers to get what they want by giving essentially zero up front risk.

    eCommerce companies live and die by their margins. What has the biggest impact on your margins and how do you try and solve for that?

    Exchange rates have been a challenge. 10% of orders the consumer essentially picks the wrong size. So as part of our risk reversal, we not only offer lifetime warranty and 60 day money back guarantee, but we also offer free returns for resizing. So those costs add up and no matter what we do we've just had a hard time controlling that.

    I would say our defect rates are within normal e-commerce jewelry type of percentages. So we've been fortunate there, but one that just feels like we could solve is the resizing.

    How has Covid-19 affected the business? The clearest, most immediate impact of COVID was really just disruption to all the components of our supply chain. From sourcing, to demand planning, inventory to fulfillment. It will take us years to recover, but, I'm glad to say we are much better off today, but still nowhere near pre-pandemic.

    Talk me through some of the tools that you guys use to keep the business running on a daily basis

    Asana

    Airtable

    Google Analytics

    Google Docs

    Shopify

    Segments - It was created by a former data scientist from LinkedIn who I've gotten to know really well. But I tell you having Segments, it really gives you the kind of analytical powers without the price tag. So anything from prebuilt segmentation to using it as a decision engine for your marketing, it's been very, very helpful.

    So how do you use Segments?

    Automated customer segments. I get an idea of who's most likely to purchase and who's most likely to churn. I can see customers moving through the different buyer stages and get some really cool cohort-type of reporting--from repeat rates to average order value per unique user.

    The prebuilt segmentation is the key. I can take [the date] and then with the click of a button just syndicate to Facebook and create custom audiences as well.

    So you're essentially using it for kind of remarketing purposes either for customers who have already purchased or people who have not yet become a customer?

    I would say it's probably for someone who has become a customer to really understand where are those cliffs, right. We found that at 59 days most of our customers had churned. So we decided to try another medium, direct mail. That worked out really well to intercept that churn. Insights that were hidden came to the surface just based off of their dashboard.

    Finishing up, but what advice would you give other eCommerce entrepreneurs?

    I have holistic ones and very specific ones. I'd say a very specific one is conversion rate optimization. As a process, CRO will yield your highest ROI, because it is nothing but efficient. Always try those marginal gains. Those 1% to 2% daily or monthly wins. However those add up and make the difference.

    Aside from that, if you don't have a mess to clean up, you may not have anything at all. The two businesses I exited, it was a nightmare from an accounting perspective, commingling of personal and business. In hindsight I know how to go about that and avoid that pain. But I almost lost selling one of my businesses because it took six months to clean up my accounting, but that's okay. I think the last one would probably be, you should have a camera lens when you look at your business, not a magnifying glass, and be willing to zoom in and zoom out--really understand what's going on, and don't get too overly fixated on one thing.

    submitted by /u/mccaly
    [link] [comments]

    My (not so) fun chatbot exploration

    Posted: 02 Dec 2020 01:57 PM PST

    I am a content writer. Before writing an SEO brief, I always go through the top 10 search engine results page. I really liked the contents page on one of the long articles and thought it would be great to have it on my articles as well. I didn't know how to contact them. As soon as I noticed the chatbot option, I immediately clicked on it, hoping I can have a conversation with someone.

    The bot asked me for my name. I wasn't sure what would follow, so I gave a dummy name. To my surprise, I was immediately asked for my 'main work email'. I visited this site for the first time and as every careful netizen would do, I gave it to them. For a second you thought I made the wrong decision, right? Yeah, I was joking. I gave them a dummy email.

    Can you anticipate what follows? It asked me for my company URL. Hmm… This bot is too demanding for a first time visitor looking to ask a simple question. Not to mention it actually took the same amount of time a human would require to respond. Clearly Chary Otinggey was not a human. Yet she made me wait for so long… I was losing my patience, but I was too curious to find out what followed.

    With the cold greetings and straight forward interrogation, I was definitely not expecting a proper decent response. But still, there was a small part of me that wanted a human reply. This is what kept me going.

    After giving my 'authentic details', I was finally greeted with "How can I help you today'?. I see some signs of hope, a ray of sunshine behind the tall rock-solid mountains. Disappointed that I had to pick from four very limiting (and direct) options, I was hoping for a text field I could fill in.

    At this point I am too deep in, I mean I have put in all my information, I better get something valuable. I will answer the choice of options honestly and see what follows:

    I was just browsing, so I picked that option.

    BAM!!! Another annoying straightforward answer that doesn't help me with anything. Just trying to push their course on me. I am starting to wonder if I would have got a different response if I picked another option.

    BUT WAIT A SECOND, do you not see that field which says 'Start typing here…'???? Maybe it is just a suggestion to check out their courses and I can still type into this custom field.

    I type my question. And??? Nothing follows [sad disappointed GIF]. It is a dead-end. I know you are as disappointed as I am, maybe you lost hope. But let's check by clicking another option in the 'How can I help you today?'.

    I don't want to waste your time anymore. Same dead end with all of the options.

    This disappointment begins a new journey for me. A journey of chatbot exploration. An exploration that will lead me to more disappointment and dead ends? End up in never-ending circles? Possibly.

    Why am I doing this? What will you and I get from doing this? The answer is simple. We will learn how not to make chatbots and how to make sure we address the needs of the next person that comes.

    The goal is to make the experience so good that there is not a single point to complain about, and this is a journey I will take you through over the next few editions of this chatbot rant series. Pack your hiking boots and stay tuned. We have a long way to go!

    submitted by /u/TheNoirPlatypus
    [link] [comments]

    Post your vacancy on my $250k spent upwork account

    Posted: 02 Dec 2020 01:41 PM PST

    Hi Guys.

    We have spent $250k through upwork to hire appointment setters and have really hot account.

    The question: Are you interested to post the vacancy through our upwork account and test appointment setters onboarding process. The price will be only for posting a vacancy - something about $50

    Put + in comments if it could be interested for you.

    submitted by /u/ksshilov
    [link] [comments]

    What would you recommend reading as prep for this high school business challenge?

    Posted: 02 Dec 2020 01:37 PM PST

    Hi there. My son is looking for recommended reading to help him prepare for questions like these:

    https://businessismore.eu/examples-of-questions/

    Grateful for any recommendations on books, articles, online resources. Thank you!

    submitted by /u/Monacegoose
    [link] [comments]

    Choosing location based on competition

    Posted: 02 Dec 2020 01:06 PM PST

    Hello,

    I am in the early process of planning and opening a coffee shop. When looking at my city all of the current coffee shops are bunched up right near downtown in probably about a 4-mile radius, with a few outliers. Looking at the map there are a lot of areas where there is no coffee shop (Excluding big companies Starbucks, Dunkin, etc.)

    I immediately have two thoughts

    1. Great opportunity because not a lot of competition in the area

    2. Why is there no competition in the area?

    I know every city and business is different, but when looking at the map and seeing nearly no competition nearby would you take that as an opportunity or a warning to stay away (not enough business)?

    Thank you.

    submitted by /u/Double_sushi
    [link] [comments]

    Project has risen from the grave with renewed interest.

    Posted: 02 Dec 2020 12:55 PM PST

    I spent 18 months tinkering part time on a prototype packaging for a niche but growing market. I sold 250 units but it fell flat after COVID and accepted a contract position to ride out the pandemic. Somehow my prototype got into the hands of a person in the industry and wants to chat more about my design and product. Here's what I know, I talked with a few industrial design firms and it will take $30k-$50k to develop the process so it could be mass produced at a packaging plant. From my knowledge of print production, I could start a shop for $10k to assemble the product but would have to outsource print production. I guess he has my prototype and showed initial interest in getting a few more samples because the one he received was well traveled.

    Any advice on how to approach this meeting, what I should be aiming for (investment, partnership, R&D agreement) and how to protect myself.

    submitted by /u/Cakelord
    [link] [comments]

    How did your life change after you made your first $100 online?

    Posted: 02 Dec 2020 12:00 PM PST

    Some say it's harder to make your first $100 than to make your first $1000. In any case, making that first $100 makes a difference. You have made enough money to buy something tangible! What was that experience like for you?

    submitted by /u/SaaSWriters
    [link] [comments]

    Looking for a name for a start-up Management Consultancy Firm

    Posted: 02 Dec 2020 11:46 AM PST

    Hello all,

    I am in a need for a name for a start-up firm relating to Management Consulting. Dealing with providing consultancy to Businesses & Organisation (mainly manufacturing sector) with the implementation of management tools like:

    1) Six Sigma 2) ISO Standards 3) Lean Manufacturing Practices 4) Business Excellence

    Looking for single word name. Like ______ Management Consultancy. Any inputs will be appreciated. Thanks in advance!

    submitted by /u/decypher1811
    [link] [comments]

    This sub can do with more mentors

    Posted: 01 Dec 2020 11:02 PM PST

    I don't mean mentoring the wantrepreneurs who are yet to start something. There are a lot of small businesses / startups who'd need advice on scaling / hiring or any other aspects of running a business.

    Somebody who makes $1000 MRR would be glad to get advice from somebody who makes $10000 MRR. They wouldn't necessarily need someone who makes millions in revenue. Would you be interested in contributing?

    submitted by /u/leucyne
    [link] [comments]

    Gifts for Entrepreneurs

    Posted: 02 Dec 2020 10:50 AM PST

    My wife is an entrepreneur and has been running her business for 7+ years now. I'd like to get her something cool for her desk but didn't want to just randomly google for gifts.

    What is something you've been given that you like having on your desk? Could be a fun knick-knack or even something useful that has helped in your daily tasks.

    She's a graphic designer, just got a new huge iMac with keyboard/mouse, has a white board beside her desk already.

    submitted by /u/ItsAJackal21
    [link] [comments]

    Can someone help me ID the materials used in this packaging box?

    Posted: 02 Dec 2020 10:50 AM PST

    There was a thread here long ago talking about packaging boxes for physical products and how to do them cheap. Essentially this was an example:

    This tin t2 packaging box

    I want to know what is the black packing foam and the style of the box called.

    Thanks!

    submitted by /u/WANDERLS7
    [link] [comments]

    Looking for some constructive criticism

    Posted: 02 Dec 2020 10:48 AM PST

    So, recently I took the plunge into my entrepreneurial journey! I have started off simple with a blog, with the goal of building a community based off of my personal self development journey. The blog purpose is to facilitate a positive feedback loop for people on the path to financial freedom. I think I can help other people by sharing my personal ideas, experience, and struggles on self development. I believe Sharing my development as I grow and learn could help people following the same path. Even if it is to just know that other people have similar struggles, and experiences, I think this can build a sense of community in the lonely journey that is entrepreneurship. This site is a passion project, and I am not focused on monetization at this time. I am focused on building a base in which I can incorporate other ventures in the future. I would really appreciate any feedback you guys have on the my site. dailyjuell.com

    submitted by /u/Mr_Tea_Baggins
    [link] [comments]

    Any recommendations for free KPI Dashboard tools?

    Posted: 02 Dec 2020 10:48 AM PST

    Hi there, looking for some free solutions that allows to track some metrics and plot some charts (not excel). Anyone know something? What are you guys using? Thanks in advance!

    submitted by /u/alex_collapp
    [link] [comments]

    Ways to do composing for small youtube channels/indie games etc. as a side business?

    Posted: 02 Dec 2020 10:15 AM PST

    I have taken advanced harmony and counterpoint and play piano at a high level, have composed lots of stuff just for fun, and am fairly confident I can compose some simple music that could be used as like a copyright free option for anyone wanting a jingle for their youtube channel or like soundtrack to an indie game, etc. Also have FL studio and have gotten pretty accustomed to it. Just wondering anyone who's done something like this, what path did you take? I assume I'd start off just surfing youtube and finding smaller channels and offering to do it for free at first, or seeing if any are looking or offering to pay for something. Eventually after I can have some testimonials would try to get a site going. Very customer friendly oriented etc. But yeah, if anyone has done this with any kind of success let me know

    Not looking to get rich here or anything, already have a job, mostly would be for fun just to start off and then see where it goes

    submitted by /u/marcato53
    [link] [comments]

    Will post your vacancy on my $250k spent upwork account

    Posted: 02 Dec 2020 01:44 PM PST

    Hi Guys.

    We have spent $250k through upwork to hire appointment setters and have really hot account.

    Are you interested to post the vacancy through our upwork account and test appointment setters onboarding process. The price will be only for posting a vacancy - something about $50

    Put + in comments if it could be interested for you.

    submitted by /u/ksshilov
    [link] [comments]

    No comments:

    Post a Comment