ELI5: how do business owners “not pay themselves” and still be able to cover personal expenses like food & rent??? small business |
- ELI5: how do business owners “not pay themselves” and still be able to cover personal expenses like food & rent???
- Inventory software
- Biz Credit Card
- SBA SYSTEM FAILURE (PPP)
- Accounting for a small business
- Share percentage dispute with business partner
- Who do you bank with?
- Personal Amazon Account for business
- Small machine shop not currently in operation
- Purchasing Fed ex routes
- I need to register my small business as a business and have no idea where to start
- Anyone else having issues with PPP application with Paypal?
- PPP Loan Increases
- How To Make Easy Money On Telegram 2021..
- BLUEVINE APPLICANTS. IF YIU RECEIVED A DENIAL.
- Wholesale Pricing?
- Can honest business be good business?
- How do you deal with the pressure (internal and external)
- Survey for Biggest Challenges for Founders/Entrepreneurs. will share results
- After 2 Rounds of Applying for U.K. VAT Registration...
- Advice - Using a tax preparer for 2020
- Small Business Licensing/Permits
- What brick and mortar small businesses offer the most opportunity during Covid?
- Is there a way to figure out if my emails are going into Spam folders?
| Posted: 25 Jan 2021 04:15 PM PST Often I hear business owners say that they "didn't pay themselves" this year. But how to they cover personal expenses like rent/mortgage or food or utilities?? From savings? Partner/spouse supports them? What am I missing? It takes a lot to live on; even just the basics so how to business owners "not pay themselves"?? [link] [comments]  |
| Posted: 26 Jan 2021 02:24 AM PST Hi! My mom has an grocery store, and I want to track more easily the inventory. I thinked about buying an code scanner and registry all the inventory in an software, and then every time I scan a product the inventory should deacrease by the number of scanned products. Does exist any software who can help me with that? [link] [comments]  |
| Posted: 26 Jan 2021 04:33 AM PST Is anyone having problems w their business credit card usage not reporting at all? I have Spark and my credit report still says no trade lines after 6 months (yes, I've called, reached out to the bureaus, etc) Do you have a fav biz CC? [link] [comments]  |
| Posted: 25 Jan 2021 08:14 AM PST I was just told by (biz2credit) that the sba system is wrongfully not accepting or declining ppp applications due to system failure. You would think they would have been prepared for this! 📷Hello, We want to let you know about an important alert that the SBA has shared with all approved PPP lenders this weekend. This is important for you to know about since it relates to the status of your application for the Paycheck Protection Program (PPP). We are sharing this alert with you along with further advice for your next steps with the program. SBA ALERT (1/25/21) Because of this issue, you may see an alert on your dashboard that says your application was Not Accepted by SBA. Do not be alarmed by this status message if you receive it. The SBA will reprocess your application soon and we expect them to resolve these issues for most affected clients shortly afterwards. You do not have to take any action at this time. Please know that this SBA processing error does not negatively affect your eligibility for the PPP. Biz2Credit cannot control these statuses that come from the SBA, but we have followed up directly with our contacts on your behalf to ensure all our clients are receiving the best treatment possible by the SBA's automated systems. [link] [comments]  |
| Accounting for a small business Posted: 25 Jan 2021 09:09 PM PST Hi everyone. I'm a semester away from getting my degree in accounting and data analytics and a relative of mine has asked me if I would help her with her small business. She has three employees. She would basically want me to do all the accounting/bookkeeping stuff. On top of that I would also need to be able to produce a balance sheet, income statement, and statement of cash flows at any time in case someone wants to buy her business. She could provide me with any information I need regarding her business. I was just wondering where I should start. Could this all be done on excel? Or is a program such as quick books a better option? Any advice is appreciated, thanks! [link] [comments]  |
| Share percentage dispute with business partner Posted: 26 Jan 2021 01:58 AM PST TLDR: with no shareholders agreement, and no employee contracts, my busines partner in our marketing firm has resigned to go after a job that will pay her more and give her work/life balance, but wants to keep her percentage ownership of the compnay, despite us initially agreeing to always and only be working owners. I want to continue the company, as it's my baby, but I don't want her to be a shareholder (she never invested money only skills) and not a worker. What can I do? This is a throwaway account just in case my business partner is on reddit. Basically I have a business partner, just myself and her, and we've been harmaniously working together in a marketing company we created for the last two/three years. I stumped up the capital, as she had more skills than me with photography, video editing, and a whole range of other stuff. Very quickly it became apparent that while I lacked the skillset (though I am fairly good now) I have the nuance, the ability to talk, and I started to notice she was a little lazier than me, in that as it's my/our business I was always willing to work on weekends and out of hours etc. Age old story, you work far harder when you branch out on your own, than if you work for someone else. I think she thought it wouldn't be harder, but that's not important, as she does exactly the amount she's required to do, I just go above and beyond. I have never held that against her, I know i'm more invested because it's my money too. We don't have a shareholders agreement, we don't even have employee contracts, we have always just agreed to the same wage, and split commissions and any bonuses we recieve evenly. Our accountant set up the books, and made my capital a loan so that when the business began to make profit, the loan would be paid off first, he also, by 5%, made me the majority shareholder as he said it's better to have one with slightly more in the case of a disagreement. We would probably have been on track to start paying that back when covid hit. We survived, and we're probably now getting back on our feet with some big contracts on the horizon (though nothing is signed) Over the years, as more things have been required, editing software, subscriptions, I've put more capital forward, and she's offered me more %. We're at 85% to 15%. We were trying to rectify the lack shareholders agreement and employee contracts just as Covid hit, and that got shelved while we tried to fight through. I noticed the last year before Covid she was getting obsessed with money, wanting to raise our salaries, which didn't seem right and I always talked her out of it, sayign we didn't ahve the revenue. Then in the last few months, with some bigger contracts on the horizon, she demanded to be paid more money once government assistance for businesses (furlough with Government) is over. We agreed not to return to our salary until we sign one of these new contracts. She agreed, but then her and her girlfriend bought a house, and I think that freaked her out, so she came to me with a proposal that she get paid before we sign the contracts, just her. I said no, we can't afford it, so she told me she'd been offered a job with a huge multinational marketing firm. She resigned. I was devestated, but as I'm not in her position with a mortgage, I understood and I saw it coming anyway, as the salary she asked for was too specific. She's made it clear she wants to keep her % of the company but doesn't want to work with me anymore. I'm expected to find someone else to employ. My husband, accountant, and long list of people think I am better off without her. I want to keep going, I put my heart and soul into this, and I've won some awards (just me), and I love doing it, and these future contracts really excite me, but I really don't want to work my ass off for low pay, while she get's paid the big bucks, and if one day someone wants to buy us out, she'll get the pay out as well, for no work, but she's obsessed with this idea that her hard work over the years is worth something. I'm happy to try and buy her out, but honestly, in marketing our business really isn't worth anything. Our contracts pre-covid are gone, so there's no contracts or contacts, there's nothing solid, it's just some IP and small things that won't amount to the capital I've invested. I'd happily offer $5k as a buy out, but I know she'll expect some exorbitant figure like $100k which is ludicrous, but she'll agree her hard work over the years is worth that, even though I've explained many times hard work doesn't translate to dollars. Is there anything I can do? My theory was to offer the 5K or say I'll let the business just fade to nothing, and remove all the money form bank account etc and accept it as a loan paid back even though it will be less that the original loan, so then the business is nothing. That way it's 5k or nothing. Honestly I do want to keep my business, and any ill feeling I have toward the industry right now I know is because of her. Most of the issues we've faced over the years, and screw ups to solve have been from her. A lady I train at the gym with was the first one to point out that everytime I have negative stuff to say about the business or marketing in general, it's because of something my business partner has said or done. I think it could be great, I just don't want her to ride my coat-tails while I bust my figurative balls. HELP! [link] [comments]  |
| Posted: 25 Jan 2021 06:15 PM PST Are there any banks you guys would recommend? We are just getting started and I'm seeing a lot of online banks. Any opinions on using one? Bank of America has been recommended to me. Would like to avoid unnecessary fees! [link] [comments]  |
| Personal Amazon Account for business Posted: 25 Jan 2021 09:20 PM PST Can I use my personal Amazon Prime account for placing orders for my business IF I use my business card to pay for the orders related to the business? More importantly, can those items still be considered tax deductible if audited? Or must I create a new account under the business name? Structure is S-Corp. [link] [comments]  |
| Small machine shop not currently in operation Posted: 25 Jan 2021 06:59 PM PST Greetings and salutations. I am slowly accumulating the pieces I need to start a machine shop. I currently have a full time job for insurance, benefits, and to pay the bills as well as a part time job running skids with my brother in law. My question is should I start a YouTube channel and paytreon to help fund my shop? I read somewhere (probably Facebook) that companies like NYCNC use YouTube sponsorship to pay the bills. I think I will have what I need to start running parts by summer. [link] [comments]  |
| Posted: 25 Jan 2021 04:06 PM PST I am looking into FedEx routes/contracts and looking for advice. Pros and cons? [link] [comments]  |
| I need to register my small business as a business and have no idea where to start Posted: 25 Jan 2021 11:19 PM PST I've been selling jewellery I've made over Instagram, I don't make many sales I've maybe made about £300 profit in 4 months. Someone has offered to make me a website, which will make buying the jewellery much easier and hopefully lead to more sales. My question now is, do I need to register the business at this point? How do I do this, do you have any tips and are there any books I can read to help me with this? [link] [comments]  |
| Anyone else having issues with PPP application with Paypal? Posted: 25 Jan 2021 07:26 PM PST They keep asking me to verify the other members on my sole proprietorship application. I selected 100% ownership when I filled it out. It was that or selecting that there are other members managing or whatever. There were no other options and you had to pick one to continue. Now they keep asking me who the other members are, I keep responding it's just me, and they keep emailing me saying if I don't reveal the other members they'll have to cancel my application. I didn't have this issue the first time, is this Paypal's way of not doing these loans? [link] [comments]  |
| Posted: 25 Jan 2021 02:52 PM PST Hey r/smallbusiness. I am wondering if any of you have found yourselves in the same situation as me. I own a seasonal business that applied for and received a ppp loan back in April. Unfortunately, we applied before the SBA changed some rules that would have allowed us to apply for approximately 4 times as much money. This has been specifically addressed in the new PPP bill with the SBA's guidance on the issue attached here: https://www.sba.gov/sites/default/files/2021-01/5000-20076.pdf For various groups who's first round PPP Loans are eligible to increase, they may increase their loan by applying through their original lender. This is where my problem lies. I like many of you, made the mistake of banking with and applying for my first loan through Chase Bank. I have reached out through several channels at Chase trying to see what their plans are for PPP increases and whether they will be implementing a way for businesses like mine to apply for and receive these increases. The program opened today and according to chase they do not have plans to allow anyone to apply for this at this time. Is anyone else in the same boat as me? Does anyone have any ideas on how I could go about getting Chase to allow this? I am clearly eligible to use this part of the program, it would be a shame to not have access simply because I made the mistake of banking with Chase. [link] [comments]  |
| How To Make Easy Money On Telegram 2021.. Posted: 26 Jan 2021 01:44 AM PST How To Make Easy Money On Telegram 2021.. Currently I have 20 Niche Telegram Groups with an average to date of 5000 members each. I am the only one who is allowed to post to avoid my groups looking like a spam groups. So whenever you pin a message on your group all the members are alerted :) .. So I repin like 2–3 times daily, but you are only allowed 5 pins, so delete the old pins and repin new messages or the same as the old ones :) Free traffic = $$$$ How to get members you ask? Well: You can buy members.. But it is hard to tell if they are bots of active! I tried this before and got fake members :( You can pay for shouts from big niche related groups.. I do this a lot. You can use python groups scraper and adder scripts. Do not use the useless ones in Github! I use my own I coded myself. So think out of the box and you do not have only rely on google ranking or Facebook ads.. If those methods did not work for you in 2020 try this method in 2021. Do not forget telegram channels or a max of only 200 members however telegram groups has a max on 200000 members.. As for me I am growing my membership daily.. But just remember edit the settings of your groups so only YOU can post. Then post interesting posts with your links so they keep on coming back to read new stuff and not just leave your group. [link] [comments]  |
| BLUEVINE APPLICANTS. IF YIU RECEIVED A DENIAL. Posted: 25 Jan 2021 09:13 AM PST I just spoke to a bluevine rep and she's said if you received a denied reach out to a specialist in the contact so they can reset your account [link] [comments]  |
| Posted: 25 Jan 2021 02:28 PM PST So I make and sell macrame goods (plant hangers, wall hangings, etc) and I was contacted by someone today who is interested in potentially purchasing some pieces from me at wholesale prices. How would I go about calculating an appropriate price to charge? I already sell my pieces at decently low prices, so I'm afraid of getting low-balled, but I also really don't want to offend her - this business opportunity might end up being super fruitful for both of us. Is there a "typical wholesale price/equation" for this sort of thing or is it usually just negotiated independently most of the time? Any advice is appreciated. [link] [comments]  |
| Can honest business be good business? Posted: 25 Jan 2021 08:24 PM PST Companies are always trying to mislead or take advantage of their vendors, partners and customers/clients. Are there any businesses or industries where you can be successful by being honest and doing the right thing? [link] [comments]  |
| How do you deal with the pressure (internal and external) Posted: 25 Jan 2021 08:15 PM PST I'm working on my business daily but in having issues shaking the intense pressure to succeed. To become a millionaire. To reach every goal I have. To prove something. To make enough to live. Plus all the fears, self-doubt and overwhelm that comes with the pressure to succeed. I'm seeing success but the pressure is so distracting and exhausting. Anyone else have this feeling and how do you deal with it? (I.e. bury it deep, try to ignore it, get entrepreneur therapy, transfer it into passion for your work?) No BS or fake "hustle" talk. [link] [comments]  |
| Survey for Biggest Challenges for Founders/Entrepreneurs. will share results Posted: 25 Jan 2021 08:14 PM PST Hoping to get feedback on what the biggest challenges are for Founders/Entrepreneurs during these crazy times. If you have 5 mins, would love to get your input here: https://forms.gle/aNtFEgyCiRcPgqxt9 I will also share the survey results if you provide your email at the end of the survey. [link] [comments]  |
| After 2 Rounds of Applying for U.K. VAT Registration... Posted: 25 Jan 2021 04:00 PM PST Also posted this in e-commerce. We sell to the U.K. but in terms of international order volume, Canada makes up the majority of our international orders. That said, we tried to apply for our VAT number to comply with U.K. VAT laws and after two rounds of providing more and more documentation, we got another denial because they don't find our evidence of literal manufacturing invoices, warehousing contracts, and fulfillment contracts, or our LIVE website "sufficient evidence that our business exists." My question, because it's hard to understand in terms of customs procedures exactly what's changed about not collecting VAT is: Is U.K. customs sending these packages back or are they collecting from our customers? I ask because we've always stated in advance on our FAQ that international tax and duties were the responsibility of the customer. I'm trying to qualify what happens if we don't continue going in this merry-go-round with them? Does anyone have any insight? [link] [comments]  |
| Advice - Using a tax preparer for 2020 Posted: 25 Jan 2021 03:46 PM PST In 2019 we started up a business (S-Corp). My partner and I were fixing to open a brick & motar store, signed a lease, had huge permitting issues, and got out of the lease all in 2019. We took some losses and decided to try again in 2020. Covid hit so the business plan has been on hold indefinitely. We had a tax person last year prepare everything. IMO they're were pretty rude, just a bad attitude on the phone and very impatient. They were my business partners tax person that prepared their personal taxes so there's a pre-existing relationship there. Now it's tax season again. Our company has done zero business and have only two major expenses on the book, storage and the $900 fees from last years tax service. My partner wants to play it safe and have our taxes done with the preparer again. With little to report in expenses and no earnings I'm leaning towards saving that money and doing it ourselves. Also at play, which I can easily cave on, I don't like giving repeat business to rude people. We've already gotten a pushy email from them asking for documents by Friday. Do I suck it up and pay $900 for the service? or what are my alternatives? We file in California [link] [comments]  |
| Small Business Licensing/Permits Posted: 25 Jan 2021 01:14 PM PST Hello! I'm starting a small business located in Lees Summit, Missouri selling women's accessories through my online store, and I will be solely operating my business from my home office. I've already created an LLC and an EIN, however I'm not sure what specific other licenses and permits I might also need obtain to avoid future trouble. I've tried looking it up but it all seems so confusing, and I'm afraid to use Legal Zoom because of the awful stories I've heard. Any advice or help is greatly appreciated! Thanks! [link] [comments]  |
| What brick and mortar small businesses offer the most opportunity during Covid? Posted: 25 Jan 2021 06:45 PM PST I am looking at buying a small business and am weighing a few different industries and opportunities. In the meantime, I wanted to get perspectives from the community on what they feel are the best small business acquisition opportunities during Covid. [link] [comments]  |
| Is there a way to figure out if my emails are going into Spam folders? Posted: 25 Jan 2021 11:03 AM PST I send a weekly email out to around 3k subscribers using Mailchimp, I had a pretty steady 18-25% open rate until about a month ago. Now I'm seeing like 7-10% open rate. I am trying to figure out if this is happening because the content is not what people want, or if my emails started going to spam. It just seems weird to me that there is this sudden drop off when I haven't changed much otherwise. Any advice is appreciated :) [link] [comments]  |
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