I should of gotten a contract instead of just a handshake agreement. small business |
- I should of gotten a contract instead of just a handshake agreement.
- Registered my business on the 22nd. IRS went on vacation the 23rd-4th. Am I SOL for 2020 purchases when it comes to taxes?
- I hate salespeople, is that wrong?
- IRS never cashed my checks
- Podcasts / Resourses for general learning about starting a business
- Business Acquisition - Where Do I Start?
- I’m registering a fictitious name in order to establish a sole proprietorship in Ohio (in a noob and I’m trying to make sure I’m not actually screwing anything up)
- I registered the fictitious name for the business I am starting so I report taxes even if no money has been made?
- Question about spending money to lower taxes.
- Bluevine PPP application
- Does anyone know how to cancel a service plan for clover (POS)?
- Software platform idea - curious on your thoughts
- How to scale professional niche services business.
- What business can I start
- Looking for bulk cookie tins
- Looking for learning resources on buying/running a retail business.
- Affordable business advice
- I need a software recommendation to help me with my business
- Supplementing with Consulting
- Schedule e for real estate investments
- Inventory management
- Email Backup Service?
- First step to starting an LLC?
- Laundromats - what’s the catch? (California)
| I should of gotten a contract instead of just a handshake agreement. Posted: 31 Dec 2020 07:34 AM PST So I own a small repair shop and I know these two guys who own a pretty large clothing brand (300k+ on Instagram). With Covid being slow I wanted to try something out. My plan was to make custom phone cases for them to sell. The margins wouldn't be huge but it would be some decent cash flow. So we went in the meeting with a prototype and they loved it. I even guessed what kind of phone the ceo had and he's using it right now. We said we would print on demand for them because they are like a block away and we could just walk over the product. They loved that so they gave us they new design to do and told us to order the blank cases. They didn't like their own new design and said they were going to get another design to me. It's been a like two months and I've reached out to them a few times. I ordered thousands of dollars of equipment and cases for them. I'm like a very small business so to have all of that money tied up just waiting on them is super annoying. Moral of the story is to have a contract written out no maker how secure you think the deal is. [link] [comments]  |
| Posted: 31 Dec 2020 05:34 PM PST Submitted to 3rd party website on the 22nd to be expedited filing for the 28th. On the 23rd IRS is down. Says formation on the 23rd, by third party; registration status pending. Can I request my expedited fee back, given that it is over due or is it one of those things I have to swallow bc the third party did their job? Just sucks paying extra for the same time as standard filing now. Formation date does not equal registration date right? So now my business will be registered Jan 5th instead? Do I lose the deductions for 2020. [link] [comments]  |
| I hate salespeople, is that wrong? Posted: 31 Dec 2020 01:47 PM PST First time business owner, opening a restaurant in a few weeks. If you were wondering, yes, I am often suicidal, but I'm working on it, it's a process I'm told. That being said, people say, "do what you love". It has served me well for the last couple decades. That brings me here, finally opening a restaurant after many years of dreaming about it. But.... how to deal with all these sales people. Other than hating, hate. I really live a hate free life. However, I've come to the determination I hate, sales people. I keep telling myself they're just people, that helps. But I quickly forget this mantra. Anybody have some advice to deal with sales people, so I can focus more on doing what I love. Maybe one day I can hire someone to deal only with the sales people. But for now, that is just dreaming. Specific things I hate: 1. Texting, emailing, calling over and over 2. The opposite - scheduling a time for a phone call. My God. This is The Worst. Fine the first time, but when you have multiple people making repeated requests to set up a phone appointment. What is this 1960 3. JUST TELL ME HOW MUCH IT IS 4. Fuck all these special prices that expire in x days 5. One supplier I have to go through a salesman every gosh darn order - he seems cool, I think it might be alright. But this is just WEIRD 6. Other businesses - you get tons of salesperson promises. Business contract signed. Salesperson will never ever ever answer your call again. 7. I could keep going but I can't be the only person that could list things they hate about salespeople, right? [link] [comments]  |
| Posted: 31 Dec 2020 10:40 PM PST Here is a question around U.S. taxes. I'm a sole proprietor- I paid two payments to the IRS for my annual (anticipated) taxes in 2020 before I realized they weren't cashing my checks. I have no idea where they put my checks but no one has cashed or deposited them. So, I didn't make anymore pre-payments out of caution.. It seems like no one was in the office during the pandemic anyway. Has anyone else set the IRS money this past year and it's like it never got received? [link] [comments]  |
| Podcasts / Resourses for general learning about starting a business Posted: 31 Dec 2020 11:46 PM PST As the title says. Im looking for podcasts / resourses on starting a business (Preferrably podcast but i will be happy with just reading aswell) Of course im going to be looking in to be looking for info myself aswell but im just going to assume you know way more than me about starting / running a business so you probably already have some good resourses bookmarked Eny and all help is greatly apreciated [link] [comments]  |
| Business Acquisition - Where Do I Start? Posted: 31 Dec 2020 02:17 PM PST I'm looking to buy a laundromat, but I'm not sure the order of operations here. I have about $50k cash available and will want to finance the rest (should be about $200k financed). Do I choose the laundromat first? If I wanted to do an SBA loan, is that an option? If so, do I start that application and then pick out a laundromat? I think the SBA needs information about the business, don't they? So should I begin by reaching out to laundromats that are for sale, then asking them for their financial information so I can apply for financing? Or am I supposed to make an offer on the business, then once it's accepted they provide the numbers so I can apply for financing? I've never owned a small business but am ready to start, but the financing part is a bit confusing, as far as what order to go in. Thank you in advance for your responses! [link] [comments]  |
| Posted: 31 Dec 2020 09:33 PM PST it's asking me for "name of registrant" and "name being registered or reported" do I just write in my full name for the registrant? And do I write in the business name in the "name being registered" section? [link] [comments]  |
| Posted: 01 Jan 2021 03:24 AM PST I registered my business to establish a sole proprietorship no money has been made yet but when tax time come do I need to report that no taxes has been made and to whom? [link] [comments]  |
| Question about spending money to lower taxes. Posted: 31 Dec 2020 09:11 PM PST Hello. I was still showing a significant income for the year. So I spent some money on equipment but not as much as I could've probably. I have some questions. I have been in business now 2 yrs. If I am showing say, 20-30k in profit, is spending a few thousand going to make any dent in this? I have a bad habit of hoarding money and I honestly probably could've bought more equipment that I would've eventually bought down the road. Was it stupid not to go balls to the walls spending this last week before 2021.. (on stuff that I can actually use/will buy eventually)? Also if I made multiple purchases at like 11:00 PM can I still count it as 2020 purchases? I made on purchase for $100 at 1:05AM. Can I count that one or nah? [link] [comments]  |
| Posted: 01 Jan 2021 02:24 AM PST For those that were funded for PPP 1 through Bluevine: What documents did they require for your application? A list would be great if possible! Just trying to get everything ready! Thank you in advance [link] [comments]  |
| Does anyone know how to cancel a service plan for clover (POS)? Posted: 01 Jan 2021 02:11 AM PST I keep getting charged for it monthly even though I have never used it. I'd like to cancel it but there doesn't even seem to be an option to do so online. Please let me know. Thanks. [link] [comments]  |
| Software platform idea - curious on your thoughts Posted: 31 Dec 2020 10:59 PM PST I'm part of a software dev firm that builds custom software for managing business operations. Because the software we build our clients is pretty custom, we also build in an accounting module to handle their custom accounting needs (invoicing, expenses, accounts receivable, accounts payable, balance sheets, P&L, etc). It allows the product we build them to be an "all-in-one" software solution. Every time we do a new project for a different client, we build in those same accounting features into that new software project. It got me thinking -- why not build a single, separate service, just for the accounting needs for all our clients' projects. It could be a stand alone API-only style platform that allows other software platforms to manage their accounting needs. That got me thinking more -- why not build an accounting API that anyone could use for their software projects? Let me back up -- you know Stripe, right? It's the payment processing platform built for developers. They make it really easy to integrate payment processing into your custom software so it's seamless. Your clients visit your software and can make payments without leaving your platform. It's like you built the payment part too. That's what I envision for my accounting API idea. Make a backend API service that can handle all accounting needs. You build your software and tap into this API and have access to a full accounting platform that's solid, but it's presented in your software, as if it's built into your platform. I'm tempted to build this, just for our company's needs, but I'm curious about your thoughts. Does this seem like something that would be useful to others out there? Would you build it into your platform if it was easy enough to use? [link] [comments]  |
| How to scale professional niche services business. Posted: 31 Dec 2020 06:34 PM PST Edited for grammar and clarity. I've been running an industrial machinery reliability services company for a year as a side hustle. I work four tens at my day job and have had pretty good success considering the debacle that was Covid. We have a fairy new technology that helps our clients keep their critical machines running, avoiding breakdowns in a really effective way. Fee is $3,500 for a days worth of video footage that we gather in the field compiled into a video report, a paper report on all machines analyzed, and our expert analysis / recommendations. Total time to finish video editing and deliver to the customer is typically 2-3 days. This is a one-man show because it's pretty technical and I live in a very rural area where finding qualified help is about impossible. Our first paid job was in September (thanks Covid) and total revenue for 2020 was $35,000. Overhead is only about $6,000 a year for licenses, software, gas, and consumables. We have one client that has asked for us to come back with the service for them monthly, so we do have some recurring work. Most clients want one or two jobs to address machine problems and feel they don't need the service any more. It's tough selling it to them as something that should be part of a preventive maintenance program and scheduled periodically. I've been struggling a bit with how to grow this business. I've marketed and offered other services in the same field (vibration analysis, maintenance consulting, etc) but have had zero success with that. Has anyone else had success moving from a one person technical services business into something more scalable? I'm essentially limited by how many hours I can invest personally at the moment. I have to be at the client site and spend a good amount of time shooting and producing video. [link] [comments]  |
| Posted: 31 Dec 2020 10:19 PM PST Hi, I am a high school senior male trying to save up money for college. Well I need money to save it. So I was wondering easy business ideas or things to sell that has low start up cost. Thank you! [link] [comments]  |
| Posted: 31 Dec 2020 05:56 AM PST I own a cookie delivery company (doughjoescookies.com) and we are looking to start shipping nationwide in the future but I've been surprised to find it difficult to find cookie tins in bulk. Does anyone have any experience or advice on this? Alibaba has great pricing but I'm unfamiliar with using them and have some nerves about it. Thanks [link] [comments]  |
| Looking for learning resources on buying/running a retail business. Posted: 31 Dec 2020 10:23 AM PST If anyone can help, I'm looking for books or courses that can help me build a foundation of knowledge to buy/run a small brick and mortar business. I'm in the very early stages of research so not married to any one idea, but I'm interested in purchasing an established coffee shop or retail business and running it primarily as an absentee owner. I'm also open to starting the business from the ground up, just not confident in my skills or ability to put in the time commitment required. For health reasons I need to keep my current job, but I can put in up to 20-30 hours/week in the business on an as-needed basis. Just don't want to do that long term. Any ideas or resources are much appreciated. [link] [comments]  |
| Posted: 31 Dec 2020 08:49 PM PST Just got notice that I exceeded x amount of sales and now have to report to the IRS. I have no idea where to start. Do I hire an accountant or is this something I can do on my own? Or would I be able to save money by getting a MBA consult? I don't have a big budget. Alternatively, if I do it on my own, is quickbooks the best solution? If I import all of my sales, is there a function for estimated taxes? I'm worried because my profit is next to nothing so I have no idea how to calculate the taxes. Clueless. [link] [comments]  |
| I need a software recommendation to help me with my business Posted: 31 Dec 2020 08:12 PM PST So, I'm selling stuff to ecommerce platform similar to Amazon, eBay, etc. I'm also selling on my own site and direct sale (through chat or cash on delivery). Spreadsheet doesn't really cut it anymore, so my process is something like this.
Any idea which software are able to do this? I've checked Odoo/ERPNext, but it felt too complex and way overkill for me. I don't mind paying but I would prefer selfhosted or something under $25/month because it's a small business (less than 5 employees including myself) [link] [comments]  |
| Posted: 31 Dec 2020 08:08 PM PST I'm in a creative services field and have identified some potential opportunities to expand into consulting or training. It seems a lot of people want to learn to do the services we offer on their own to keep costs down. We are not a low cost solution and don't bother tapping into that niche directly but I'm starting to wonder if we could capture additional business via consulting or offering paid training of some sort. My question is this. Has anyone in here started a successful service business and later integrated a successful consulting service? Happy new year! [link] [comments]  |
| Schedule e for real estate investments Posted: 31 Dec 2020 07:54 PM PST Has anyone had success applying for the triple P program with a schedule e? Who did you apply with, did you get it forgiven... it seems like some people managed to get it with a schedule e, but idk if they were able to get it forgiven or not [link] [comments]  |
| Posted: 31 Dec 2020 06:32 PM PST So within the next month I'm going to receive inventory & was brain storming some ways to keep track of it one being buying a warehouse style barcode scanner then connecting it to my internet and using excel to keep track of inventory.. Does this seem excessive to you? Open to recommendations & criticism [link] [comments]  |
| Posted: 31 Dec 2020 02:34 PM PST New to the sub, and to owning a business... Does anyone know of an email backup program/service that is free or purchased for a one time payment? I'm setting up a website through godaddy for my new business, and am in the process of paying for a custom domain name, as well as a matching email address. I'm already a little turned off by the fact that the matching email address comes at the cost of a monthly payment, and of course that does not include email backup. I'm assuming it would be unwise to forego backing up emails altogether, but I'm really trying to limit the amount of monthly payments I'm incurring, and so I am looking for an alternative to the monthly payment plan for email backup that godaddy offers. Any input is greatly appreciated! [link] [comments]  |
| First step to starting an LLC? Posted: 31 Dec 2020 01:12 PM PST I'm starting a video production business (for weddings, real estate videos, local business commercials, etc.) and I've been studying as much as I can on how to start a small business but I want to know... what's the first thing I should do? Establish a virtual office for my business address? Talk to a business lawyer? Write up (or find) a contract? Something else? I think I'm planning on using LegalZoom as its been recommended to me by a lot of people. Just want to know what Step #1 should be for me to get the ball rolling. I'm all very new to this!!! Thanks! [link] [comments]  |
| Laundromats - what’s the catch? (California) Posted: 31 Dec 2020 11:19 AM PST My wife and I have been wanting to own a business. We both have great credit for loans, good full time jobs, and money saved up. The first idea was to buy property. A duplex or something like that. We've been looking at the market but nothing really caught our eye. Maybe we don't have enough money for that here in California. The second idea is franchising a smoothie cafe. I haven't looked into what the profit & loss is for something like this yet. The third idea which we've been really looking into is laundromats. There's some really good YouTube channels like Following Keenan and Investment Joy that we've been binge watching. We started looking online at broker listings. There's a few that seem ok but I'm very skeptical. For example, there's a laundromat for sell for 700k, they claim 27k monthly revenue and 10k cash flow. That's around 120k a year, and the way I look at it is in 6 years it'll be paid off and we'll be profiting. It's an investment. It can also be used as equity to buy more laundromats or real estate properties. Of course we will have to do our research and investigate if the numbers are truthful which they probably aren't but even if they're 20% off it still is decent and more than nothing. We know to check tax returns and water bills. As well as check the location for competition and if the demographics are good. I think the main thing that is not making sense to me is if these people are claiming 10k in net gross a month, why are they selling it?? I've heard of different reasons like moving out of state or retiring. Why aren't they giving it to family? It's hard for me to believe people selling a successful business. And of course there could be a million of reasons. I'm not sure where I'm going with this. I guess I just wanted to share and see if anyone wants to throw in some advice. Thanks! [link] [comments]  |
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