Stay FAR Away From NorthOne Business Banking! small business |
- Stay FAR Away From NorthOne Business Banking!
- At a customer’s house for gutter cleaning and I can’t work up the nerve to get on the roof...
- Bookkeeping and financial management without software?
- Thoughts on Biden’s new law giving IRS complete access to your bank accounts
- Shipping Prices
- PPP forgiveness timeline for BOA?
- What business would you want to investigate starting if you have $45k to spare?
- Handling a difficult client
- r/findasubreddit recommended I bring my question here... looking for help on pricing my photo archival and restoration services?
- big risk for big reward strategy vs safer calculated strategy?
- Are you a small/medium business owner? I need your help
- When is it time to give up?
- Good sites/apps to use to sell items?
- Squarespace
- Favorite web hosts for subscription delivery service?
- Why Would A Business Not Have A Website Or Say No To Having One Done?
- Gusto vs Square for payroll?
- Loans to buy machinery
- How much to pay a foreign outsourced employee/contractor?
- How do I valuate my small business?
- Ppp and Edd
- Advice on subscription box business
- Bookkeeping
- Switching from a cell service provider to Google Voice. Any downsides?
- Anyone have experience with SBA loans?
| Stay FAR Away From NorthOne Business Banking! Posted: 01 May 2021 07:47 PM PDT I hope this doesn't violate the "personal attacks" rule. If it does, I apologize. But I feel as though this is extremely important to share since many people getting into starting a small business look for guidance when it comes to business bank accounts. If you've looked around for any business bank accounts online, you've probably heard of NorthOne. They aren't an actual bank, they are partnered with Radius Bank/Lending Club. Many of these online only banks do this type of business model. I found them back in Jan of 2021, they advertised many convenient features such as sub accounts and read only accountant access. I decided to open an account with them because these features seemed great. After I opened the account, I asked them how I can give my accountant read only access. I was told this wasn't a feature. I screenshotted their page advertising it, and they apologized afterwards for essentially misleading me. They waived the $10 monthly fee for 3 months. In April of 2021 they began "upgrading" customer accounts to supposedly make them faster and add a ton of new features. This is when I and many others began to lose access to our accounts. Each time I'd try to log in, I'd be met with a message stating that they were "verifying my account details and that this normally only takes a few minutes". Well I kept receiving this message for most of April. I was able to log in for one day, but then couldn't and kept getting the message again each time I tried. For most of April I had no access to my account, but could still send money via PayPal from it and what not, very strange. Their support didn't reply to my emails, Tweets, FaceBook comments, etc. They also disconnected their phone number so it was impossible to call them. Then today, May 1st 2021, I received an email stating my account was closed effective immediately. I tried logging in again and was met with the same message that I got for most of April and that "my account details and history were safe". Very conflicting messages. Since NorthOne customer service is impossible to reach, I decided to try and call Radius Bank since they are partnered with them. The rep on the phone was very empathetic and told me she couldn't do much due to their corporate agreement with NorthOne. But she was able to look up and verify my account. She verified that it was still open with no notes, and my debit card was still active. She couldn't directly say it and she had to cut herself off many times, but she basically told me that I wasn't alone and that many others were also calling. She advised me to call back Monday and have the money wired out of my account, Radius has the power to do this without NorthOne's approval apparently. I thanked her and that was that. I'm not making this post because they closed my account, stuff happens and that's life. I'm making this post because of how they blatantly spit in the face of so many people. They say they are upgrading accounts and give no timeline, causing people to not have access to their accounts for WEEKS, didn't answer support emails, live chats, social media interactions, and worst of all… DISCONNECTED THEIR SUPPORT PHONE NUMBER SO NO ONE COULD CALL THEM! I was fortunate in the sense that I could somehow still pay for things out of my account, but many others weren't as fortunate and couldn't use the money in their accounts. How is this even acceptable? How is this even legal? Again, it's not about them closing accounts, it's about the whole picture I just painted here. I filed a complaint with the BBB and Federal Reserve because it's all I could do. I plan on opening another account with Capital One on Monday and wiring the money out like Radius advised me to do. How on earth can NorthOne close my account, but then Radius, who is behind the banking of NorthOne, say that my account isn't closed and still active? Plus Radius even told me to wire the money out and get away from NorthOne. Something is VERY wrong here. I have a feeling NorthOne is going under, and they just aren't saying anything about it. Beware. [link] [comments]  |
| At a customer’s house for gutter cleaning and I can’t work up the nerve to get on the roof... Posted: 01 May 2021 07:30 AM PDT I did this customer's house a year and a half ago for $125 when I first started my biz. I'm here today and I am literally at customer's house right now but I can't work up the nerve to walk on the roof. I got up the ladder, got off ladder, got on roof (about 20 ft high), but then I was too afraid to continue walking to the gutters I need to clean... so I got down. idk how else to say it, but I'm scared. Should I iust tell customer and give them a heavy discount on a different service they were interested in? Fuck me... [link] [comments]  |
| Bookkeeping and financial management without software? Posted: 01 May 2021 05:05 PM PDT Are there any other small (or medium sized) business owners who aren't using any kind of financial management software (like quickbooks, xero, sage, etc.)? Would love to know what you're doing to manage finances if you're not using one of these platforms? Any hacks? Is excel sufficient? Would love to know how many employees you have and what type of industry you're in for context! [link] [comments]  |
| Thoughts on Biden’s new law giving IRS complete access to your bank accounts Posted: 01 May 2021 10:23 AM PDT Curious on what people think about this, I am really torn. On one hand I am 100% onboard with focusing on mega corporations being held accountable. I do not trust that the IRS has historically treated small businesses fairly and it scares me to give them a weapon that could target us more. I've heard countless stories of bankruptcy from the IRS knit picking an honest business owner who just didn't know how to file properly, even had a friend take a loan against his house and put his whole life into a start up and after 2-3 years of struggling the IRS declared his startup as a "hobby" and smashed him with fees and taxes. I am no expert but I also believe tax laws simply have to change. Huge corporations take advantage of legal loopholes, they evade taxes with a complicated understanding of how to take advantage of the law. That ultimately leads small business owners the target with even more micro managing of complicated taxes. What are your thoughts? I want to be on board with the progressive society but this one detail irks me. Edit: sorry for the shite news source, it's the first one I could find that wasn't behind a paywall. There are more accredited outlets reporting on this as well. [link] [comments]  |
| Posted: 01 May 2021 05:38 PM PDT Has anyone else experienced extremely high shipping prices? Yesterday I was creating my shipping labels with pirate ship and I was shipping a package to the next door city and believe it or not but it was $7.79 to ship a 24oz poly mailer to a location that was 12 minutes away from me (I live 1min from the post office. How crazy is that? The other day I shipped a package to California and it was $20.00. Some clothes are so heavy to ship, I feel like I picked a very hard niche. Paid $47 to ship to Belgium when shopify charged $15.00 shipping for the customer, paid the rest out of pocket =( My shipping rates are $4.99 flat fee and over $60 is free. I feel like if I increase the price no one is going to order since it's already so hard to get an order with low prices lol Any advices? [link] [comments]  |
| PPP forgiveness timeline for BOA? Posted: 01 May 2021 02:01 PM PDT I'm curious to see how 1st round forgiveness went down for people. I submitted an application for forgiveness over a month ago, and it's still being reviewed. I'm a bit nervous they're going to decline it. More information: - less than $25,000 loan - filled out the new form that didn't require documentation - majority paid for payroll - LLC taxed as an S-co4p [link] [comments]  |
| What business would you want to investigate starting if you have $45k to spare? Posted: 01 May 2021 09:54 PM PDT Been on cruise control and hit a funding snag on a bigger project. Partner makes sufficient income to sustain us for a bit. Not interested in anything that feels like competition with amazon (ecommerce) but not opposed to niche ecommerce. Unable to start a skilled trades biz because no skills n the trades. Not interested in a food franchise..... all that said, what kind of interesting things do you think there is a need for in a major metro area? [link] [comments]  |
| Posted: 02 May 2021 12:31 AM PDT So last summer I began a side project during the Covid Lockdown. After 20 years in E-Commerce & Digital Marketing, I created a LTD company in the UK that could help small businesses with minor tasks such as create a Shopify or Woo-Commerce site. I have a full-time job, so this would have been something on the side. End of 2020, I got my first major client. A small but international company that wanted me to take over the day to day running of the site. I estimated that around 20 hours a month would be what I could provide, and they were happy with that. Around a month ago, they demanded a little more each week. Take over the SEO, Facebook Ads, Google Ads, even Amazon. I outsourced some tasks but last week said enough to taking on any more. I also had some other potential clients and when I told the key client their exact words were "Why are you taking on other clients over us?" I have a feeling this will turn into a full-time business eventually and I will need to look at employing more people. Do you think they are too demanding? Should I consider a proper longer term business plan than the one I have? Either way, the main client will end after the summer once we deliver their new websites. [link] [comments]  |
| Posted: 01 May 2021 07:27 PM PDT Hello! As the title states r/findasubreddit suggested that I bring my questions here. Apologies in advance if this isn't the right place! With that said, looking for guidelines on how to price photo archival and photo restoration services. My target market is families with old paper photos in boxes in their closets, so anyone above 30 I guess really. I would pick up their boxes from their porch, digitize with a auto-feed printer that scans to 600 dpi and auto-restores + enhances the photo, organize the photos into libraries, and return the box and the USB less than a week later back onto their porch. A lot of competitors price per photo and I think that's a little tedious for the customer. I could buy a bunch of the same box and use a "$_ for all you can fit in this box" model but this would require dropping the box off ahead of time. I'm not opposed to that but it adds some overhead/driving time in there and it's worth considering. Or I could put an example box online as an estimate they could go off of but this could leave a lot up to interpretation. I could also price by every ~100 photos. Second issue - how would you price photo restoration? By photo size? What needs to be done to the photo? Time increments? Thank you sooooo much in advance. P.s. I know these services exist but my competitive angle is the customer not having to send their photos off somewhere or load them all into the car. I do all the transporting and if stays with one local person with a face. [link] [comments]  |
| big risk for big reward strategy vs safer calculated strategy? Posted: 01 May 2021 07:23 PM PDT I think the answer for big corporations is to use both. Toyota has billions of dollars so they can outsource big risky innovations, or dedicate millions to do risky r&d on the side. They are doing safe calculated things, also taking risks. For small businesses marketing and product budgets are scarce(in relation to bigger companies) so the idea is to grab low hanging fruit, but also take big risk for big results?
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| Are you a small/medium business owner? I need your help Posted: 01 May 2021 04:57 PM PDT I am a student from Lancaster University, and I would really appreciate it if you could take part in a simple short 3 min survey used for academic research to better understand small business owners. It would really help us out with our research and you get a chance to win a free consultancy report by our partner digital marketing agency. https://lancasteruni.eu.qualtrics.com/jfe/form/SV_6sxAkpvBjD6L178 Thank you :) [link] [comments]  |
| Posted: 01 May 2021 03:22 PM PDT Hi all. I have a real estate title abstracting company which means we perform research (mostly for attorneys) for closings, etc. In 2020, my biggest (and basically only) client shut down almost completely and then the whole industry basically halted for 3-4 months while courthouses were closed. I somehow managed to get new clients, new contracts, and totally re-work how my company functions. We now have three full time employees and two part time contractors. All good, right? Well in the real estate industry during normal times you often don't get paid for 4-6 weeks after work is performed which creates a massive cash flow issue. During COVID, that delay increased to 8-12 weeks in some cases. I received both EIDL and PPP and they kept us afloat for the complete shutdowns as well as help to transition, but it simply wasn't enough. This week our payroll overdrew our operating account and we have no emergency savings to speak of. My credit tanked because of all the debt I've incurred trying to rescue my business and now I don't know if my husband and I can pay rent. Also, I'm pregnant so I simply cannot work at my normal capacity. I've applied for the EIDL increase but I'm not sure if we will get it. According to my SBA portal, we were denied the targeted advance (but I haven't actually received a denial letter or email?). I feel like my options are either fire someone (and thus increase my workload), cut hours, cut pay, or give up entirely. I'm very good at what I do and I created a business with a great reputation out of literally nothing with a great work culture, but this is just too damn long to struggle this much. Is it time tor bankruptcy? [link] [comments]  |
| Good sites/apps to use to sell items? Posted: 01 May 2021 10:51 PM PDT Hello everyone! About two months ago, me and a family member started a business together. We are in the vinyl and resin crafting business. We have been looking into selling our products on a website, such as Etsy or depop. Our issue with Etsy, is that it's so saturated, we feel it'd be hard to be seen at all. So, my question is, which sites/apps do you use? Lowest fees and highest success? [link] [comments]  |
| Posted: 01 May 2021 03:14 PM PDT I'm about to create a video business website. Is everyone's experiences with squarespace positive or do you have other recommendations? [link] [comments]  |
| Favorite web hosts for subscription delivery service? Posted: 01 May 2021 10:06 PM PDT Small farmer here. Early stages of setting up a subscription based delivery service. Ex. $15 a month gets you a box of farm stuff. Only wanting to do a 50mi radius. Anyone have experience doing this? [link] [comments]  |
| Why Would A Business Not Have A Website Or Say No To Having One Done? Posted: 01 May 2021 09:56 PM PDT So I do digital marketing and website design for small businesses that tend to be in the service industry and many of them do not have websites. They will tell you they understand the importance and that they agree about how COVID has changed the business world, but then also tell you that they don't need a website. Now I've tried everything from providing cheaper prices, including more features like free yearly hosting and maintenance, and even just adjusting my sales pitches. But no matter what you do or how you phrase it i'll still get a ton of no's despite a clear need. So why is it that a business owner will say no to having a website? [link] [comments]  |
| Posted: 01 May 2021 12:02 PM PDT Hi guys, I'm looking for a payroll service and I'm on the fence about jumping onto one of these two. Gusto seems to come highly recommended. But Square's price point is really good. Any first-hand reviews of the service? Can you lean me one way or the other? [link] [comments]  |
| Posted: 01 May 2021 09:41 PM PDT Hey y'all, I need to figure out where the best place to get a loan for my business. I'm a small business only been working about 2 years, avg gross income on schedule C yearly about 15k. I need to pull a loan of about 45-50k (maybe sba micro loan) and I need help understanding what the requirements are to do that. Would they approve me with a 710 credit score(Transunion), (685 equifax and 700 fico) Between my income and credit would they approve me? Any good templates for a business plan? Currently I am outsourcing a lot of my projects and with the additional machinery I am planning to buy, I can increase my margins by over 25 percent keeping projects fully in-house. I am interested in the 6 year 50k micro loan. [link] [comments]  |
| How much to pay a foreign outsourced employee/contractor? Posted: 01 May 2021 08:53 PM PDT I have been searching for a Designer for my business and serendipitously someone from the Philippines sent me an email inquiring about a position with us. We are currently negotiating how much she would get paid for her services. She originally was asking for $18 an hour (about $7 less than hiring an entry-level American equivalent person). I see people in the Philippines average $5.16 an hour as a Designer. Do you pay foreign outsourced employees or contractors what they would make in their country or is it customary to pay them closer to a US wage? This is a completely remote job as she is living in the Philippines while I provide her design work. [link] [comments]  |
| How do I valuate my small business? Posted: 01 May 2021 08:26 PM PDT I have a small business that did just over six figures in revenue last year and I carry inventory, have some equipments, as well as cash and some debts. Are there any quick and dirty ways to get a pulse on my business's value? [link] [comments]  |
| Posted: 01 May 2021 08:20 PM PDT Hey y'all, independent contractor for years, filing for first draw ppp. 2020 I received about 19k in edd/pua. My standard deduction before expenses is 12,200 I also, got paid cash during Jan,feb, and March totaling about $25k. When filing I know I file income as about $44k over the year, however when I do the PPP loan do I show income as only 25k in the 12week period as a seasonal worker or any advice? I need to file for the max loan as a contractor (8333x2.5) [link] [comments]  |
| Advice on subscription box business Posted: 01 May 2021 01:35 PM PDT Hi everyone, I started a subscription box business which seems to be taking time to gain traction. It is a mother and child subscription box business. If you could take a look and any advice is welcome. If you don't have time any advice on advertising a small start up would be most appreciated. Thank you in advance [link] [comments]  |
| Posted: 01 May 2021 02:09 PM PDT Hi friends! I recently just started a small business and within a week I have 5 orders, one of which being 38 pieces (I do custom vinyl work). Bookkeeping seems to be something I need to start on, now! What is the best system y'all have found for bookkeeping? I'm not looking to spend much money on it, if it all. I have a MacBook Air so it would have to be compatible. Thanks in advance! [link] [comments]  |
| Switching from a cell service provider to Google Voice. Any downsides? Posted: 01 May 2021 01:58 PM PDT I know that some of you here use Google Voice instead of cell phones for your businesses. Right now, my business number is a cell phone. I have Verizon. Is there any downside to switching to Google Voice? Does it work as well for travel as Google says it does? [link] [comments]  |
| Anyone have experience with SBA loans? Posted: 01 May 2021 01:46 PM PDT Looking to put a million dollars into my small business (franchise). It's an automotive oil change center that I'm looking to expand in order to add more heavy duty machinery and offer more services. What kind of options could I explore for loans? Are there any grants since I'm working out of a rural area? Any advice or experience would be most welcome. Thank you [link] [comments]  |
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