NooB Monday! - June 28, 2021 Entrepreneur |
- NooB Monday! - June 28, 2021
- Money, work ethic, time & no ideas.
- Stop looking for that one thing, zoom out, and other reflections on entrepreneurship from my past six years.
- Do you Entrepenuers have 'daily inspiration'?
- CHALLENGE: Build your ONLY startup for the next 20 years!
- Why isn't there an Uber for beauty services?
- How to Charge People for Calling & Asking Questions (Consulting)
- Do your homework
- Has anybody ever quit their job to become a Virtual Assistant/Personal Assistant? And what is it like?
- Thinking about switching banks - what banks will treat me and my business well (US) (/rant)
- How do I get my product that has a lot of traffic from a specific market but no revenue acquired?
- How to navigate an NDA from you current employer when starting your business?
- To all the small business consultants
- Don't Underestimate The Power of Internet - It is big enough for all of us
- Square Fees
- I want to start the Best male underwear line
- I sell and design tombstones, our revenue is kinda fixed since only so many people die.
- So I'm developing a physical product that is picking up steam....how would I price it to a purchasing company. It doesn't have competitors...currently no one knows I'm doing it...just me...
- Fashion Wholesalers in Europe?
- Starting A Freelancing Venture That Will Overtake Fiverr And Upwork
- Do you know of any tool that alerts me when a Tweet/ Reddit/ Quora matches keywords?
- What are some resources you use to follow trends in your industry?
- Big Cartel question
- Where to find people to BETA test a program
- How many of you have mentors? And how easy was it to find one?
- Opening bobo tea ☕️ in Dallas Texas. What do you guys think? Any opinion is very appreciated! I am already an entrepreneur, this would be an investment, not primary income. Looking at Feng Cha franchise…
| Posted: 28 Jun 2021 02:00 AM PDT If you don't have enough comment karma to create your own new posts, you can post your new questions here. You can also answer/add comments to anyone else's posts in the subreddit. Everyone starts somewhere and to post in /r/Entrepreneur this is the best place. Subscribers please understand these are new posters and not familiar with our sub. Newcomers welcome! Be sure to vote on things that help you. Search the sub a bit before you post. The answers may already be here. Since this thread can fill up quickly, consider sorting the comments by "new" (instead of "best" or "top") to see the newest posts. [link] [comments]  |
| Money, work ethic, time & no ideas. Posted: 28 Jun 2021 10:57 AM PDT My friend and I have been working successfully in sales for a number of years. We have generated a lot of income and have put a lot of money away. However, as many of you will know, sales income comes with a continued grind that many want free from, eventually. We have met over and over over the past couple of years to discuss business ideas. Most ideas that we come up with are about passive income: real estate, investments...etc. And that's great. But we really would like to build something together that could leave a legacy for our families beyond just wealth. What's our problem: We literally have not a single idea of what we can do. We have a lot of cash, flexible schedules, and a desire to work together. But we cannot come up with an idea of what sort of business would be worth our time and investment. Some of you may be rather unsympathetic given that a lot of entrepreneurs come from very little, and their desire to get themselves out of their current situation is what drives innovation and success. We certainly realize that our position makes us very fortunate. How can we begin to narrow down our ideas to something tangible? We are both generalists, meaning we have broad interest in almost anything, And we also have a healthy range of experience & expertise. Both of us are also incredibly hard workers. However, we are not specialists in any particular field. We feel stuck. Edit: Just want to say thank you for the quality and care of many of your responses. Thank You!!! [link] [comments]  |
| Posted: 28 Jun 2021 04:08 AM PDT Granted, everybody has their own definition of success. Mine was to get my company (web design and engineering agency) off the ground, increase revenue YoY and achieve business and personal financial stability. For years, I felt that there's THAT ONE THING all successful folks out there know - except me. The one thing that keeps me from achieving my goals. My problem was that I wasn't looking for it by doing, I thought someone would hand it over to me. I was bookmarking every business-related article, blog post, tweet, Reddit post, podcast, yt video. I created an endless to-do list with things I wasn't really passionate about, hoping I finally find the answer. But that doesn't work this way. There's no single answer. And let me be honest, such a content consumption treadmill will make you miserable. It's a false productivity trap. The content you consume is helpful, but it's very unlikely that you will find a single piece of content that will turn it all upside down and set you up for your success. Consume whatever keeps you motivated for action. For example, if listening to an interview with Elon Musk doesn't map directly to your business, but makes you feel everything is possible, then it's the right thing for you. By taking action, you learn. These tiny course corrections along the way will compound over time. So now, how do you know whether you're progressing or not? Zoom out. Just think where you were 6 months ago. 1 year ago. 2 years ago. What was your expectation? What did you project yourself in the future? In the majority of cases, you'll end up thinking, "Dang, I'm actually doing pretty good compared to where I was" Now, the tricky part is that to zoom out, you need to be doing it for long enough. You likely won't notice progress overnight. Also, progress is never linear. Nothing is happening for a few years, and then it all happens at once. Don't give up too early. Give yourself a chance to zoom out one day and see how much you went through. Tl;dr
These are just my thoughts and the conclusion I arrived at reflecting on my last 6 years during my time off last month. Not trying to prescribe anything, just thought someone might feel now like I felt when I was starting off. And don't get me wrong, learning is super important. Read, listen, watch a lot. Just don't make yourself miserable by putting too much into your backlog - being unhappy is very inefficient. Btw, you can find me on twitter where I share random thoughts similar to this one. [link] [comments]  |
| Do you Entrepenuers have 'daily inspiration'? Posted: 28 Jun 2021 11:30 AM PDT studied almost 400 mega successful entrepenuers / billionaires -you name it. Found out they always had this daily inspiration- Ok, you got the point. My source of inspiration is books who show real entrepreneurs build real things and show real process. Also Starterstory is inspiring (especially the old interviews with entrepenuers there) Whats yours? [link] [comments]  |
| CHALLENGE: Build your ONLY startup for the next 20 years! Posted: 27 Jun 2021 06:36 PM PDT The idea that you can "build" a startup in 48hrs is ridiculous. You can research a market maybe, you can build a product maybe, you can sign up your first few customers maybe, but…can we please stop treating startups like a game? What I'm not saying:Don't build. Don't have fun with it and be ultra-serious and thought through with it. Don't throw ideas on the wall. Don't build quickly. Don't learn as much as you can. What I am saying: Build something worthwhile. Build something you care about. Commit. Commit to one problem. Commit to one startup. Own and go through the entire life cycle of not just having an idea, building a product version 1, but version 256, version 1054, and a whole company around it. An accounting department. HR. International market research. Brand building. Stand for one thing, and do that one thing really, really well. The world does not need the 1045th CRM or billing software or dating app that works like Tinder except you have to wiggle your eyebrows to match instead of swiping. Have a reason to build it. Have fun, but also have some intent. If I'm going to have the audacity to believe I can be successful in graveyard full of 9,999 failures to hopefully achieve a standard of living I'd achieve doing literally anything else as a job, I'd rather make it something really worth doing. [link] [comments]  |
| Why isn't there an Uber for beauty services? Posted: 28 Jun 2021 12:42 PM PDT There's a ton of mobile apps and websites that provide online booking for beauty&health (makeup, hairstyle, massage, etc) services, but:
The taxi marketplaces have had great success in the last decade; thumbtack, a marketplace for home services(cleaning, etc) has been growing at a steady rate and yet beauty industry is still stuck in the dark ages, so to speak. I feel like there's a great untapped potential, but at the same time, I'm wondering why it hasn't happened already. Is there something that has been preventing the rise of a big marketplace for beauty services that will be as well-known as Uber, for example? [link] [comments]  |
| How to Charge People for Calling & Asking Questions (Consulting) Posted: 28 Jun 2021 11:26 AM PDT So the title basically says it, I work with my dad on his Engineering Firm and he gets probably 50-75 calls a day related to questions. And my dad is very experienced, he's been in the field for almost 20 years now. So how can we start charging people for consulting questions? I look foreword to hearing all your answers, comments & questions. My dad figures that its a good way to make a little more money than what he's already making so he asked me to figure this out and do some research on the best way to do this. [link] [comments]  |
| Posted: 28 Jun 2021 08:06 AM PDT I have long been interested in being an entrepreneur. Literally as long as I can remember. I am 25M and I have 3 failed businesses. Lessons learned?
I've just broken into real estate and it's going okay. I'd like to build out my portfolio but I need cash to do it. I figured out how to automate task even as a self managed property owner. I realize real estate operates in many ways is more like a fixed income asset than a business. Here's my problem. I want to build out another income stream. I learned from real estate that research into your business matters. Do your homework! I'm done with these one off half cocked plans. What are the top 5 steps you guys took before starting your business that were key to your success? [link] [comments]  |
| Posted: 28 Jun 2021 09:45 AM PDT I recently spoke to a friend who recommended that I check out becoming a Virtual Assistant. I'm currently a Data Analyst and I do have a bunch of creative hobbies on the side so I have tons of experience with Excel, Powerpoint, Word, Google Suite, databases, Adobe Suite, Canva, social media, etc. So I'm just doing my research. Has anybody ever quit their day job to become a Virtual Assistant? How different is it from working a 9 to 5 really? And do you like it? [link] [comments]  |
| Thinking about switching banks - what banks will treat me and my business well (US) (/rant) Posted: 28 Jun 2021 10:35 AM PDT My fiance and I recently started an LLC. I have a good amount of money at Bank of America on the personal side. I easily qualify for their rewards tiers, and haven't paid money on checking, transfers, etc in a long time. I figured that setting up a business account with them would make things simple (linked online banking, easy transfers as I fund the business etc.) The issue is that I am now having to pay for basic banking services on the business side. They want to charge me for a goddamn check book. My plan was to not transfer more than $10-$15k into the business account at a time while we get it up and operational (we won't have revenue until 2022). We need to average more than that to qualify for the same level of service that I get on the personal side. Basically I am annoyed with BAC, and more than the actual cost for a checkbook (and the $15 I had to pay for a cashiers check), it is the principal of it. They have made more than enough money off of me over the years, and I am pissed that they are charging my fledgling business for basic banking services. Does anyone have a bank they like and which will waive any sort of fees on the business account side for maintaining a balance on personal checking, savings, and brokerage? New York State based, if that matters. /rant [link] [comments]  |
| How do I get my product that has a lot of traffic from a specific market but no revenue acquired? Posted: 28 Jun 2021 06:47 AM PDT So I built a product that was fairly popular with a lot of organic traffic from a specific target segment but it doesn't really generate any revenue except some donations here and there. Due to some unrelated stuff, I wanted to get this product acquired so I tried to list it in platforms where people buy small products but none of them allowed me to list it since they used "revenue" as a metric. This product is in the ed-tech market, and the value for this is that it will act as a lead generation tool for big ed-techs, but I don't see any ways to target and find organisations that are active and looking for interesting products to acquire. I don't know if this is a niche problem, but I'd be happy to hear pointers on how one could go about doing something like this. Any resources would be helpful. Thank you. [link] [comments]  |
| How to navigate an NDA from you current employer when starting your business? Posted: 28 Jun 2021 08:21 AM PDT Hi all - I am currently employed as a sales rep for a SAAS company. Upon my employment, I signed an NDA that states all ideas/inventions I have during the term of my employment are property of the company. It also mentions something about that lasting for 6 months after my employment has ended before I can "compete." That being said, I have an idea for a software solution in the same industry I work in now. I am seriously interested in drafting up a business plan, and then considering to move forward pending the business plan looks viable. BUT… what do I do about this NDA? I don't want to build a company and then get sued and lose ownership. It seems like everyone would start businesses in their same industry where you worked because that is where your knowledge lies.
Thanks for any insight you can provide. [link] [comments]  |
| To all the small business consultants Posted: 28 Jun 2021 12:35 PM PDT My friend and I have recently graduated University (having majored in Finance) and have started a small consulting company. We've been doing some basic financial analysis for a firm in Toronto for the past year. Nothing big but we've been doing well for ourselves. At the moment it is all out of scope work and originally the client was responsible for finding someone to do it. For an extra fee we'll do it in house. We want to branch out and find local businesses that would benefit from our services so that we're not reliant on just the single customer. In your experience what services do local/small businesses need most? What marketing/outreach techniques worked the best for you? [link] [comments]  |
| Don't Underestimate The Power of Internet - It is big enough for all of us Posted: 28 Jun 2021 06:03 AM PDT This whole story is began with a single Reddit post. I have tried to give as many details as I can in this blog post and it is all about Reddit and Entrepreneurship. Don't lose your hope. There are many opportunities for all of us. If you have any questions, ask them right away! https://devgenes.com/posts/dont-underestimate-the-power-of-internet/ [link] [comments]  |
| Posted: 28 Jun 2021 03:44 PM PDT Hi, my clients can pay via Square with a credit card. I just did the math and realized the fee was 4.6% of the total. Does that seem right to you? Are there alternatives? [link] [comments]  |
| I want to start the Best male underwear line Posted: 28 Jun 2021 03:37 PM PDT Hello, I am 28 years old. I am tired of existing only to work a job I despise to make someone else rich. I want to take an idea (Not reinvent the wheel) that works. I want to use a foundation set down by others who have succeeded. Thats how I know this business could work. Because why re-invent something if you do not need to?. I just have no idea where to begin. As I said I want to start my own brand of underwear, that is 110% comfortable for the male body. [link] [comments]  |
| I sell and design tombstones, our revenue is kinda fixed since only so many people die. Posted: 28 Jun 2021 07:15 AM PDT I've worked for the same company for over ten years. I started as a green maintainer. I've grown within the business and got asked if I wanted to take over the business. I said yes. You may, or may not know that only so many people die yearly, of those people only a certain percentage get buried. Depending on where you live the percentages could be very different. Now I'm thinking about how I could increase the revenue, what would your take be on this? Some background information: We design and produce tombstones. We do have a small stock of tombstones that could be placed immediately, but the delivery time is generally between 8 - 12 weeks. The average price of a tombstone is around €2200,00. We got a conversion rate of around 90%. We get around 2 - 4 customers a week. We also manage three local cemeteries that produce revenue. I've got two full-time colleagues and 10 colleagues who only work on Saturday responsible for the green maintenance. [link] [comments]  |
| Posted: 28 Jun 2021 10:48 AM PDT So I have to be sparse on details....sorry..just where its at. What I'm looking for is any guidance, reports, web blogs, that discuss pricing in terms of selling a product to a company. Let's say for argument that each widget nets $50 a year plus $300 in profit from the outright sale .... I've seen how "companies" get evaluated which includes personnel IP and the such...just not sure how to look at this since it is very early on in the process. **Not looking for answers..just guidance. I can read** Thanks [link] [comments]  |
| Fashion Wholesalers in Europe? Posted: 28 Jun 2021 02:02 PM PDT I really liked Fashiontiy but its based in the US (I think) and shipping prices are way too high. Any other alternatives to fashiontiy that are based in Europe. [link] [comments]  |
| Starting A Freelancing Venture That Will Overtake Fiverr And Upwork Posted: 28 Jun 2021 08:59 AM PDT Hey, everyone. I'm pretty new to Reddit haha. A friend told me he had good luck finding cofounders here so now I'm testing my luck. Let me tell you about my company. I've recently started a Digital Freelancing Company called Find Professionals, The main mission of Find Professionals is to connect Businesses and Consumers to the most expirenced freelancers near their area and to connect a community of freelancers through our platform. Our business is model is that we provide digital Freelancing like graphic design, video editing, web design, digital marketing etc, provide in person freelancing services like a handyman, contractors, plumbers, consultants etc and lease office space to our freelancers and small to medium startups. What makes Find Professionals better than our competitors
findprofessionals .com (The business has other strategic advantages against our competitors but never reveal all your cards) Let me know what you guys, I'd love some help and feedback on this project. Thank you for reading :) [link] [comments]  |
| Do you know of any tool that alerts me when a Tweet/ Reddit/ Quora matches keywords? Posted: 28 Jun 2021 01:43 PM PDT Hi fellow entrepreneurs! I am building a product and we've found that replying to posts mentioning Google Docs, Notion or Confluence work really well. If we do this early enough, we generate traffic of people looking for our solution, but I can't be searching these tools all day. Does anyone know of any service that alerts me when a relevant post happens? Thanks! [link] [comments]  |
| What are some resources you use to follow trends in your industry? Posted: 28 Jun 2021 04:36 PM PDT I always feel like I am late to the party to see emerging trends and other people are already waist deep into the new markets and ideas. What resources do you use to keep up to date? [link] [comments]  |
| Posted: 28 Jun 2021 04:35 PM PDT If I delete a product, will it still save my unshipped orders ? [link] [comments]  |
| Where to find people to BETA test a program Posted: 28 Jun 2021 04:11 PM PDT Hi There, I hope this post doesn't get flagged for self-promotion but I was wonder where or how do I go about finding people to BETA test a new coaching/consulting program. I want to be respectful to various the communities and not break any rules promoting rules. [link] [comments]  |
| How many of you have mentors? And how easy was it to find one? Posted: 28 Jun 2021 03:58 PM PDT I'm currently in real estate & I'm beginning to feel how important having a mentor could be. What's your experience? [link] [comments]  |
| Posted: 28 Jun 2021 02:49 PM PDT I spoke to Feng Cha bobo about opening 1-3 locations. I have experience running business, been in investment banking as well. Did some remodeling, bought some commercial real estate etc. I do know local owner of bobo, we did not speak recently but he did told me that off 2 locations his revenues were close to 1m (this was 4 years ago). I spoke to Feng Cha, and they claim that average store makes 100k net in a year. Franchise fee $35,000 one time. Every month $1,500 payment as a fee. 10 percent fee for the supplies. Rent is about $5,000 per month, for a 1,200-1,500 square foot place, according to them. Equipment for the place would be $30,000. Total investment up to $200,000, remodel, supplies etc. What do you guys think? Again, I did numbers all my life, and been all my life in stock etc…with all this in place 100k net just seams little far out. [link] [comments]  |
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