Wantrepreneur Wednesday! - June 02, 2021 Entrepreneur |
- Wantrepreneur Wednesday! - June 02, 2021
- Framework to Evaluate any Startup Idea in 5 Minutes
- Want to start an Indiegogo for an app... what should I do beforehand?
- Being a part-time co founder when the other person is full-time?
- App/Site for Twitter Analytics
- Update from the jobless founder of a Dating app (What's Da Catch?)
- Benefit Corp vs LLC?
- How to Establish Trust in Your Remote Support Business?
- Launched my product last week! Any advice on how to get new users and keep growing?
- Clothing/Undergarment design sites?
- How to provide incentive for semi-pro articles for website when on a low budget?
- Is there a way I can contact domain owners ?
- Need some advice on a business situation
- Software Startup Suggestions?
- Selling a Software business with a lot of potential
- Take a new job or devote 100% to a startup idea?
- Shortcut to bookkeeping
- Start Ebike conversation side job?
- Anyone interested in a different dropshipping technique? Hoping to get paid for my time as I teach. No I’m not a guru. These aren’t items from china and they’re not new items. No bars codes involved. These are used items and it’s been a gold mine. Before you scream scam pls let me explain further.
- What services are needed overseas that an American would have an advantage at providing?
- Does anyone know how to convert a Canadian sole proprietorship into a corporation?
| Wantrepreneur Wednesday! - June 02, 2021 Posted: 02 Jun 2021 02:00 AM PDT 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. [link] [comments]  |
| Framework to Evaluate any Startup Idea in 5 Minutes Posted: 02 Jun 2021 05:01 AM PDT Do you have a great Startup Idea? I will show you a system that will let you evaluate a Startup idea in less than 5 minutes. We use 5 factors, 5 simple questions and you have a Startup Idea Score that will tell you if the idea is good or not so good! This post and framework are based on a YouTube video I did. If you prefer to see it as a video instead it is available here. This is about Startup ideas for scalable and fundable businesses. A small business or lifestyle business will do fine without passing this test. This is only something you do early on before you start building, after you start building other factors become more important. This test is there to check that you want to start building. The 5 factors are:
We will answer 1 question for each factor. An important note here, don't lie to yourself when you do the scoring be very truthful, Be pessimistic rather than optimistic,. Being too optimistic here is a really short-term strategy, you end up celebrating for 3 minutes that you came up with a great idea and then paying for the next 10 years because the idea really wasn't that good. So be pessimistic and move quickly to the next idea if it isn't very good. Now answer the questions below and give yourself a score for each one. ProductHow likely is it that you can build a product that is 10 times better than the existing way of doing things?
The 0 is a disqualifier, if you can't build something that is 10 times it probably not a great startup idea. AcquisitionCan you find and market to the users of this product?
The 0 disqualifies, is if you can't find the users, that is a problem and it will make it really hard to get started and there might not be any way to launch the product. The best products are viral and find their own users, this is a clear 3, but is very rare. Give it one if you can only find the users through paid marketing and a 2 somewhere in between where there is some word of mouth. MarketIs the market big and growing?
In a perfect world, you give this a 3 if the market is big and growing. If either is growing it is a 2 not sure give it a 1. I would not recommend doing anything in a market that is small and not growing, so that is a 0. DefendabilityWhen the product gets traction will the product have unique features that are hard to copy?
Investing in and figuring out how to build a product that anyone can copy right after is no fun. Investors are not willing to invest in products that anyone can easily copy. You have build some knowledge that puts you ahead of the field otherwise nobody will invest in you. It is much easier to raise money for a Startup that is defendable. BuildabilityCan you get the team, knowledge and capital to build this product?
There is no point in starting with an idea that you can't do anything about - an idea that you can't build. I mean a flying car that takes you anywhere is 3 seconds would be great, but at this point is pretty hard to build. Now let's put it all together and get that score! Let's start with the math, it is really simple you just multiply all by each other. PRODUCT X ACQUISITION X MARKET X DEFENDABILITY X BUILDABILITY = STARTUP IDEA SCORE Although the highest possible score is 243 most scores come out between 1 and 100. You can just use a calculator or do like I do a simple spreadsheet. Here are some examples of scores:
My advice would the following:
In the end, it is all about execution, but you might as well start that execution on a great startup idea. Now it is your turn! Please test this with your own idea or any other idea and put it all in the comments. Maybe you find some flaws in the system. Please do challenge this and put it in the comments. A low-scoring idea doesn't mean you certainly shouldn't do it, it will just be a lot harder. [link] [comments]  |
| Want to start an Indiegogo for an app... what should I do beforehand? Posted: 02 Jun 2021 10:21 AM PDT I've searched the sub and a lot of the results are AMAs from years ago. As a background, I'm a 21 year old college student and I want to make an app that is basically Tinder but for jobs. It makes searching and applying easier than Indeed, Glassdoor, etc, and it gives more power to job seekers. I have a prototype built in Figma, so I can use that for my promo video. My question is what should I do/know before I make an Indiegogo campaign? I have a starter question. I've seen on the sub people say to build your mailing list before you campaign. Who do I fill it with? I have interest from people who I go to college with and possibly one employer. Do I try to find people who may invest? I'm not sure what the mailing list is for. I've identified my market, fit, competitors, etc, I'd just really like help on what to do before I try to raise money. I'll answer any questions I can! Thanks. [link] [comments]  |
| Being a part-time co founder when the other person is full-time? Posted: 02 Jun 2021 02:00 PM PDT I am a part-time co-founder with a demanding full-time job. We are not funded yet, but if/once we are then I will be able to quit my job and work on it full time as well. I am feeling pressured because my partner is working on it full time and can support himself without income for the time being. This is not the case for me, as I have other familial responsibilities a young person does not typically have. We have 70/30 equity split. I have been feeling pressured because they get to work on the project much more, messages me throughout the day with questions, and gets annoyed if I can't do quite as much. I feel that they have a lot more pressure because they have no major income right now. I've noticed that their friendliness has decreased and more prone to saying "no you're wrong" or "no do this" or "you are wasting your time" to people who do not align with their vision. I have can have a temper sometimes, but so far I have managed to bite my tongue. I understand a startup is a grind, and I don't blame them for the increased pressure. Am I just being a baby? or should I make some boundaries? [link] [comments]  |
| App/Site for Twitter Analytics Posted: 02 Jun 2021 01:55 PM PDT Hey Everyone, Is there a free/paid Twitter analytics app or site that would allow me to see my top followers in order (in regards to how many followers they have) Additionally, if this app or site would allow me to mass unfollow to some extent that would be a plus. Thanks for any suggestions or advice, I haven't been able to find a tool like this. [link] [comments]  |
| Update from the jobless founder of a Dating app (What's Da Catch?) Posted: 01 Jun 2021 06:42 PM PDT Hi everyone, It's me again - the guy who quit his job to start a dating app startup. First and foremost, I want to say thank you as I appreciate everyone's feedback. Positive or negative, it was great to get different people's perspectives! If anyone new here, this is the link to the original post. I also want to apologize if I didn't respond back to your comment. As exciting as it was to get all those comments, it was waaay overwhelming! I def read everyone's comment and a lot of them had the same concerns and same questions - so I thought I'd address some of them in a post. Let's jump right into it. "What's Da Catch?" Yikes. Y'all were not happy about that lol. The app was originally called "What's The Catch," but the initials would've been WTC which I don't think would be a smart idea. That's why I replaced the "The" with "Da". But I soon realized after my original post... the name was still a bad idea. I saw a lot of people suggested to make it as simple as "Catch" and you know what, let's do it! I want to build this with the right intention and I value the input from my fellow Redditors, so I hope I can build something this community is one day proud of! Why did I quit my job? Why didn't I just stick to my job and have this a side hustle? Hey look - I would've loved to, but I would be spreading myself too thin. I have many years of experience and it's no problem if I do decide to go back to the work field, but that's not the point. Tech is my passion and I'm specifically interested in the dating world. I want to be innovative and put my all into the app. Did I do my research? Yes of course! I have studied all these dating apps and CEO's journeys for years. I know why Plenty of Fish was sold for Millions: it's because of the user numbers and data. Trust me when I tell you I have done the proper research for many years. I wouldn't have been taking such a big risk If I didn't. Let's take this one step at a time. Give me some time to make additional changes to the current version and of course the name. In the meantime please do check out the link WDC and Sign up(soon to be called just Catch) and also follow the Instagram page @ whatdacatch for updates. Thanks! [link] [comments]  |
| Posted: 02 Jun 2021 12:34 PM PDT I couldn't find any recent info in the sub about benefit corporations. We are currently an LLC, however we have been thinking about switching to a benefit corporation. Just wondering if there are any others in here that have switched from another type of business structure to a benefit Corp and your experience. I also read there's something called an L3C that may be an option for us. About me: I'm in Illinois, currently run a blog and marketing agency. [link] [comments]  |
| How to Establish Trust in Your Remote Support Business? Posted: 02 Jun 2021 11:47 AM PDT I'm struggling to come up with ideas about getting people to trust my remote support-only business. I was thinking content marketing to establishment confidence and trust in my brand; however, I don't know how well that will work. Any tips, ideas, articles, anything would be helpful. PS: I don't know how much it matters, but it will be a local audience. [link] [comments]  |
| Launched my product last week! Any advice on how to get new users and keep growing? Posted: 02 Jun 2021 05:32 AM PDT Hey everyone! Earlier last week, my co-founder and I launched our product for the public. We've been working on it for almost 6 months now, we had a few beta users, who were testing it out for us and providing us feedback. Believe it or not, this is what we felt was our MVP was, though we took a lot of time to make it public. It's a very simple idea - a platform for user and team members feedback collection and management for anybody who cares about their users and wants to grow with them. Customer feedback is a vital part of building a great product. It provides insight into what your customers value, in turn keeping your roadmap lean and impactful. While our products have evolved, the way we handle feedback hasn't. Right feedback can work wonders for your product and business. But, we felt that at many companies, feedback management is a broken process. The existing tools are great, but a big letdown. They are the jack of all trades and the master of none. It's clear we need a better tool. With Rapidr, we're building just that. Rapidr makes building remarkable products a breeze and helps you understand what your customers want and, in turn, helps you make savvy product decisions. Stay on top of feedback in one single, organized place. You can find it here at https://rapidr.io I'm wondering if anyone here has any tips on how to quickly get more active users & get existing users more invested in your product? We realize early feedback is crucial so we want to make sure that we're talking to users as much as possible while also leaving ample time for product building. We have just started with marketing, but we are still not sure what our plans should be. Any marketing & growth advice would also help a lot. Thanks in advance. Appreciate the Reddit community. [link] [comments]  |
| Clothing/Undergarment design sites? Posted: 02 Jun 2021 06:57 AM PDT Hi, I'm trying to design my own custom women's underwear. The design of the garments differ from standard cuts so I'm trying to use design firms to realize my vision. Unfortunately, I've been having tons of issues with the design firm I initially chose (Intrepid Sourcing). Mostly with the time it takes them to get back to me. I've spent almost a month waiting for a production quote, and in the past would wait weeks/months for responses on them for design related stuff. Other issues, too. Are waits that long standard in this industry? And can anyone recommend any other firms? Thanks. [link] [comments]  |
| How to provide incentive for semi-pro articles for website when on a low budget? Posted: 02 Jun 2021 10:11 AM PDT I have have an idea for a reference website, which I think could be fairly interesting for quite a few people. However I'm wondering how to get more content, when on a very low budget. I will be writing a lot of the articles myself. But I'd like to have industry pros (or more likely up-and-coming semi-pros) to weigh in and perhaps contribute with a few articles. I can't pay them very much, so is there another way to create more incentive? I have no intention of becoming a choosing beggar ( r/ChoosingBeggars ) but perhaps there is some form of deal to be made that I've overlooked? The site will run on advertising. [link] [comments]  |
| Is there a way I can contact domain owners ? Posted: 02 Jun 2021 09:20 AM PDT Everything I search has been bought already. But not all of them are active, is there a way I can contact domain owners ? I tried finding a few websites but they won't share enough data with me. [link] [comments]  |
| Need some advice on a business situation Posted: 02 Jun 2021 08:56 AM PDT I hired someone to do some work that I was not capable of doing myself. They're pretty young so I think this might be their first gig doing design work. We agreed on a flat fee plus a percentage of profits and a small budget for expenses. Signed a contract and everything. The work is now done and it took them a year to get it done. (Given, not a year in total, there were months where nothing was done and we were waiting on things needed to proceed.) So after I get the work and we work out details for production, they message me and ask for more money because they had more time invested than they thought and just want more money, even though they had done this before. Their original set price that they gave me, I did think was low but this being a project that I want to make money on, I need to spend as little as possible. So do feel like they deserve more, but they asked for 3x the original amount, plus the expenses were also 3x the agreed on budget. Samples had to be ordered twice because of a problem in the original design, so that added to costs. Now I'm in a position where this project probably won't work out to a profit regardless of what I pay them. So I offered them a little under 2x the original amount, minus the profit share and plus expenses. They replied saying they won't take less than what they want (3x) and said they know what my expenses are (except there are many expenses they aren't aware of and apparently my time isn't worth anything). At this point I feel this project is a total loss and a completely unsalvageable micro business. There's just no profit to be made with the costs incurred and the effort that needs to be done to save and finish it properly. I'm kind of annoyed with how demanding they're being but I do get where they are coming from. We are both kind of at fault here. Anyone have any tips or ideas? [link] [comments]  |
| Posted: 02 Jun 2021 08:25 AM PDT Hi all, As we move into an age where YouTube provides more value than traditional school, intrigues more people than traditional television, and has created the most desirable career for younger demographics, I think it would only make sense to think of a potential extension or software that can help expedite the editing process for content creators. Content creators spend half their time on YouTube editing videos, or will pay people to do it for them. I'm wondering if there is something we can do to speed this process up. For example, maybe a software that detects and cuts any dead space in recording where a person is not talking. I would love any suggestions. [link] [comments]  |
| Selling a Software business with a lot of potential Posted: 02 Jun 2021 07:08 AM PDT Hi so I developed an Ad network for mobile apps and half way through the development process I noticed that I did not have the budget to complete it. The MVP is completed however. So it's an ad exchange platform that works like admob. I developed it to solve the problem of marketing. How it works? Apps can integrate an SDK in their app's source code and start to exchange traffic. Each app is promoted inside another app and vice versa. At the end of the day everyone is happy. How can it be monetized? The options are limitless. These are some of the ways:
I confidently believe it can be easily scaled to 7 figures. Anyone interested in investing or purchasing kindly send me a pm. Thanks [link] [comments]  |
| Take a new job or devote 100% to a startup idea? Posted: 02 Jun 2021 07:07 AM PDT I've been working on a product related to data security that I think has the potential to be very useful to large financial institutions and other companies that need to be extra attentive to GDPR compliance. My current contract is finished in a week, and my plan was to devote the next six months or so to get this product off the ground. But .. I just got offered a decent position that pays pretty well and is well within my comfort zone, so I'm starting to rationalize the idea of continuing to work on my startup on nights and weekends. Is the my fear talking or am I just being very responsible? [link] [comments]  |
| Posted: 02 Jun 2021 11:41 AM PDT 1. Hire an accountant, which will cost you anywhere between $24,000 and $50,000 per year. <<What to look for in an accountant?>> 2. Hire a freelancer bookkeeper for $50/hour, most of them don't know or care about automation because they get paid per hour. This usually ends up costing you an average of $18,000 per year. <<Top bookkeepers on Upwork this month>> 3. Use Cheapbookkeeper.com , which we built specifically for online businesses, and is the cheapest option in the industry. Costing a maximum of $5,000 per year. If your not that liquid right now. You can still do your own bookkeeping, just avoid these mistakes people do with QuickBooks & things won't be too bad. If you're just starting out & you can't afford QuickBooks, here is a free accounting software [link] [comments]  |
| Start Ebike conversation side job? Posted: 01 Jun 2021 03:00 PM PDT This may not be the right place to ask but I want to start a side job where I convert bikes into electric bikes. My problem is how to advertise this. I don't want a whole company just something I can do from my garage in spare time. I've already posted to Craigslist but I'm not expecting anything from that. Any ideas? [link] [comments]  |
| Posted: 02 Jun 2021 11:45 AM PDT I would love to prove myself but without giving out every little detail. I definitely don't want to over saturate the product so I'm looking for maybe 3-5 people to teach until I find some more successful products. I never had luck with the classic drop shipping from ali baba so I finally found out a successful way of dropshipping in a totally different fashion. If you're interested just let me know, thanks!! [link] [comments]  |
| What services are needed overseas that an American would have an advantage at providing? Posted: 02 Jun 2021 06:16 AM PDT Title is somewhat broad and I did search around in this sub before posting (Check out my account for more info on me if you wish) I am in the research phase of starting my business right now. And I am looking for what types of services are needed in a country like Ukraine or Angola that I , an American living in Texas, would have an advantage in providing compared to the local market. An example might be that Chinese firms will actually hire a White male to bring to meetings to look more "international" and official. One idea that I have is to offer the service of connecting these foreign companies to American ones to facilitate business. However, I am going forward and hope to launch my business soon, and I am willing to change the service provided if I think there is a better opportunity. This is just part of my research and I intend on directly asking my target demographic and others in the industry soon. https://www.investopedia.com/articles/investing/042915/5-industries-driving-us-economy.asp [link] [comments]  |
| Does anyone know how to convert a Canadian sole proprietorship into a corporation? Posted: 01 Jun 2021 07:05 PM PDT As the title says, just looking to convert business from sole proprietorship into a corporation. *serious responses only. [link] [comments]  |
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