Wantrepreneur Wednesday! - July 07, 2021 Entrepreneur |
- Wantrepreneur Wednesday! - July 07, 2021
- I prepared a list of top tax deductions for business owners. Check it out.
- How the hell do people have so much confidence in their ideas? Is that a skill you learn?
- Seeking advice on the best channels for raising brand awareness and promoting a tutoring startup.
- Don’t know which business to start!
- Fake Entrepreneur Epidemic Discussion
- Advice on Team Building
- I am getting frustrated with the community.
- Best way to manage MRR for your business
- Idea for a website
- Got project competitor even before publishing?
- I made a post about how frustrated I was with the community. And I get this message recently. Have fun people.
- Books on the inside story of big business
- Startups to check out
- New business idea
- Is there two basic types of entrepreneurs?
- I've been making and selling metal art for around 8 years now and would love some feedback for my site!
- Need suggestions in making a decision.
- Can a minor operate an LLC?
- Monetizing desktop software
- How to spot scammers?
- Canadian Entrepreneurs - Climate
- I have the wonderful opportunity of working and selling my food on a food truck but I keep going back and forth with ideas, Please help!
- Any collage student thinking of starting a business?
- How should I go about applying for a SMB loan? What are my chances/capital requirements from someone that has done it.
| Wantrepreneur Wednesday! - July 07, 2021 Posted: 07 Jul 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]  |
| I prepared a list of top tax deductions for business owners. Check it out. Posted: 07 Jul 2021 04:44 AM PDT To reduce the tax burden, consider these top 25 tax deductions for small businesses. Some of the common deductions are wages, travelling expenses, interest, promotion expenses. Check out the whole list now to save your business cash. Below are Tax deductions for small businesses as per US tax Law: Cost of goods sold: As a reseller/manufacturer, you can save your taxes by claiming the cost of goods sold. The deduction is not for the service providers. However, if you are charging for material supplies in your business (In addition to the service fee), you can claim this deduction. Travelling expense: Travel expense is deductible when you are travelling away from tax home for business purposes or business assignment. You can deduct transportation expenses, car expenses, telephone, tips paid, meal expenses, incidental expenses. Please note that you cannot claim travel expenses that are for personal purposes. There are different rules for travel in the US and outside the US. Advertising: Advertising expenses you have incurred during the year can be deductable. Advertise includes all the costs you have done to market your business. Bad debt: When some customers become bad and it is not possible to recover the money, you can write that amount as bad debt. The bad debt amount can be claimed as a write-off. The condition to write off bad debt is that you use the accrual accounting method (You Record income when it dues and not when cash is received by the customer). When you follow cash basis accounting, you cannot write bad debt. Rent: When you have rented any property and used for business purpose, rent paid for the period used in the tax year is deductible. If you are working from home using part of the home for business purposes, you can still claim the rent paid for the home as per guidelines of Business use of the home. Employee salary/pay: Employee pay is deductible in schedule C. Please note that payment must be reasonable and for services provided by the employee. When you have a sole proprietary firm, you cannot deduct your own salary as employee pay. The pay may in the form of cash, service or property. The following can be considered as employee pay:
Depreciation: You can claim depreciation as an expense when you acquire the property and are using for business purpose. Following conditions should be satisfied to claim depreciation:
Here is the publication of IRS for How to depreciate property as per US tax law. Insurance: Following insurance premiums are deductible from gross income for business tax purposes.
Car Expense: You can write off expenses related to operating and maintaining the car. The car should be used for business purposes. You can claim car expenses reimbursed by you to your employees. Local transport Expense: You can claim local transport expenses incurred for business meetings away from your regular workplace, visiting clients or getting to a temporary workplace. Repair and Maintenance: You can deduct repair and maintenance expenses incurred for tangible assets- building, machinery, equipment. Please note that repair and maintenance which is required to be capitalized should not be claimed as a deduction in the tax return. Legal and professional fees: Legal and professional fees paid necessary to operating your business is eligible to write off. However, legal fees paid to acquire an asset is of a capital nature. It should be added to the asset value. Tax preparation fees: You can deduct tax preparation fees related to the preparation of business schedules. Accounting Fees: Account maintenance fees can reduce your tax burden. Accounting includes bookkeeping services. Pension plans: You can contribute to pension plan SEP, SIMPLE, Qualified pension and save taxes. Contribution to a pension plan for employees and you are eligible for deduction. Interest expense: Interest accrued or paid by you for the tax year can be claimed as a tax deduction for small businesses. The debt should be related to business purposes. You cannot claim interest paid on personal loans. If the loan is partially for personal use and partially for business use, you can divide the loan interest between personal and business and claim interest for business purposes. Taxes: Do not forget to claim the following taxes while filling schedule C/ C-EZ:
Entertainment expense: Do not mix this with your personal entertainment expense such as visiting parks or watching movies. As per US tax law, Entertainment expense is the expense you incurred for the entertainment of clients/customers. It includes amusement expenses, meals provided, and recreation activities. Other expenses you can deduct from Gross income:
The expense you cannot deduct:
I hope this post is helpful to you. Let me know if you want me to write on any other topic related to accounting or bookkeeping. Please note that this is not tax advice. Contact your accountant before making any tax decisions. [link] [comments]  |
| How the hell do people have so much confidence in their ideas? Is that a skill you learn? Posted: 07 Jul 2021 06:33 AM PDT I don't get it. I'm a person of few skills. I can make stuff, drawings mostly. Any time I have an idea of how to use said skill for profit, I talk myself out of it. Plan on doing RedBubble as it seems there's no risk. But currently I've been toying with the idea of selling painted terracotta pots at street fairs, and offering cuttings of my plants. It seems like an enjoyable thing to do that might get a small amount of money. But immediately I start thinking, "no one is going to care about pots." Or "You'll never produce enough to sell and just get burnt out." And I dread telling people in my personal life im going to do something, and either not following though, or failing completely. [link] [comments]  |
| Seeking advice on the best channels for raising brand awareness and promoting a tutoring startup. Posted: 07 Jul 2021 12:23 AM PDT Tl;DR: My four friends and I want to open a tutoring business. We have the qualifications and funds (each of us is investing in this project). We have a plan on starting things up but need advice on how to go about finding leads. Each of us graduated cum laude in his respective field and has a degree. Three of us have PhDs and two Master's degrees. We all love helping others, and we want to turn it into a hobby-slash-business. Of course, if it takes off, we will dedicate our full time to it, expand the project and invite more people to work with us, but right now, we need to focus on launching the project. We would like it to be something similar to Wyzant but more personalized with the possibility of both group and one-on-one tutoring. One of us initially suggested writing dissertations for students and selling ready-made papers, but we all agreed that it was a very bad idea and won't help anyone in the long run, so we are moving on with a tutoring angle. Our plan:
One of us will take care of the website and setting up social media accounts, but we still haven't picked out a company for crowd marketing, so we'd like to ask for recommendations on that. Maybe you've worked with one that actually produced good results for a reasonable price, if so - please let us know. Another question is more general about other means and possible channels for promotion and raising our brand awareness. Unfortunately, none of us is marketing-savvy, so we might have missed something important. We'd appreciate any tips and suggestions you might offer. Thanks in advance, guys. [link] [comments]  |
| Don’t know which business to start! Posted: 07 Jul 2021 07:16 AM PDT I'm definitely ready to start a business & I have tons of ideas. My issue is I'm not solely trying to rely off one income with a business either. I know that a lot of people preach you need 7 streams of income. I feel like that's true. I'm debating on starting dropshipping or becoming a social media marketing strategist for my own digital agency. For my digital agency. I would offer video production because I'm a videographer. Web design & help build a social media presence and getting more sales. However my doubt is. Do businesses actually need it. Also I don't want to experience burnout doing so much. Dropshipping I know there's serious money into it. If you know how to market & have a great product. No I'm not materialistic. However I can't work a job. All that work to make 400$ a week can't take care of me. So this is my only option. [link] [comments]  |
| Fake Entrepreneur Epidemic Discussion Posted: 07 Jul 2021 08:32 AM PDT I'm part way through an interview/podcast someone sent me on the fake entrepreneur epidemic. (Not going to link it and in no way am I affiliated with the channel.) The host brings on this professor and they discuss a lot of trends in this new "entrepreneurship" industry: how entrepreneurship becomes an identity, consuming expensive courses is a psychological shortcut, it's all just signaling, weakens your CV, and how being an entrepreneur or working at a startup actually hurts life time earnings for the vast majority, entrepreneurs are more prone to depression, anxiety, divorce etc. I found it incredibly insightful and wanted to open a conversation around the topic. I think it's understood that most entrepreneurs are going to fail, it's high risk high reward. That doesn't bother me. I also totally agree that gurus selling a lifestyle are predatory, probably weaken entrepreneurship in the economy, and as a result the industry breeds "confidence and not competence." I think it's only fair to share my experience. My father is a life long entrepreneur, he always recommended certain books and facilitated learning experiences. I've seen firsthand what it takes to be self employed running 4-5 side hustles, it's exauhsting. I've also seen what it takes to launch a scalable company, it's just as exhausting. I've been extremely lucky, I got into a good business school, connected with valuable mentors, grew my network, have specialized work experiences etc. I've been extended an opportunity at a venture builder and will be able to do what I love, build startups and work with other entrepreneurs! I feel very fortunate to not have fallen into this wantrepreneur course buying and start/fail 8+ side hustle cycle. Honestly, I probably would have without the right people guiding me. I wouldn't have the same opportunities either. I have friends though who fall victim to this, I see thousands of people falling for it on social media. I respect and appreciate the effort and desire to achieve financial independence, but I also know the "how" could be significantly improved. I guess this is my soapbox/TedTalk. I'm probably bias, but what are your thoughts and perspectives? Is it okay people are being sold entrepreneurship because hopefully one day they figure out how to do the real thing? Is this micro-entrepreneurship valid/sustainable? Is there an epidemic or is it mis-characterized? Open to other ideas, wanting to discuss. [link] [comments]  |
| Posted: 07 Jul 2021 08:26 AM PDT Hello Folks, I am running my company for about 3 years. I have been unable to grow my team size more than 4-5 people. It seems that I am unable to attract enthusiastic people; unable to retain good people; and making desperate hires who turn out to be wrong fit. Do you have any guiding principles on startup hiring? How can I create a compelling vision? How can I improve the image of my company for prospective hires? I am a bit stuck. Thanks in advance! [link] [comments]  |
| I am getting frustrated with the community. Posted: 06 Jul 2021 06:31 PM PDT Maybe this goes without saying, but can the spammers stop spamming, the scammers stop scamming. I received a couple of invitation to chat, which I am absolutely open to, which later we have a decent chat, only for them to finally unfold the scam/spam so called "secret"... Varies between HYIP investment, big-crypto-reveal, come on guys.. his is a place for us to share about business ideas, help each other, exchange opinion. Do not self promote. No. Never. Please. Mod, please, without warning, just ban these shits. [link] [comments]  |
| Best way to manage MRR for your business Posted: 07 Jul 2021 02:09 PM PDT Hello /r/entrepreneur community, I am looking at starting a company that will provide monitoring/alarming services for industries that have lots of water pumps. Just putting the technology and PLC work together is quite a bit of work and now that I'm focusing on day to day operations of the business, a few things dawned on me and was wondering if anyone had any advice on how to tackle these:
So my question is, is there any software out there that can keep track of this for me? Such as, I Or is the better option to just hire someone to do billing once I can't manage it by myself Wanting to know more so for those that have had good/bad experiences doing this either way. [link] [comments]  |
| Posted: 07 Jul 2021 02:05 PM PDT Hello everyone, For a little context, my country has no sexual educations in schools. There were a lot of discussions around it but parents didn't want schools to "ruin their innocent children". I was thinking if everybody is talking about it why not make a website around sexual education for children, also could get some publicity and would also be informative. I found out there isn't such a website currently in my country, only some English/international websites (which is fine, but not everybody here speaks English), and I could build one, make it look modern, informative and overall easy to use. The problem is it is a very sensitive matter and I'm not sure how I could even monetize it. It might sound weird or dumb I just want to know what others think of it. So what do you guys think? [link] [comments]  |
| Got project competitor even before publishing? Posted: 07 Jul 2021 05:15 AM PDT Hey Redditors, I got a need to get suggestions from you. For the past 3 months, I've been working on a social media project which was focused towards a unique niche, literally no competition. But I've noticed that someone else is also working on this same idea. Firstly, I fail to understand that how can someone's mind be in so sync with my mind that the other person started working on this idea at the same time I started working on while the niche took birth at least 6 months ago. FYI, I've never discussed about this idea to anyone at any place. I myself started doing research and working on this idea. Though neither of us have published their project yet. At my end, I've almost completed the project and only few retouching is left to do. Though my focus has not been on how can I monetize the idea as of now, I did have some thoughts as the field was pretty unexplored by the time this idea hit me. So, my concern is how can I potentially surpass or do better than the other person's project? Or any other suggestions, dos and don'ts or any comment you would like to make on this as despite working on many side projects, this is going to be my first side project which I can potentially complete, so I just don't want to get demotivate? Also, if this subreddit is not fit for this question, please redirect me to relevant subreddit, it will be helpful to me! Thanks for your comments! [link] [comments]  |
| Posted: 07 Jul 2021 01:57 PM PDT |
| Books on the inside story of big business Posted: 07 Jul 2021 10:01 AM PDT Hi Guys, I want to read some books on the real story of big business. Not some pop self help book or romantiziced version. But a picture or video maybe (?) Of the true inside story of some business mogul. [link] [comments]  |
| Posted: 07 Jul 2021 06:03 AM PDT Hello, people of Reddit! Ever since I started looking at startups and thinking about investing, I find myself bombarded with information and statistics on every site with their ''TOP 5'' or ''BEST OF'' startups, so I figured – this is a perfect place to ask for opinions. How do you guys manage to trust your decisions about investments? Do you have a certain system in place for this or do you just trust your gut depending on the company you are interested in? I have made a list for myself with several startups that I think are worth investing and I would like to hear your opinion on them. Quell (https://playquell.com/) – a new form of gaming, involving a full-body activity. It uses a chest and hand strap that connects to your PC wirelessly. Seems like a good team, currently focused on providing user testing soon. From the looks of it, this could be integrated into the current VR eco-systems to provide that ''feel of movement'' other VR are currently lacking. Finally, a workout we can all relate to. Fathom (https://www.fathomhq.com/) – Financial intelligence, performance reporting, dashboards…I've always hated Excel for not being easy on the eyes and was never a huge fan of Google Analytics (not saying it's bad), because it always felt like a chore to watch al the tables and lines in boring colors. What I see here is the opportunity to personalize your own setup that combines the beauty of the ''presentation version'' and the detailedness of the entire set of data. It's like having Excel, Word, Powerpoint and Google Analytics all in one place. AirGarage (https://airgara.ge/) – now this is the one I think everybody should have. A full-service parking operator. If you have an extra space you can rent it to someone and AG takes care of everything, and by everything I mean setup, payment processing, maintenance…etc. They even put security cameras so no car would park there illegally. Every person with a house and a parking lot should have this. Just think about it…when you are at work, what does your parking space at home do? Nothing! But with this, you can charge people to use it while you don't need it. Capella Space (https://www.capellaspace.com/) – since most of us are not Bruce Wayne and cannot afford our own satellite, this is the next best thing. This company made it possible for other people to ''book satellite time'' and take pictures of your desired location on Earth or certain constellations. The technology it uses is called Synthetic-aperture radar (SAR) and you can use all that on a web portal. Seems they provide you with the console and the API. XFARM (https://xfarm.ag/?lang=en) – I think this is the best thing that can happen to a farm. With the IoT growing each day, we find ourselves in need to simplify and seamlessly connect different things. XFARM allows farmers to monitor and analyze their crops with great precision, over a simple mobile app. Since I am no expert, just a guy following his gut, I would like to hear your thoughts on these companies. Have you heard of them? Would you invest in them? Why not? If there are any more startups you think are worth checking out, feel free to leave a link in the comments or DM me. Thank you for the feedback! by Mirko u/DailyIdea [link] [comments]  |
| Posted: 07 Jul 2021 01:16 PM PDT Some background info - I'm 17 years old and run multiple social media pages with 50k followers. I believe I have an idea that no one has yet to create. The idea revolves around a new type of social media platform that will indirectly compete against the bigger names. The question I'm asking is, does anyone have any idea or advice to how I could go about hiring someone to code this, or just how I could start this in general. I am really good at marketing/advertising, the developing stuff just hasn't "clicked" with me yet [link] [comments]  |
| Is there two basic types of entrepreneurs? Posted: 07 Jul 2021 01:15 PM PDT In my opinion there are people who talk and there are people who do. Because, both are successful and from there branches out to all the entrepreneurs. [link] [comments]  |
| Posted: 07 Jul 2021 02:22 AM PDT |
| Need suggestions in making a decision. Posted: 07 Jul 2021 08:49 AM PDT This is 23 years old guy. Doing work from home since last 3-4 months. Saved quite good amount of money, and feels (personally) I can start a business. But the job I'm currently doing is offering me quite good hike to continue as for doing work from office. But let me mention, that job is just a cul-de-sac. I personally don't think any growth over there. And I also feel they are just using me. So please give your suggestions, considering the odds of business and I want to add that the job is very much easy for me, when I say esay, means very very easy for me. Whereas you all know starting a business is chewing a glass. Thankyou! [link] [comments]  |
| Posted: 07 Jul 2021 11:56 AM PDT Hello, I want to start a marketing agency but I am 16 years old. My plan at the moment is to get my sister to start the LLC and for her to make me a member of the LLC (And giving me 100% profits and ownership). My question is if this is even possible, and if there's any legal danger of doing so. Would I have to file the business under a partnership LLC? Thanks. [link] [comments]  |
| Posted: 07 Jul 2021 11:38 AM PDT I've developed a Windows desktop security focused application -as previously mentioned. I'm trying to figure out where to go in regards to monetizing, A few things I'm considering are: Paid:
50/50:
Freemium:
Freemium/Ad supported:
Currently I'm considering the Freemium or Freemium/Ad supported route. Any suggestions or anything I might be missing here? [link] [comments]  |
| Posted: 07 Jul 2021 07:48 AM PDT Hi, I have a company in the textile industry. We are looking for a new manufacturer atm and get tons of messages from manufacturers. However, we already spotted a few scammers. eg. company sits in Belgium, sustainable production and everything. After calling the organizations to confirm their sustainability certificates, it turns out all their certificates were fake, and their production is in India. I try to do as much research as possible, but I even heard from a person, that he got scammed in Turkey, even though he visited the production, and it seemed completely legit. Any ideas? I thought about checking the company in the local company register, to see how long they've been in business. But even thats hard and not always possible. Thanks in advance! [link] [comments]  |
| Canadian Entrepreneurs - Climate Posted: 07 Jul 2021 11:32 AM PDT Everyone knows that the only good things that ever came out of Canada is an impressively long list of comedians, Dan Akroyd, John Candy, Mike Myers, and many more, plus Ford's 351 Windsor engine. However, there might be something else good in Canada...maybe. I have no affiliation with this group and haven't tested them to see if they produce good results, so caveat emptor. If you are a Canadian entrepreneur focused on climate, it looks like they have deep resources to assist start ups. >>>>>>>>>>>>>>>>>>>> Accelerate from Anywhere: a joint initiative of the Centre for Social Innovation and Foresight Canada that will provide an "acceleration ramp" for over 160 early-stage cleantech entrepreneurs from across the country. If you're a climate entrepreneur, jump to Accelerate from Anywhere. Whether you're just starting to discover your path as an entrepreneur or already hard at work validating your solution and proving your business model, Accelerate from Anywhere will connect you to the most suitable program to support your growth. Accelerators are programs designed to speed up the development, launch and successful growth of a venture. Entrepreneurs in Accelerate from Anywhere will be supported with training, mentorship, and connections to funders and potential partners. They will also meet, and have the opportunity to learn from and collaborate with, other early-stage cleantech enterprises from across Canada. Bringing the accelerator to the entrepreneurAccelerate from Anywhere provides aspiring and rising entrepreneurs with a shortcut to navigating the innovation ecosystem by connecting them to top-notch, successive accelerator programs, and supporting them as they progress along their journeys. These accelerator programs are accessible to entrepreneurs from anywhere in Canada with an Internet connection, bringing the training, coaching, connections and opportunities directly to them. Selected entrepreneurs can participate in:
Taken together, these programs will help launch the next wave of cleantech entrepreneurs. [link] [comments]  |
| Posted: 07 Jul 2021 10:38 AM PDT This is just me throwing out ideas I'm a pescatarian that cooks mostly dairy free dishes so I want to embody that in my menu maybe something with chicken too.. 1st idea Modern Diner (theme minimalist:black and white) When I think of a diner it seems limited and I think of just pancakes and breakfast items. That's kind of where my creativity stops with this idea, any suggestions ? 2nd idea (Theme minimalist/with a tropical vibe:neon yellow and maybe even I really enjoy making tropical food and making fresh pressed juices. My favorite food is Plantain so I'm thinking about using the word banana in the restaurant name. 1 app with bananas, 1 entree w/ bananas (or plantain) and 1 dessert with bananas. 3rd idea Somehow mixing the two ideas together Like a diner with a twist or maybe a cafe I'm so lost lol I've had these ideas clashing for sometime now, any ideas? (please don't be mean) [link] [comments]  |
| Any collage student thinking of starting a business? Posted: 06 Jul 2021 10:38 PM PDT So i am a college student in India and need someone with useful skills and similar mindset so we can start a business together instead of getting a job and do a thing of our own. I can build apps and websites have experience in facebook, instagram and google ads. So i just need some people with whom i can share my workload with and we can work together. Pls dm or comment if you are interested. [link] [comments]  |
| Posted: 07 Jul 2021 08:05 AM PDT So I came up with this idea to open up a women's only gym in my area the issue I'm having is that it will require a lot of capital and maybe even a building to be built if we cannot find one in a suitable location or size. I am creating a business plan but I've never applied for a loan before. I'm building this plan with my (4) sisters. I'm making sure that our plan is solid and that we have financials, marketing, and business processes all laid out in detail before approaching a loan. But I'm curious as so what to expect in the process or what additional documents to have. I want to make sure I have the best possible chance to be approved! So any feedback or tips is much appreciated. [link] [comments]  |
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