Wantrepreneur Wednesday! - August 11, 2021 Entrepreneur |
- Wantrepreneur Wednesday! - August 11, 2021
- Personal Banking for Full Time Entrepreneurship
- How to get my spark back?
- Calculating the costs of starting my own business?
- If I want to own a restaurant, where do I find a mentor and places to buy wholesale?
- Tell me this is all worth it
- Some Thoughts: Is Entrepreneurship a Zero-Sum Game?
- Offering time to help you refine your idea and business plan into MVP, understand costs, identify co-founder need, and get you started for free. And (only if you want) give your startup a boost through our platform
- Setup online billing / appointment website?
- What’s the best place to find EU suppliers?
- Would anyone be open to taking over a drop shipping niche?
- Working with the SBA
- Is there anything your website is missing?
- What would you do?
- Cheaper patches
- Finished MBA... now what?
- Platform for getting feedback for an idea
- 5 Step process by Elon
- I can’t decide if I want to be a Youtuber or a Entrepreneur.
- Any advice for starting a health & fitness app?
- Thoughts on mass marketing with flyers
- Do you need an app first or can you start with a website ?
- Help for Help: Cast App
- Anyone up to check on each other about achieving goals?i find this practice to work really well
- Taking the next step on a service that generates 4-digit profits without any marketing?
| Wantrepreneur Wednesday! - August 11, 2021 Posted: 11 Aug 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]  |
| Personal Banking for Full Time Entrepreneurship Posted: 11 Aug 2021 06:08 AM PDT I've saved up 60k liquid in a savings account at one of the big banks. This is runway for about 2 years at my current expenses. I am about to take the plunge and go full time on my side hustles. Question for those who have done similar - is there a smarter way to hold my cash? I feel like there may be a better alternative to living off a lump sum in a savings account. Are there better accounts for my situation? Should I just invest most of it and pull out cash from my investments when needed? What have others done when faced with this dilemma? [link] [comments]  |
| Posted: 11 Aug 2021 11:45 AM PDT I've always wanted to be an entrepreneur & work for myself since I was 16. However I lived in a toxic environment in was forced to move out on my own. I was stuck working taking care of bills and car note barely having enough for both. I would still try & work on my business but eventually would give up because I was too stressed about how I was living. I lived on my own for about 3 years. I would say 2 years ago I was so fired up about being an entrepreneur. Actually prospecting clients. Calling businesses, had no doubts. I just wanted to get out my financial situation. Over time I I've heard a lot of information that have made me have a different outlook on business. Like is what I'm doing actually a good thing to society. Am I just trying to take people money. Etc. I use to listen to a lot of gurus and when they got exposed I just fell into this hole. I still have business ideas. Great ones. But I feel stuck. It's like I can't even bring myself to do anything. No im not with the right people or environment. So I already know that hinders me as well. I just want to know how to pull myself out of this rut and get started again? [link] [comments]  |
| Calculating the costs of starting my own business? Posted: 11 Aug 2021 03:11 AM PDT I think I narrowed down my expenses pretty decently so far but I'm sure I overlooked a few. Is there a list of "default expenses" that apply to almost every business or any other method that I should consider using? Any info is welcome. Thanks! [link] [comments]  |
| If I want to own a restaurant, where do I find a mentor and places to buy wholesale? Posted: 11 Aug 2021 01:33 PM PDT I am in texas and would like to start a new venture but don't know where to start. [link] [comments]  |
| Posted: 10 Aug 2021 11:18 PM PDT I worked 12 hours in road construction. Came home, saw my wife and ten month old daughter for 15 mins. Had to head back out to work our hopefully soon to be full time business. Got an hour or so with my sweet little girl before she went to bed. It's 11:15pm and I have to be up at 4am. I know this is going to be worth it. Someone back me up? [link] [comments]  |
| Some Thoughts: Is Entrepreneurship a Zero-Sum Game? Posted: 11 Aug 2021 01:15 PM PDT I've seen a lot of posts lately of people "on the fence" about starting a new business, but they're not sure if they should quit their job/quit school/sell their children/find an old sugar daddy, etc... And, in light of those posts, I wanted to share some of my thoughts on starting a business, particularly how that process relates to the rest of your life. A 'zero-sum game' is a principle (from the world of math) where (and I'm heavily paraphrasing here) in order to add to one side of the equation you have to take away from the other. And I believe this is how a lot of people approach starting a business.
In other words, they feel that it has to be all in or not at all. What I'd argue, though, is that this isn't the case. With most (not all) businesses, you can dip your toe in the water without making major concessions in other areas of your life—at least upfront. For example, let's say you want to start a consulting business. Awesome! Do you need to quit your cushy full-time job to do this? Absolutely not. Here's why. My number one best advice for anyone looking to start a business is to start by getting one customer. That's it. Get one customer. You don't need to come out of the gate and have a full slate of clients on day one. I'd imagine that most people have plenty of time after work or on the weekends where they could easily manage this. And after you have one customer cruising, get another. Keep doing this until you really legitimately don't have the time to manage your regular job and your new business. It's at this point, and only at this point, you should consider quitting your regular job. Chances are that at this time, you're already going to have plenty of cash flowing in where you won't take much of a hit by quitting that job. And you can probably make that hit up really quickly when you add 40-50 hours to your schedule. This is going to sound douchy-meta but, I feel that in most instances, you don't start a business, a business starts itself. In other words, don't worry about the formalities of how you think a business works—just go start it on the smallest scale possible in your spare time and let it grow from there. This proves the concept, lets you get through any unexpected start up blips that delay growth, lets you see if you really like what you're doing, develops testimonials—all without taking the insane, off-the-cliff risks I see a lot of people in here proposing. Some Caveats
I don't have any extra time after work or on the weekends. What do I do?I find this very hard to believe for most people. Do you have hobbies you can temporarily give up? Play video games for a few hours every day? Spend time scrolling social media? Are you getting up early? Do you have breaks in your day where you could work things in? Got a significant other willing to help bare the load? And if you really don't have the time, you may need to find a less-demanding job in the mean time if you want time to work on your side hustle. I've worked 60-80+ hour weeks before during the time I was building my businesses. It was 40-50 to "the man" and then 10-20+ to my dreams. After a while, I was able to cut out the man and focus solely on my businesses. Was growth slower while I was working a regular job? Absolutely. Would I have still succeeded if I made the crazy jump? I don't know. There's something to be said about the mental strength and support I got from being able to take care of myself and my family during the trying business times when I knew the regular job was keeping food on the table. The Bottom LineHere's the bottom line. I feel like a lot of people like to take risks and make big declarative moves when starting a business—because it makes them feel like they are starting a business. Their friends and family don't take them seriously about their idea, so they feel like—If I quit my job, then they'll know I'm really a business owner! Get that mentality out of your head. If you can creatively find a way to start your business without nosediving off a cliff into the deep end—do it. Thank you for coming to my Ted Talk. [link] [comments]  |
| Posted: 11 Aug 2021 09:09 AM PDT Hi All, If you have an idea you've been toying around with, I am offering my time to provide you advice and feedback on the following: Refining your idea, your target audience, monetization plan and a minimum viable product, identifying what you will need to build MVP (e.g. cost estimates etc..) and the type of co-founders you should be looking for etc. I can only provide advice on startups that require a "product building" phase because that's where I have expertise, most of the times these are tech-related startups. I am not useful for startups in the retail or services sector. A good use-case here is if you are non-technical and thinking of a startup with big technology component, this will help. To be transparent, my motivation here is that we are building a tech platform that provides an ultra-low cost and automated way for entrepreneurs to get working on their startups and taking care of a lot of early challenges including finding co-founders and fairly dividing equity, smart vesting, budgeting etc... (Optional) We would love to have your startup as a startup on your platform at launch - this will give you a boost as you will be the first few on the platform at launch-time with a lot of our users browsing startups. We already have a good set of beta users and many pending invites for launch date. If you are interested, just DM me. You can also google "Ataeum Initiate Program" to learn more and sign up and I'll reach out. Edit: Someone pointed out about protecting the ideas and why my time would help. We do have NDAs built into the platform to protect founders, and in-fact there's a free feature you can use to send out NDAs to others automatically. And I do have experience building a startup, and also helping someone else build one with a successful exit. [link] [comments]  |
| Setup online billing / appointment website? Posted: 11 Aug 2021 11:18 AM PDT I am in the preliminary stages of planning out a small business I would like to establish. In short, this business would involve scheduling 45 minute meetings with clients via phone or zoom call. In addition, I would offer additional products/services which would be handled separately from the phone/zoom consultations. While doing this, I plan on keeping my full time job, which unfortunately has widely varying hours (anywhere from 5am until 9pm, with the rare overnight shift thrown in). As such, I would like to setup specific, varying times I am available for appointments online, to which prospective clients can make an appointment and pay for a block of time. Example, if we were going based off of this week... I'd offer... Tuesday: 10:30 - 11:15 Wednesday: 10:00 - 10:45, 11:00 - 11:45, 1:00 - 1:45, 2:00 - 2:45, 3:30 - 4:15, 4:30 - 5:15, 7:00 - 7:45 Thursday: 4:00 - 4:45, 5:00 - 5:45, 7:00 - 7:45 In addition to scheduling appointments from available blocks, I would also like to allow clients to securely pay for my services. I'm not typically sure how payment works for such a service, but I'd rather not have to deal with non-paying clients/billing/collections - and just have the whole payment process to be simplified and taken care of. Beyond that, I'd also like to offer additional services, which will be handled beyond a 45 minute consultation. One such service would be generating a personalized action plan to help a client achieve specific goals. I have some basic HTML experience, but nothing on the level of creating interactive online platforms that will handle sales, billing, and appointment scheduling. Are there any good resources out there (books, videos) that could help me with getting this off the ground? Reputable services that offer quick website setup to my specifications at a reasonable cost? If I approach this business model by asking the 5W+H questions, I think I have a pretty good idea... Who: Check. I who know my target market is. What: Check. I know what services I will be offering. Where: Mostly check. This can be handled from home or on the go via phone or video conference. I balk at in person consultations as I don't want to go to strange homes, have strangers in my home, or have the overhead involved with setting up an office. When: Check? In my free time. Not sure how quickly I will be able to get started though. Why: Check. I know why I want to do this. I have a skill, and I think it can help others. How: This is the tough part. How to connect with clients, and how to manage the work flow without it becoming cumbersome. Thanks in advance! [link] [comments]  |
| What’s the best place to find EU suppliers? Posted: 11 Aug 2021 08:14 AM PDT …is there a European Alibaba? Any other sites that you recommend? [link] [comments]  |
| Would anyone be open to taking over a drop shipping niche? Posted: 11 Aug 2021 02:00 PM PDT I have several niches that I am currently running and I've got my hands pretty tied up. It's becoming impossible to run them all at once. The particular niche I am wanting to sell brings in about $100-400 a day clear, these are high ticket items costing anywhere from $100-600. My source of product isn't even a supplier nor are they whole sale, they are just who I use to get my products from. The shipping time on these products take about 4-7 days to arrive at the customers door. The "supplier" is based in USA with free shipping. These items to not have barcodes and don't come in boxes. THEY ARE USED. I have access to hundreds of thousands of them through the supplier. The sizes vary as well. I have been listing them on Facebook marketplace and they have some really well for about 6 months. Great money but just not something I'm wanting to take on anymore. I will let this niche go for the right price. Whatever you pay will come with obviously the niche, my way of doing things, and the product source which is very important. There are tons of avenues to go down within the website. If you're interested let me know, if not no big deal. Thanks. [link] [comments]  |
| Posted: 11 Aug 2021 01:16 PM PDT Hello, I started a Disinfection fogging company last year, and it really took off. It has since slowed down, so I'm looking to pivot into other similar fields. janitorial, power washing, construction site clean up, etc. I recently signed up with the federal government SBA site to view and bid on jobs. does anyone have any experience or insight that may be beneficial? TIA. [link] [comments]  |
| Is there anything your website is missing? Posted: 11 Aug 2021 01:13 PM PDT I was thinking about building a service to improve the functionality of websites, thus I'm wondering if this is something that is needed. For the people here with websites, is there anything you feel could be added or is missing? For instance, functionality such as search, recommendations, chat, simpler feedback etc. [link] [comments]  |
| Posted: 11 Aug 2021 12:00 PM PDT Hello all, I started my LLC about a year ago, I have since then moved to NC. I have hit a wall and as a startup have no clue what would be recommended for my case. Revenue : 0-6k monthly Marketplace wholesale & trading Created in April 2020 My state does not allow domestication. I have a bank account already created under this business as well as several Sales Tax Exempt certificates. Question- Based on the previous information would you all register as a foreign LLC or dissolve and create a new one in the new state(NC)? Which type of LLC would you recommend. [link] [comments]  |
| Posted: 11 Aug 2021 11:36 AM PDT I run a photography company and I wanted some patches with my brand logo on it to put on some of my stuff so it stands out from all of my friends camera gear. I want like 10 patches and everywhere keeps quoting me like $100 (cuase minimums) Is there anywhere I can buy custom patches for like $3 a patch? [link] [comments]  |
| Posted: 11 Aug 2021 07:41 AM PDT Prior to the pandemic, I was starting up a consulting firm. It was successful enough for it to be my sole income for 2 years. I was also in the process of starting an MBA, which I thought would help with the marketing on my consultancy. When Covid hit, my business went under and I decided to get a safe job with benefits and all that. Those benefits were my savior. My (usually healthy) wife had a series of medical emergencies that required a major surgery and several hospital stays. She has since recovered and is healthier than she's been in a decade. I've just finished the MBA and I'm still working the safe job. I hate every second of it. My wife is worried that I'm going to quit, lose the luxury health benefits, and she's going to relapse. Any advice would be much appreciated. How do I find the courage to go back into a riskier, self-employed situation, knowing that the safety net I had saved my wife's life? [link] [comments]  |
| Platform for getting feedback for an idea Posted: 11 Aug 2021 07:16 AM PDT I've often bumped into this - I have an idea, I want to quickly test it with someone and see what they think, I quickly go on reddit thinking 'aha, here's where I can talk to some interesting people' but I get stuck trying to see where to post it and in what form. I'd love to have a place where I can submit it have people give feedback. Dedicated to business ideas, not to anything else (I find reddit is a bit too general for this purpose) I'm a rookie coder, so I was thinking to actually build this lightweight platform. And also include some resources I gathered on product market fit, building your MVP, etc. But first, I wanted to ask if you guys see any utility in this. Also curious if there are any other platforms doing this. Thanks! [link] [comments]  |
| Posted: 11 Aug 2021 10:32 AM PDT During a tour of the Starbase, Elon talked about the process he had implemented at Tesla and SpaceX. I found it insightful and very relevant to all product-centric organizations, so I compiled them here for quick reference in the future. Step 1: Make requirements less dumbYour requirements are definitely dumb. It does not matter who gave them to you. It's particularly dangerous if a smart person gave you the requirements because you might not question them enough. Everyone's wrong (some of the time), no matter who you are. The requirement must also come with a (person's) name, not a department. If you want to ask about the requirements, you can't ask the department; you have to ask a person. The person then must take responsibility for the requirement. Step 2: Delete the part or process stepIf you're not occasionally changing the process, you're not leading (or improving). Typically teams say "let's add this part of the process in case we need it in the future.", however, problem is that you can make the "in case" argument for just about anything. You also can't catch all edge cases, so reduce the scope, remove the parts you don't need right now from the requirements. Step 3: Simplify or optimizeThe most common mistake a smart engineer makes is to "optimize a thing that should not exist". Everyone's been trained since childhood to answer the question (convergent thinking). We aren't trained to tell the teacher that their question is dumb. Step 4: Accelerate cycle timeYou can always move faster. Do not go faster until you've worked out the first 3 steps of the process. Startups know this well, you need to improve the cycle time to get feedback as quickly as possible. Run experiments fast, break things fast, and move on. Step 5: AutomateThis should be the very last step in the process. Again, startups know this well: Do things that don't scale first, figure out it's the right thing to do, then automate it with a new process or software. Thanks for reading, you can find the original post on my personal blog here. You can watch the 3 parts Elon interview on Youtube here (he talks about the process around 13:37). [link] [comments]  |
| I can’t decide if I want to be a Youtuber or a Entrepreneur. Posted: 11 Aug 2021 12:35 PM PDT I don't know if this is the right place to post this but I will anyway. So I'm 16 going into grade 12. It's always been my dream to be a YouTuber, Ive been thinking about starting a YouTube channel focused on gaming, I have the equipment, I'm pretty good at games and I'm funny, I feel like I could make entertaining videos. BUT, ive also been interested in things such as dropshipping, affiliate marketing, real estate and investing for the past year. I really don't know which one I want to pursue, I'm very indecisive i guess. My Overall goal is the freedom of not working a 9-5 my whole life, I want to do something I actually enjoy. Anyone have any opinions on what I should do? [link] [comments]  |
| Any advice for starting a health & fitness app? Posted: 11 Aug 2021 08:45 AM PDT I'm working with a non profit organization to start a health & fitness app. We're planning for users to monitor cardiovascular indicators and suggest healthy choices of meals and daily exercises. If we want to film videos of workouts and meals cooking, do we work with a third party to provide it for us? And the maintenance fee coming with it every years? Not so sure since this is a non profit I'm working with. [link] [comments]  |
| Thoughts on mass marketing with flyers Posted: 11 Aug 2021 01:07 AM PDT I have a full time job as a delivery guy who deliver groceries privately to homes in a big city, primarly apartments. I would love to start my own home decor shop and I'm able to market heavily for the shop through these flyers. I can efficiently deliver about 100 flyers a day beside my actual errand, accumulating to around 2000 different households a month. I will be starting a webpage shop and market the site on the flyers. I'm considering selling cool high quality home decor, porcelain, pillow cases etc imported from China. Does any of you have thoughts on this idea, would this kind of marketing be efficient and what kind of product would be best to sell considering the majority of the marketing will be from physical flyers in potential customers postbox? [link] [comments]  |
| Do you need an app first or can you start with a website ? Posted: 11 Aug 2021 08:27 AM PDT Hey, so for an idea I have I was wondering is it necessary to have an app. Do people prefer apps or websites ? Any statistics on this subject ? Is it wrong to build website first, test then go to an app [link] [comments]  |
| Posted: 11 Aug 2021 08:04 AM PDT Hey guys, Recently had an awesome experience interacting with another user on here earlier--he gave our new app some free promo in exchange for us subscribing to his newsletters. If anyone else has a startup/small business and need help with outreach, users, etc. PM me and hopefully we can find a way to help each other! Our startup is a social voting platform where you can anonymously post polls, answers and comments. Download: joincast.co [link] [comments]  |
| Anyone up to check on each other about achieving goals?i find this practice to work really well Posted: 10 Aug 2021 08:37 PM PDT What i mean is every day we set a goal for tomorrow and, at the end of the day, check in and say to each other what we achieved. Achieving goals is way easier this way Dm me if interested Who i am : I'm a designer that has as goal to have an e-commerce website that'll generate 10k/ month by the end of 2021 [link] [comments]  |
| Taking the next step on a service that generates 4-digit profits without any marketing? Posted: 11 Aug 2021 07:52 AM PDT Hey guys! Let me briefly summarize my situation: I have developed a service together with a buddy, which deals with the analytics of Instagram profiles. We can create insights that do not yet exist in this level of detail. And the crucial thing is that we don't need any login information and can analyze our customers completely "from the outside" and provide the data. We work along with the TOS of Instagram and do not violate any data protection laws, since our service does not involve personal data. So far, we distribute our service only through a freelance platform and generate mid to high four-digit revenues without any marketing or advertising - while our expenses are only about 3-5% of our revenue. We have served several hundreds of customers so far and have received 99% 5-star ratings and are accordingly frequently recommended. Our service is ultimately interesting for every person and company who is involved with Instagram and wants to be successful in the long term. We are not a service to buy likes or followers, neither is it about any automation - the only thing we generate is data from which appropriate conclusions can be drawn and actions can be taken. Now we are facing the challenge to distribute our service even bigger and reaching more customers accordingly - but we don't know exactly how. Website, blog article, Facebook Ad Manager - how would you approach it? I would appreciate your input here in the comments or as a direct message. If you have any questions - feel free to write them here! [link] [comments]  |
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