How to cope with invalidating friends small business |
- How to cope with invalidating friends
- Protecting myself, hiring a bookkeeper
- I borrowed money from my business account
- How should I determine my worth in a business partnership buyout?
- Tax on Owner's Draw
- I just interviewed a potential customer and i think it went bad :-(
- How Can I Expand The Lifespan Of Each Of My Customers?
- Payment goes to different company
- Best credit card processor for small businesses?
- [United Kingdom] How do I do about sending orders "Delivery Duties Pre Paid" to EU customers with Royal Mail?
- Questions about BizBuySell and Loopnet Listings
- Looking to offer kit homes in my country. Are kit homes viable?
- Trying to find a space to rent has been frustratingly slow. How slow is too slow?
- Net profit or net revenue?
- Recommendations for a Camera to take product pictures for social media
- How do you advertise your small business via the post office?
- Dropped off packages several days ago - not scanned yet by USPS. Not sure what to do.
- Please help!!!
- Niche employee quit, any hidden benefits?
- Kind people of reddit..
- Building a business help
- LP vs Multi Member LLC
- Business banking recs
- Why is the Title of Your Blog Post So Important?
| How to cope with invalidating friends Posted: 09 Sep 2021 03:09 PM PDT So I have been running a small business for over 6 years now providing IT support to the public from home. I've not made mega bucks but I've paid the rent, saved a little and paid off a vehicle with it so I'm doing okay. The other day I was talking about a bad customer I had to a friend and he turned around and told me I should go and get a real job. This really hurt because I've been doing this a long time, I'm good at it and I'm proud of what I do. I guess I'm wondering if I should maintain this friendship or if I should just stop talking to this person. I'm not sure if his negativity is really helping me or my business succeed. Edit: Thanks for the advice everyone. The responses have been reassuring. I think the best way forward is to surround myself with other entrepreneurs. This way I can support them and they can support me. This problem has occurred because we started out as friends who worked for someone else and now I work for myself and they can not relate to this or believe it is possible. Edit: I feel I should add that my friends all work in IT as well but they work in full time desk jobs and look down at me for what I'm doing. Personally I think I'm winning because I only have to work a couple of hours a day and I do ok and I remember how much work it was working for a company. I'm also close to 40. My friends all have realestate, kids, cars, caravans and shares. I am not really interested in any of these things. I have a car, it gets me from A to B I don't really want or need a relationship or kids, I'm happy single, the only side project of interest to me is to develop a video game which I want to sell online but noone I know can relate to me with that. So... I dunno just giving insight. [link] [comments]  |
| Protecting myself, hiring a bookkeeper Posted: 09 Sep 2021 08:37 PM PDT So, ive always outsourced my accounting to a 3rd party firm. I am a small company of about 15 people. We've grown quit a bit this year, and we have a need for an accounting role internally. I am kind of worried naturally about this person stealing from me, what are some good ways to protect myself? I have 1 credit card, 1 checking account, and we just use Quickbooks. Is there some visibility i should block them from seeing? Thanks in advance. [link] [comments]  |
| I borrowed money from my business account Posted: 09 Sep 2021 09:26 PM PDT I'm the sole owner of a business. I pay myself biweekly and always generate a check and pay taxes on these. However last month I was in a situation that necessitated me to pull out about $1500 in two increments from my business account via zelle to my personal bank account. The first amount I paid back within the next day. The second amount I haver yet to pay back and it has been about two weeks. I am planning to pay it back this week. How can I classify these payments (both outgoing to me and ingoing repayments from me) from an accounting perspective? Am I in violation of any tax laws or regulations by doing this? It was an extraordinary circumstance that I will not be doing again. Wondering how to handle this situation. [link] [comments]  |
| How should I determine my worth in a business partnership buyout? Posted: 09 Sep 2021 11:56 AM PDT I am a 50% owner of a business that did $5MM in net sales last year with a ~20% profit margin (after product costs, refunds, services, lease). This year we are projecting to do around $4MM after the pandemic has slowed down a bit, but with a slightly higher profit margin though it is a hobby product that could see greater potential in the final 3 months of the year. We have one employee on payroll and otherwise do things ourselves. My business partner and I have struggled to get along and disagree on so many things. I generally bite my tongue and do a lot of things his way, but we are losing opportunities for my ideas not being heard or tried. I've voiced my opinions and frustrations many times but it goes unresolved. Stress and frustrations are at an all time high and taking a toll on my work and personal life. I'm at my breaking point and ready to sell my portion of ownership. How should I go about determining worth? I make about $400k a year right now and I'm 29 with only a high school diploma. While I'd like to believe I can start another business, I understand how unlikely the success of this business is to happen again especially soon. Edit - thank you for all the responses. Though I haven't responded to all of them I AM reading them and thinking a lot about them. I really appreciate the different perspectives and feel much better knowing my options aren't as limited as I feel. Thank you all [link] [comments]  |
| Posted: 10 Sep 2021 02:22 AM PDT Scenario:
Question: Will I really have to pay tax on that $1,000 even if I have not made any money? [link] [comments]  |
| I just interviewed a potential customer and i think it went bad :-( Posted: 09 Sep 2021 08:01 AM PDT I was talking way more than the her, i felt that she's not interested and most likely not impressed with my proudes that could help her gain more customers & orders "which is the main pain point for the niche I'm after " :-( Anyway i think I'll stop interviewing people and start creating the product, specially that they all say the same. [link] [comments]  |
| How Can I Expand The Lifespan Of Each Of My Customers? Posted: 09 Sep 2021 07:54 PM PDT So I offer SEO services and recently I had posted about a client of mine who received my SEO services and found themselves on top of the rankings in their local area after a years worth of time. Now he did eventually leave from my services as he had gotten the results he was looking for; however, I would like to prevent things like this from happening in the future. What type of upsells or ideas do you have to keep an existing client? Some people said I should charge a maintenance fee which could be a good idea, and some even suggested dragging out my services but I would never reduce the quality of my service in order to keep an existing client it just doesn't feel right to me. Any ideas or suggestions help [link] [comments]  |
| Payment goes to different company Posted: 10 Sep 2021 01:52 AM PDT I bought a small product from a company from a niche I want to start my own in. Lets call this company A. I went through the process, everything looks good, paying via PayPal, works, nice. But the PayPal notification said the Money went to a totally different and seemingly unrelated company. The only thing I could find from that second company through I quick Google search, is that it's a private limited company from Britain, and the owner is also the owner of company A. After a little more searching on the homepage of company A, I can pretty surely say, that there are at least some things going on because on the contact us page, the address shown is „123 Fake St. Toronto, Canada". Also, as far as I could find out, company B (where my money actually went) is older (incorporated May 2021) and company A was incorporated in August 2021. This looks all a Little bit shady to someone who doesn't exactly know how the legal things in the background work. Now I want to know, if it has to do with some kind of tax advantage in Britain, or some other „business tactics"? I don't really want to get them in trouble as long as it's legal what they do, im just curious what that's all about Edit: just to clarify, I don't want to suggest any illegal behavior or even unusual things with those businesses. I was just confused as to why you, as a business owner, would want to do that? Are there any tax advantages in the UK or even in other Countries if you do that? Is it easier to manage? Or is it just a matter of „I don't want to open another account, so I'll send the earnings as direct as possible to my other account"? [link] [comments]  |
| Best credit card processor for small businesses? Posted: 10 Sep 2021 01:20 AM PDT Hello; I am creating an online small business (basically done) and I yet need to connect a credit card processor - I am from a small European country and so square etc are not available. I have applied to Paypal successfully already and to Braintree but they are reviewing my application (how long does it take) - I am maybe thinking that other options would be faster than Braintree - I have the next options available: Skrill Credit Card, SumUp, 2Checkout, Fondy Payments; Which one would you go for? Thanks for help! [link] [comments]  |
| Posted: 10 Sep 2021 12:11 AM PDT Hi all, Now that the new VAT rules are in effect, I want to start shipping orders to my EU customers. I only do a few orders per year and I haven't sent anything since before Brexit. The Royal Mail website says it is developing a DPPD service, but how does it work?? Is it done over the counter? I don't think I want to register for quarterly VAT through IOSS, and my customers hate paying duties and charges on the other end. It's totally unclear how the PDDP service works or where I even access it, has anyone used it? [link] [comments]  |
| Questions about BizBuySell and Loopnet Listings Posted: 09 Sep 2021 11:52 PM PDT I see many people refer to this sites as the place to buy an existing business. But every ad is for like a vending machine business, eCommerce startup, buy a blog, buy a cannabis business etc and they all say insane cash flow amounts for the purchase price. Like, $125k purchase and $90/k annual on the vending machine biz. What percentage of these are scams? What red flags have people noticed when they've used these sites? I am new to small business and have some money I would like to invest. But am only beginning and trying to figure out what's right for me and what percentage of my NW that I want to risk on the venture. I don't mind if I "buy a job" and it doesn't need to be passive by any means. But most of these sound too good to be true and like they are fudging their cash-flow numbers. [link] [comments]  |
| Looking to offer kit homes in my country. Are kit homes viable? Posted: 09 Sep 2021 08:05 PM PDT I live somewhere in Asia and my business (just 3 months old) is an LLC which deals with constructing and selling refurbished shipping containers for on-site/ field offices for construction firms. 2 months, ago, due to high prices and limited supply of shipping containers, we started offering prefabricated container offices as an alternative to refurbished shipping containers. Recently, I have noticed that a good chunk of our customers are private individuals who are using these prefab containers as an extension of their homes. Also, yesterday, I closed a deal with a businesswoman who wants to turn her beachfront property into a resort using our customized prefabs (we'll be doing all the work). Having said all of this, should I start offering kit homes to the market? As far as I know, no other businesses are offering high quality kit homes worthy of being called a house as some businesses are only offering container houses made by combining prefab and or shipping containers (imho, they are ugly af). Meanwhile, traditionally built homes in my country are expensive. Sure you could build a cheap one but don't expect that it will look good. Plus, you have to deal with shitty contractors who have shitty craftsmanship (experienced this firsthand). In terms of manpower, my masons, carpenters, and welders are all very skilled and experienced. All of my stocks are from China so I'll probably get these kit homes from China aswell should I continue with this. Should I go for it or should I stick to what I'm doing at the moment? Lastly, what should I expect when dealing with kit homes? Are kit homes really cheaper compared to traditionally built homes? Are they durable? Tl;dr - thinking of offering kit homes in my country as an alternative to traditionally built houses and container houses. Should I go for it? [link] [comments]  |
| Trying to find a space to rent has been frustratingly slow. How slow is too slow? Posted: 09 Sep 2021 03:22 PM PDT My partner and I want to open our small city's first board game café, and finding a location to rent has been like smashing our heads against a brick wall. We have been making inquiries for a year now. It's amazing how many realitors never respond to inquiry emails, letters, or calls. If we do get a response many owners and realitors simply dismiss the idea of starting negotiations with us because they are not looking to rent to cafés. Late last year we were out maneuvered first by a realitors office and then by a lawyer for two spaces we were seeking downtown. Frustrated, we obtained a realitor to negotiate on our behalf for any upcoming possible locations. Currently we have asked the realitor to negotiate on two spaces for us, one near the college campus and one near the historic downtown area. It's been three months and the ball has still not moved. The realitor is hard to reach, and when she does respond it's mostly to tell us that the owners are still sluggish in response. Both have stalled while they come up with quotes for buildout. We decided a long time ago to use our savings to start this business instead of as a down-payment for a house. The speed, or lack of, is killing me. Why don't they want our money? Why does nobody have a fire under their butt? What are we missing? Edit: Any anecdote you have about starting your own card shop or cafe or comic shop and how long it took to obtain a space would be much appreciated. [link] [comments]  |
| Posted: 09 Sep 2021 10:45 PM PDT Im selling my products through an online retailer. They take 5% commission. What do I call the sales (delivered status only) minus the 5% commission of the retailer? Thank you [link] [comments]  |
| Recommendations for a Camera to take product pictures for social media Posted: 09 Sep 2021 06:55 PM PDT I have a brick and mortar store. We post on social media and use our phone cameras to take pictures of products from the store. Depending on the phone used, the pictures can come out ok or bland. I'd like to buy a camera to have at the store that will allow us to always have more consistent quality pictures. Most of our products are grocery store items and some ready to eat meals. Can anyone recommend a camera that they've used that they would recommend. [link] [comments]  |
| How do you advertise your small business via the post office? Posted: 09 Sep 2021 10:01 PM PDT So I own a small Gardening company, literally just me and my dad on separate cars and route, same name (partnership) I'm looking into filling up my monday in a general area. How much does it cost? I was gonna do like a 1 mile or so, do people call? [link] [comments]  |
| Dropped off packages several days ago - not scanned yet by USPS. Not sure what to do. Posted: 09 Sep 2021 09:54 PM PDT Hello again. This Monday I dropped off around 10 packages to my local post office. It was just brought to my attention today that the tracking hasn't updated on any of them. With my local post office they know who we are and have a small corner inside to drop stuff off at. We do this every week and haven't had a problem so far. We don't get a receipt on the spot as they get scanned later in the day and we avoid waiting in line. I understand not getting them scanned on the spot can be an issue, but they were the ones who requested us to do this instead of waiting and making the line longer. The line at our post office can take over an hour to wait in on some days. I remember exactly what day, what time, the clerk who took them, and where exactly they were left. Is there anything I can do about this? I'm pretty nervous and I feel bad that I didn't realize sooner. Thanks for your help. [link] [comments]  |
| Posted: 09 Sep 2021 03:44 PM PDT HOW do I categorize Venmo income transactions without matching them to clients in QuickBooks Online???? Nobody has been able to help me! I make sales receipts for all of my transactions because I take payment at time of service but when i move everything from Venmo into my checking account it groups all the payments into a large sum and I cannot match them to the clients in QBO. I do not want to have to put them into undeposited funds and then move them! Is there another option to categorize them so they won't double? Or should I just disregard them because I've created sales receipts? Please help! [link] [comments]  |
| Niche employee quit, any hidden benefits? Posted: 09 Sep 2021 09:21 PM PDT My wife owns a small business classified as an S-Corp. She had an employee quit this week who ran a sandwich counter inside the business. This employee was currently the only one with a Servsafe certification, which is required by her health departmental operate the sandwich counter. Another employee will be able to recertify and get them back up and running soon, but it may be a few weeks. Are there any silver linings from a tax perspective or similar? Like could she write off "loss of business" or anything similar? The sandwich counter is a high margin, low percent of revenue portion but it does bring customers in. It covers its own costs as a portion of the busin If it helps, my wife is at the end of her rope with this business in general (struggled to grow, many future barriers etc) and is planning to sell or close in the semi-near future. If this could be used as a catalyst for her potential exit, that could help too. Thanks in advance, just trying to make sure we aren't missing anything! [link] [comments]  |
| Posted: 09 Sep 2021 09:20 PM PDT I run a small graphics company that recently started. I make digital art, but i'm not too knowledgeable about website building. I have a website already, but to say it needs some work would be an understatement. I was hoping maybe there would be a kind soul out there willing to help out with getting my website more presentable and functional. I have a slight general idea what i'd like on it but there is definitely creative freedom. My resources are limited right now, but I could barter logo/graphic work if interested? [link] [comments]  |
| Posted: 09 Sep 2021 09:08 PM PDT Hey guys so I'm looking to open a salon (19 years old) and I was wondering what are the first steps into starting. Right now I currently am working on a business proposal to get a loan I I also have a place I am looking at to lease the building is in a residential area in a fair sized plaza the location I would say is pretty great I would say. I have a general idea of what I want in my shop (barbers stylists nail techs and facial/skin care treatments) some things that I am confused on is mostly monetary things like how do I properly budget, how am I gonna pay my employees, how am I gonna make money (for clarity I don't do hair but I like things that involve hair care/cosmetic things). thank you enjoy your day!. [link] [comments]  |
| Posted: 09 Sep 2021 08:47 PM PDT Hello, A good friend of mine and I are starting a business together. We're splitting everything 50/50. Is there any reason to do an LP (with both of is as general partners, but each GP another LLC owned by each of us individually), versus a Multi Member LLC? We both want to do an S Corp to save on taxes. Thanks friends! [link] [comments]  |
| Posted: 09 Sep 2021 08:21 PM PDT I'm looking to move my personal & business accounts from the wretched, scamming Bank of America. Any suggestions of ones that you love or to stay away from? Also interested in hearing of any good perks. [link] [comments]  |
| Why is the Title of Your Blog Post So Important? Posted: 09 Sep 2021 08:06 PM PDT 80% of people will read the blog title, but only 20% will actually read the article. The title is arguably the most significant factor for reading your content. Here are three tips on how to make your blog post title stand out from the pack. https://resources.allmeans.com.sg/why-is-the-title-of-your-blog-post-so-important/ [link] [comments]  |
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