Someone close to me is considering buying a 7-11, help me explain to him why this is a bad idea small business |
- Someone close to me is considering buying a 7-11, help me explain to him why this is a bad idea
- Theoretical question - are there any business models where all employees are 1099ed?
- How do you avoid your business partner stealing from your business ?
- LLC Accepted, EIN registered... what next?
- If you were to receive a letter about selling your property (not your house) what would make you take it seriously?
- Why don’t people answer the bloody phone, their emails, or just get back to you?
- Build awesome contact list in second
- Do I need comercial auto insurance?
- Finding a manager
- How do I start?
- Best Place to Hire a Personal Assistant?
- Starting a business you're not passionate about.
- Small businesses interested in Landline
- Best Invoicing Service?
- Making a division of our LLC into its own LLC
- How do people sell a retail business?
- Want to charge my LLC rent. Can I do an invoice for the previous 9 months or will that raise red flags?
- Best place to open a small business account
- Internal Notification Apps and such
- Adding tip jar -- fair sharing?
- Buying an existing boba business a good idea?
- Business ideas with $50 to $100k investment
- Big Box Competitor Tax Exempt Fraud?
- Send W2 wages to business account?
- E-Commerce: An attempt to start one but am unsure of what are the current demands.
| Someone close to me is considering buying a 7-11, help me explain to him why this is a bad idea Posted: 07 Sep 2021 12:36 PM PDT Father in law is considering buying a 7-11. He is in his mid 50's, immigrated here about 10 years ago, and currently works as a car salesman and has been with this company for 7-8 years. He currently makes about $50-60k working 10 hours/day, 5-6 days/week. He seems so drawn to this idea of owning a 7-11 and his eyes get all shiny and excitable when speaking about it because he wants to 'leave something behind' for his family. He's not a young man anymore, and I'd consider this a very stressful position to hold. My gut tells me this is a horrible idea for many reasons and would end up destroying his livelihood. Please give me some more insight as to why this is not a good move for him, and what other options I could present to him. He is very driven, a hard worker, has seen some horrible stuff in his home country so he is not easily scared off, but I'd like for him to see that there are other options out there. I believe he has about $100-200k cash on hand and is eligible & willing to take out a hefty business loan to secure a store. If he really wants to do this, I want to encourage him to try and work at a 7-11 for a year to see how it is on the front-lines before giving everything up to jump into this thing head first. When asked about all the hardships of a convenience store, his response is he will 'hire employees' to take care of these things. I am firmly in the belief that an owner should be willing to do everything you ask your employees to do; and this response of his tells me he wouldn't make for a good owner. He is also not very good with computers, and I would imagine this would handicap him greatly in all aspects of hiring/firing/paperwork/inventory/ordering/insurance etc, basically everything. Reasons I've compiled why this is a bad idea: Theft & Property Destruction --> Insurance dealings Violence/Intimidation from unsavory customers --> will destroy his mental health and jeopardize his & his family safety 24/7 Hours Staffing Issues Employees won't care --> they'll take advantage of him and steal, etc. You'll have to work a lot more than you imagine if you want to earn a salary Cleaning up - Slurpee machines, soda machines, coffee machines, hot food stations Restocking & Inventory Average owner salary is $60-75,000; 5% of store sales ex: $1million in sales = $50k after working 60hours 7-11 Franchise takes 50% of gross profits before taxes (I believe?) You should be willing to do anything you ask your employees to do Customer Related Lawsuits - food illness, expired products, violence related, drinking age related, hot item burns Employee Related Lawsuits - wage related, violence related, discrimination/mental health, FMLA related Any first hand convenience/liquorstore experience or any alternative businesses I could pitch to him would be welcome. Also any devils advocate takes would be welcome too, would love to hear why this might actually be a GOOD idea. Thanks for reading! EDIT: Thanks to everyones replies so far. It seems my preconceptions are wrong and this may not be a terrible idea. Ultimately, I just want the best for him and for his quality of life to improve and for him to work less; him diving into this didn't seem like the best idea to me in that aspect. Thanks for all your feedback! [link] [comments]  |
| Theoretical question - are there any business models where all employees are 1099ed? Posted: 08 Sep 2021 12:46 AM PDT If not, are there any where the vast majority are 1099s? It seems like the classifications for a 1099 are quite difficult to satisfy and I can't think of any business besides those that have a specific exemption (like California's exemption for Uber type services) [link] [comments]  |
| How do you avoid your business partner stealing from your business ? Posted: 07 Sep 2021 04:12 PM PDT I was warned many times about starting a partnership with someone because of the possibility that they might steal. Any thoughts ? [link] [comments]  |
| LLC Accepted, EIN registered... what next? Posted: 07 Sep 2021 07:23 PM PDT So, my LLC registration has finally been accepted and I have gotten an EIN for free. No idea why people don't realize you can do it online and free lol. Anyway, at the end of me filing for my EIN, it mentions something about Form 8832 and Form 2553. Are these forms necessary to submit? I am a sole member LLC and am not doing anything complicated, just cellphone repair and telecommunications. Would filling out these forms benefit me in any real way? I plan to get a business bank account with a local fee-free bank and look into ways I can build my business credit. edit: forgot to mention but I am in Montana [link] [comments]  |
| Posted: 08 Sep 2021 04:11 AM PDT So I'm looking to buy certain types of property, which I'm not going to say what they are here but I wouldn't be trying to buy your house. I'm thinking of saying that in my research I've come across your property, I have the funds to complete quickly and am able to offer above the value of the property (all true), but I'm aware that this could come across as 'too good to be true'? How would you word this to make sure someone takes notice and not just throw it away? [link] [comments]  |
| Why don’t people answer the bloody phone, their emails, or just get back to you? Posted: 08 Sep 2021 03:20 AM PDT I'm running my business day to day and I've been waiting for my accountant to reconcile my books since the 18th of last month. It's only 200 invoices and weekly pay. It can't take three weeks. I contacted a glue supplier, one phone call and they've dropped off the planet. Took a week for someone to get back to me about tools and a custom job has now been on the go for four months. Every one is blaming the lockdown, but what I think it is, everyone's taking it easy working from home… and forgetting that email that's in their inbox. [link] [comments]  |
| Build awesome contact list in second Posted: 08 Sep 2021 02:51 AM PDT If you want to survive in this age of competitive marketing you must do smart marketing. The only way to increase your productivity and sales is through smart marketing. The smarter your marketing, the higher your revenue. And the most important way of this smart marketing is email marketing. With email marketing you can easily deliver your service to your target customers. A survey has shown that email marketing can increase sales by up to 60%. But in this marketing a little hard work is to find the contact list of the target customer. businessleadusa.com has come up with an instant solution to solve this problem. You can easily get in touch with your target customers using businessleadusa with one click. If you want you can take the readymade list of your targeting category from here as per your choice. Or you can use the build tool to create a contact list according to your recommendations. So without further ado, visit businessleadusa.com to make your business smarter and increase the sales of your services. [link] [comments]  |
| Do I need comercial auto insurance? Posted: 07 Sep 2021 04:59 AM PDT Looking into getting into lawn mowing and I didn't even add a trailer to the auto quote but to turn my car into comercial and personal it becomes nearly $300 a month. Right now it's about $90 under someone else for personal only. Wanted to start as small as I could. [link] [comments]  |
| Posted: 07 Sep 2021 04:16 PM PDT Hey all! So I own a bakery and I have a pretty good team which have been with me for a while. I'm changing some things around and I'm now looking for a manager. Thing is, I'm not sure on what I should look out for and what questions to ask to determine if they would be a good fit. My current manager is terrible so I'm moving her to a different role. Usually I've hired on just looking at the ability to be able to pick up tasks quickly but finding a Mananger would need more than that. Any advice on the interview process etc? Cheers! [link] [comments]  |
| Posted: 07 Sep 2021 05:23 PM PDT Say I have an idea that I would like to continue to grow, how do I start? What are the first steps in becoming a business? I am in NC if that makes a difference, any help would be extremely appreciated. [link] [comments]  |
| Best Place to Hire a Personal Assistant? Posted: 07 Sep 2021 10:44 PM PDT I'd like to hire a personal / admin assistant. Has anyone got one? Are they happy they made the move? Can anyone recommend a platform for vetting / hiring an assistant that's user friendly? I'm based in California [link] [comments]  |
| Starting a business you're not passionate about. Posted: 07 Sep 2021 06:26 PM PDT Hey, there's a vacant building in a very high traffic location I think would be fantastic for a small coffee shop after some renovations (I could do). it's very heavy flow of traffic, easily accessible from every direction, and 2 lights from a major freeway entrance. obviously I'd want to get rent/renovation costs but I think based off location and proximity of competition it would make a fantastic location. I've wanted a small business of my own. but nothing really excites me about running a coffee shop, have any of you done well in a small business you're not passionate about doing? [link] [comments]  |
| Small businesses interested in Landline Posted: 08 Sep 2021 01:54 AM PDT If you are a small business owner, startups, SME's....a business landline is very important for your business. Kindly get in-touch. Our packages: Talk300 + Free10gigs Data | R599 . Talk600 + Free30gigs Data | R799 . Talk1000 + Free50gigs Data | R999 . Unlimited Calls + Free100gigs Data | R1499 . [link] [comments]  |
| Posted: 07 Sep 2021 10:05 PM PDT What's the best invoicing service for small businesses? Which one do you use and why do you love it? Are there any you have tried and didnt like? [link] [comments]  |
| Making a division of our LLC into its own LLC Posted: 07 Sep 2021 06:07 PM PDT Greetings. I am a project manager at a small business. Our particular division is the youngest part of the business and it has converted from a tiny R&D department to a manufacturing one. Now we are selling things on Amazon directly in addition to distributors. It's causing some issues with the rest of the business in terms of collect taxes through nexus. Additionally, our inventory and accounting software just isn't built to handle this kind of growth and sales. Has anyone gone through moving part of your company into a new LLC? I'm not really sure where to start. Any help would be appreciated. I thought I'd ask here first for advice and continue on to finding the right professional to help with the transition. [link] [comments]  |
| How do people sell a retail business? Posted: 07 Sep 2021 09:51 PM PDT West Coast. Profitable 13 year old mattress store with major brands. Family wants to move. How does one sell a retail business? Where do you list? Any information would be greatly appreciated! [link] [comments]  |
| Posted: 07 Sep 2021 06:00 PM PDT I moved into a new home the beginning of January and the ~750sqft basement space in being used for shipping, receiving, office space, and storage for a LLC I own. My boss gave me the great idea of charging my LLC rent. If I were to make an invoice for January - September and bill it to my LLC would they raise any flags if I were to be audited? [link] [comments]  |
| Best place to open a small business account Posted: 07 Sep 2021 01:17 PM PDT Hey. I just wanted to get a survey for best place to open a small bank account. Thanks [link] [comments]  |
| Internal Notification Apps and such Posted: 07 Sep 2021 08:38 PM PDT Can anyone recommend an internal way you communicate within the business. Like, Customer service to shipping department without needed to walk through factory to communicate needs like shipment/order changes. Late canceled orders you need pulled etc. In my previous job we used shared google sheets to edit and keep everyone updated but we work within a company that only uses excel and the sharing seems clunky comparatively? We are using email and putting need in the 'From' line so it doesn't need to be opened but there has to be a better way. [link] [comments]  |
| Adding tip jar -- fair sharing? Posted: 07 Sep 2021 08:36 PM PDT I work at a small candy shop in my hometown. My boss has decided to put out a tip jar since we've had many customers ask why we don't have one. We had a conversation today about how tips would be shared fairly among the employees and I told her I'd ask the Reddit community for opinions because we have not a clue. Currently there are only three of us working at the shop (four counting the owner) but we're looking to hire more. I only work the front of the store meaning I stock and assist customers. One of the employees is strictly back of house doing production and has nothing to do with the sale of product. The third employee does both front and back of the store, mostly back but floats to the front when help is needed. Once we hire a couple more people they too will be assisting customers with me but shouldn't be working production. So, how would tips be split fairly? Should they be split equally among all staff? Should tips only be split amongst those who help customers that day? Should it be based on how many customers each individual helps? Based on number of hours worked that day? Those who work in the back doing production are paid more than those like myself who only work the front. So would it be okay to exclude them from tip sharing if they do not assist with customers? We've got no clue how to go about it fairly. We don't want anyone to feel like they're being duped out of tips or feel like it's being handled unfairly. Side notes: boss lady has already stated absolutely no tip money will go to her. She believes that money belongs to her employees. [link] [comments]  |
| Buying an existing boba business a good idea? Posted: 07 Sep 2021 02:22 PM PDT Has anyone had experience buying an established business? There is a chain bubble tea business for sale in my area, lease is for 88k. Bubble tea is very popular here, growing population (lots of asians, I am one and my family loves bbt we go at least once a week) regardless of the weather I always see a line up for bbt, so demand is not an issue. Currently, there is no nearby competitor. After doing a bit of research it looks like the store had quite a bit of bad reviews from poor management, staff did no get proer training and unfriendliness. Wondering if this is worth to dive into, what other factors do I have to consider? [link] [comments]  |
| Business ideas with $50 to $100k investment Posted: 07 Sep 2021 04:29 PM PDT I have owned a service business now for over 10 years and love what I do. I have a small team and the business is growing steadily. This business is my baby and is staying with me forever. However, I'm looking for a different kind of venture altogether out of service. I'm thinking a franchise, or something just fun and completely different from IT. I have a background in business, sales, and marketing. I also have access to resources and am willing to put up $50 to $100k. What business ideas do you have for me? Something that is profitable and low cost in starting up, but can be very successful for a highly driven and disciplined individual. I appreciate your help, thank you! [link] [comments]  |
| Big Box Competitor Tax Exempt Fraud? Posted: 07 Sep 2021 07:06 PM PDT Hi Everyone, I am a second generation business owner in the Lumber and Building Materials Industry. Currently, we are growing year over year for well over ten years, but I'm starting to see some major issues on the horizon. I have been loosing more and more sales to a particular big box store that has policies that allow for tax exempt fraud. Basically, all the store requires is for you to tell them this purchase is for "XYZ Church Phone #XXX-XXX-XXXX" and boom, they now are not required to pay the 10.25% sales tax that the beautiful state of Illinois charges. I literally lost over 15K in sales today over this. I'm infuriated that I would get audited to shit if this were me, but the billion dollar retailer can get away with it. I simply can't compete with 10.25% off of every order. I already contacted the IL department of revenue, they didn't care. I contacted the auditor that audited me years ago, he didn't care. I'm appalled that I can't get anyone to do anything. Sure, you can make the argument that I don't want to deal with these clown customers to begin with -- but the reality is is that these customers are stealing jobs away from my legit, honest customers. The entire situation has made me livid. Any advice or ideas? [link] [comments]  |
| Send W2 wages to business account? Posted: 07 Sep 2021 06:11 PM PDT I'm self employed with a solo LLC. I am working part time, no benefits for a few months, at a place that will give me a W2. Can I have my paycheck deposited in my business checking and claim it as business income? Or should it be considered personal income separate from my business? [link] [comments]  |
| E-Commerce: An attempt to start one but am unsure of what are the current demands. Posted: 07 Sep 2021 10:06 AM PDT Keeping it as short as possible: This is my first time planning to start-up an e-commerce business where I follow the model of purchasing products and selling them at a slightly higher price. But I'm unsure of the current needs that e-commerce customers/users have, and I was advised to create a survey to find out about what the current trends are (i.e which category of products are purchased the most). However, I'm currently out of ideas on what questions to ask to find out more about what products customers usually buy from; where they buy from, frequency etc. And I was hoping if there is anyone who happens to have expertise in finding out customer demands that could aid me. P.S I reside in Southeast Asia, so I take reference and inspiration from e-commerce giants, primarily from platforms like Lazada, Shopee, etc. I have not started anything yet as I am currently in the planning phase. [link] [comments]  |
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