Taking over an outdated family business; how can I get the financials cleaned up? small business |
- Taking over an outdated family business; how can I get the financials cleaned up?
- What do you wish you'd invested time or money in earlier?
- First small business at 22 years old, I've finally hit 7 figures in revenue!
- Business address on website
- Calling all D2C business owners: what are the problems you face the most in your business?
- How do you buy a business?
| Taking over an outdated family business; how can I get the financials cleaned up? Posted: 31 Dec 2021 02:37 AM PST Hey guys, looking for any sort of guidance on how I can clean up a business' financials. I started my own sole prop this year (~80k rev) and will be taking over my father's business in the coming year. It has 6-8 full time employees, ~700k in rev, and the financial records are a MESS. ALL records are physical papers (dozens of filing cabinets), all employee hours are tracked by pen and paper, all payments made by cheques, and employee payroll costs are manually calculated by pen & paper by my father's accountant who is about to retire. Multiple personal and business bank accounts are in use as well as old and new POS systems. I tried at first to sort through all these accounts and documents to input 2021's information into Quickbooks but it just wasn't possible. What services and/or specialists are needed for something like this, and how can I manage the cost for such services? I dropped out of business school a few months ago so I'm no specialist, but I am tech savvy with a general understanding of small business accounting so I'd like to do most of the high labour cost work myself if possible. [link] [comments] |
| What do you wish you'd invested time or money in earlier? Posted: 31 Dec 2021 06:36 AM PST After 2 years of testing the water, I've incorporated (LLC) and have >10K to reinvest in the business. Not quitting my full time job anytime soon. I work out of a home office, receive and ship product in my basement, and will be taking on a storage unit soon. Otherwise, my only overhead is some web & monthly fees. I want to be wise. My first move will be getting an accountant. My second move will NOT be getting a fancier computer or branding the hell out of useless stuff. For context, I provide very niche products to Harm Reduction and health organizations in bulk, markup allows me to sell them to underfunded groups with similar missions at great discount, and I do print-on-demand merch like T-Shirts to help fill in financial gaps (which there really aren't any of, at this point). Any tips on what you did when you hit your first milestone, or wish you'd done around that time? [link] [comments] |
| First small business at 22 years old, I've finally hit 7 figures in revenue! Posted: 31 Dec 2021 05:53 AM PST Recently turned 22 and have started my first marketing agency within the crypto space for the past 9 months now. Started by myself to now having 9 contractors under me I can proudly say I have hit over 7 figures in gross revenue with $0 put into my company! Want to know the funny part? I had no prior experience marketing and or running a business. I was lucky to run into certain people including advisors over the course of starting my business that guided me along the journey and have certain characteristics and skill sets I've acquired/ learned over the years to get me where I'm at now. Do I know if my company will succeed? No, but I don't let fear drive my mind into weird places, in fact I like failing cause it allows me to learn. But, I do know that no matter what I won't give up either. My dad is battling stage 4 esophageal cancer and I'm doing this all for him and my family. I want to make them proud and give them a life of not having to live paycheck by paycheck or almost losing the house or cars we have. I want to inspire people to be the best versions of themselves no matter what happens. To all you small business owners out there you WILL kick ass this year and the rest going forward. Don't give up and enjoy the journey, seriously enjoy it. If there's one book I would recommend so far it would be $100m offers by Alex Hormozi. He helped me learn a lot and allowed my 17 year old brother the knowledge to help close his first 6 figure deal this year! I'm still extremely new to small business so I was wondering if you guys have any tips? Would be appreciated and if I can share some wisdom I will. Looking to expand next year, get my company into a solid project management platform and automate my work amongst other softwares and CRMs. I'm still a novice when it comes to team building and motivation but hopefully I'll learn this year. Looking to kick 2022's ass and hope you guys do too! [link] [comments] |
| Posted: 31 Dec 2021 05:39 AM PST I'm starting up an IT services company mostly concentrating on Audits and verifications. My business does not a physical address/ office space yet. Since I'm creating a website/ business cards etc., would like to put an address on it - I think it adds credibility- I'm looking at options. These are the things I could come up with
What do you guys think? How have you guys who are in my situation dealt with it? [link] [comments] |
| Calling all D2C business owners: what are the problems you face the most in your business? Posted: 31 Dec 2021 02:49 AM PST What are the biggest problems you face when running your D2C brand/business? [link] [comments] |
| Posted: 30 Dec 2021 05:21 PM PST Like a restaurant or an ATM? Do I contact an attorney or realty company? Do I pay all cash up front? How do I get protection against scams? [link] [comments] |
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