Promote your business, week of March 7, 2022 small business |
- Promote your business, week of March 7, 2022
- Guilt about selling my struggling business
- Being asked for full payment before delivery - with extenuating circumstances ...
- My LLC is now taxed as an s-corp - question about reasonable compensation?
- Advice on raising funds
- Starting up and tax write offs
- SBA loans... Who has the secret in how to apply for and be accepted for SBA loans and grants?
- Trying to set up a bank account for new business… need help
- What is the best idea for Food related start-up with budget of 25 lacs?
- Dating coach?
- How to Name Multiple Ventures
- Looking to buy a small-town car wash.
- Thoughts on clickfunnels?
- Applying for S corp and changing shareholders in one fell swoop?
- Can someone share their Square Payroll referral link with me?
- TAXES ON UNREGISTERED BUSINESS
- Looking at loans for product development, am I nuts to try this?
- SBA EIDL Extension: any updates?
- Finding a direct manufacturer?
- paperless office and scanning documents workflow
- Renting out my personal trailers?
- What are your favorite newsletters to keep up to date with tech trends, business, and marketing?
- Interview Small Business Owners
- Help starting a website
| Promote your business, week of March 7, 2022 Posted: 06 Mar 2022 05:07 PM PST Post business promotion messages here including special offers especially if you cater to small business. Be considerate. Make your message concise. Note: To prevent your messages from being flagged by the autofilter, don't use shortened URLs. [link] [comments] |
| Guilt about selling my struggling business Posted: 06 Mar 2022 07:27 PM PST My wife and I purchased a small business about a year ago. We both have full time jobs and just wanted something that would provide us some supplemental income. This was out first adventure into small business ownership and we didn't know a lot about it except what we could research online. We put a lot of our time and it effort into and building the business and basically have just broken even while we've owned it. It was a lot of hard work and we put a ton of energy and resources into it; our marriage was pushed to the limits and it's been a stressful venture for us. So far, we haven't really been thrilled with small business ownership. Recently, I've run into a bunch of personal issues where I can no longer continue to dedicate the time I had envisioned (Father was recently hospitalized, office starting in person work, etc.) and this, along with our dissatisfaction with small business ownership, lead us to decide to sell the business. We're getting a lot of interest from people but when I talk to them I start to feel guilty. I'm doing my very best to be as transparent with them about how the business is doing (even trying to under sell it so I don't want them to feel like we were being dishonest). I'm doing my best to be realistic with the numbers and showing them all the paperwork and documentation that I can. If it was a big investor or someone with multiple businesses approaching me, I would not feel guilty and as they would seem to know what they're getting themselves into and have prior experience. But a lot of people that are approaching me are in a very similar boat that we were a year ago- couples or folks that are trying their first foray into small business ownership and I can't help but project on to them. Like part of me want to tell them the hell we went through and that this is not worth the time and effort. My wife tells me I shouldn't feel this way; I'm being very transparent with the numbers and the current state of the business to all potential buyers and that the previous owners were not sympathetic with us about going into this without experience and probably never once lost sleep over selling the business to us or the struggles we went through. Technically, she is right but maybe I'm just not that heartless, which may explain why I'm not cut out for this. I'm not sure anymore. If anyone has some advice for me, I would love to hear it. Thanks for reading. [link] [comments] |
| Being asked for full payment before delivery - with extenuating circumstances ... Posted: 06 Mar 2022 08:34 AM PST Last October, I put a deposit via PayPal (50%) on a hand crafted, custom art piece. The vendor is located in Belarus. They came recommended from a trusted source who had work done by them in the past. I was told work would begin in about 5 weeks, and had a 5 week turn around time. I was ok with this. They are extremely active on Instagram, and post daily updates of the work they do. I checked in with them early January, and they assured me my work was starting soon - Christmas rush etc. Ok, no problem, I get it. They were very quick to respond and apologetic. I wasn't in a rush. I chased them a couple of weeks ago - work was reportedly started! I was reminded the turn around time is about 5 weeks. Now, I'm being asked for full payment, due to fears PayPal will stop allowing working in Belarus, due to the current situation there. I'm torn. I've seen nothing (I just replied asking for photos) to indicate they are working on my project. They post daily, so it's not that they aren't doing *stuff*. They believe they will continue to be able to mail items. Would you pay in full, and cross your fingers? Would you demand your deposit back, or would you just cut and walk away? I'm tempted to wait for photos to show work has actually begun - and if so, pay my final amount. If not - walk. Update: It's a $280 item, I'm $140 in. It's a small desktop 9*9*9" resin custom project. [link] [comments] |
| My LLC is now taxed as an s-corp - question about reasonable compensation? Posted: 06 Mar 2022 04:20 PM PST I filed a late election (in the middle of 2021) for my sole proprietorship to be taxed as an s-corporation, which was approved. The company made a profit of about 200k in the fiscal year, however I didn't get set up on a payroll service for a salary to myself until late in the year. Because of this, my W-2 salary is less than it should be for a reasonable compensation for 2021. I want to report a reasonable compensation so as not to raise any red flags to the IRS. But since I didn't start paying myself an actual salary until near the end of the year, the salary that I would owe self-employed tax on is less than it should be. I need to file an 1120s and Schedule K-1 soon and I just need to figure out how I should report compensation to myself when I wasn't set up with a salary as an employee for most of the year. Can anyone help me with this situation? Thanks [link] [comments] |
| Posted: 07 Mar 2022 12:13 AM PST I'm in a position where I have to try and raise £200k for my company reasonably quickly (30 days). Banks are out for me. It's nothing dodgy - they say they like my business and business model, but they won't lend without securing it against my house, which is a red line for me. I think I need to find investors. I've never done this before so I've no idea what I'm doing. Those of you that have raised money before: What advice could you share with me? How do I get this done? (This is in the UK). [link] [comments] |
| Starting up and tax write offs Posted: 06 Mar 2022 06:43 PM PST My wife is in the process of starting her own in home daycare. We are reading up on it and I think she will register as a single member LLC. She has not registered her business yet and is still working on getting licensed by the state. My question is, can we buy items now for the daycare and claim the expenses once she does get started since she is not registered as a business yet? What about items we have paid cash for like at garage sales or off facebook market groups? We have a receipt book that we have been using to get the sellers to sign off on said purchases and I am hoping that is acceptable. [link] [comments] |
| SBA loans... Who has the secret in how to apply for and be accepted for SBA loans and grants? Posted: 06 Mar 2022 02:57 PM PST What loans are there available for non-minorities? Its seems that sba.gov caters strongly to minorities and disadvantaged communities, which is great, however what is left for the non-minority majority? [link] [comments] |
| Trying to set up a bank account for new business… need help Posted: 06 Mar 2022 08:45 PM PST Hello! I am trying to set up a Novo business account. I am a co-owner (50/50 ownership) of a business and we have started to make decent money and want to make an account for our business to keep personal money separate from business money. While applying for the Novo account, it asks what type of industry the business is. This is where I struggle… My business consists of making custom T-shirts, hats, etc., custom etched glassware, and custom vinyl decals. We do business both locally and online. I have no idea what type of industry this is, can anyone help? [link] [comments] |
| What is the best idea for Food related start-up with budget of 25 lacs? Posted: 07 Mar 2022 12:21 AM PST |
| Posted: 07 Mar 2022 12:17 AM PST Hi, I am a very experienced 27 years old male with dating and I was thinking whether I should start building a business around coaching young males in their 20s and 30s, maybe even 40s. What do you guys think? Could this niche be profitable? There's 4 things that I like to ask myself when picking a niche:
Please let me know your honest opinions. I have no other skills except deep dating skills that took a lot of inner work. Basically I am very good at socializing and at seduction. I am a confident, grounded and charismatic person. And again, all of this didn't come naturally, I had to do a lot of inner work. Basically you can call whatever this a big part of self-help. The past 10 years I've deeply worked on myself. Including spiritually as well. The only thing I'm lacking in my holistic well-being journey is the financial well-being. I'm trying to figure out what business I could do with these skills. Basically they are all just people skills. Also, my personality type is ENFJ so I am the "best" with people, out of all personality types. I have no coding skills at all. I have some marketing and sales skills but there is a lot to learn. But first I need to pick a niche. Thanks for any responses in advance. [link] [comments] |
| Posted: 07 Mar 2022 12:06 AM PST Hello, I have multiple small ventures I am currently starting up: 1) A Twitch Stream 2) A cooking channel (youtube) 3) A Nature/hiking channel (youtube, eventually turning into a hiking guide business) 4) A brand for my coding and programming (web design atm, also learning Java). If I were, for example, to use the name "XYC". Is there any sort of advantage (marketing or otherwise) to naming my ventures in a similar scheme, such as this: XYC Gaming XYC Cooking XYC Coding XYC Hiking My thought process was that in this way, people who find one business, would then easily find the other businesses due to that naming scheme. Or would it make more sense to simply come up with a unique name for each one (maybe a parent company with multiple DBAs beneath it with unique names for each venture)? [link] [comments] |
| Looking to buy a small-town car wash. Posted: 06 Mar 2022 05:57 PM PST Yes it's a small-town, but it's also the only car wash in town! I know the owner, he's an ex football coach (back in the 80's), and he's wanting to retire as his health is unfortunately getting bad. I've been watching the area the past few days it has been warm, and there's a lot of traffic coming through. Any tips for people who have bought an already established small business? Or any car wash owners with tips? Thank you. [link] [comments] |
| Posted: 06 Mar 2022 11:42 PM PST Seems good, but expensive. Anyone here ever use it before for creating traffic with indirect marketing? I've always done all my marketing directly through prospecting so this is all new to me. EDIT: I'm referring to the software company called "ClickFunnels" made my Russell Brunson, I'm not referred to funnels in general [link] [comments] |
| Applying for S corp and changing shareholders in one fell swoop? Posted: 06 Mar 2022 09:31 PM PST Is it possible to change out shareholders completely(from 1 owner C corp to 2 different shareholders/owner) while applying for S corp through form 2553? [link] [comments] |
| Can someone share their Square Payroll referral link with me? Posted: 06 Mar 2022 09:24 PM PST Does anyone thats uses Square Payroll for their business mind sharing their referral link with me? It looks like if I use your link, I'd get one month free and you'd get a $100 Amazon gift card! Feel free to DM me - thanks! https://squareup.com/help/us/en/article/6366-square-payroll-referral-program [link] [comments] |
| TAXES ON UNREGISTERED BUSINESS Posted: 06 Mar 2022 08:02 PM PST I have a small business… it is NOT registered. However, i received a 1099-K from the third party payment option I chose to use for my business. How should I file the taxes for the amount of money made for 2021??? I also didn't save any receipts for purchases made for my business… can I file write-offs based on transactions made with the card used?? I'm so stressed…. [link] [comments] |
| Looking at loans for product development, am I nuts to try this? Posted: 06 Mar 2022 03:56 PM PST I have a very small business, run it out of my house and do everything myself. In 2020 it broke even with those rock bottom expenses, my P&L statements have shown small, steady growth year to year. But we're still talking less than 50K annual revenue. I found a gap in my market with an unmet customer need, was able to prove that the product would sell with a cheap version of the item. I don't like cheap as I have "safety" in my business name, so I stopped selling those but they served to prove the market. I also have had customers request to be notified when I get the item in stock. I found a fantastic CAD designer who did the product design for me, built and tested a couple prototypes, and shopped for manufacturing quotes. Now that I'm about to choose a manufacturer, I'm shopping for funding for it and running my projections.... and getting nervous. I am confident that I can sell at least 75 units per year, and likely more as time goes on based on my track record of slow, steady growth. I did cost accounting and a market price study for similar items and found a price that I can sell them for at a profit - both wholesale and retail. My best manufacturing quote gives me a good price to make them in batches of 200. Because I don't have a lot in the business account, I've applied for some grants which I know I can't rely on, and a few loans. It's the loans that are making me hyperventilate, lol! For example, a no-doc, quick approval one (so higher interest rate) will need to be paid back at just under $800/month for 18 months. I ran that through an 18-month profit and loss projection with super conservative estimates that my sales will remain steady, and nearly every month bottom line is red. I'm so confident that I can be successful making and selling this item, but at the same time I'm wondering if financing it with a loan will kill me. I'm looking at other loans with smaller payments, but longer terms of course. And I know that risk-taking is part of business. But need a sanity check: Is it smarter to hold off on this effort until my overall monthly sales (i.e. profit) can cover the loan repayments? It sounds like a "duh stupid, of course you should" when I typed that out. But when I ran the numbers, it was based on flat, not growing revenue and I know that I'll have to continue to push my marketing to keep my sales increasing. Maybe I'm having a crisis of confidence that I can accomplish that. Maybe all I need is morale support. Or have I really lost my marbles? [link] [comments] |
| SBA EIDL Extension: any updates? Posted: 06 Mar 2022 09:04 AM PST We also got the email to extend our EIDL. I finished the paperwork and submitted it yesterday. Has anyone else who got the email, received the funds yet? I'll post our updates here. [link] [comments] |
| Finding a direct manufacturer? Posted: 06 Mar 2022 09:25 AM PST I am trying to start a very small screen printed clothing store (online). Trying to find a direct source for clothing items is turning up nothing but other retailers. How do people get connected with direct suppliers/manufacturers? [link] [comments] |
| paperless office and scanning documents workflow Posted: 06 Mar 2022 06:40 PM PST Hi, I'm exploring some ideas around software for managing scanned documents and automating document workflows. A lot of companies seem to be using Fujitsu ScanSnap or fi series scanners for scanning their documents but I'm curious about the workflows that follow. After you get the paper document scanned and converted in a searchable pdf, what do you do with it? It would be very helpful if you could share information about the following: 1. For those of you that scan more than 50 pages per day (less than that would mean that you can manually create folders and put the documents in the right place), can you describe your workflows? Any particular pain points or processes that take a lot of time?
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| Renting out my personal trailers? Posted: 06 Mar 2022 10:43 AM PST Hello all. I own 3 trailers. A 22' enclosed pull behind car trailer, a 24' open gooseneck car trailer, and a 17' open pull behind atv/snowmobile trailer. Since majority of the time they just sit, would it be practical to rent these out? What insurance would be needed like commercial, as well as cost? What kind of contract would be necessary? Would it really be worth it? Any more info would be greatly appreciated! Tia [link] [comments] |
| What are your favorite newsletters to keep up to date with tech trends, business, and marketing? Posted: 06 Mar 2022 06:12 PM PST I subscribe and unsubscribe from newsletters every so often to see which ones bring more value to me. Some of the newsletters I currently subscribe to include... What's yours? What do you recommend checking out? [link] [comments] |
| Interview Small Business Owners Posted: 06 Mar 2022 06:07 PM PST Hi! I'm a high school student and I'm working on a project where I interview small business owners and write stories on them in order to promote the business. I really learned about the importance of small businesses during COVID and I want to do my part to help them. Would any of you guys be willing to share your story? [link] [comments] |
| Posted: 06 Mar 2022 05:51 PM PST I have finally decided to take the next step with my small business and create a website. I have no idea what I'm doing or where to even begin. Does anyone have any tips or advice that could be helpful? Thank you! [link] [comments] |
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