I am a software engineer and have problems on the business/design side and am trying to understand the other sides' mindsets where people don't have a technical cofounder and may not know where to start.
I'd love to hear from people who initially had trouble but were able to get an MVP done. I'm happy to answer some basic technical questions if I'm able to.
After doing some research I’m seeing mixed feedback on whether it’s worth hiring a FB ad manager or doing it yourself. Anyone got any input on which is better to do for a new business.
My budget is £2,000 and I’m running a coaching business. I kind of want to fully focus on my coaching and outsource areas. However, I feel like £2000 will get eaten very quickly. Especially if say an ad manager is £500-£1000 a month and then you have the actual ad spend on top of that.
Maybe I should just solider through and try and do it myself for a bit, taking away from some of my coaching time.
My LLC was formed 2 weeks ago, and I received my EIN 7 days ago in email. I'm told the IRS is sending a physical letter called 147C to my mailing address. This letter is an official document of receiving the EIN.
If you've started an LLC, you probably already received this mail. My question is: Did that mail have your company's name written on it on the outside?
I will have to get someone to accept the mail for me, and I would prefer if they didn't know my LLC's name. So this is why I'm wondering if the person who has that envelope can get to know my LLC's name without opening it.
I have a site that I made a couple of weeks ago, and after nearly 1500 site visits, I have yet to make a sale. I sell a plethora of gaming products, but I have only invested roughly $50 into any kind of marketing.
I'd like an opinion on whether or not I should change it up and target a smaller niche and only a variation of one product or a couple, or pursue what I have and add to it. I have roughly $400 to spend, and I need to be sure I can see at least an even return on my spending within the next week or so. Any advice/suggestions/opinions would be helpful, thanks.
Started the business in May 2017. I do residential landscaping, gutter cleaning, window cleaning and pressure washing.
From May 2017 until August 2017, I was working for a company doing gutter and window cleaning, and doing my own jobs after the day job and on weekends. By August I had enough business to quit my day job, so I did.
In the first year I wasn't keeping track of my income and expenses very well, but I would estimate that I made around $30,000 CAD gross from my business. In 2018 I did more advertising and pulled in ~65k gross.
This year, if things continue to go well, I'll gross over 100k, but I'm realizing that I'm getting close to the ceiling now on what I can earn by myself.
I own all my tools, my truck and my trailer outright, so my operating costs are very low. I basically only pay for gas, insurance and occasional maintenance on the truck and tools, but I take good care of everything, so there is really minimal maintenance.
I hired a young guy to help me back in April, but he turned out to not be a very motivated worker, so I ended up firing him pretty quickly, after a very stressful couple of weeks. I am having real trouble finding people to hire, and I am getting too much work coming in now to do by myself. I'm booked about a month in advance most of the time and it's not ideal.
The stress level of what I do is pretty high, and I just found that adding an employee added to the stress so much, I'm not even sure if it's worth it.
I am on the FI/RE path, and want to retire by 45. I'm 26 now. I save about 70% of my income, no debt, and have about 15k in index funds. 10k liquid emergency fund.
I'm wondering if I should bother hiring an employee and trying to build the business into something bigger, or just keep chugging along as I am. What I'm doing now can be stressful, but I have so much freedom over my time, and I'm making good money. A big part of me thinks I should keep doing what I'm doing, and just not rely on anybody else. Vacation whenever the hell I want without having to worry about the business running in my absence, or employees not showing up for work, doing shoddy work....it goes on.
I could cut out all the smaller, lower paying business and only focus on the highest paying customers to further increase my income if I were to decide not to hire anyone.
The work is seasonal, so I work from March until November, and take December, January and February off, apart from a few small jobs here and there. This is another reason it's tough to hire people. I could chase snow removal work, but I work damn hard all year, and really enjoy having the winter to myself to focus on hobbies, travel, visit family, finally find the time to read. It's really valuable to me to have that time off. Kind of keeps me sane.
Working on my current business I’ve developed working relationships a couple hundred local businesses such as restaurants, bars, cafes, bakeries etc. I will continue to form many more of these relationships in the future. They’re scattered all across the country. I’ve talked to all of them over the phone but only a couple in person. They’re not super tight relationships but we’ve enjoyed a mutually beneficial collaboration ( they’re not paying me any money ). I think they all have a positive perception of me and the work I’ve done for them.
I think it’s always smart to explore alternative revenue streams and I’d love to leverage these relationships into a service business. These types of local businesses are a tough go, competition is saturated, there are many dysfunctional ownership dynamics, and many owners are not tech or business savvy. However i think the quantity of warm leads and the potential chain effect of referrals are too valuable to do nothing with. I could also expand beyond restaurants in the future.
Ultimately I’ll choose what’s best given my skill set but I’m trying to explore all options. Has to be something primarily location independent. A couple obvious options came to me first:
Marketing & Branding
These might be the best bets, but curious about others’ ideas. Trying to think of a more techy service but creating a whole SaaS seems is a gigantic project and doing it in the restaurant industry is not a great place to do it.
Earlier this year, I co-founded a creative "agency" that found it's niche working with startups handling both creative design and startup strategy. We've been pretty successful so far in building up consistent client work, which is great, but have found we come across a lot of leads that are just too early to really spend money on larger scale projects. Which completely makes sense. New companies are bootstrapping, and don't have a ton of cash to spend.
Something we've toying with, which I've seen only a handful of times, have been creative subscriptions. Bundling five to ten hours worth of work with a bi-weekly strategy call and a dedicated contact, all at a lower, fixed-rate monthly cost. Similar to a retainer deal. We've pitched it to a few early-stage clients already and the majority of them seem sold on the concept. The economics after running through it make sense as well, but I'm curious to see if any other agency owners or really freelancers, have done something similar and what the success (if there was any) has looked like?
Basically I've been wanting to be a management or business consultant for a while. I refuse to be a wage slave and I don't care what the personal cost is to achieve it. I will achieve it. With a consultant firm my concern is profit. Whether or not the profit from one would be anywhere close to a brick and mortar store or a classical service where you have a product and differentiate it and take over a market. I would imagine a consultant market is vastly different and much more diversified or diffused.
Is the key to define the consultant area you will specialize in early on and then as you grow the business diversify it to be able to handle market shocks but also take up bigger market values? Or perhaps use the consultancy itself to branch into actual products and services that are inspired by the business consultant firms interaction with clients?
For some reason in my mind the profit model of a consultancy firm that is very broad strikes me as very different from a product or classical service like landscaping. I don't know why though particularly.
More important than anything above, I'd like any book recommendations.