Discussion about tv show "The Profit" or any other businesss-related show

Hi guys,

Since Harold turned me on to "The Profit" I've been watching them all, or at least the last few seasons. Great show! The latest one was especially wonderful, a 13-year old kid launched a cookie business, but was successful really because of his mom's support. I'm sure she's the one doing all the bookkeeping and contracts and such, definitely all the legal stuff since he's under age. But she was fantastic because she seemed to come from the inner city and School of Hard Knocks and she channeled all of her street smarts and determination to succeed into helping her son succeed. Very impressive woman!

What I really wanted to chat about, though, was the product. I don't mean to start a flame war, but welcome education on this. When starting a business, you're always told to find an underserved niche. How in the world are cookies an underserved niche? There are a baziilion and one cookie companies.

However, it looks to me like she sort of "forced" a niche by really clever marketing: she sold the cookies to local businesses who then serve them to their customers and clients for free. Everybody raved at how good they were, and word spread locally. Then word seemed to spread to media channels, because they mentioned some major companies who wanted to buy them in quantities they couldn't produce so they missed those opportunities, but that was proven demand for THEIR product.

What do y'all think about this episode?

What to prioritize - Small business building

I have a small e commerce business. We just finished our first year. It's just my husband and myself. We also own another small brick and mortar...

Starting a Crypto Mining Business

Hello,

I have started buying some crypto currency this year. But I want to start mining it next year as a sole proprietorship. To reason I want to do is to account for my expenses such as electricity use, internet use and the cost of the hardware. Then once I have some coin with hopefully some appreciation I can sell them to possibly buy more mining hardware.

Are there any special things I need to worry about?

Plans for the next few days
1. Identify hardware for ming
2. Identify hardware to keep track of electricity use
3. Setup router to keep track of internet usage

Next steps
4. Buy hardware
5. Mine coin

Longer term
6. Sell coins
7. Buy more hardware

Is this the best strategy for keeping my taxes down on mining crypto?

New Small Business - Bookkeeping For Personal Credit Cards

Hello everyone. My wife and I just started a small online business. It's an LLC that we are choosing to have taxed as a Sole Proprietorship (Being married and living in a community property state, this is possible without having to go the joint venture route). We decided to each use one of our personal credit cards (2 for a total of $9k in credit) to help with initial costs: LLC Formation, new computer, phone service, etc. We decided to use Xero for bookkeeping and added both credit cards as accounts (which are treated as liabilities). We haven't had any business income (revenue) yet. It's all a loss at this point. We won't make our first dollar for another 2 or 3 months.

I'm running into an issue for how to account for these personal credit cards on the books. Each were new, never used before and have only been used for business expenses. So in that respect, it's clean and easy. Until we get revenue, we'll be putting personal money into the business bank account to pay these cards off. From what I understand, we would create "Owner Equity Invest" and "Owner Equity Withdraw" chart accounts to accommodate putting money in and taking money out.

So here are my questions:

1. :confused: How do we account for these on the books? Do we just treat them as if they were business credit cards? Or do we have to attribute them as some kind of loan from the members? Or as a form of contribution?
2. Does using these personal credit cards solely for business expenses (none for personal) diminish the LLC protections as it ties us more closely into the business instead of being a completely separate entity with its own credit cards?
3. Assuming it *DOES* diminish LLC protections, if we get a business card in a few months and pay off these personal cards, and remove them from the business completely, does that put the protections back in place or is the damage done?

Thank y'all so much for your time and assistance. I can't seem to find straight-forward answers to these questions anywhere.

Mike

How to start a business?

Get to franchise consulting services

How to design website?

Consult franchise services for more details

Newbie

Hello all!

First time I have ever been on something like this. I work for a landscaping company in Western US and out biggest challenge is staffing (more so than anywhere else I've ever worked due to an extreme housing shortage).
Looking forward to expanding my business knowledge!

Sick time vs PTO

Hello!

I'm a manager at a smallish landscaping company. We offer paid time off and sick time. The employees are only supposed to use their sick time when they are sick, but inevitably every year, an employee wants to cash out on their sick days when they didn't use them. We don't allow this and the employee ends up feeling like we've ripped them off, despite the fact that we explain that this is a benefit for them. I'm pretty sure that after experiencing this, the employee is sure to be "sick" the next year to use all their days (we don't require a doctor's note). Is it just better to eliminate sick days rather than leave a bad taste in the employees mouth?

Help with Business Funding or Working Capital

Dear Business Owner,

My name is Nathan McAlister of Mom & Pop Business Funding. I specialize in helping businesses get the money they need.

Mom &  Pop Business Funding provides funding for all types of businesses. There is no collateral required and funding is usually approved within 5-7 business days. We can approve up to $1M of capital.

Our application process is minimal - a one-page application completed and signed - 3 months business credit card statements - 3 months bank statements (unless the business does not accept credit cards,then 6 months bank statements).

To know how much you can qualify for please contact me for an application and/or answer any questions you may have. We can get it submitted to you and have an answer within 24-48 hours.

You are under no obligation and there are never any fees to apply.

Please send an email to nmcal73@icloud.com or call 419 290 4217

I am more than happy to assist you with your needs. Have a great day.

Funding and Working Capital for your Business

Dear Business Owner,

My name is Nathan McAlister of Mom & Pop Business Funding. I specialize in helping businesses get the money they need.

Mom &  Pop Business Funding provides funding for all types of businesses. There is no collateral required and funding is usually approved within 5-7 business days. We can approve up to $1M of capital.

Our application process is minimal - a one-page application completed and signed - 3 months business credit card statements - 3 months bank statements (unless the business does not accept credit cards,then 6 months bank statements).

To know how much you can qualify for please contact me for an application and/or answer any questions you may have. We can get it submitted to you and have an answer within 24-48 hours.

You are under no obligation and there are never any fees to apply.

Please send an email to nmcal73@icloud.com or call 419 290 4217

I am more than happy to assist you with your needs. Have a great day.

Small business help needed

Hi All

So glad to have found this forum, hopefully I can assist with some questions at some point myself.

Some background:

I have a Niche business that has been operating for just over 2 years now. What I do is purchase die cast models all over the world, import them and then sell the direct to consumer. The business is run from home and it is only myself and one family member employee at the moment. Initially all sales were done through Facebook groups, which then also brought in customers who now buy on Facebook as well as buy / order direct from my house.

My business was started with very small loans of $250 from 6 different friends so a total of around $1500. That initial amount was used to purchase my first batch of stock which I sold and promptly repaid the loans back in 4 - 6 weeks with a $50 interest on each of the 6 loans. This was done three times over a period of 6 - 8 months as personally I was in a very bad position financially. After the first 8 -10 months of business I was in a position to not have to take loans from my friends anymore as I had built up stock of around $8000 with the profits made.

From 8 months to almost two years the business grew really well for me getting to a point where I was averaging around $10,000 a month in sales with a gross margin of around $5,000. My mistake was that I was allowing customers to book stock without payment in effect giving them on average a 30 day informal account. Unfortunately a lot of my bigger clients ran into some trouble financially which in turn pushed the 30 days to nearly 90 and some of which never paid at all which was devastating as my cash flow just got worse and worse to a point where I had to take more loans in order to continue purchasing new stock to sell while those orders were waiting to be paid. As of 20th December I have outstanding $7,500 outstanding in stock that needs to be paid which is coming in small drips and drabs.

In order to combat this I decided that I would start to move away from the Facebook sales and in turn launch an eCommerce website, my website launched exactly a month ago. Due to the website now taking funds immediately for orders a lot of my bigger clients have fallen away which has dropped my last months sales from $10,000 down to $4,500. It also put dent into my margins as the payment processing for credit cards etc is taking around 3.5% of the full order value.

Current Financial Status

Currently I have stock with a purchase value of just short of $30,000 and sales value of around $45,000. I have outstanding loans to be paid of almost $8000

Questions

I would like to know if there is anybody here that has been in a similar situation or would be able to assist with some advice on what would be the best for me going forward. Stick it out with the lower sales volumes through the eCommerce website and have a better cash flow while trying to find new customers who are willing to pay immediately for their purchases or try have the best of both worlds and use the website as well as offer some smaller "accounts" ?

Apologies as I do not know all the correct business jargon, everything I have done to this point has been self taught, decided I really needed some advice and thus the reason for this post.

I really look forward to your feedback, any input would be considered highly valuable.

Thank you :)

my five stars acquisition strategy

hello all

I would like to present you the strategy I adopt to my ruby on rails online training website.

for the first stage of the funnel, the attraction stage, I prepare 5 ways to get traffic :

- forums - advertising on dedicated forums (developer forum, online business forum, ..)
- SEO (backlinks strategy after relevant keywords research)
- VSEO (videos on youtube with relevant keywords)
- facebook ads with a/b test ads on relevant targetting
- bing and google SEA (advertising on keywords where my website is not present after relevant keywords research)

I am actually working on the second stage, intent / interest stage in order to get qualified lead emails


any feedbacks / suggestions ? :)

From India with Love!

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Hello!

I am just starting out a career in sales for a small credit card processing company i've been with for 2 years now and thought I'd introduce myself. My name is Bradley Yeager and I work in an office in Westlake Village, CA. When I started here, I spent about a year and a half in the technical support/customer service department learning the in's and out's of credit card processing. After gather more knowledge than I ever thought I would in such a short time, I realized I'd rather do sales because at the end of the day we aren't really selling anything. We are offering a service for business owners that they are already using, just for cheaper rates and better customer service (at least we think so!). I am still really new to the business scene, but what I do know is that I am really good at saving business owners money when it comes to processing their customers credit cards.

I am not trying to pitch anyone, but rather introduce myself and answer any questions you may have when it comes to accepting credit cards. I am a straight forward guy and just want to give business owners the best advice whether it's with our company or not. So please, do NOT hesitate to ask me questions I'd love to be of help in any way that I can :) also, stay away from flat rates! Most of the time, they are a trap! lol

How much equity should I give myself?

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Thanks

Is it possible to re- check data during the data monitoring process?

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I'm running the numbers to project if I hire a part time marketing coordinator, what my sales volume needs to be to support that expense. I've checked the local salaries for that job, extrapolated it to a part time wage amount and came up with $19.25/hour or roughly $2000/month (roughly estimating FDIC and taxes). Obviously I need to bring in that same amount to break even on it. What I'm not sure about is if this person will bring me the increased sales that I need. My sales are currently about $150/month (yeah....). Is it realistic to expect an ongoing, polished, professional marketing campaign to bring my sales volume up that much? Or rather, i should say HOW LONG will it take to see that level of increase in my volume? I don't want to put numbers in next year's budget that are complete bullshit. :)

(Not sure if this belongs in the marketing forum or here.)

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Businesses worth getting cardboard boxes from ?

I'm in the middle of helping my nephew move and ( as a result ) I'm on the hunt for cardboard boxes . I'm especially interested in getting them for free , since I happen to be a bit short on money . ;)


I've talked to a number of people and some of them said that liquor stores are the best places to ask for such boxes . Is there any truth to any of this ? What types of businesses are the best places to look for free cardboard boxes in general ?

A To Z Startup Kit With Funding Providers Details...

Hello Friends,

I found this on other forum and thought it might be useful for new startup businesses. This products includes all major information i think for a start up. You

can have a look:

http://ift.tt/2BeLv6I

Hope this helps to some new startups :)

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Ambulette company startup - progress journal

For those that don't know, i'm starting am ambulette company (aka wheelchair transport, aka non emergency medical transport).
This thread will chronicle my journey as I become a (successful!????) small business owner.


I will post updates here
I will ask for advice here

Path to business.jpg

Summary:
Up until this point (December 2017) I have been doing research. I have brainstormed this idea, had a few road blocks etc.
I have officially switched from research to ''taking action''.

12/6 I went to office depot and bought a few office supplies, namely an accounting book, vehicle mileage log, carbon copy receipt book.

12/7 I filed my articles of incorporation LLC, to be effective 1/1/18
I also obtained a business number via Google Voice.

Attached Images

• Path to business.jpg (85.6 KB)

Paid Survey for Small Business Owners

Hello,

I am a researcher and I currently have a paid survey available for small-medium business owners and I thought you might be interested in participating in exchange for a $12-$22 e-gift card for Amazon or Starbucks (your choice). Small business owners are welcome and it’s an easy survey with many multiple-choice answers.

I will not share you share information with anyone as your privacy is important; I totally get that, so the results are blind. The link is below

http://ift.tt/2AykIAV

THANK YOU SO MUCH for your help!

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Alternative lender providing personal short term loans against your hard asset

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Pre-Employment Background checks

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I've spoken to a few friends and associates who work in human resources working for small and large companies and they all outsource this to an outside company.

Just wondering how many of you do background checks of your hires, and if so how detailed are you in what you are looking for?
Do you also do drug screening as part of the process?

Interested in hearing how others handle this and if you use outside services.
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I have only been able to locate outsource sales companies within the GTA.
Thanks in advance.

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Question about credit cards

Hey guys
I have a quick question regarding credit and credit cards. I have 1 secured credit card ($300 limit) with Capital One and a $12,000 car loan with Santander. I haven't made any late payments yet (I've had a credit score for 2 months). My credit utilization (according to credit karma) is 33%. I was talking to my girlfriend's parents, who have insane credit, and they gave me the advice to never use a debit card again. Only use your credit card, then pay off the balance. Problem is, my limit is tiny on my current card and it won't get increased for a while because it's a secured card. My girlfriend signed up for a student card (no security deposit) with Discover and got a limit of $1,000. Her score right now is about 670 where mine is 644. I was doing some googling and some places recommend you have multiple credit cards, so do you think I should get a student Discover card too? I hit a bad financial spot a week or two ago and almost maxed out my Capital One card (though I don't owe anything for almost a month now so I'll pay off the balance when I get paid in a week). Is it smart to get that second or a third card?

Thanks

How to grow my classified site traffic?

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Member .!

Hello friends, I am New Member In this forum and geld to join this forum..!