The Entrepreneur / Business Owner's / Self Employed Lounge - Printable Version

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The Entrepreneur / Business Owner's / Self Employed Lounge - kirdiesel - 12-15-2016

Quote: (12-15-2016 04:32 PM)redbeard Wrote:  

Quote: (12-15-2016 03:38 PM)kirdiesel Wrote:  

You have to sell $20,000 (revenue) AND have at least 200 transactions before Paypal will inform the IRS about how much you are making but I think I'm gonna hit that next year if this keeps up... Gonna have to be careful.

Citation?

Just for eBay, or is this general paypal?

general Paypal

https://www.paypal.com/us/webapps/mpp/irs6050w

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The Entrepreneur / Business Owner's / Self Employed Lounge - Dr. Howard - 12-16-2016

Quote: (12-15-2016 04:36 PM)kirdiesel Wrote:  

Quote: (12-15-2016 04:32 PM)redbeard Wrote:  

Quote: (12-15-2016 03:38 PM)kirdiesel Wrote:  

You have to sell $20,000 (revenue) AND have at least 200 transactions before Paypal will inform the IRS about how much you are making but I think I'm gonna hit that next year if this keeps up... Gonna have to be careful.

Citation?

Just for eBay, or is this general paypal?

general Paypal

https://www.paypal.com/us/webapps/mpp/irs6050w

This applies to ALL third party payment processors in the the US. So, if you collect 20k and 200 transactions through stripe or square, you will get a 1099k as well.

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The Entrepreneur / Business Owner's / Self Employed Lounge - Dr. Howard - 12-16-2016

In other news, Obama just passed the 'cure act' which allows small business to start reimbursing employees for individually purchased health insurance and medical expenses again. If you have employees or are self employed through a corporation, this is a big deal.

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The Entrepreneur / Business Owner's / Self Employed Lounge - Ranch Hand - 01-06-2017

Quote: (12-06-2016 09:33 PM)NewDayNewFace Wrote:  

Just be reasonable with it. In theory you can but if the IRS knocks on your door can you give them a good explanation of who you were with and how it could be business related?

I've been doing this for years but I haven't gone all out on it. I stretch the limits but I believe it's reasonable. Technically I write off a lot of my dates I go on and a lot of the times I go to the club as well. I'm networking and talking business most of the times.

"Reasonable" is a key word in business expenses. Think of it this way - if you (or preferably your accountant under a Power of Attorney) can keep a straight face in front of an IRS auditor about the utility of the expense, then you are probably good. And the longer you are in business (as in game), the better your straight face will become.

The rest of the story is an issue of "Mindset." The longer you are in business, the more you will become a shark in the water. Almost every human interaction becomes a business opportunity - because IT IS. Hence, why not make it a business expense, work it, and get the tax protection.

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The Entrepreneur / Business Owner's / Self Employed Lounge - Ski pro - 01-09-2017

Hi everyone, I have a general question for those who post in here.

How many businesses did you try before you hit the one that made it really go for you and what do you count as a business really working for you?

I've owned, sold and closed a few businesses up to now, I'm about to start another so I'll have about 3 on the go by the summer but I really do it mainly for the independence. I don't want a boss, I'm really not good at working for other people and I don't like being told what to do.

SP

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The Entrepreneur / Business Owner's / Self Employed Lounge - Ranch Hand - 01-09-2017

Quote: (01-09-2017 04:50 PM)Ski pro Wrote:  

Hi everyone, I have a general question for those who post in here.

How many businesses did you try before you hit the one that made it really go for you and what do you count as a business really working for you?

I've owned, sold and closed a few businesses up to now, I'm about to start another so I'll have about 3 on the go by the summer but I really do it mainly for the independence. I don't want a boss, I'm really not good at working for other people and I don't like being told what to do.

SP

Skipro,

I'm still on my first business owned (10 years now), but I looked at over a dozen different businesses before I got into this choice. Maybe look at:

bizbuysell.com or
businessbroker.net

Some old school guys still even advertise for sale in local classified ads in the papers - there are hidden gems of glory past waiting to be revived in these ones (I've missed a few).

What made a business "really work for me" was:

- niche exploitation

- cash flow in the existing business

- "Home Run" ability or "scalability." Do I have to make $1.50 per pressed shirt for the next 30 years, or can I sell a left-handed wingnut coated in my special anti-corrosive for $15/wingnut to the government, minimum orders of 1000, plus postage and "special handling"?

- I met some existing owners and did shop tours with them and I simply asked: can I see myself doing this? Also, am I more or less capable than this current operator? If you realize the current guy is really smart, honest, hardworking, and he makes 150k, then that's probably close to what the business can deliver in the market. If the current guy hardly shows up, is smart enough but not a shining star, has employees robbing him blind (cash business??) because he is out of state with his sick father, and really has little/no charisma/game, but still the business turns him $80k, well then you have a diamond in the rough.

- I see my business as a vehicle. It is a device and a mechanism to take me to wealthville, and mine is going to get me there. I am not all about "follow my passion" as so many people profess - ever hear about the great baker that opened up the cupcake shop? 2 years later she hated baking - and her business. My passion is to establish wealth and financial security for me and my family - the business is just the pickup truck that takes me there. This helps me have a dispassionate and more businesslike resolve in my decisions.

- I'm a big fan of boring, dangerous, dirty work that others don't want to do. You're a ski pro? You've met key people at these resorts. Well who is painting the chalet every other summer? Do you have any idea the markup on painting? Or roofing? Now those are margins! At my favorite ski slope is a former Ski Pro from Europe. He runs an excellent ski pro/equipment shop and is very well regarded. But I can see the look of a man who would much rather be on the mountain than in the shop with a fresh foot of powder we had last weekend. We all make our sacrifices.

- In hindsight, I would have given bigger consideration to the opportunity for "absentee management." Some small businesses just do not lend well to absentee management. Some do. I don't really know many "absentee owners" that are successful in the post 2008 economy. It's the holy grail and I have much respect for the guys that pull it off.

If you'll have 3 going ventures by this summer my hat is off to you. Best wishes.

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The Entrepreneur / Business Owner's / Self Employed Lounge - JackinMelbourne - 01-11-2017

Quote: (12-13-2016 01:03 PM)Irenicus Wrote:  

For example, my main problem is that people simply do not bother leaving feedback! They do not even respond to my messages, in which I ask if everything is OK with their item.

I do not why is that, but I am not going to lie...it hurts me as a seller.

I have to admit, I've also stopped giving feedback over the last couple of years. I can't be bothered, and to be honest, why should I? I've paid for the item and I *don't* get paid for marketing. Online feedback is marketing.

Sometimes I'll do a mass feedback session if I have time to waste...

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The Entrepreneur / Business Owner's / Self Employed Lounge - Mufasa - 01-11-2017

Hi guys I'm currently getting a business started and trying to figure make sure I touch all my bases. If some of you more business savvy guys could take a look I would appreciate it.

Thanks

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The Entrepreneur / Business Owner's / Self Employed Lounge - britchard - 01-17-2017

Could anyone with experience in the buying a product from China and selling via a website or Amazon/Ebay process pm me? I have several questions.

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The Entrepreneur / Business Owner's / Self Employed Lounge - Leads - 01-17-2017

I just sold 5 websites last spring and now preparing to sell 13 more to my friend in Norway. Although I've used Flippa before, nothing compares to actual trust.

Each site is monetized with Adsense and although it was exciting in the beginning, it has become boring af.

Stoked to be reducing my time online to almost zero. I have an offline biz back in the states and look forward to scaling that one, since it's built upon real interactions, in real life.

Remember that Warren Buffet (richest man in the world) often buys million dollar companies with the entire contract being written on a napkin. Fucking think about that. It's about trust and value. Nothing else. Period.

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The Entrepreneur / Business Owner's / Self Employed Lounge - Going strong - 01-17-2017

Quote: (01-17-2017 02:52 PM)britchard Wrote:  

Could anyone with experience in the buying of products from China and selling via own website (or on Amazon/Ebay), pm me? I have several questions.

Please put me in CC, I have a couple of friends interested in the same business... And operational questions arise regarding the custom tariffs (at both ends?), and the reliability and costs of the various (public, private) mailing services available.

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The Entrepreneur / Business Owner's / Self Employed Lounge - Constitution45 - 01-19-2017

Any advice on where to find a good quote for "Pay per click". I am running and English teaching site and wish to find a company that could do it. There seems to be a lot of competitors out there, but I think it will be a case of going by work and mouth.
I am looking for 3000-4000 likes across a wide range of social media outlets. Has anyone tried this before ?

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The Entrepreneur / Business Owner's / Self Employed Lounge - torridon747 - 01-29-2017

Does anyone know where I can find an accurate and current crash course on SEO. I have some serious brushing up to do and all I can string together are a bunch of blogs and articles of dubious origins.

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The Entrepreneur / Business Owner's / Self Employed Lounge - John Michael Kane - 01-29-2017

The following is advice that has served me well over the years:

Go to the freakin' public or college library. It is a fantastic place to work on your business. There's tons of great books on business strategy, not to mention inspiration on art and unrelated topics that can lead to creative ah-ha moments. There's wifi to work on your laptop. There's research librarians if you need help looking up a book on business law, regulations and so forth.

The public library system is a fantastic resource for any entrepreneur. Every businessman should be reading at least one book per week. New ideas are what keeps you and your business fresh. Are you better informed than your competition?

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The Entrepreneur / Business Owner's / Self Employed Lounge - AneroidOcean - 01-31-2017

I'm not sure if this is the proper place to vent, but I'm insanely stressed due to a huge problem (not really of my making or responsibility to pay for) that is essentially mine to sort out on a new business venture.

I am feeling massively overwhelmed and super stressed out. I hope there's light at the end of this tunnel. It seems pretty far away at this moment and this is exponentially more difficult/out of my experience level than anything I've dealt with prior. Fuck!

Time for a hot shower and sleep.

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The Entrepreneur / Business Owner's / Self Employed Lounge - roberto - 01-31-2017

Quote: (01-31-2017 01:40 AM)AneroidOcean Wrote:  

I'm not sure if this is the proper place to vent, but I'm insanely stressed due to a huge problem (not really of my making or responsibility to pay for) that is essentially mine to sort out on a new business venture.

I am feeling massively overwhelmed and super stressed out. I hope there's light at the end of this tunnel. It seems pretty far away at this moment and this is exponentially more difficult/out of my experience level than anything I've dealt with prior. Fuck!

Time for a hot shower and sleep.

Best place as any mate.

"not really of my making or responsibility to pay for"- I'm gonna go ahead and presume that it actually is, or else it wouldn't be bugging you. Perhaps this is your timely reminder to waterproof your terms and conditions, and install procedures so that this doesn't happen again.

Chin up mate. You pay to learn, especially at the University of Life. I'm having an expensive lesson today as it happens- underestimated the time a job would take, so now I'm just hoping we can complete it at cost.

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The Entrepreneur / Business Owner's / Self Employed Lounge - Off The Reservation - 01-31-2017

Care to share non identifying details?

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The Entrepreneur / Business Owner's / Self Employed Lounge - Off The Reservation - 01-31-2017

No need for a new thread but just wanted to say The Founder, which is a current theater movie about Ray Kroc (McDonald's), is superb. If you are a guy who starts new things or a driven entrepreneur you will love this movie.

Michael Keaton is fantastic, the writing is great and it is edge of your seat.

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The Entrepreneur / Business Owner's / Self Employed Lounge - buja - 02-03-2017

Quote: (01-31-2017 09:56 PM)Off The Reservation Wrote:  

No need for a new thread but just wanted to say The Founder, which is a current theater movie about Ray Kroc (McDonald's), is superb. If you are a guy who starts new things or a driven entrepreneur you will love this movie.

Michael Keaton is fantastic, the writing is great and it is edge of your seat.

I just saw it. I agree. It was pretty good.

Kroc's autobiography was interesting.
As well as McDonald's: Behind the Arches by John F. Love
(bought it at LAX and read it on the way to Hong Kong)

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The Entrepreneur / Business Owner's / Self Employed Lounge - storm - 02-03-2017

Quote: (01-19-2017 12:15 PM)Constitution45 Wrote:  

Any advice on where to find a good quote for "Pay per click". I am running and English teaching site and wish to find a company that could do it. There seems to be a lot of competitors out there, but I think it will be a case of going by work and mouth.
I am looking for 3000-4000 likes across a wide range of social media outlets. Has anyone tried this before ?

A good way to get a quote for PPC on social media is to run a small scale ad campaign (100-200 usd) and scale up the numbers.

A rough guideline I've used is 3k clicks per 100 usd.

You should know what your conversion rate is already, but rough calcs suggest $5/like at 2% conversion. My gut says that anything less than, say, $1/like would require 1. deep domain expertise and a lot of hours of work or 2. bots.

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The Entrepreneur / Business Owner's / Self Employed Lounge - Mufasa - 02-09-2017

FUCK
my dad pisses me the off fuck!

Im tight on cash and my car (2001 740 Beemer) just went to car heaven. So Tonight via phone call I asked him if he would be my guarantor because I pretty much have no credit history. He said no.
At the end of the call I told him I'm starting a business and that I already have demand in two cities (although small).
You know what this motherfucker said??

"what about grad school."

Shit was fucking hard work to get this going fucking prick.
Fuck outta here man. And he complains to my grandma why none of his sons talk to him smh

Mothafucka just hating all the goddamn time

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The Entrepreneur / Business Owner's / Self Employed Lounge - kirdiesel - 02-09-2017

Quote: (02-09-2017 03:17 AM)Mufasa Wrote:  

FUCK
my dad pisses me the off fuck!

Im tight on cash and my car (2001 740 Beemer) just went to car heaven. So Tonight via phone call I asked him if he would be my guarantor because I pretty much have no credit history. He said no.
At the end of the call I told him I'm starting a business and that I already have demand in two cities (although small).
You know what this motherfucker said??

"what about grad school."

Shit was fucking hard work to get this going fucking prick.
Fuck outta here man. And he complains to my grandma why none of his sons talk to him smh

Mothafucka just hating all the goddamn time

Thats why you gotta learn to rely on noone but yourself.

I had a small business idea and I went down to the bank to apply for a credit card to fund my initial inventory purchase and luckily business took off and I am able to liquidate all my inventory before the bill is due at the end of every month.

3 months strong right now..... Get your ducks in a row man.. Apply for a secured credit card and get cracking asap building that credit.

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The Entrepreneur / Business Owner's / Self Employed Lounge - Mufasa - 02-09-2017

Yea this was going to be the last time i truly needed his help. Went to the bank first and luckilly I befriend one of the ladies that has her own office at wells-faggot and she really helped me get my head on straight about establishing credit. just got all my stuff under his name switched over to me (car, car insurance, phone, etc) late last month.

Ya know. He never really helped beyond a home and food. I bought my own car and clothes since I was 13 and Im thinking "I'm about to take off I just need this quick boost" and what.a.dick.

Just irritating. lit a fire under me tho... havent slept since 8am and its 4am now. Going to try to push for being "in business" by today.

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The Entrepreneur / Business Owner's / Self Employed Lounge - Phoenix - 02-09-2017

Quote: (02-09-2017 03:17 AM)Mufasa Wrote:  

At the end of the call I told him I'm starting a business and that I already have demand in two cities (although small).
You know what this motherfucker said??

"what about grad school."

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The Entrepreneur / Business Owner's / Self Employed Lounge - torridon747 - 02-09-2017

I got a WF secured card recently too. Credit score jumped 70 points and has been climbing every month. I don't want to start an argument but keep your utilization low 35% or so and pay it off in full after you get your statement.

My business is doing shit right now. Motivation in the toilet. I swear the only thing that gets me off my ass nowadays is women. I need to stop waking up at 11AM and get out early to hustle.

How do you guys deal with motivation?

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