Business Contents Archive

How to protect yourself when firing a toxic employee? We are trying to fire a worker who has been lying about his hours, but he is blackmailing us with threats to ruin our business' reputation if we do.

Thanks for the advice.

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Buying a small building and opening retail shop. Ownership and structure questions

Spouse wants to open a small retail shop. We have identified a property to purchase. Should we set up an Llc to hold the property and then the shop itself be under another LLC or should the shop itself own the building? We need to get the ownership to the lending institution soon and this is our quandary. Can someone lay out the pros and cons of each? Thanks

Business valuation

Generally speaking, which of the following has a higher valuation? 1) $1M revenue, 90% recurring service business (maintenance, cleaning, etc) 2) $1M revenue, 90% one-time service (design, install, etc) Both have the same profit margins.

Does SBA pull your personal credit for EIDL loan?

Hi just wondering because I got an invitation to apply for additional funds. Reading online I can’t find if they conduct a hard credit pull or not. Does anyone know? Thanks in advance to all who reply with information.

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Did your expenses go up in 2020 as well as your losses?

My expenses went up about 10-15% last year from the year before. Mostly due to increase in rent (wasn't expecting covid to hit or last all year), rent expenses increased about 40%. The year before made a little profit, now will be negative several thousand for the business.

Website builders for small businesses

Hi there! I’m in the process of building a website for my skincare business, and have been playing with shopify and Wix. Wix is super user-friendly where are you can customize anything and everything, and Shopify has a steep learning curve and there’s not as much options for customization. Which platform do you feel like is better for running an online store? I like the simplicity of Wix, but I’ve heard Shopify is the best for e-commerce. I appreciate all of the feedback!

A gift and decor store for men

Hey all! I'm looking for opinions on an idea I have for a small business. I live in a small town and would like to set up a shop that focuses on gifts and decor more centered around men. I've noticed that males seem to be pretty underrepresented when it comes to finding stuff to decorate with and as far as gifts go finding something other than a joke t-shirt or BBQ brush means you need to shop online. I'd really love some input on whether this could be a good idea or not. I'm thinking about having some classy decor options that aren't covered in "live, laugh, love" and stuff that men can feel good displaying in their homes or man caves if that is their space to decorate. Thanks for taking the time to read this!

Starting a brand/business

Hi all I wasn't sure the correct thread to post this in so i figured this might be the right place. It has always been a dream of mine to start a lingerie company (one for small chested individuals to be specific) that being said, I have no idea where to start. I'm pretty crafty so I want to learn how to use a sewing machine to maybe make a few bras to start. But I would need a designer who knows their shit I just have the vision. I guess I'm not sure where to start how can I find someone to work with? Where should I start selling? Etsy?

Paying myself from LLC

First time business owner, do I need payroll software to pay myself? I assume that would handle withholding taxes, etc.? Do I need to make myself an employee of the company in order to pay myself? For context: I have a 50% partner but we have agreed on a salary to pay me and he is ok deferring his payment until the end of the year. Is there a book you guys recommend that goes over this and other basics to keep me within the realm of legality? Any help is appreciated, thanks.

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Self Storage Company. Need suggestions for a website with payment options.

Hi All! My family has a storage facility with roughly 300 units, which are all filled. Currently, there is no online payment option. We do offer reoccurring payments with a credit card. However, all the payments we receive have to be manually entered into the storage program. Therefore, even the reoccurring charges are manually done each month. I was wondering if anyone recommends a website builder or software that we can use to offer online payments? Ideally, the website could be linked to the storage software so the online payments are automatically recorded. One of the deciding factors for making this decision is the cost of adding the online payment options. All suggestions are welcomed, thank you!

I am thinking about starting a self serve dog wash business. Does anyone here have experience with one?

I would like to install a self serve dog wash at or near a heavily used dog park that has a pond dogs swim in. I would love to hear about experience, advice, or thoughts people have on this.