Business Contents Archive

Opinions on profit distribution

Let's say your business profited $100k this year; I'm curious how much you would take home, reinvest, distribute to employees, etc. Qualifiers: 1)Business is steadily growing ~15%/year 2)Business is responsibly leveraged (debt to income ratio around 20%) 3)Employees are compensated fairly 4)You've already paid yourself fair compensation I'm interested to see people's thought process here.

Sales tax for out of state purchases?

Hi, I'm filing my sales tax for the first time and am registered in FL. The majority of my sales come from NY via online sales, however. 1. Do I charge NY sales tax for the purchases made in NY? Or FL sales tax? 2. Do I send my sales taxes for these transactions to NY or FL? Basic questions but I can't find seem to find the answer. Thanks so much!

S corp or LLC?

Trying to get EIN for my business. It’s an LLC classified as S Corp for taxes. I would ask my accountant but I’m in the process of getting a new one. Do I classify it as LLC or S Corp? I have articles of organization from the formation of LLC, don’t have articles of incorporation

Buy mixed use building personally or via LLC?

We're planning to start our first small business - a coffee shop. Learning as we go. Rents are very expensive where I live, but we have a decent amount of equity in our primary home, and considering buying a multi-unit and renting out the upstairs while we operate the coffee shop downstairs. Plenty of online articles discuss the pros and cons of buying as an individual vs LLC. In our case we'd own an appreciating asset with some extra cash generation, and freedom to build out/improve as we want. Of course it's a bigger lift, but with potential greater reward I wanted to hear from the folks here, especially if you have personal experience with this.

Client Needs a Good Robocall System - Any Recommendations?

I have a client that needs a system where their phone number basically says "press 1 to have us send you a link to schedule" and it would text them a link. I have never created a system like this, Can anyone offer any advice?

Who to send business introduction letters to

If I am attempting to email or postage mail out business introduction letters to other businesses, who should I specifically address them to? I have just been sending them to the company in general, but can’t seem to find which person or even department within the company to send them to. Maybe calling is the best solution?

Should I elect a c Corp or s Corp for my company?

Hi everyone, I have a question if I should elect as a c Corp or s Corp for tax purposes and long term growth in my business. I do e-commerce. I’m thinking of hiring employees in the future but I don’t know yet. Many people said I should outsource overseas as wages there are cheaper. I wouldn’t have to spend that much for my workers. I formed an LLC in April and I already got my EIN number and business bank account with Chase. I’m planning to get an American Express gold or platinum card to rack up points. Thank you !

Computer Store in 2023

If you were going to open a computer store (both online and retail) in the US in 2023, what would you do to make it successful? Fully aware many of these businesses have shuttered over the years, shift to purchasing online from major eCommerce or big box retailers, and reduction of repair opportunities with low cost replacements (like chromebooks etc).

Expanding into other services

I have taken over a family business a few years ago. It's a contract cleaning business servicing schools and offices in a small city. Currently I have 60+ employees across about 45 locations. Most of the work is in the evenings after schools and offices close from 4pm or 5pm onwards. I am lucky to have many employees that are loyal and dedicated to the job. Many of my employees do not speak English but can learn the job quickly. I am looking for ideas for another service company ideally offering work in mornings or afternoons so that I can offer more hours to my existing employees. Any ideas would be greatly appreciated!

When people talk about taking your company from 0-1, 1-10 and then 10-100, how do we know where we are at between 0-100

I run a design and development studio that provides UX services along with development services to primarily SaaS companies all around the world. 30% of our clients are in Singapore, the other 30% in the US and the remaning 40% from India. We are based out of India and do roughly 150-200K USD revenue out of which 20-30% is recurring while the other is as per project. The net profit is around 60%. Whenever someone tells me about 0-100 growth, I try to think where I am on this graph but have never got a definite answer. Can someone help me understand how we figure this out? Or is it such that we can believe to be anywhere in this depending on what our future is?

Order of Operations

Hello savvy business folk. I am slowly getting to work on starting a mobile cocktail bar and am could use some advice on the order in which I should go about getting everything official. I am shopping for the right camper and once I get that I can spend the rest of the summer doing the build out. Other than that I have a name, email, social media account, logo, storage, funding, certified kitchen, and a spiderweb of ideas. What is the proper order I should proceed with to get things on board? -Create an LLC -Business checking account -Operating licenses and permits -Tax ID’s -Lawyer/Accountant -Insurance -Anything else I am forgetting? Thank you for the help!

Virtual Golf

Anyone run a virtual golf business? I’ve come across an interesting opportunity to open one in a growing tourist town but am just beginning research and would love to hear advice/any unforeseen pitfalls. The closest irl golf course is 45 minutes away (and pricey), and we have long winters here. There are also quite a few retirees in the vicinity, and of course tourists. I could see it going very well but it is out of my normal wheelhouse.

Legit chances a creditor goes to court if I cannot pay a debt?

Business failed I don't think I am in enough debt to go bankrupt but there is one debt that I am very sure I won't be able to pay without coming to a collection agreement

Small business ideas to start in the UK

I have been out of work for 2 months now and I'm really struggling to get another job due to living in a small town with limited public transport and having a disability. I've always liked the idea of having my own business but I'm unsure about what kind of business I could start up. I did look into wax melts and thought that was a good idea since I like using them myself but seeing how saturated it is and that a lot of people in MLM schemes also do them, it's put me off. I like doing crafts such as crochet but I don't think I'm talented enough to sell anything I make. I also like the idea of dog walking but I don't think I'd get much work since I'd be limited to only being able to do it in my town. Does anyone have any ideas of what I could do? I'm also open to learning new skills through courses.

How to find and get in touch with Influencers and Content Creators?

Not to have them advertise for me, but because I think that influencers could make a great niche for my company. The idea is young and I am really just wanting to test the waters. My issue is that most services offering this are expensive, typically $300+ per month. I'm not convinced enough to spend that type of money before I know this is worth further pursuing so I am looking for cheaper ways to find and create prospecting list of content creators to cold email/call.