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Small business owners are the most insufferable people on the planet
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They are (by necessity) completely self absorbed and thinking about their job 24/7, lose all facets of their personality other than their business, become extremely boring to interact with, and are constantly soliciting favours. There is no such thing as a normal, meaningful, deep conversation with a small business owner. They’re constantly looking for ways to use you as a step ladder, otherwise they’re not interested in you On top of it all, they usually have a huge ego and superiority complex.
Small businesses are amazing and necessary and I love them, but the people behind them are the absolute worst.
Top Comment: They are all about their business because it literally becomes their life. They don’t get to have anything else but that. Most of them have sunk most of what they have into that business. And the smaller the business, the worse it will be since they have to deal with everything.
What Are Some Small Business Ideas That Have Proven Profitable for You?
Main Post: What Are Some Small Business Ideas That Have Proven Profitable for You?
Top Comment: My cousin is 24 install ip cameras. Got a suv of the year. He is buying a house and travels all the time.
What small businesses have you started for less than $5 thousand?
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I'm thinking about starting a first business in lieu of returning to school. I'd love for it to be successful, but even if it fails I think I'd learn more from spending $5 grand on a business than spending the same amount at community college for a year. What businesses have you guys managed to get off the ground with 5 grand or less? I'm interested in hearing from both those that have failed and succeeded and what you've learned
Top Comment: I started www.prospurly.com for less than that and it now grosses 10k/month with 20-30% profit margins depending on purchasing. It's recurring revenue via a subscription box business. I only have a few hundred customers, so it doesn't require much work besides product sourcing.
Do any small business owners feel like the difficulty level has ramped up?
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Been in this game since 2019 and in that time it's felt like it's just getting harder and harder to be successful and understand what works.
Every single platform I use is becoming worse, more buggy, less reliable data.
I try and reconcile my actual leads to platforms and it just feels like I'm being lied to. Maybe I guess this is what a cookie free landscape feels like.
On top of that my CPL keeps creeping up.
Additionally, I'm a fairly bright analyst but Google Analytics 4 is very difficult to get good data out of.
Real time insights are a thing of the past, and conversions take days to show up. How are you supposed to quickly learn and adapt.
If anyone has felt the same and overcome this it would be very useful to hear
Thanks for reading 🙏
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Small business ideas : r/Entrepreneur
Main Post: Small business ideas : r/Entrepreneur
Simple Small Businesses?
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Anyone have a simple small business that matches with their simple life?
Asking as 36M desperately seeking a fresh start.
Thank you.
Top Comment: Yes, I think so. I am a mobile dog groomer. My business is very busy. It is also physically and mentally difficult. It takes a lot of my time to run properly. What makes it simple? I have no employees, no bosses. No office drama. If something breaks, I fix it right away. I can make any change to my business I like. It is easy to plan days off, and sick days no longer inspire guilt because I have wonderful clients. I love my job.
How to start a business - An in-depth guide from a successful business owner
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Hey everyone today I'm going to share with you the most important knowledge that I've accumulated from starting 7 different companies, reading 55 books on business and personal development, and most importantly successfully breaking $1,000,000 in yearly revenue.
My goal is that if even 1 person reads this and it gives them the confidence to get started I will have contributed positively to somebodies life, and that brings me joy.
ONWARD!!!
Pick a business model - This is the easiest part to get hung up on, the way I've conquered this obstacle is by realizing I don't have to reinvent the wheel. There are thousands of profitable business models in the world and if you truly want to live the dream of financial freedom and break the chains of the 9-5 you can very simply pick one and replicate it. Remember “good artists borrow, great artists steal.”
Okay, but how do I pick one? There are so many that it's hard to choose! Don't worry I got you, choice paralysis is real, we all get it.
Here are the 3 variables you need to be investigating and doing the math around in order to pick the right business for you.
Variable #1
Cost to start up AKA barrier to entry: This variable is identified by simply imagining what would go into starting this business. What are the costs associated with those things? Imagine you were starting a meal prep business, you would need the right kitchen equipment, plastic containers, the food itself, and the transportation to bring it to the clients. Investigate how much these things would cost you and total it up, the number you land on is the Barrier to Entry Cost, write this down.
Variable #2
Skills needed to be successful in this industry: Some businesses require experts, while others can utilize high school students at minimum wage. If you are already an expert in a field it may be easier to build something you are comfortable with but it's absolutely not a requirement. Out of the 7 companies I have built I was only fluent in 1 and my most successful I knew nothing about. Figure out which skills are needed and do some thinking, do you have access to people with these skills? Can you hire people with these skills? Can you learn these skills in a day on youtube? Typically the lower the skill needed the more simple a business will be and trust me you want simple because once you start doing millions in revenue the headaches will pile up.
Variable #3
How long will it take to get this business operational? You would be surprised how quickly you can start most businesses. In a matter of 2 weeks I had people calling my phone for my biggest company and all it took were some street signs. Do some thinking on how long it will take for you to buy all the necessary equipment and get that phone to ring. Do you need a website? Do you need equipment or a product that will take months to develop or get to you? I highly recommend starting with a business model that can be operational in under a month, I say this because in order to withstand the punches that the business world will throw at you it helps to see tangible progress. When you spend 6 months in R&D it's tough to stay motivated.
Personal tips for choosing your FIRST business model
- Don't start a business where you will need to raise money to be successful, chances are if you are reading this it's not happening. The people that successfully raise money typically have rich parents or already have a track record of success. Choose a model you have close to enough cash to fund yourself. (My businesses had barrier-to-entry costs ranging from as low as 1k to as high as 22k)
- Choose a model that doesn't require full-time experts, these people cost a lot of money to employ and they typically don't want the risk of working with a pre-cash flow business.
- Choose a model that you can spin up in a couple of weeks to a month.
By now you should have a couple of assets in your head, which model you like, the things you need and how much they cost, and which skills you will need to hire for or know yourself to be successful.
NOW WHAT?
Now we build.
Depending on your model you will have 1 or more of the following.Google Listing and Website.
Google listing you can make yourself but unless you're experienced in web development and digital product marketing 100% do not do this yourself, it is a colossal waste of time and it will hurt your ability to make the phone ring because it will take months and months of iterating in order for it to be halfway decent. Hire someone to build a website for you, there are services that do it for a $300 startup fee and $100 a month. DON'T BUILD YOUR OWN SITE.
With the website/google listing live we now focus on sales and in order to do that we need to make the phone ring AKA drive leads. Depending on the industry you choose these are the magic tools that will bring you money.
GOOGLE PAY PER CLICK - I can't stress this enough, it works. 99% of industries can utilize google PPC, Meal prep? PPC, Cleaning service? PPC, E-comm? PPC, Sex toys? ALSO PPC. (I spend roughly 5k a month on PPC, it's magic.) AVERAGE SETUP COST $800
Facebook Ads and Instagram ads - Known your target audience before spending money here, does your audience live on these platforms? Does your industry fit on a social media platform where people are probably watching cat videos? AVERAGE SETUP COST $600
Angi's list and other contractor platforms - The leads can be hit or miss but they absolutely will make your phone ring. AVERAGE SETUP COST $350 MONTHLY
Upwork and other freelance platforms - Lower quality leads but a great way to cut your teeth in an industry. SETUP COST FREE
YARD SIGNS (Zip tied to telephone poles) - I've used this in several of my businesses and it has driven hundreds of thousands of revenue, (Legal disclaimer I don't know the rules of your area, but in mine certain towns call us and say it's not allowed and others leave them up or take them down themselves) you can get 50 signs for roughly $500 from your local sign maker. those 50 signs could stay up for 10 years and drive you significant revenue. (Vista print signs are much cheaper quality than something you would get locally, if you want the sign to last years, don't skimp on the $50 you would save)
The equation is simple - How much does it cost to create 1 customer using X ad platform, and how much profit does 1 customer on average bring your business? if the profit created is higher than the cost to acquire the customer then it is a successful marketing strategy and you can dump thousands into it and consistently make a profit.
Okay but what if I don't know how to set up google PPC or Facebook ads? NO PROBLEM I DONT EITHER!
Here's where the special sauce comes in, listen carefully.
When you don't know something, but you need it in order to build the business do this exactly.
- go to Upwork or a similar site
- Create a detailed, simple, and KIND job posting that shows that you mean business and are serious about hiring for this position.
- Book calls with as many experts as you possibly can (I personally just put my phone number on the listing and open the floodgates because the scheduling process can be annoying)
- Talk to ATLEAST 6 experts describing what you need to accomplish and asking them specifically how they would go about accomplishing it if you were to hire them. (Ask as many questions as you possibly can)
- Use your best judgment to choose the highest-value contractor to achieve your goal.
- PROFIT? No, but really, I use this process probably 8 times a year, by speaking with experts for hours on end who are trying to win your business they will give you all the insight you need to have a working knowledge of a subject.
Don't be afraid of the hourly rate they have, it usually ends up being a lot less hours than you would think
DISCLAIMER: Freelance websites have a lot of low-quality contractors, DO NOT hire someone until you've talked to 6 people, you need to find the diamond in the rough. (Trust me they are there, I have found some incredible partners who I still have on retainer to this day)
Examples of hires I have made through freelance websites
Web development, Graphics Design, Drawing up a sales contract, SEO, Fashion Designer, Logo Maker.
**Okay so now we a website/google listing and leads coming in, whats next?**Fulfill the orders!! Sell those shirts, cook those meals, cut those lawns, develop those websites, WHATEVER IT IS JUST DO IT!
There is a 100% chance you will make mistakes and clients will get mad at you, welcome to the business world. Stand behind your work and make it right, don't do shady shit.
I promise this is one of the most rewarding things you can do with your life, when done right it can pay you far more than any job would and more importantly give you your time back! Imagine only working 5 hours a week (From your cell phone) and getting paid 30k a month. That's only possible by owning your own business. Don't stop pushing, don't let the punches knock you out. Take what you deserve and never settle.
Final general tips -
DO NOT try to do everything yourself, you are definitely not the best person to be doing it and you will kill yourself in the process. Bad end product and not sustainable, hire 1099 experts.
Launch before you're ready, do not try to make everything perfect, do not try to dot all your i's and cross all your T's it will never happen. The learning is in the doing, its in the mistakes, its in the mad clients.
Outsource as much of the business as you can, find no-contract partners to do everything you don't know how to do. Example - I have an accounting partner, ($300 a month) a tax strategist partner ($2500 a quarter) an SEO partner ($1700 a month) a google PPC partner ($300 a month) a content creation partner ($800 a month)
It is better to be at the higher end of industry pricing for whatever market you are in, higher cost = higher margins and less headaches because it requires fewer customers. And oddly enough its the smaller customers that are the neediest.
Remember to pay yourself first, never under any circumstances be the least paid person in the business. It is far too easy to get in the habit of oh ill make money next year. No make a profitable business now or go work for someone. Build a rock-solid foundation that lines your pocket and doesn't require 80 hours of your time a week.
Well guys that's about all the writing I have in me, there is definitely more I wanted to include but its almost 5am where I'm currently living. I'm starting a discord for people who want help getting started (Think lists of softwares, people i trust in different industries ect) all 100% free just trying to give back to a community that I love so much. Send me a PM if you would like to be apart of it
Good luck out there
Nik
Edit: added in a pricing tip at the end and changed the top revenue line to include "yearly" before revenue for clarity.
Top Comment: Genuine question: Why do so many people on this sub talk about the multiple businesses they’ve started? If you have a successful business, why wouldn’t you pour all of your time and energy into growing it, rather than starting something else?