(Part 2) Best products from r/smallbusiness

I hate to send someone to my direct competitors, but it sounds like you really would benefit from starting a relationship with a local accountant/CPA firm. They can typically help you with all of the above along with more traditional "business setup" services.

I would love to say "hey head over to our site and we'll get you all sorted out," but it seems like your type of company would get more out of an accounting firm than from us. Feel free to reach out though when you are in need of forecasting services.

As far as how to learn the financial side on your own, I found this book to be pretty helpful when starting out.

Good luck!

Valuation is like voodoo. According to the IRS, the fair market value is the most important, but in reality there are lots of factors. For example, what would the business sell for today if the owners agreed to stay on as regular full-time employees - That value might be zero if their cash flow is poor, but clearly the business is worth something (and they are not going to just give away equity based on poor income valuation)

http://en.wikipedia.org/wiki/Business_valuation

This Forbes article does a fair summation of the issues you are dealing with:

http://www.forbes.com/2009/09/23/small-business-valuation-entrepreneurs-finance-zwilling.html

I would probably start with asset and income valuation and then try to put a number on the existing owner non-asset goodwill defined as:

http://en.wikipedia.org/wiki/Goodwill_(accounting)

I would avoid, "valuation based on what the founders have already put in, i.e. a % of their day-job salaries and cash." Those are sunk costs. What I mean by that can be explained by analogy: Would you pay someone $30,000 for a rusted-out, broken down 1988 Ford Ranger because the owner put $22,000 of improvements into it over its lifetime?

The owners may feel it's worth $30,000 because of their efforts, but as I often think when I am browsing Craigslist and run across an extremely overpriced vehicle, "If there's not a couple gold bars that go along with it, I'm not paying that." The reality is that the owners are going to tend to over-value the company because of sunk costs, but you have to come to a valuation based on the current realities (future earning projections can be taken into account as well, but I would be conservative in those estimates.)

There are accountants who specialize in business valuation. I would definitely retain one to work for you and not for the company. Look for someone who is a CPA and a Certified Business Analyst or Certified Valuation Analyst or American Society of Appraisers member.

There is a book that was recommended to me (I haven't read it yet) called Valuation.

http://www.amazon.com/Valuation-Measuring-Managing-Companies-Edition/dp/0470424656/ref=cm_cr_pr_product_top

There is also a workbook:

http://www.amazon.com/Valuation-Workbook-Step---Step-Exercises/dp/0470424648/ref=sr_1_5?ie=UTF8&qid=1395756019&sr=8-5&keywords=valuation+measuring+and+managing+the+value+of+companies

Again, I haven't gotten around to these yet. I did notice that the first review of Valuation has a recommendation for a book: Business Valuation which that reviewer says is the best for reviewing small, private companies. The review:

http://www.amazon.com/Valuation-Measuring-Managing-Companies-Edition/product-reviews/0470424656/ref=sr_1_1_cm_cr_acr_txt?ie=UTF8&showViewpoints=1

The book:

http://www.amazon.com/gp/product/047037148X/ref=cm_cr_asin_lnk

Good Luck!

Mentor, investor, and potential business partner is a lot to ask someone to bring to the table, when you haven't said what you're bringing to the table. Nor said how someone will benefit from working with you. Put yourself in the other person's shoes. Most people want more time, money, or fulfillment. How can they get one, two, or all three with you?

Regardless, how do you find someone?

First, become the person you want to attract. So remove phases from your vocabulary like, I don't know how-to, I don't have the time, I don't have the motivation, knowledge, etc. The conjunction n't (can't, don't, won't, etc.) is no longer allowed in your vocabulary ever again. If you can't do something, then figure it out. If you don't want to do something, then you must do. If you won't do something, then find someone who will. This is tough love, every entrepreneur must face.

Second, ask yourself what are you bringing to the table and become the best version of it. Then either network with people online or offline (so you will have to make time), to find someone who complements your skills and you theirs. If this is a symbiotic partner (meaning you bring equal, but different value to the table), then you must give before you ask. If this is a non-symbiotic relationship (meaning the other person clearly brings more value to the table), then they must see something special in your raw material that they can mold.

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I'm thinking about the book, Are You My Mother? ( https://smile.amazon.com/Are-You-Mother-Beginner-Books-ebook/dp/B00480OHWK/ )

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Substitute the word mother for mentor and my response is, you don't go around asking, because your mother/mentor will come to you.

​

Now, entertain me, if someone on this sub says they're interested in being your mentor, what's next?

I'm sorry to hear you're sitting with that - it can feel so heavy and scary AF. For me it started with 1) deep and intense self-care. Giving myself the time and space to really explore the kinds of movement, food, sleep, meditation, journaling, etc that helped support my body and get me to a place where I was feeling more in control. 2) Then came the much deeper work of learning to really be embodied (sit in my body through my emotions without checking out), teaching my body and subconscious that I was safe, and moving energy through dancing, talking and being held in a safe space, punching pillows etc. All of that was really challenging my belief around worthiness, being enough and loveable, and speaking and living my truth. I 100% believe that ALL of our emotions (even the ridiculously uncomfortable ones) are there for a reason, the challenging ones are to let us know that something in our environment, social circle, thoughts, food, work etc is out of alignment with our highest self. When we fully hear and honor the emotions, they do pass. 3) Lastly for me after lots of support, healing, clearing and building a strong foundation came mindset work that allows me to continually clean up inevitable anxious and negative thoughts.
I created a guided meditation recently that's an awesome practice to start getting out of our heads and drop into your body. Shoot me a PM if you'd like it and I'll send it over! Also, I believe the book humble_pir is referring to is this one - it's got some great stuff in it!
https://www.amazon.com/Emotion-Code-Bradley-Nelson/dp/0979553709

You should do it! I just launched a cosmetics business this year, but I first got the idea way back in 2008, when I first learned about indie makeup. I thought I was too busy with school, but now I realize if I'd started working on it back then, even just a few hours per week, my business would be further along today.

Your first steps are writing a business plan, developing your products, and learning about FD&C cosmetic regulations, so you can sell your products legally. For the last step, I recommend these 2 books: Soap & Cosmetic Labeling and Good Manufacturing Practices by Marie Gale. Some people have mentioned liability issues, you can get liability insurance relatively inexpensively if you join a trade association for small businesses (for example HSCG) and purchase it through them.

You also mentioned buying and reselling products from other brands. I used to work as a buyer for a cosmetic retailer, and I can tell you, it's not easy. In order to get wholesale prices, brands need to approve you as a retailer. And beauty brands, especially popular brands are very selective about who they allow to retail their products. You'll also need to meet their MOQ's (minimum order quantities) which are sometimes thousands of dollars. If you take this route, you'll probably have to start by sourcing small indie brands, and then work your way up to the bigger brands as you gain credibility.

If you like reading btw, here's my top list for teaching yourself marketing:

My favorite marketing book: https://www.amazon.com/Being-Direct-Making-Advertising-Pay/dp/0394540638

Best for creative ad strategy: https://www.amazon.com/Made-Stick-Ideas-Survive-Others/dp/1400064287

Two really good ones on branding: https://www.amazon.com/22-Immutable-Laws-Branding/dp/0060007737, https://www.amazon.com/Positioning-Battle-Your-Al-Ries/dp/0071373586/ref=pd_lpo_sbs_14_img_1?_encoding=UTF8&psc=1&refRID=SAK252T4836CY0G4XYGD

A classic on inbound marketing (not paid media): https://www.amazon.com/Inbound-Marketing-Found-Google-Social/dp/0470499311

Good guide to Facebook advertising: https://adespresso.com/academy/guides/facebook-ads-beginner/

This was the best way to get most entrepeneurs up to speed in financial analysis: The Portable MBA in Finance and Accounting. http://www.amazon.com/The-Portable-MBA-Finance-Accounting/dp/0470481307 there is a pdf download through womlib.ru for free as well (google it)

My strong suggestion is that if you are comfortable with excel, that you look for a restaurant business plan template and use it for a guideline as you fill in the data. A professional accountant may or may not be interested in explaining how depreciation expense flows through the statements and its tax impact, but an intro to accounting class at a community college will cover topics like that.

I can build interactive statements from scratch (blank worksheet), but it is a skill that took years to learn - it is something that you should not be focused on while developing your business. A talented bookkeeper should be able to do the basics for you without costing you CPA hourly rates.

An unsolicited response to an unasked question: does the bank that you are speaking with have a history of financing restaurant startups? Banks will sometimes lend against your home equity if you have 720+ fico score. Some specialty lenders will lend against established cash flows for business expansion or equipment purchases. I have never heard of a traditional bank lending money to finance a restaurant start up. Make sure that you are setting your expectations realistically.

A few years ago we went completely paperless. We had two huge 4-drawer filing cabinets of crap from years of running two businesses and managing our personal finances. It was unwieldy and we always ended up with huge piles of paper waiting to be filed, and I'd end up spending hours getting stuff together for tax time.

Here's what I did:

• Decided what actually needed to be saved and what could be discarded. A lot of what we were saving was old (some 10+ years old) and could just be thrown away. Bills that were from years ago were thrown away. Receipts going back 7 years were saved, along with any tax documentation, insurance info, etc.
  
  
• We purchased multiple scanners so that every employee that receives a lot of paper has access to a scanner and a shredder. I have a Brother ADS-2800W in my office (I do most of the financials and so have the most to scan). I also have a Brother ADS2500WE and two Brother ADS-1500Ws. When a piece of paper comes in to my home or office, it's scanned and then shredded (if needed) or recycled.
  
  
• I have presets for scanning one-sided, two-sided and continuous for long receipts. These go into a "To File" folder that's shared with my VA. My VA goes through and names all the scans based on content i.e. "2017-01-21 Staples Receipt.pdf" and files them in the appropriate folder in either my personal Google Drive or my business' Gsuite.
  
  
• I use a scanning app on my phone for paper receipts when I'm out of the office. I save these JPGs directly to the receipts folder on my business Gsuite Google Drive.
  
  My folder structure in Gsuite is:
  
  > Financial
  >> Receipts (just scans of receipts for archival purposes)
  >>> 2016
  >
  >>> 2017
  >
  >>> 2018 etc
  >
  >> Tax Documents (1099s, W2s, property tax, mortgage interest, etc.)
  >>> 2016
  >
  >>> 2017
  >
  >>> 2018
  
  So far this has worked extremely well. My accounting firm has access to the Tax Documents folder, and my Xero accounting software. They just wait for my email that everything is there and ready, and they prepare my taxes with all of the information provided.
  
  This is the 2nd tax season we've been on this system and it's working extremely well. I used to file an extension and just dreaded going through getting everything ready for tax time, now I'm just about ready to file and it's not even February. We will be filed by Feb 15 this year at the latest.

I am not sure this will work for you, but I use www.voip.ms for my business line. They have IVRs, voicemail, virtual extensions, ring everywhere, text, fax to email, and a lot of other services. I ported my Google voice number to Verizon, then to Voip.ms, and it works fine.

I do have an ObiHai 202 VOIP adapter which connects to my phone line in my house to a regular phone. However, you can have VOIP.ms just ring to your cell phone or any other number.

I am not sure how Air BNB will treat it, but the voip.ms folks are pretty nice if you email them for support.

Maybe you could do with a bit of a re-branding? If people are leaving your town, your staff is unmotivated, and you are bleeding money and thinking of selling, you could try to lightly revamp and bring in some new energy. You need to turn your spot into the destination for that 'something special' and try to bring the traffic to you.

​

You need to have those one or two items that people will come out to you for, unique special craft coffee drinks/cocktails and food that nowhere else in your town has, like a legendary burger or something outstanding along those lines and then a strong social media push. What is unique to your area? Any special dishes, etc? Get really good at something and become the specialty. Have you seen a smoke infuser - https://www.amazon.com/Breville-PolyScience-Smoking-Infuser-Commercial/dp/B01MSB5USZ - pretty cool when you can have a Smoked Rosemary Macchiato and a Smoked Maple Old Fashion on the menu and so much more. I mean it doesn't have to be a smoke infuser but you get it, you'll need that special something that people will come out to you for.

How are you marketing your business currently?

Here's some good books to read although they're geared more towards managing and motivating a workforce. Others may have better recommendations for books on growing as a startup or small business. Ultimately, you need to focus on marketing your company and targeting your ideal customer.

Turn the Ship Around by David Marquet
https://www.amazon.com/Turn-Ship-Around-Turning-Followers/dp/1591846404

How to Become a Great Boss by Jeffrey Fox
https://www.amazon.com/How-Become-Great-Boss-Employees/dp/0786868236/ref=sr_1_2?s=books&ie=UTF8&qid=1484506909&sr=1-2&keywords=how+to+a+great+boss

How to Be a Great Boss by Gino Wickman
https://www.amazon.com/How-Great-Boss-Gino-Wickman/dp/1942952848/ref=sr_1_1?s=books&ie=UTF8&qid=1484506909&sr=1-1&keywords=how+to+a+great+boss

Good to Great by Jim Collins (I just started this)
https://www.amazon.com/Good-Great-Some-Companies-Others/dp/0066620996/ref=sr_1_1?s=books&ie=UTF8&qid=1484507074&sr=1-1&keywords=good+to+great

EDIT: Here's another one.

Traction. Get a Grip on Your Business by Gino Wickman. I haven't read this but the CEO did and we use the structure and methods from this book to run our company. https://www.amazon.com/Traction-Get-Grip-Your-Business/dp/1936661837/ref=asap_bc?ie=UTF8

My advice

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https://www.amazon.com/Ledger-Accounting-Notebook-General-Journal/dp/1725930498

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Buy some cheap accounting notebook and keep entering all values in a format which you deem fit.

Keep refining the format until you see the desired results.

Once you are familiar with an accounting notebook, Well as they say you are the king!

The next step is to look for a software which can replace your monotonous work. Voila! Ms Excel comes to mind. After you master excel then, well sky is the limit. Keep progressing to a software of your choice.

Kind of out of the box thinking but this scanner comes with infinite installs of Nuance Power PDF (~$100 per install). My business had 7 computers so we basically got a great little auto feed scanner (up to 80 pages) for free.

Edit: forgot the link

Hey Redditors, I'm Aaron and I launched Phranzia Print Lab with my Girlfriend in January.

We're a new & unique kind of stationery shop because we focus back on unique & handmade designs & great paper. Our cards are all premium quality.

We're growing fast now, and I think we're ready to officially tell the Reddit universe. Our sites:

• Our Best Selling Box Set
  
• Our Gallery
  
  PM me for a promo code on the box set

If you are going for a internet business or any product-oriented business here a are the best books



BEST ONES

"The Lean Startup: How Today's Entrepreneurs Use Continuous Innovation to Create Radically Successful Businesses" (Eric Reis) - 2011

https://www.amazon.com/Lean-Startup-Entrepreneurs-Continuous-Innovation/dp/0307887898/

"Running Lean: Iterate from Plan A to a Plan That Works" (Ash Maurya) - 2010

https://www.amazon.com/Running-Lean-Iterate-Plan-Works/dp/1449305172

"Sprint: How to Solve Big Problems and Test New Ideas in Just Five Days" (Jake Knapp - Google Ventures) - 2016

https://www.amazon.com/Sprint-Solve-Problems-Test-Ideas/dp/150112174X/ref=sr_1_1?qid=1550802301&s=gateway&sr=8-1

​

ALSO GO FOR (these are the ones that started organizing the Startup world)

"The Four Steps to the Epiphany" (Steve Blank) - 2005

https://www.amazon.com/gp/product/0989200507/

"Business Model Generation" (Alexander Osterwalder) - 2008

https://www.amazon.com/Business-Model-Generation-Visionaries-Challengers/dp/0470876417/

I believe beard oil is considered a cosmetic, so you'll need to follow practices as such. I highly recommend two books by Marie Gale.

Soap and Cosmetic Labeling: How to Follow the Rules and Regs Explained in Plain English
https://www.amazon.com/Soap-Cosmetic-Labeling-Explained-English/dp/0979594561

Good Manufacturing Practices for Soap and Cosmetic Handcrafters
https://www.amazon.com/Good-Manufacturing-Practices-Cosmetic-Handcrafters/dp/0979594545

It's also highly recommend to carry liability insurance. Indie Business Network offers $1,000,000 and $2,000,000 plans. You may also find better rates through your own searches.

Great advice here. For me, focusing on what you want to say takes care of any nervousness. So choose a short message you really believe in and use the little time you have to dress it properly, for which I recommend this book: http://www.amazon.com/Made-Stick-Ideas-Survive-Others/dp/1400064287 but there are free summaries online.

A lot of people would kill to be in the position you are in. You have an opportunity to model a business by simply copying one of the most successful businesses in history. Starbucks. Which was started basically by one guy and now is worth more than most small countries. If you can replicate even 80% of what they do you have a very high chance of success.

> step back, bring on a co-founder who is willing to be the operating owner who can run the day-to-day

pipe dream

Instead, implement systems and hire managers.

recommended resources

https://www.restaurantowner.com/

http://www.audible.com/pd/Business/The-E-Myth-Revisited-Audiobook/B002V1LGZE

https://www.amazon.com/Personal-MBA-Master-Art-Business/dp/1591845572

http://www.audible.com/pd/Business/Critical-Business-Skills-for-Success-Audiobook/B00UY842O8

https://www.amazon.com/Pour-Your-Heart-Into-Starbucks/dp/0786883561/

So stop being a pussy and get back to work.

I use GV in conjunction with this little box for my small business.

https://www.amazon.com/OBi202-2-Port-Adapter-Support-Service/dp/B007D930YO/ref=sr_1_2?s=electronics&ie=UTF8&qid=1520529020&sr=1-2&keywords=Obihai

I have 2 GV numbers, so I have two lines to my business. I have it set up so if line 1 is busy, it rolls over to line two. Pair this with a two line phone system (I recommend Panasonic cordless) and you have more then enough for a small business. I also point GV to my cell phone, so I can take calls after hours, or if my business internet goes down, I can still take business calls.

The best part, is once you buy the hardware, there is no monthly fee. Im going on 6 months usage and its been rock solid.

Hope this helps.

look into the following book. Learn a little about the industry first before you move forward. I definitely applaud you for wanting to move forward, but gain a little knowledge before moving forward. I see you deleted your OP. you can DM me if you want.

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https://www.amazon.com/Real-Estate-Investing-Calculations-Depreciation-ebook/dp/B077ZFNZKN

You have to be a good supervisor first. Something like this can be hugely helpful: https://www.amazon.com/First-Time-Supervisors-Survival-Prentice-Hall-Development/dp/0130440663/ref=sr_1_fkmrnull_1?crid=F2UU6MXA2V85&keywords=first+time+supervisors+survival+guide&qid=1557218811&s=gateway&sprefix=first+time+supervi%2Caps%2C159&sr=8-1-fkmrnull

[The Hard Things About Hard Things] (http://www.amazon.com/Hard-Thing-About-Things-Building/dp/0062273205/) by Ben Horowitz would be a useful book to be sure that the life or reality is often way harder than it is explained in business books. It is a useful reading for business owners in general.

The way I see it; it sounds like you have a staff member abusing your lax policies and shouldn't work for you.

Jim Collins says "Your people are not the most important asset to your company, the right people are" and I couldn't agree more.

Ask yourself, if he quit today would you be relieved?

Would you hire this staff member again if given the opportunity?

I recently listened to the book Built to Sell, and it was really interesting how once the guy learned to set up the business correctly, actually with the aim of selling it, it no longer was as important for him to sell it. I found it very insightful, and it also has some points in there of how companies are evaluated and how they can be adjusted to increase their value and what options he had to find a buyer.

The Hard Thing About Hard Things -- Ben Horowitz. GREAT as an audiobook.

Traction: Get a grip on your business -- Gino Wickman. Good for unknotting the reasons for constantly stalling out on progress. It's meant for large offices, apparently, but even my little office benefited since the habits are universal.

The Obstacle Is the Way: The Timeless Art of Turning Trials into Triumph -- Ryan Holiday

Ben Horowitz's The Hard Thing About Hard Things does a great job of giving real business examples and the mental strain they can cause. While these occurred at tech startups, I think the lessons apply to any business.

It's tough to delegate and let go but it's the only way to grow. Especially if she wants to sell the business down the road. No buyer wants a business where the owner IS the business.

I would recommend this book if you can spare the $12 and hour or two to read it. It's a really quick and easy read but will get you both thinking in the right direction.

http://www.amazon.com/Built-Sell-Creating-Business-Without/dp/1591845823

Sounds like he read Built to Sell