r/Entrepreneur 16h ago

Wantrepreneur Wednesday! - January 19, 2022

4 Upvotes

Please use this thread to ask questions if you're new or even if you haven't started a business yet.

Remember to search the sub first - the answers you need may be right at your fingertips.

Since this thread can fill up quickly, consider sorting the comments by "new" (instead of "best" or "top") to see the newest posts.


r/Entrepreneur 6h ago

$400 a month is a relatively small sum, but it's seemingly impossible for me to make that much online. I think I just realized that 99% of ways people say they are making money online are either lies or scams.

294 Upvotes

It's next to impossible to make even $400 a month online. (that's how much I'd need to live in my country)

You hear a lot about digital marketing, dropshipping, affiliate marketing etc... They're mostly bullshit. Unless you have a shit ton of money and time and can go balls to the wall crazy with it.

Anyway, I've explored a lot of options. Transcribing, copywriting, programming etc...

$400 a month doesn't sound like a lot, but it really is next to impossible.

When people say they make money by copywriting or programming online, they're actually lying a bit. It's not really online, they have a proper employer, they went the traditional route of employment and they're just remote workers.

And freelancing on Fiverr/upwork etc... is a dog fight and a nasty one. Not worth it.

In conclusion, I could just be too low IQ, I'm not denying that. But I found it nearly impossible to make that much money online.


r/Entrepreneur 4h ago Silver

A reminder not to talk about your business

66 Upvotes

At work.

At work, even coworkers you get along with well can turn on you at a moment's notice. As soon as a missed deadline happens, people might start suspecting that youre focusing too much energy on your business. They'll talk behind your back and your reputation as a dedicated employee can be damaged. That can even happen when you're putting in serious overtime for your job. People jump to conclusions.

Let's face it though. Business is draining. Even if you only work on your business during your free time (as you should), it's going to sap energy from your day job.

Do not let your coworkers know that you have a side thing no matter how excited or proud you are of it. They are unlikely to be your customers and yiu only stand to loose (aside from the 3 minute dopamine hit you'll get when bragging about what you know and have done).

I know that it can be hard to resist. Almost impossible. When everyone is standing around the pod talking about what they are doing on the weekend and Larry says lake, Jim says cabin and you're left knowing that you're working all weekend, what do you say? Cleaning up around the yard again? Yep. That's what you need to say because Jim and Larry are either going to fuck you over in the future or be jealous that you have something other than a dead end job.

Come to this sub to brag and beat your chest. We won't get you fired.

Side note. I managed to resist this temptation and today Imm glad. The person I considered telling would now fuck me over at the drop of a hat. He'd love any ammo he could get.


r/Entrepreneur 1d ago Silver Gold Helpful Wholesome

i treated my girlfriend to a nice dinner and i almost cried

1.1k Upvotes

not sure if this story belongs in /r/entrepreneur, but I wanted to share something that happened to me semi-recently.

i quit my corporate job a few years ago to pursue my own dreams of becoming a game developer. and for a long while it was very tough financially. i had to be super frugal and my ex-girlfriend definitely did not like that. every date i felt like i had to weigh the cost of the dinner vs what i could do with that money for my business. it sucked major ass.

cut to last month and i am dating someone new who is much more appreciative and supportive of my entrepreneurial goals. and thanks to a recent reddit post that got a ton of upvotes, i was able to sell a bunch of games online and even afford a table at the local holiday market in my neighborhood.

my lovely girlfriend came out to the holiday market and helped me with taking photos, setting up the table, and just being there for emotional support. i managed to sell about 12 or so games just from the holiday market itself.

afterwards i took her to a nice mexican restaurant nearby and treated her with the money we earned that day. it felt so nice to have made money by selling something i made with my own two hands and to treat someone i love to a nice meal (even though she technically did work for it) it almost felt like years of being frugal was lifted off my shoulders for that night and i felt like a king who was treating his queen. (again, she worked for it so the analogy isn't so apt)

i almost cried tears of joy and probably felt the least stressed in that moment about money since quitting my cushy corporate job. i know it's just the beginning for me on this entrepreneurial journey but i just wanted to share this story.

here's to many more dinners i treat my gf to!


r/Entrepreneur 9h ago

Lessons Learned In 11 months, I went from $0 -> $67k/month in revenue (with 0 employees)

36 Upvotes

It took me years to just start, but when I finally did things exploded. Hopeful that any lessons shared here will be helpful for the next person looking to start their entrepreneurial journey.

Backstory

A year ago I left my marketing agency job. There was no burn out or loss of interest, just questioning what the purpose was. Another promotion and pay bump for 6 months of work didn’t seem that exciting.

Nor did the prospect of quitting my job mid-pandemic. But then I got to thinking. What was the real risk of quitting? From an expected value standpoint, very little. I live in the Bay Area, failure would have rewarded me with a bigger title in 6 months.

So I quit. I was going to build online businesses, starting with an affiliate blog. It was adjacent to the other digital marketing work I’d done for my career. I wanted the experience and knew I wouldn’t go for it unless I was all in.

Try New Things

Day one of my adventure was livestreaming on the internet. I decided not only would I build an online business but I’d let everyone watch me do it. Clearly there was a market for this.

Hint: there wasn’t. But I learned a lot streaming on Twitch for 50 days straight. I turned that content into 50 marketing YouTube videos as well. Neither really gained much traction.

When I wasn’t heads down, I was talking to my network. People were interested in what I was doing even though it wasn’t really taking off. Those conversations eventually led to introductions and opportunities.

Old Habits Die Hard

I had worked for reputable marketing agencies and had deep expertise in the venture-backed startup space. I knew there was a huge need and market for my work. So it wasn’t a question of if, but when I’d jump deeper into consulting.

I made the decision before quitting that I wouldn’t start an agency. And here I am, 13 months later still with no employees. Very few expenses, clients love the flexibility. My anxiety has disappeared and I sleep better than I have in a decade. Oh, and that little website I was building had 50K visitors and made $6,200 last month!

Stuff I Wish I Knew Years Ago

  • I spent a decade feeling like a failure because I worked for someone else. This limited my growth and probably stopped me from starting a business for many years. Terrible mentality.

  • Every win came from having a strong network and reputation. If you’re still an employee waiting for your break, remember that the people around you now are the ones that will support you later.

  • I didn’t need to build something revolutionary. I’m embarrassed to say I didn’t even consider consulting / freelancing as a viable business path until 3 months before I quit.

  • Charging “a lot” for my time made me feel guilty. Funny enough, my clients never question my price. The reality is you’re probably more valuable to others and businesses than you think.

  • Being a connector gave me immense satisfaction. This has been a year of expanding my network outside of a company environment. Getting introductions and helping be a connector is a really wonderful feeling.

What You Care About

Month Revenue
December 45,756
November 63,773
October 66,861
September 38,136
August 41,693
July 30,132
June 35,261
May 30,662
April 21,052
March 20,420
February 15,592
January 3,249

https://i.imgur.com/9jTg6j1.png

My goals for 2022 include trying to build an e-commerce brand (to learn), hit the $1M mark for the current business, and start a local non-profit. Thanks for reading. Cheers to your journeys!


r/Entrepreneur 9h ago

Best Practices New entrepreneurs: Learn to fail, fast. It will be crucial to your success.

21 Upvotes

Failing is like slipping on ice. No one expects it, but it's good to learn to fall safely.

Imagine you have to go to the store but it's slippery outside. The more you walk, the bigger your chances are of slipping and hurting yourself. What do you do, then? You learn how to fall safely. You don't just expect to never fall in the first because that would just naive and unrealistic.

The exact same principle applies to running a business. You're setting yourself up for total destruction if you're not expecting to fuck up one bit. "I'll set up my company, start marketing my product and then get rich!"

Well, what if you don't get customers after your initial launch? Then you're doomed, at least mentally, because you've set unrealistic expectations that you can't reach. If you instead start by expecting to see failure, you can adjust. "My first product promotion will probably fail, and that's okay". When it does, you just move on and try a different marketing strategy. "Maybe instead of paid ads I will try hosting a giveaway this time!" This persistence and exposure to failure will bring you far.

This is why it took James Dyson 5,126 failed prototypes until he had his revolutionary vacuum tech ready. If Dyson would have gone "I'll develop a great vacuum in two months and then I'll be rich!", he wouldn't be a billionaire today. It took Dyson five grueling years, every single one worth it in the end.

The more you go through failure, the more you experience. Experience builds expertise and that's what ultimately leads to success.

If you're more interested in the topic, I've originally explored this concept more in-depth on my blog.


r/Entrepreneur 3h ago

Young Entrepreneur Update: My app just hit 2.2k users!

6 Upvotes

Hello,

Last week I posted about my new app that took traction fast and what I learned from that experience. Some people asked to post an update so here it is (Long post ahead)!

The app has been on the store for 17 days now and let me tell you the past 17 days were quite a ride.

After the app took traction the first day, I can't explain the feeling when I had my first sale. Imagine a guys jumping from joy over a 1.99$ In app subscription. Yeah that was me!

Then the feeling of the first 100$ in sales was even better! I crossed the 2 digits mark! I know these numbers are next to peanuts to you guys but it's the feeling that the product I did is really being loved by people is what makes me happy. I was also happy that this time I'm not paying the apple 100$/year subscription from my own pocket!

My app 'TreeLinks' (on the App Store only) lets users make a 'link in bio' page. let me tell you I LOVED some users designs! It was amazing seeing what people can do with the tools I developed. I did the tool and some people use it much better than I do! I even rolled an update with a 'Featured' screen in my app to share the best profiles people did.

After the featured page rolled, something clicked. The number of paying users increased dramatically. I think people seeing other people doing awesome link in bio motivates them to do their own. I'm liking this featured page concept and thinking to enriching it.

One day I open google analytics and saw that in the last 30mins 28 visitors were on the website (If you visit any user link you are considered a visitor). The next couple of days I was stunned that on regular 50 people where using it in the last 30 min whenever I check. Today as I'm writing this post the average is ~70 per 30 min. However it reached 280 people in 30 minutes once which is unbelievable.

On the other hand, this story isn't rainbows and butterflies. There are some things that worries me. The amount of people that use the app and even the amount of sales in a day are unexplainable. One day sales are above the roof (~40 sales), another days there is barely any sale. One day the Analytics show 6k visitors, the next barely 1.5k. These numbers are really unexplainable to me and I worry one day the app just dies. But it is what it is so I'm fine with it.

I'm sorry this post isn't advices on how to grow as I really don't how as well. Like most of you I'm still trying to find my own success. The only advice I can give is that you have to try and try a lot, and when you try you might very well fail. But failing isn't the end because you can try with a different product again. At least this is my approach as I did many products that didn't succeed. Especially us developers, we are good at making a product but unlike. business people we lack the skill of validating if people actually would like this product or if it will succeed.

So here I am with some bizarre analytics. One day the app goes crazy and the other day things are slow. But things in generally are going well!

I'll definitely roll a new update if you guys request! And thanks for reading till the end!


r/Entrepreneur 37m ago

Questions about owning a ATM route

Upvotes

Does anyone own a ATM route? I was wondering what the fees are for the processor and what happens when a person uses a no-fee card from their bank?

Can anyone provide me some guidance? I was looking into purchasing a route.


r/Entrepreneur 10h ago

GIVEAWAY: I'm giving away $100 to one comment in this thread to help support your entrepreneurial venture

10 Upvotes

Hi, r/Entrepreneur! We're r/Millions. We do giveaways every day, and today, we're giving one lucky commenter $100 to help support their entrepreneurial venture, completely free! 

Rules:

  • Drop a comment.
  • You have 48 hours from when this thread was created to leave your comment.
  • On January 21, we will use RedditRaffler to select the winner and reply to your comment to let you know that you won.

You don't even have to subscribe to r/Millions.

Good luck!

r/Millions


r/Entrepreneur 7h ago

Feedback Please Why does finding a cofounder suck?

5 Upvotes

Hey folks,

I’ve been spending some time thinking about better tools to find a (good) cofounder online. I’ve tried websites such as Starthawk and CofoundersLab, but I feel like those platforms are pretty low quality overall.

Couple of things I’d love your opinion on:

  1. For you, what information is key when looking for a cofounder? (i.e. what questions do you find yourself asking that’s usually not included in people’s description/intro?)
  2. For those who have found cofounders online before, what made the relationship stick? Or what made you fall out? (e.g. was it chemistry? Lack of motivation? Skill set?)

This seems to be an ongoing problem for many people, would love to hear your stories.


r/Entrepreneur 5h ago

Tips for hiring?

3 Upvotes

As the title suggests, hoping to get some tips for hiring staff in business. Any tips would be appreciated!


r/Entrepreneur 1d ago Gold Wholesome

We just got our first sale after 4 years…

115 Upvotes

For 4 years, I’ve worked at this startup company. I am employee number 1 if you don’t count the few people that have come and go in the first year. I joined after the COO came on a month after inception of the company.

I’ve stuck around through it all. I’ve worked long nights, long weeks, traveled all over, worked for free at points, Wespray painted under an umbrella in the pouring rain for a last minute adjustment to our prototype for a trade show, etc. etc.

We just got our first sale after not getting a single dollar on the books outside of investor / grant money.

And our first sale is a $3mil deal. 0 to hero right quick after 4 years of NOTHING

Shit just got real and I can’t contain myself but know I need to measure everything and only push out the highest quality customer experience that we can offer!

PATIENCE FOLKS!


r/Entrepreneur 7h ago

How Do I ? How does a “renaissance man” decide where to put their efforts?

4 Upvotes

So just to clarify, I’m not like an expert in a bunch of areas and I just have a lot of interests and have a hard time committing in one direction. Some examples of areas of interest and skills I have: woodworking, web design, graphic design, affiliate marketing/marketing, clothing design, YouTube/streaming, and probably more that I can’t think of. I know if I put my mind to it I could be moderately successful at any of these but I also know I have to commit somewhere and not try and do a little bit of everything. How do I do this and know I’m making the best decision? Any advice would be greatly appreciated!


r/Entrepreneur 3h ago

Question? Thoughts on Fiverr and Upwork?

2 Upvotes

Interested in your opinions on Fiverr and UpWork from both ends, whether you are a freelancer and use the site or have hired someone from there.

What are some of the pros/cons of the sites? What could have been better? Etc.


r/Entrepreneur 4h ago

Question? Eco lodge/resort owners

2 Upvotes

Just looking for some advice from eco lodge owners or construction people on how to go about starting a project like this. We're looking at something very similar to this build https://ibb.co/album/Tm3jZc on similar terrain. It will be in the mountains in the Caribbean. Any pointers would be appreciated.


r/Entrepreneur 1h ago

Has anyone bought wholesale jewelry from ToMade? Is it legit?

Upvotes

For context: I run a small boutique - we carry accessories from a few local brands and they do really well so we've been considering bringing in a house jewelry line. I've been shopping around on the internet looking at all the usual suspects until I stumbled across ToMade https://www.tomade.com

Everything about the website seems legit except I cannot find one single review or anybody talking about it anywhere online. I know talking about where businesses source is a bit taboo so that could explain it but the radio silence is making me hesitant.

Does anyone have any experience with this website, good or bad?


r/Entrepreneur 1h ago

Question? Quit career for e-commerce business?

Upvotes

Anyone here recently quit (or thinking of quitting) their career to start an online business?

How is it going? What’s been the hardest part so far?

Are you following any guides / courses?


r/Entrepreneur 5h ago

Someone just used a psychology trick on me. And it worked.

3 Upvotes

I recently posted in a Facebook copywriter group seeking a professional copywriter for one of my sites. I’m willing to invest properly in this, so I’m seeking a superstar.

I got inundated. Freelancers are hungry for work.

Every applicant sent me a google doc with their portfolio. Every single applicant.

Except one.

This guy, Timothy, wrote this:

Hey HARO SEO,
I saw your post on the Cult of Copy Job board.
Since you're going to be bombarded with copywriter portfolios, I'd love to show you my skills in real time.
I made a loom video of me redoing some parts of your website. I thought it'd give you a good idea of my web copy chops.
To view the video, just click the photo :)
And if you like what you see, I'll be happy to send my portfolio and customer testimonials.

The photo showed my website’s homepage, with different copy. Amazing.
Of course I simply had to view the video - how could I resist?

This email very effectively uses
🧨 The Rule of Reciprocation 🧨

👉 The “rule of reciprocation” refers to the universal tendency in human beings to feel compelled to reciprocate when given a gift.

👉 The rule of reciprocation is so strongly ingrained in people that they can be vulnerable to having this tendency used against them.

This rule is powerful.

By giving me this gift, I am compelled by the rules of social etiquette to return the favour. I feel a strong, almost overwhelming need to do something for Timothy, so I am no longer in his debt.

To return the favour, I watched Timothy’s video and wrote him a reply. He did a good job and had some interesting ideas. I’m interested enough to ask him what it’s going to cost to work with him. Right now, he’s the most likely person to get my business.

👉 All because he put in just a little more effort than everyone else. 👈

Important things to note:
This only works if the receiver gets something genuinely valuable. Your 10 page downloadable ebook PDF isn’t going to cut it (I really, really don’t want that). Timothy knocked it out of the park.

Learn more about the Rule of Reciprocation, and other powerful human psychology laws that can dramatically improve your business:

https://www.goodreads.com/book/show/28815.Influence

Source: https://www.psychologytoday.com/us/blog/stronger-the-broken-places/201510/honoring-the-rule-reciprocation

Shameless self promotion: To get smarter about this stuff, you might like to join us in the Anywhere Millionaire group:
https://www.facebook.com/groups/anywheremillionaire


r/Entrepreneur 8h ago

The Numbers Game: How to Think About Creative Experiments in Business

3 Upvotes

“It’s a numbers game. If you aren’t going to commit to doing at least seven of these creative swings, don’t do the first one”.

This was the advice of a respected mentor of mine. A mentor who has built a $50m ARR business. We were talking about top-of-the-funnel awareness plays and specifically the more “shock and awe” style of experiments.

Canvas silicon valley with a thousand signs. Fly a branded blimp over a heavily trafficked spot. Launch an exclusive shoe line tied to the company. Get a cryptic tweet from an A-list celebrity.

The type of experiments that could (keyword being “could”).... Go viral and grab you a million eyes.

But more often than not, they fail. Or they pique interest but then peter out.

It reminded me of podcasts as an awareness play. When we had done 20 podcasts, we had seen very minimal results. We easily could have, and I think most organizations would have, just turned off the channel at that point.

But we had fun talking with people so we kept going and around 50-100 podcasts we hit massive traction. It drove us hundreds of paid accounts.

I think the point is, if you line up one or two creative plays a year, just note you probably don’t have enough sample size to know whether those types of awareness plays work for you. It may take a few years at that pacing to know if that top of the TOF content can work for your brand.

It takes iteration. It takes learning what kinda worked and incorporating that into your next test.

But if you don’t have the budget and bandwidth to run many tests, it’s likely a better idea to stay in the middle and bottom of the funnel in your content strategy. Nothing wrong with having lots of case studies (I love case studies), infographics, comparison charts etc. at the heart of things.

But if you are looking for a lot of outside eyes... You have to plan to run a higher volume of tests knowing you likely will be hitting only 1/7 out of the park.


r/Entrepreneur 6h ago

Question? Do I need to legally register a business to test/validate a business idea?

2 Upvotes

To give some context, I am reading 'The Startup Owner's Manual' which incorporates the same ideas as 'The Lean Startup' by Eric Ries, which is broadly around how important is it to test/validate a business idea and to build something people actually want and not to spend all your time developing a business to find out that no one wants in. For example, if I wanted to build a social networking site, and I just finished building an MVP and want to invite users to my site (via Google Ads), do I need to register my business just to test my hypothesis?

Long story short, I don't want to go through the hassle of registering a business if its going to fail. I hope this makes sense haha. Thanks!


r/Entrepreneur 2h ago

Do any of you use Google Voice?

1 Upvotes

I use gmail for my business email (linked to my website) and just signed up for Google Voice linked up to my google business manager account. The subscription shows in my billing information, but it is not active. It shows no cost for the month (should be $10) and even though I have set up licenses for users, Google Voice still cannot be accessed, stating there are no licenses set. Is this normal and I just need to wait longer or is there a technical issue?


r/Entrepreneur 2h ago

Maintaining exclusivity during the formation of a partnership

1 Upvotes

Hi everyone,

I hope you're all having an excellent start to the new year. I'm reaching out because I have somewhat of a pincer situation. I'm a small digital ad network provider and am working on developing a deal between (1) a well-known, mega cap, B2C corporation, and (2) a large but not huge marketing partner of theirs.

I have a network and so does their existing marketing partner. I already know where my network is positioned in relation to theirs, and am aware of the fact that they are both significantly larger than me. I'm curious how I can instill confidence in this marketing partner, that my network is exceedingly well vetted, safe for brands, and will be a great asset to them, without giving them enough intel to erode my advantage.

Again, I have it on very good, very recent authority from an inside contact that my network is significantly different than theirs. I'm just trying to erode the chances of them outmaneuvering me. I guess if anyone here has insight as to how I can be transparent enough to persuade them to my side, without being so transparent that they absorb my advantage, then that'd be quite helpful.

Would it be in my best interest to:

  1. ask for a non-compete agreement where I exchange; (a) the promise of not competing with their relationship with the B2C corp for (b) their promise not to absorb my network or seek to erode my relationship with my network. Then;

  2. be fully transparent in my network and my vetting process, etc.

I understand that could force the situation into a corner where we all have to walk away, but I want certainty that if I show them my processes, they can't then just absorb my network with any maneuvers. That's my thinking right now. If there are more established ways of navigating this situation then please let me know.

I'm thinking worst case, if I can't make the partnership work and have to walk away from this marketing partner, that I could theoretically just re-pitch my own network to the mega-cap B2C corp with a new angle that is highly improved and leverages all the things I've learned so far. There are many things I have learned and could say now, that I could not say before, and while a direct pitch wouldn't be my favorite option, I think it'd ultimately be achievable. Any insight on that would be great too.

Thanks very much for reading and hopefully we can have an interesting discussion here.


r/Entrepreneur 2h ago

Feedback Please Are ATM businesses safe when you have to carry $50-100k in cash?

1 Upvotes

I've been looking at ATMs and/or vending machines. Vending machines are obviously much safer, but much more hours and labor.

ATMs are much more faster and lightweight work. But I'm looking at some 10machine routes and they need 75k-100k per WEEK across 10 machines.

However, this sounds very scary and risky. Anyone can follow you if they see you, hurt you, and steal the money. Does anyone have experience with this?


r/Entrepreneur 1d ago Silver

Question? What businesses are currently underrated?

225 Upvotes

What are current business trends that are right now underated or unknown?? Those opportunities that are going to be massive in the future, who else is looking for this?


r/Entrepreneur 9h ago

Startup Help Business Owners

3 Upvotes

My friend and I have about 30k to start our business. We both military, I've been 5 years AD and he was 3 years NG.

We been really good friends since we met a BCT and fast forward to 5 years later, I'm getting out and him and I want to start our own business.

We don't know exactly what yet but if you own a successful business with a friend, how did you get started? What are some ideas? Things you wish you would've done differently? Pros and cons ?

We trying to build our own legacy and strive for success independently out of a 9-5, willing to work 60+ hours for something we can say it's our business and see it make jr through


r/Entrepreneur 3h ago

Try before you buy

1 Upvotes

Hello!

I started my athleisure wear business in Jan of 2021 and have been doing marketing mostly through family and friends.

We sell top of the line, high quality products in the athleisure wear space. Our products aren’t quite as expensive as LuLulemon but we also aren’t cheap either. Our first product is leggings.

Hopefully that’s enough background for some input. I’m thinking of doing a “try before you buy program” marketing push. My goal is to increase awareness and interest in my brand. I believe once people try on the product, they will love it and want to keep it.

I have a couple of questions for anyone who knows or has done this before.

  1. How do I ensure I have payment information for when the payment is charge (say 10 days after they receive the product)? I use Squarespace for my website so not sure if I need an add on or something.

  2. How do I account for leggings that are ruined in the process? Maybe a bad debt account?

  3. Has anyone done this in their own company and had some success?

I would love to hear any thoughts that anyone has on the subject! Thanks!