Small Business Owners Thread

Aychamo BanBan

Aychamo BanBan

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So, I'm looking at starting a small business, less than 5 employees, all with different pay, roles, etc, soon. It will be a build out in a strip mall that has just finished construction. I have millions of questions, but I have to do this. I'm hoping with this thread we can all talk to each other and share experiences and advice.

My first question, what HR/benefits/scheduling software stack are yall using? I've been looking at Zenefits and Gusto. I want it to be able to do everything, payroll, taxes, benefits, employee scheduling, etc.

My second question, whats a good resource for all the different insurances you need, not related to the business but just for owning a business, such as the person that walks in and falls in your premise and wants to sue you.

My third question, S-CORP?
 
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Kiroy

Kiroy

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Falxy-US said:
So, I'm looking at starting a small business, less than 5 employees, all with different pay, roles, etc, soon. It will be a build out in a strip mall that has just finished construction. I have millions of questions, but I have to do this. I'm hoping with this thread we can all talk to each other and share experiences and advice.

My first question, what HR/benefits/scheduling software stack are yall using? I've been looking at Zenefits and Gusto. I want it to be able to do everything, payroll, taxes, benefits, employee scheduling, etc.

My second question, whats a good resource for all the different insurances you need, not related to the business but just for owning a business, such as the person that walks in and falls in your premise and wants to sue you.

My third question, S-CORP?
Click to expand...

is it retail? my advice would be to not hire employees until you absolutely need them and you (and your wife?) do all the work.

as much as I hate intui, we started with quickbooks and quickbooks point of sale because it's cheap, easy and for the most part, it works. We have 6 employees now and still use it for everything. I'm not sure what you're doing but again, I wouldn't even be thinking about benefits right now

As far as insurance, just call whoever you already do insurance business with and tell them what you're doing and they'll have a product for you. Your landlords may also require some additional stuff but that will be in your lease and your insurance company will know what it is even if you don't.

The s-corp question is up to your accountant, but we filed as a strait llc for a few years until our draws were big enough so it made sense to file as an s-corp.

Last but not least, don't start a business in any metro areas.
 
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Oblio

Oblio

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Kiroy said:
is it retail? my advice would be to not hire employees until you absolutely need them and you (and your wife?) do all the work.

as much as I hate intui, we started with quickbooks and quickbooks point of sale because it's cheap, easy and for the most part, it works. We have 6 employees now and still use it for everything. I'm not sure what you're doing but again, I wouldn't even be thinking about benefits right now

As far as insurance, just call whoever you already do insurance business with and tell them what you're doing and they'll have a product for you. Your landlords may also require some additional stuff but that will be in your lease and your insurance company will know what it is even if you don't.

The s-corp question is up to your accountant, but we filed as a strait llc for a few years until our draws were big enough so it made sense to file as an s-corp.

Last but not least, don't start a business in any metro areas.
Click to expand...
As a Small Business Owner I approve this message.
 
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Sanrith Descartes

Sanrith Descartes

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You dont provide a lot of info.
Type of business?
Why do you have a set number of employees to hire already? Do you already have that many POs or committed volume to justify.
Urban/rural?
Why a new strip mall vs one that is desperate for tenants?
Who wrote out your business plan and did your financial models?
Are you taking on debt to open the business or self funding?

I dont want to give much advice until I have some more details. This generic stuff I will add...
1. Expenses are the Debil. I dont care if it seems insignificant. Expenses are NEVER insignificant.
2. You really need to weigh out the costs of back office staff (bookkeepers/HR/etc). It may be more advantageous to I-9 a bookerkeeper 10 hours a week.
3. The vast majority if businesses spend years or decades doing nothing more than making a paycheck for the owner. Scaling beyond that is painfully difficult.
4. Employee theft is second only to expenses as the biggest way to get ass fucked.
5. Speaking of employees, no one cares about your money as much as you do.
6. Ask yourself if in the current environment its the best time to open your particular business venture. Economics are not currently on your side.
7. Do you or anyone in your family have a business degree or experience owning a business? It is truly one the ugliest "you dont know what you dont know" environments there is.
8. As an owner of 3, soon to be 4, businesses I salute you. There is nothing like the entrepreneur spirit.
 
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Tmac

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Got approval for a USDA federal contract about a month ago and we're having a meeting tomorrow to discuss getting certified via FedRAMP.

Pretty cool!
 
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Izo

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Tmac said:
Got approval for a USDA federal contract about a month ago and we're having a meeting tomorrow to discuss getting certified via FedRAMP.

Pretty cool!
Click to expand...
Are you @Falxy-US ’s partner? What are you selling, bunghole pics and fentanyl?
 
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Tmac

Tmac

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Izo said:
Your info and chip implant rights. We all do? What’s your connection to Falxy’s business, given this is his thread?
Click to expand...

Oh shit. I was under the impression this was an FOH thread.
 
Borzak

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I have less than zero to add. Just poking in and reading this thread is interesting. Talk of business plans and such. Never took a business class.
 
Izo

Izo

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Borzak said:
I have less than zero to add. Just poking in and reading this thread is interesting. Talk of business plans and such. Never took a business class.
Click to expand...
Tell us about your small business then?
 
Borzak

Borzak

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Izo said:
Tell us about your small business then?
Click to expand...

Don't have one anymore. Just curious in what others were saying. A lot of places I've done work for and with are in "protection" mode right now for the most part.
 
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Izo

Izo

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Borzak said:
Don't have one anymore. Just curious in what others were saying. A lot of places I've done work for and with are in "protection" mode right now for the most part.
Click to expand...
This thread is really going places.
 
Intrinsic

Intrinsic

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No idea where to actually post this, so may as well necro an Aychamo thread...

My banking institution that handles my business account has asked for justification on a series of transactions. I'm not hiding anything but also not enthused about providing a bunch of details that really should be no one's business. Basically it is just the client paying me for invoices and then me moving that out as an owner distribution and payroll to myself to my brokerage account.

Here's the email I received from them:

As such, we are reviewing the transactions listed below:

Transactions
  • April 13 2023 - Transfer from :emoji_nose:Client:emoji_nose: for the amount of $XX,XXX
  • May 08 2023 - Transfer to :emoji_nose:Brokerage:emoji_nose: for the amount of $XX,XXX
  • May 12 2023 - Transfer from :emoji_nose:Client:emoji_nose: for the amount of $XX,XXX
  • June 08 2023 - Transfer to :emoji_nose:Brokerage:emoji_nose: for the amount of $XX,XXX

Please answer the following questions by responding directly to this email:
  1. Please advise the purpose of the transactions and purpose of the account.
  2. Please advise the source of the funds and wealth of the incoming transactions.
  3. Please provide additional details relating to incoming transfers from :emoji_nose:Client:emoji_nose: What services and/or goods were provided?
  4. Please provide the following documents for us to validate the aforementioned transactions:
    1. Any contracts or invoices for services/goods provided to :emoji_nose:Client:emoji_nose:

My initial reaction is to answer:

1. Business
2. Client payments for invoices (i have no idea what "wealth of the incoming transactions" means)
3. Consulting services
4. My contract is between my business and my client so piss off
 
Tmac

Tmac

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"No", should suffice.

No Way Mac GIF by It's Always Sunny in Philadelphia
 
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Tmac

Tmac

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Intrinsic said:
No idea where to actually post this, so may as well necro an Aychamo thread...

My banking institution that handles my business account has asked for justification on a series of transactions...
Click to expand...

Actually, just don't respond at all.
 
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