Always document, always have a probation period and extend it if needed

Small & boutique is what I’d do. Low sales, high margins.

I’ve owned a cookie business for 40 years, I would never ever ever charge friends and family full price. You send them the price list and offer a certain percentage off. Don’t forget in big, bold letters what your custom cookie surcharge is along with required lead-time. Itemize the invoice so they see their discount. If you’re not making money with a reasonable discount, your pricing is off. I completely understand though, it’s the expectation that’s frustrating.

With that said, you’ve got to get used to it, it will never end. When I go to our bank, I always get asked, “Did you bring cookies?” I don’t bring them every time, just when I feel like it. It’s a good problem to have and you’ll eventually embrace the fact people are eager for your arrival, no one is excited to see a proctologist

Many employees feel they should be paid by how long they’ve been there, not for their performance. Constantly you see in Reddit, “I’ve worked here longer but this new guy gets paid more than I do!”. It’s important that employees know what it takes to get them higher pay and they need feedback when they fail to do it. Also, don’t forget, most businesses don’t need ALL employees to be high-level, high-performing and highly paid. You’ve got entry level positions, mid and high positions. If there are no mid or high positions available to promote you, you should expect some low-level turnover

Absolutely normal, not a red flag. Employees are free to leave at any time, you aren’t going to be able to put a provision in the contract that says “if X number of employees leave, the contract is void”.

On day one, I suggest offering an employment contract to key employees (managers and high producers) that states they will get a bonus if they stay for one year or a length of your choosing. Beyond that, it’s up to you to keep a stable and good work environment. But, to be honest, if all the employees are in their 60s and 70s, they’re not staying long anyways

I had a lawyer friend say that I’m lucky because when I go on vacation, the company still continues to have sales and make money. But, he can’t bill clients while he’s gone so he loses money if he takes too many vacations. I replied with, “You get to take vacations?”

Hiring someone responsible to run the company while you’re away is a huge step when owning a small business. Unfortunately, that responsible employee can come with a big price tag

I had a lawyer friend say that I’m lucky because when I go on vacation, the company still continues to have sales and make money. But, he can’t bill clients while he’s gone so he loses money if he takes too many vacations. I replied with, “You get to take vacations?”

Hiring someone responsible to run the company while you’re away is a huge step when owning a small business. Unfortunately, that responsible employee can come with a big price tag

It doesn’t matter who’s fault it is, you still must abide by your state laws in regards to paying employees. To emphasis the seriousness of the issue, create a legal form the employee must fill out and includes the consequences of timecard fraud which is a criminal offence and carries a ___ year prison penalty (My state is 3 years). The employee must sign and date the form “under penalty of law” or similar nomenclature. You may also give the employee a written warning to sign which will give you backup if you need it in the future

You should only risk what you’re able to lose.

Only take equity investments from people that have the skills or trade contacts to help grow your company.