They could’ve easily run down to the ATM quick to get a $20.
Just had this conversation this morning. Paying a business should be EASY. Why in the fuck should their EVER be a snag when it comes time to receive payment. Make that shit as simple as possible for your customers.
Lots of correct answers here.
In summation it’s just the form you give them (filled out) so they can send you a 1099 at the end of the year. You can download directly from the IRS website. I like to fill one out in Adobe and save as a PDF and that way when people ask for it I just have to attach it to an email and send- takes maybe 20 seconds.
Run it up, get as much recurring revenue as possible and sell it. Eventually your disdain for it will become apparent to your clients and you’ll then have no business.
Maybe If shitty airbnbs in the keys weren’t $500/nt you’d have some business. I’ve long wanted to visit the keys but accommodation costs are prohibitive.
LOL “I don’t know how the govt can understand how a business can survive this.”
Get wrekt. The govt doesn’t give a shit about your ATR. You took the loan, you knew the terms, deal with it or refi.
Fucking participation trophy generation at work. It IS NOT THE GOVT RESPONSIBILITY TO MAKE SURE YOU’RE OK.
I have experienced everything you mentioned. Also have/had service business. As you mentioned, we can show up for clients because we are committed to that but other tasks seem impossible sometimes.
Two thoughts:
Lol “I have no support!” Welcome to business ownership. You go out on your own because you want to do your own thing. But then you expect others to come help you or something?
If you don’t know what you’re doing why did you start the business?
You’re better off to fire them unfortunately. This is why you lay off instead of pay cut when times are lean. There are not many greater DE-motivators than a pay or position cut. If you think he’s bad at this high level position wait until you cut him down to a lower position.
If he’s a REALLY well adjusted person you may be able to have the convo with him- maybe he’s feeling overwhelmed too and wouldn’t mind a smaller role. That would be the minority of people who can handle that convo though.
Tough all the way around for sure. I feel for you.
I go with the “awww man I can’t take that!” Once and then when they insist, I take it. As another commenter said, I usually tip and I LIKE doing it. I WANT you to grab a beer on the way home. Annnnd guess who’s place gets a little extra love next time I need something?
There’s a ton of people living paycheck to paycheck in this country and I’ve been there- that $20 might be a pizza they wouldn’t otherwise get, or ice cream with their kids. Or maybe, just a cold beer.
As others have said there is a lot of diff factors but I think it’s generally true. I’ve run many different businesses and 5 years is kind of the sweet spot I’d say. Sure we prob made our first dollar of profit in year 2 but getting the business to the point it is enjoyable and actually paying real money without me having to run the day to day has always easily been 5 years.
Most everything you can think of is a business expense. If you make less than $250k you have less than 1/10th if 1% chance of getting audited. Even if you do get audited it’s not like you go to prison right away- you’ll have the opportunity to correct mistakes. Y’all gotta stop parsing out every tiny little thing in businesses.
I work in mortgages and we are absolutely positively dead. My wife works for a fairly major clothing brand and they’re slow AF too. Laid off quite a few people recently.
I’ve owned 2 mowing businesses in my life. Started one, ran it several years, enjoyed it. Got into some other businesses, got those running themselves and had an opportunity to buy a different lawn care business so I did that.
It can be a great business and for anyone looking to dip their toe in self employment it’s a great place to start. It is not hard in most markets to be the most profession outfit around. Yes it can be saturated but 80% of lawn companies are drunks who do shit work and look like they’ll rob your house. There is a company where I live called “A family thing.” I shit you not that’s the name of their lawn business. They drive around in a beat up truck missing a muffler and the both look like they just got out of prison.
I’d only take contract clients- none of this call when needed shit and I’d avoid bi-weekly people too. They want it done every other week but it gets long as shit and then YOU have to go over it twice to make it look good. As another commenter said, the auxiliary services like hedge trimming, spraying, fertilizing etc can be good money makers.
My neighbor picked up a grocery store complex/strip mall as a client and it’s pretty much his only client. He cuts the grass, plows the snow, picks up trash, prunes trees, basically anything a decent size complex needs.
You weren’t around in 2008. Plenty of people absolutely lost their ass in real estate. Ruined a lot of lives. I hold a lot of real estate and am consistently bullish on it but it isn’t just as easy as it feels like you’re suggesting. There are plenty of people on social media spewing absolute bullshit about how much they’re making in real estate and I can guarantee that 98% of it is total bullshit.
Real estate is a slow build and there are a ton of smart people in it so it’s pretty competitive. I’ve always held a steady job and then done real estate with the extra money I have. We’re almost at a point of the real estate regenerating so the job would be less critical.
I do home mortgages as a job and I see plenty of late twenty’s people with $200k+ jobs in tech. If it was me and I had their skills I’d live cheap, and just use that nice salary to build a rental portfolio. By the time you’re 40 you could easily be cash flowing enough off rentals that you could retire if you do it right. But the interesting thing about intelligence related work (as opposed to physical work) is that as you get older your effort and time contribution to work goes down but your pay goes up. You may hit 40 and have a nice rental portfolio going but also be making $300k in a nice comfy job.
I guess what I’m saying is, can you do both?
EDIT: you were around in 2008 but not old enough to register the fuckery.
Technically speaking I’d be inclined to say he’s used his vacation time when he was laid up. But as the other commenter said, if he doesn’t see it your way you’ll have a cancer on the crew. He obviously doesn’t understand the time off policy and it doesn’t sound like it’s been crystal clear either. I’d probably try visiting with him and coming to an agreement on it- a reasonable person wouldn’t expect to be out of work laid up and just get paid for 3 weeks.
Interesting question. I’d say over the avg commute time in your area is chargeable. But as others have said, if it’s not over an hour just find a way to bury it in your other services.
I’d just buy it and clean it up and become the second hand brewery supply warehouse. Where I live there’s a brewery on almost every corner. Next year there will be twice as many. I’d skip trying to repurpose it and go into remarketing it. I know where I live the online marketing for auctions sucks ass (and we are a micro tech hub here) so if you can just market your wares to a wider audience you’ll prob make good money.
You’re correct. I think the offputting part of the idea was that this dude was more likely to give a google review type critique rather than a John Taffer expert input and plan to step their game up.
I love Nathan!!!
I see a lot of crossover in your businesses so you’re kind of killing two birds with one stone. I wouldn’t recommend against it at all. I’ve always had a few things going on and it helps me when I get down about one, or bored with one. That’s the thing about business ownership- you can do whatever the fuck you want my friend! Social media marketing has been awesome to watch- the average 16 year old social media person knows 10x more than the professional social media person who is 50 years old. Not a lot of industries are that way- kudos to you for taking advantage of it.