My girl wants to start a startup selling home accessories for living rooms, bedrooms etc. We have a name picked out and everything, but nothing is live yet online. We would be based solely online, though. I bought her the equipment, and we are currently looking for better quality product to remake all our test products and get started.
Yes I am new at startups.
Yes I've never ran a business before.
Yes I have to pay someone to make a website for me.
No, I have no idea how to run an internet only business.
Can I get some advice on what to expect? Taxes, customer fraud, general business operations (just me and the girly), etc. Any advice would be appreciated.
>pic unrelated
>>1510775
the first thing to expect is failure.
retail is pathetic, you need massive sales volume to turn a profit you can live off of.
if you do get massive volume for some weird reason you can expect most of your income after expenses to go to taxes. (2/3 of you income is standard in the US if you make more than about $60k). This is because employers pay half of their employees' taxes, and being self employed you pay both the employee tax and the employer tax. So your taxes are doubled.
On the plus side as far as taxes go, you can deduct some pretty crazy business expenses from your income. So your business may very well end up paying for part or all of your house, vehicles, meals out, vacations, exercise equipment, utilities, furniture, etc.
however you actually need to be making that kind of money before your business can spend it.
then of course once you finally get that far your competitors will have noticed you and reacted by either lowering their prices and driving you out of business, stealing your product ideas and advertising them better than you, suing you out of business for no particular reason, or buying you out. If you're smart you'll take the buy out.
if that day comes.
it probably won't
because retail to the public is pathetic.
>>1510859
Ok, then what should I do to make money? How do other startups succeed then?
>>1510859
>2/3 of you income
sorry, that's closer to 1/2. I don't know what I was thinking.
self-employment tax in the US is 15%, so you take your regular tax rate (probably about 15-30% depending on income) and add 15 to it. So an upper middle class self employed person is likely to pay about 45% directly to taxes.
Does anyone have this POS textbook on pdf?
i dont have it
>>1510436
Thanks for your reply friendo
buuump
I am 19, graduated high school in June and am enrolled at UMD applied math + CS double major and making $45/hr programming remotely for a company so every month my bank account increases by $5000 net. I have no bills to pay other than my motorcycle insurance($40 a month). Whats the best thing I can do to make the best out of those $60000 in my bank account? inb4 kneepadding
>>1510224
Where you staying terpfag
>>1510224
>TFW a 19 year is old making more than a fully qualified dentist.
Invest in stable ETF funds for now, and keep 20% in a saving account in case you need liquid flow.
>>1510266
This. Keep it simple.
How do I get my app(s) up and running when I have no background in computer science and don't yet know any engineers/developers who can visualize a bigger picture other than working a secure job?
>>1510207
There are plenty of resources online that will help you learn the both the techniques and tools required to program and publish an application. Alternatively, you could always acquire funding and pay some developers.
Most experienced programmers, or even college students with the requisite knowledge, won't work solely for equity because someone out there is willing to pay them for the knowledge they spent so long acquiring.
If you're willing to learn to program and want an easy way to make mobile apps for both iOS and Android, check out ionic framework.
>>1510214
I'm guessing programming takes a long time to learn and I have lost most of my mathematics skills because I haven't used advanced math in years.
Reasonably speaking, how long would it take me to have the wherewithal to program a professional app that uses video, has upload features, has log-in, chat, sleek design, and animated graphics?
If learning to make an app isn't too viable for me, what is a reasonable amount of money and time to be expected if I have to hire programmers? Also what legal clauses should I include in the contract to better ensure one of the developers doesn't steal the idea?
>>1510239
Nevermind on the programming speed. Found out it takes about 5 weeks to learn html, css, and Javascript which is apparently all I need for ionic framework.
However, I would still be interested in knowing if I need more than me and how much money/time I should expect to sink into the app.
Has anyone done the Professional Trading Masterclass?
trader here.. took my trading classes from /biz/
>>1510206
well then ur a certified and verified fuckwit
>>1510220
>criticizing sagely /biz/ advice
>posts on /biz/
Takes one to know one
I am searching a cryptocurrency to transfer my bitcoins to.
I don't have much, about 0.85 but I plan to buy more of other cryptocurrency.
I am thinking about ETH or DASH (darkcoin)
>>1510188
What's with this old ass spread?
>>1510198
just googled smthing
>>1510188
xmr but not long term though because of inflation
martin shkreli investing class at 5pm EST
https://www.youtube.com/watch?v=w7Ut1bZcLVQ
>>1510175
is he retarded?
>Mods will never ban shrekli shitposting
Bumping he's up now
How can I make money on the side as a poor student?
(pic semi-related)
>inb4 kneepads
Internship
>>1510117
day labor
Suck dick.
Convert your school bathroom stalls into glory holes and have a little sign that says:
>For Blowjob, insert $40 and dick into hole and enjoy.
Youll make millions.
Hello, /biz/ - poorfag wageslave here.
I know asking for serious help on this site is absurd but my family is financially retarded and I can't afford a financial advisor.
I saw two lots of undeveloped land for sale near me going for $8,000 per lot. I have ~$21,000 in my 401K and $1,500 cash in my safe. If I withdraw my 401K I have to make a full withdrawal or a partial withdrawal and roll over the rest into an IRA in order to close the account since I am no longer employed by that particular employer. If I take the full payout and close the account I will have to pay a 10% penalty BEFORE the payout is taxed.
My plan was to take the full payout and close the account and use the full payout to buy those two lots, but after seeing how much the penalty is that isn't feasible - The penalty will bring my $21,000 down to less than $19,000 and then the taxes will likely bring it down below the $15,000 mark. On top of that, the $8,000 listing price of these lots will eventually increase as fees are added into the deal.
I can't touch the $1,500 in my safe because I am saving for a car (my Corolla's engine blew at only 220k miles).
My question is:
Would it be wiser to take a partial payout to cover the cost of ONE of these lots and roll over the rest to a Roth IRA, or to take out a loan/mortgage for the $16,000+ it will take to buy these two lots?
>>1510087
How do you plan on using these lots?
>>1510091
My options are:
>clear out some space and start a small-scale garden/farm for profit
(These lots are in NJ, so if I go this route i will likely grow ginseng as my cash crop. They are zoned for residential use, so I doubt this option is viable.)
>sit on the lot(s) and wait for the value to increase before selling them
>>1510097
>destroying a profitable investment to by a much less profitable one
you may be on the wrong board, buddy.
I think we have a board about losing money somewhere.
i am working on a business plan for a chewing gum product.
what advice does biz have for pricing said product?
any other insight to that space?
Pricing as in the actual selling price of bubblegum?
Or how to market it to the people you want to sell it?
For both cases we need a bit more information then the fact that you're trying to sell bubble gum.
>>1509923
Distribution method? Whole sale? Stick or Pellet? For use in a dispenser or by the pack?
What's the overhead? Production costs?
It's fucking chewing gum, the margins of profit are in the .000001cent range. Pricing isn't going to be an issue, breaking into the market is.
>>1509934
>margins of profit are in the .000001 cent range
so false.
I need 300 bucks fast. I got a shitty speeding ticket for going 93 in 60, which is fucking bullshit its a highway in texas who isnt speeding, I was just picked on by some undercover cop. Not charged with reckless driving btw. I just need money to pay this off, now I have enough money to pay for it, but I pay for college with my savings and work in the summer so that makes a huge dent in them. I just need to find a way to make 300 bucks before new years basically, if i must I guess ill become a wagecuck again, but since its not //that// much money id rather do odd jobs and gimmicks, I'm willing to do pretty much anything besides escorting and showing my face on any sex websites, cant sell drugs either. blease help
>>1509862
>willing to do anything except the stuff that will get me what I want
>>1509871
i know :(
i guess i really cant have it all
>>1509885
Buy kneepads and put your lips to work, anon.
I want to invest in samsung while they're down, how do I do this?
Buy a stock and flip it when it is worth more, but how.
>>1509847
Very hard to get access to samsung stocks if youre an amerifag, as its on the korean stock exchange
>>1509849
Could get an ETF where samsung is a major holding.
>>1509878
Such as?
how do i diversify my portfolio? what sectors generally negatively correlate with each other?
please respond my uncle died and gave me a portfolio of nothing but SSD
>>1509800
Find a broker to sell your SSD stock and put the money into you savings or checking account. Mind the FDIC limit (may have to get more than one a bank). If it is a lot of money(>100000), talk with a financial advisor about what percentages to drop into index or etfs. If it i lower just pay of your debts and drop the remainer into an index fund like VOO or multiple index funds. If you want income from it put it into an ETF that pays dividends.
>>1509932
still how do i even find a diversifying company?
If I get into ETH 24 hours exactly from now will I still profit?
I've been told it'll be going up the whole devcon
Did it begin already?
ETH panic before going to the moon thread
Buy the dip
it's up $1.09 on the week you fucking retard.
buy in if you think it will go up more. wait for a dip if you think it'll go down.
>buying a literal shitcoin
Has anyone got any material on betting strategies?
always bet on black race horses
>>1509694
I am writing a bot at the moment, just need some heuristics for my model. I will use google to find the info, since you can't really expect a lot from /biz/
>>1509694
always bet on red race horses