I'm from India, after college I used to work in industries, but since covid happened lost job and tried alot to get back job but they are not hiring since very less production. So want to start Retail Computer Shop. I have computer knowledge but no business knowledge.
I started an ecommerce shop on Shopify around 6 months ago, we have a very strong team (basically all co-founders work) and have been making 5 digits revenue since the first month. We own the inventory and do fulfillment in-house, over 1000 SKUs. Our average revenue for the last months has been $ 70k a month. We're putting every profit back into the company as we're growing so rapidly.
We haven't actually put any of our own money into the company, everything is paid off with the profits, the issue is that we aren't taking anything for ourselves, no salaries, as that would hurt our ability to expand. Black Friday is coming up, so we've been investing heavily.
I know that being profitable from the start is a blessing, but after 6 months, with the pandemic and everything, personal savings are running low, and we need to actually start getting something out of the company at some point.
So we started talking about taking in funding from investors. We have a private investor interested in investing, but we're asking ourselves if that's the best option, or if we should seek out a seed investor or VC. We also were offered a $ 100k loan from Shopify Capital at 8.99% APR, the principal is 17% of the revenue generated by the shop.
Could some of you shed some advice on this, or recommend some reading material?
Title says it all. I'm a mid level developer, but as I move more into senior roles, I know I want to take a more technical lead on projects, with the hope of moving into a technical side cofounder role. How to pick the right startup, at the right time?
I mean its either this or a big money jump to FAANG or fintech as a senior.
A few months ago, my friends and I started a web development company. We all know what we're doing and our prices are lower than most in our space. I just really need some advice on how to get clients. What strategies have you all used to get a flow of business/clients?
This is just something I’ve had a personal interest in since I was a kid. Dream come true I guess. My main selling points would be (Made in Canada) and would donate a certain percentage to Canadian charities like the Calgary Food Bank etc.
Also I would make sure to incorporate local pleasures like maple syrup, gooseberries etc.
Back in March I created a working breadboard version of my product. Zoom ahead to today and I now have that breadboard on a printed circuit board (rev 3 of the pcb, sigh… the first two revs turned into asian paper weights, but I learned a lot in the process) with a 3d printed enclosure.
I'm a totally rookie at this so here's what I was thinking for next steps, would love to hear your advice.
1.) Get product in front of people. I have five working prototypes so I'm hoping to sprinkle them around town where I live.
2.) Watch people use the product and collect feedback.
3.) If all goes well, manufacture more and see if I can turn this into a business. To date only a hand full of people have seen the product but for each person who has seen it, it gets rave reviews so I hopeful I have a winner on my hands. 😀
This is kinda where I come off the rails. I'm an engineer at my core and the business side gets a bit lost on me. Should I incorporate, then open bank account, then pound the pavement to see if I can sell my product. Any thoughts or suggestions would be great!
I'm a current Berkeley junior studying CS, and I'm considering taking time off from school to create a startup. My idea has been in the works for several years, and because of the online classes/pandemic, I'm considering taking a gap semester to built a prototype. I also have a friend studying CS who is interested in doing this with me. I first thought about this idea two years ago, submitted it to an ideas competition, received positive/negative insightful feedback, and reworked it now.
We are both committed to working hard, learning necessary technologies, and building a finished product. I've been reading a lot of this subreddit, and other stories from founders to see what others have done. I'm looking for advice on this. Within my social circle at Berkeley, I don't particularly know anyone else who has done this or considered this. Mostly, just internship hunting at prestigious companies.
One of my professors indicated to me that pursuing a startup idea is basically all or nothing; it's not worth trying to manage the rigorous courses at Cal with a start-up part time. That's why I'm considering a gap semester as well. My co-founder and I are both competent programmers, and versed in the CS fundamentals. I've been a TA for our data structures course. But neither of us have really any experience with the frameworks, web design, mobile, etc. What are some tools or languages I should be thinking about learning? Lately, I've been looking into progressive web apps for our current design to simplify over cross-platform. Ideally, we'd have a presence on the web and mobile applications, as our idea is initially targeted towards college students.
We are privileged to have capital to support us while we are creating a prototype, and initial money to invest in it if needed.
We've written up pitches, and documents fleshing out our idea – target audience, features, competition, differentiating factors, monetization, addressing which need, etc. If anyone has gone through this process before, and could shed some light on pitfalls or a common path, that would be greatly appreciated. Or a short chat. Thank you all! Go bears
EDIT: There are 3 comments, but I can only see one
I joined a startup/scaleup a few weeks ago and I'm already disappointed and angry at how things are done. To give you some.context, I worked at a big Fortune 100 company for a decade, but became frustrated with the bureaucracy, inflexibility and general boredom of it all, so I decided to go for a small company, as there are lots where I live.
It is way more flexible, less bureaucratic (actually zero bureaucracy as they dont even have that many processes in place) and not that boring (yet), but at the same time very chaotic, things change from one day to the next, people working there have very little experience in their respective fields, there's no clear direction. They seem to just wing it, you know, and Im used to anything but that!
I just fear that this was all just a huge mistake! How did you guys handle this transition? Does sticking it out really help or is it just downhill from here? I feel I dont belong, and sometimes I wonder why they hired me, with so much experience, when all the others have almost none. Am I a golden nugget for them? Did they not have better candidates? Did I undersell myself?
And pay isnt that great, either. They made it sound fantastic on paper, but im in sales, and even the manager has forecasted a much lower target (50% lower!) Than my OTE. So, in the end, the difference will be very small compared to my previous earnings.
My team and I created a technology which turned into three software-based companies over the past 24 months. we created a small company a year before that that generated enough capital for us to focus on building out the other businesses im our extra time without taking any capital. we developed these other technologies in niche recession insulated industries
Covid took place and hurt our original company which was essentially our living expenses and during covid our VC we had lined up backed out. Essentially over committing our work forces.
We're at a point where the main team is working 100hrs a week but we may not have the man power to deliver on the other contracts which are very profitable long term agreements. 6fig/m profit by Q3 2021 I have drained my personal finances and credit to get this 90% completed but we might not been able to fulfill. This contract has us supporting thousands of commercial locations via national distribution company partnerships. I can't pull resources from the other company.
I've never raised money at all and I'm concerned given the state of my personal finances affecting the ability to get the needed capital. Which we would need fairly quickly 30-45 days to meet the deadline.
I'm unsure if we should try to take just enough to get the current contracts completed with a small buffer or maybe pursue a larger amount for a reserve runway.
Does anyone have any advice or have been in a similar situation it's greatly appreciated.