For those on here that have been working as a VA what would be the better option?
So I've decided to start up my own VA business but I'm stuck as to what I should call it. Originally I was going to call it "Outsource*****" but I'm not sure whether I should now because it's meant to be a virtual assistant business with Mabey some services out souced. I don't want it to be a full-on outsource company. So I'm not too sure how the name would work out even though it is unique compared to the other VA companies.
As a tech founder, this is something that I'm seriously considering.
I was wondering if anyone here has had experiences with claiming R&D tax credits, how long the process takes, CPA's, or 3rd party services like Neo.tax.
For those wondering what R&D Tax Credits are:
- "The R&D tax credit is for taxpayers that design, develop, or improve products, processes, techniques, formulas, or software."
- "It's calculated on the basis of increases in research activities and expenditures—and as a result, it's intended to reward companies that pursue innovation with increasing investment."
Any insights or recommendations would be very welcome!
If you have cycled into a headwind, then making the most of the tailwind becomes a lot easier. Nobody perhaps knows it better than Greg Moran, who zoomed into gusty headwinds the moment he co-founded Zoomcar, a self-drive car rental platform, in 2013 in Bengaluru. To start with, there was an operational challenge. Zoomcar didn’t have a licence.
Read more here.
The post [Zoomcar in Forbes India] The pandemic has been the perfect tailwind: Zoomcar CEO appeared first on OurCrowd Blog.
I'd appreciate any good practices and things to make sure I do in an agreement like this.
A few points:
– I have taken all of the risks so far and I am the only employee currently. I have been the one that has gained the traction and I have invested my savings into the company, savings I mainly used to pay him to create the app initially.
– I expect the company to grow a lot in the next few years so equity could be quite valuable assuming an exit in 6-8 years.
– I also will likely need investment if I am to employ more people, which this company needs to scale up properly, but if I give away 30% to a CTO that doesn't look good when trying to get investment (usually investors will ask for 20%+), and I don't want to end up with only 50%.
– I would prefer to get investment and then just give him a basic salary and a very small equity stake. The problem with this is getting investment takes a long time and while I'm trying to come up with some kind of deal, the business is stagnant as he's not working on anything because I can't afford the inflated prices he's now suggesting if I don't give him equity. At the same time finding another dev would be very hard at this stage as it's a complex app with a lot of code.
– He has built the app, but to this point I have been paying him as a contractor, so he has taken no real risk, apart from missing out on some bigger contracts as he offered me a discounted rate based on me committing to him for a long term contract. But this is pretty normal and I don't think represents risk.
– He is a talented developer with a lot of potential and also for a software guy has a good business mind, which is valuable.
– The downside to this huge potential is that I don't expect him to stick around until exit, so I want to make sure I don't give away 10% of my company to someone who will leave in 2 years.
Maybe it could be a potential of milestone and time based vesting? Does anyone have any good tips for coming up with a good equity deal without too much risk?
Any help would be greatly appreciated!
So I’ve had an idea for a couple years that I recently decided to actually pursue. I’ve built a brand, website and have put a lot of time and some money into it. To my knowledge, there was no service or app for what I had in mind and it’s an industry I am very passionate about so naturally I was very excited.
Today I discovered an app that was launched in Feb of this year that does pretty much what I was planning on doing, just a little more basic and a few less features than I had in mind. The app is something I’d probably try to use myself if I wasn’t trying to pursue my own. I felt crushed. Of course I thought of just scrapping it and moving into the next one, but this is what I want to do with my life and I genuinely care about it; wether I make money or not. I think I’ve convinced myself to keep going and just be better/different than them but it’s still bothering me.
Does anyone have any similar stories to tell? What did you do? How did you deal? Do you move on? I’d love to hear some experiences that might help me gather myself back together.
So as a startup, one of the biggest issues I see would be, how do i pay for help? Many people are trying to start their business with little to no money. Maybe they can raise it, but how much?
A lot of people offer equity, which would be great if the business succeeds, but often they dont. So how do people get paid? I have offered equity myself, as of course, I truly believe my business will be successful as most people do. But the reality is, its not successful until it is. Can't really predict everything.
But, I want to be fair while at the same time keeping my cost low enough that i can afford to operate in the first place. Personally I have been considering a base pay (maybe even slightly less than industry average) to start out, with the hopes that my company will achieve success, in which i will offer a monthly bonus based on a split of company profits.
I wanted to distribute this split by employees based on days worked that month, position, experience, and contributions.I'm hoping this would encourage them to work harder because their work would directly influence the company profits, thus their paycheck.
I think this could apply to both large and small companies. So i'll use a smaller company for an example.
lets say i have a family entertainment center, and pay my employees minimum wage. I'd need a few to manage the desk, maybe a few to help with different attractions, etc.Now we all know a lot of minimum wage workers (and probable people in general), tend to do the bare minimum to get a paycheck. Unfortunately this often means a few people work hard, while others sit around and twiddle their thumbs. But my system would recognize that more productive employee, and they'd get a much higher bonus. If i dont need to hire a janitor because my current employees are able to handle the task, then their bonus is hire because its one less person to split things with. There are some people who can do the job of 2-3 people with ease. They should be paid more.
Has anyone been in a pay arrangement like this?
Do you think it would work? and what other ideas have you seen, and how have they worked out? The above is just one idea i had, It can be A point of discussion, but I dont want it becoming the ONLY point of discussion please.
Particularly, I am interested in people who have had equity agreements both in a early stage start up and mature company. How have they worked out for you?