Firing The Man

Episode 39In today’s episode, David and I discuss why sales channel diversity is crucial in your eCommerce business.  We share some recent stories from our own businesses, some good and some horrible. We also dive into how having the right sales channel diversity can actually make you over 200K if you plan on selling your eCommerce business.Let’s dive right into this episode and be sure to stay tuned for a strategy.[00:01 - 13:29] The Downside of Having Only One Sales Channel Can Amazon shut down your business with one stroke of a key?Ken shares an analogy that explains the risk of having only one sales channel David shares his experience of being shut down on GrouponAny success story has a pile of trial-and-error stories behind itKen shares an interesting storyHe was shut down from his entire Etsy ShopDavid shares his bad experience with Amazon Zero [13:30- 22:39] The Importance of Sales Channel Diversity for Your E-Commerce CompanyThe benefit of having a plan B if one channel gets shut downSend us an email to get the template (See links below)We talked about the upsides of having sales channel diversity“Historical marker” eCommerce multipliers generally bring around 3X Before Tax and broker shares, you potentially get $600,000 exit5 diverse sales channels which reduce the risk for the buyer and increase the valueOpted for a 4X multiplier because it had less risk than the previous business the upside would be SDE of 200,000 x 4 = 800,000 exit  the total upside of 200K What determines that multiplier?Diversification, Email list, Other brand assets, Intellectual-property What can you do to mitigate this risk?  Add more sales channels, diversify your sales channels, and mitigate the risk.[22:40 - 29:35] Things to consider before adding a new sales channelComplexityAutomation Upside (sales)Liability Sales tax complexityCost commission%Are your customers on that sales channel?List of Sales channels:See links below David talks about the things that separate your own website from some of these other third-partyFinal wordsResources Mentioned:AmazoneBayEtsyWebsite (Shopify/woo-commerce)WalmartGoogle ShoppingAmazon CanadaAmazon UKAmazon GermanyAmazon JapanAmazon IndiaRakutenFacebookPinterestGrouponInstagram------------------------------------------------------------------------------------------www.FiringTheMan.comFacebookYouTubeReady to scale your Amazon business? Click here to book a strategy call.  https://calendly.com/firingtheman/amazon Support the show

Episode 38In today’s episode, we will be sharing our story with the audience on how Ken and I found a third-party logistics company to fulfill our Amazon orders (or expand into other marketplaces like Walmart).  The background of this episode comes from a conversation that Ken and I had a few weeks ago where we both admitted that finding a 3PL for our Amazon businesses had been on both of our to-do lists for a few months.  We decided that we would hold each other accountable for achieving this task by the beginning of Q4.  As we started this process, we decided to document our journey and make a podcast episode to share our stories. Let’s dive right into this episode and be sure to stay tuned for a strategy...[00:01 - 12:00] The significance of finding the right 3PL We give some background on why we want a 3PLWhat is 3PL and why is it important for eCommerce business owners The downside of Amazon Fulfilment The significant increase of storage fees in Q4Two days shipping and the size of the warehouse We talk about the significance of shipping zones in 3PL companiesSteps on how we crowdsource the 3PL recommendation  listPost questions on 3 related Facebook Groups Emailing all of our connections and colleagues for any recommendation [12:01 - 24:54] Questions to ask the 3PL companyHow is the order being processedWhat costs are involved Total packages What are my total fulfillment fees for products that stay for monthsNumbers of the fulfillment centersHow quickly can they ship the ordersHow will the order be packed Large order volumesShipping discounts How long does it take to receive and process productsCan they handle international shipping[24:55 - 30:31] Finding the Best 3PL for Your ProductsFinding the best 3PL will depends on what kind of product you sell Do your own due diligence, because what is best for other companies might not be the best for yoursTransparency on pricing is not on most of these companies websiteWe talk about the crowdsource of 3PL prospect funnel listsSee below for links mentionedFind the downloadable pdf of questions and templates at  firingtheman.com/3plchecklistFinal wordsResources Mentioned:FedEx FulfillmentE-Fulfillment serviceShip my orders Warehousing and fulfillmentSpeed-commerce3pl solution.co.ukdirect-outbound.comNewgistics and deliverer firingtheman.com/3plchecklist------------------------------------------------------------------------------------------www.FiringTheMan.comFacebookYouTubeReady to scale your Amazon business? Click here to book a strategy call.  https://calendly.com/firingtheman/amazon Support the show

Episode 37In this episode, we interview personal development expert Karl Sona. Karl is passionate about the hustle with the time management skills to execute it. He is the host of the Free Time Podcast as well as the Chief Revenue Officer of Streamlined Podcasts, a service providing post-production services for podcasters. Let’s dive right in and gain some wisdom from Karl on how we can maximize our free time as well as some strategies and advice for personal development. [00:01 - 07:11] Maximizing Your Time I introduce our guest Karl Sona Karl talks about taking ownership of your time[07:12 - 18:09] Getting Honest with YourselfKarl shares about how he realized he needed change in his lifeBe willing to fill the gaps in your skills and knowledgeKarl gives some more resources that shifted his thinking - links below[18:10 - 32:38] Personal Development Karl talks strategy around balancing time Starting early with prayer, meditation, journaling, reading Karl talks about knowing your limits around personal development Remind yourself about the things that you’ve done and be thankfulWe talk about the importance of reward systems for completing goalsPrioritize rest and reflection in whatever way you need[32:39 - 41:02] Connecting with Like-Minded PeopleKarl talks about the power of positive connections The right people will elevate you Be the one who also adds valueThe room that excites you is the right room Lightning Round segment with KarlFavorite bookHobbiesSuccessful e-commerce entrepreneurs vs people who give upHow to Connect with Karl - links belowResources Mentioned:The Seven Habits of Highly Effective PeopleThe Powerlist with Andy FrisellaPodcast - James SwanickThe Go-GiverThe Inner Game of TennisThe Miracle MorningSensory Deprivation Tank5 AM Club------------------------------------------------------------------------------------------Connect with Karl on LinkedIn and Instagram @karl.sona. Visit karlsona.com and book a free session at https://calendly.com/karlsona32www.FiringTheMan.comFacebookReady to scale your Amazon business? Click here to book a strategy call.  https://calendly.com/firingtheman/amazon Support the show

Episode 36In this episode, we will talk about 5 Top Strategies for our Q4 E-Commerce Businesses. Everyone is aware of the inventory problems Amazon is currently facing. Well, with Q4 closing in, we want to give you the best tips and strategies on how you can maximize your sales during this season and after. Let’s start digging into these five strategies that Ken and I use in our own businesses, as well as some resources, that can help you get out in front even during the struggles of the pandemic.[00:01 - 10:46] Maximizing Your Q4 Strategy By Increasing Order SizeOpening Segment - What we will coverWe talk about the importance of Q4 prepWhy we love maximizing Q4Inventory management is huge in Q4Try to forecast - Increasing order sizeUse the historics from last Q4 and add 25-35% of that[10:47 - 20:22] Utilize FBMBe able to switch tactics in case of inventory restrictions Your fulfillment optionsKen’s mistake not using FBMStory about fulfillmentsWays around unit limitations on Amazon[20:23 - 29:22] Organizing and Managing InventoryHow to quantify how much a stock out will beUsing Forcast.ly for inventory managementHow Forcast.ly can help you manage and organize inventory Automatic PO We talk about getting in front of more customer - expanding sales channels Email marketing and expanding to other sales channels Amazon, Etsy, Ebay, Walmart, etc… Don’t sleep on EbayFacebook Marketplace and Google for Retail also have buyer potential Click the link to other episodes below to find more episodes on expanding sales channels[29:23 - 34:31] Email MarketingWe talk about sales coming in because of email marketingHow it will be useful for upcoming holiday sales and afterHow to generate an email listUse something of value that people will give their emails forMake sure to capture that valuable Q4 trafficConvertkit & and for a budget Gmass Pro-tipPaid someone on Fiverr to create an ebook to look 3-D[34:32 - 40:51] Conversion OptimizationThe value of utilizing conversionsDouble sales just by increasing conversionsConvince more people the product is for themAdd videos to increase click-throughs Increases conversion by 5%Importance of Split testingLinks to sites that allow you to split test belowSplit test your A+ and ABFinal words from Ken and meClosing SegmentResources Mentioned:Amazon Seller Central - Sales and TrafficForcast.lyGoogle for RetailFacebook MarketplaceConvertkit Gmass Split.lyPickFu------------------------------------------------------------------------------------------www.FiringTheMan.comFacebookReady to scale your Amazon business? Click here to book a strategy call.  https://calendly.com/firingtheman/amazon Support the show

Episode 35In this episode, we will talk about the latest and greatest news that is happening in the e-commerce world. Big names in the industry are making noise from Amazon to Walmart and even Shopify. Some of them are suffering, while others are emerging. How will the market play out when the pandemic is all over?Let’s dive into this episode and dig into three articles that Ken and I will dissect to give you a better view of what’s in store for the e-commerce industry.[00:01 - 13:43] Amazon Racing to Remove the Fulfillment BottleneckOpening SegmentWe talked about an article about Amazon's recent struggles with its inventory.Non-essential jobs are unable to performAmazon's inventory is running out of spaceAmazon's IPI metrics impact on the marketWhy We Use Amazon Fulfillment CenterAmazon is one of the best logistics company in the worldThird-party sellers are having a hard time due to capacity increaseAmazon's inability to handle fulfillment is hurting your businessShipments are being delivered but not being checked-in leading to a decrease in the product rankingAmazon is planning to increase its warehouse volume by 50%This is a 100-year assetThis is a very long term bet on the future of e-commerce and the future of fulfillmentIt could help third-party sellers increase their leverage[13:44 - 19:25] Walmart Doubles Marketplace Size in a YearWe talked about an article about Walmart's unprecedented growth after partnering with ShopifyThey are competing with AmazonWallmart has now the opportunity to take advantage of Amazon's strugglesPartnership between Wallmart and ShopifyIt is increasing their marketplace and product portfolioWe talked about challenges and barriersThe harder they are, the less amount of competition you're going to have when you get across.[19:26 - 24:04] Amazon Lost Web Traffic Market ShareWe talked about an article Amazon losing market share as measured by web trafficTop players who are adopting e-commerce remained the sameThird-party sellers are stepping upHow can amazon bounce back?This is only a chink in their armorFinal words from Ken and meClosing SegmentResources Mentioned:Market Place PulseAmazon Racing to Remove the Fulfillment BottleneckWalmart Doubles Marketplace Size in a YearAmazon Lost Web Traffic Market Share------------------------------------------------------------------------------------------www.FiringTheMan.comFacebookYouTubeInstagram Email us --> support@firingtheman.comReady to scale your Amazon business? Click here to book a strategy call.  https://calendly.com/firingtheman/amazon Support the show

Episode 34Josh Bauerle, CPA is a tax accountant and founder of CPA on Fire. Josh worked in a wide variety of accounting and advising positions prior starting CPA On Fire in December of 2012.  His passion is working with entrepreneurs to help them maximize their profits and minimize their tax liability.On this episode, we dive into the following topics: What should ecommerce sellers that are just starting focus on in terms of taxesWhat is one of the top tax write-offs that is overlooked?What entity is better for a seller just starting to build a business, LLC, S-Corp?At what point is it better to transition from an LLC to an S-Corp?Top 3 tips to save on taxes for ecom sellersWhat are your thoughts on letting Amazon handle sales tax vs. applying for state nexus and doing it yourself?Are there any opportunities to save money on sales tax?What would you say to someone that says “I didn’t make any money from my start up this year, therefore, I am not going to file a return.”For your tax accounting needs, reach out to Josh here: https://cpaonfire.com/contact-us/ (tell them we sent you!)------------------------------------------------------------------------------------------www.FiringTheMan.comFacebookYouTubeInstagram Email us --> support@firingtheman.comReady to scale your Amazon business? Click here to book a strategy call.  https://calendly.com/firingtheman/amazon Support the show

Episode 33Anna Hill, CPA is an accountant for creators and online sellers. She is the founder of Accounting We Will Go.  After spending years working in the corporate sector Anna realized she had a passion for working with entrepreneurs, specifically, creators and those who sell online via platforms such as Etsy, Amazon, Shopify, etc.On this episode we dive into why bookkeeping is important, how to use your financial statements to make wise business decisions, and answer a lot of the questions that entrepreneurs have about the role of accounting in business. Links to websites mentioned in the episode: https://accountingwewillgo.com/ (tell them we sent you!)https://www.facebook.com/Accountingwewillgo/------------------------------------------------------------------------------------------www.FiringTheMan.comFacebookYouTubeInstagram Email us --> support@firingtheman.comReady to scale your Amazon business? Click here to book a strategy call.  https://calendly.com/firingtheman/amazon Support the show

Episode 32On today’s episode David and Ken had the privilege to interview Radu Oboroc, a successful full-time e-commerce entrepreneur.  Radu manages multiple e-commerce brands while selling on several diverse sales channels to include: Shopify, Amazon, Ebay and 6 international marketplaces.  Radu shares a glimpse of his journey with us; what a typical day in the life of a full-time entrepreneur looks like before quitting his job as a Software Engineer and after going full time as an entrepreneur.  ------------------------------------------------------------------------------------------www.FiringTheMan.comFacebookYouTubeInstagram Email us --> support@firingtheman.comReady to scale your Amazon business? Click here to book a strategy call.  https://calendly.com/firingtheman/amazon Support the show

Episode 31On this episode we will be discussing our experiences at the first virtual Canton Fair in China.  To start off the episode, we will discuss what the Canton Fair is and why it is so important, then we will go into detail on how we interfaced with suppliers using the online portal, and lastly, we will share some lessons learned on how to maximize results when scouting for suppliers virtually.   ------------------------------------------------------------------------------------------www.FiringTheMan.com Facebook YouTube Instagram   Email us --> support@firingtheman.comReady to scale your Amazon business? Click here to book a strategy call.  https://calendly.com/firingtheman/amazon Support the show

Episode 30Today’s episode is a HUGE milestone for Firing The Man Podcast.  After two and half years of building an E-commerce business Ken quits his 100K per year Engineering job.  Ken shares exactly what it took to build his business and some simple strategies he used along the way when times got tough.  Ken also shares what raw emotions he was feeling that day he walked out of the office for the last time.  This is an episode that you do NOT want to miss! ------------------------------------------------------------------------------------------www.FiringTheMan.com Facebook YouTube Instagram   Email us --> support@firingtheman.com Ready to scale your Amazon business? Click here to book a strategy call.  https://calendly.com/firingtheman/amazon Support the show