Join the conversation with David and Ken as they look back on what has happened in 2022. They will share their thoughts about what went right (and wrong) for them in 2022, from business expansion to finding the right people to work with.

They will also be sharing their own experiences from this past year, including how they’ve grown as business owners and what they plan on doing differently in 2023.

[00:01 - 04:22] Opening Segment

• Amazon's business has been doing well post Covid with ordering things online becoming the new normal
• A tighter competition in the market can also be observed
• David & Ken decided that international expansion is the best way to grow

[0:23 - 12:25] Developing An Entrepreneurial Mindset

• The challenges that come with expansion
  • Inventory 
  • Foreign exchanges
  • The big thing that they did in 2022
  • Advertising
  • Focused on TACOS
  • Brought PPC inhouse
  • Email marketing
    • Hear Ken’s tip if you’re doing email marketing
• Opened two manufacturing facilities

[19:51 - 26:48] Big Wins and Huge Losses

• Differentiate your product from the competitors by manufacturing your own
  • Speed to market
  • Monitor your quality
  • A warehouse that stores your products
• Check out episode 124: Stories and Lessons Learned from Self Manufacturing
• The duo hired 25 employees throughout 2022. See relevant episodes: 138&139
  • Building a Team - From 1 to 20 Employees in 18 months part 1
  • Building a Team - From 1 to 20 Employees in 18 months part 2
• Want some Amazon refunds? Check out GETIDA
  • Promo code: FTM400
• We got sued! Learn about this story in episode 145: We Got Served! And Sued… Learn How We Avoided Trial
• Focused on profitability
  • Focused on pricing
  • Cutaway unused subscriptions and unnecessary spending
  • Implemented process for inventory management
  • Implemented Entrepreneurial Operating system from the book Traction

[26:49 - 32:13] Closing Segment

• What’s on the roadmap for 2023?
  • Focus on product launch machine
  • Increased engagement with customers
• Don’t forget to reflect on your wins.

Quotes:

“That's business, give the people what they want.” - David

“If there's a barrier to entry, there's not going to be many people that get inside, they're not going to go, you're not going to figure out how to go over the barrier around the barrier.” - Ken

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Resources Mentioned

GETIDA

Traction by Gino Wickman - Get a Grip on Your Business

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