Firing The Man

Welcome everyone to the Firing The Man Podcast, on today’s episode, we are joined by Jacob Erdei.  Jacob Erdei  has 20+ years being self employed. In the early 2000's after leaving a computer manufacturing company he went on to start his own in-home computer repair business and has been forced to pivot several times.  Currently his focus is on acquiring ecommerce businesses through a vertical acquisition strategy.  Ken met Jacob in the Rhodium mastermind and we have the pleasure to share Jacobs vast experience with you today.   Welcome to the show Jacob!

How can the guests contact?  website, email, social?

https://www.linkedin.com/in/jerdei/

[email protected]

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🗣️ TALK TO US ON SOCIAL MEDIA 👇

Instagram ► https://www.instagram.com/firingtheman/

Facebook ► https://www.facebook.com/FiringTheMan

Website ► https://firingtheman.com/

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💥LISTEN TO THE PODCAST 👇

On Apple Podcasts ►https://podcasts.apple.com/us/podcast/firingtheman/id1493680004

On Spotify 

► https://open.spotify.com/show/2mE9YcE5gWtMwsmZUTS84M

On Stitcher 

► https://www.stitcher.com/podcast/firingtheman?refid=stpr

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💻 COACHING 👇

https://firingtheman.com/coaching/

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🤔 What Is Firing The Man Podcast? 😃

Serial Entrepreneur’s David Schomer and Ken Wilson share tips, advice, and insider knowledge about all things Amazon FBA and E-Commerce.

Discover how you can create multiple passive income streams by selling physical products online so that you can have the time and freedom to do what you love - whether that is spending more time with family or traveling the world.

Ken and David have successfully created several six and seven figure online business ventures.

During the journey, they have had major wins, losses, and lessons learned.

This podcast will teach you about selling physical products online through platforms such as Fulfillment by Amazon, building a team, outsourcing, listing optimization, pay per click (PPC) advertising, driving traffic to your listings, and productivity tips / life hacks that will provide a path to be successful in building your online business.

Website ► https://firingtheman.com/

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Ready to scale your Amazon business? Click here to book a strategy call.  https://calendly.com/firingtheman/amazon

Support the show

 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

Send us a voice message and let us know how we can help you fire the man! 

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Resources Mentioned

GETIDA

Traction by Gino Wickman - Get a Grip on Your Business

Email us at [email protected]

Leave us a review as it helps the show!

Marcus has founded multiple successful E-commerce brands and has been selling online for almost a decade through eBay, Amazon, Walmart, and numerous International marketplaces. Marcus’s brands have an extensive catalog of products that he has developed as well as one recent addition that he designed that has a patent pending.

In this episode, Marc shares how he was able to fire the man by successfully transitioning from being a full-time employee to becoming a full-time e-commerce entrepreneur.

[00:01 - 04:34] Opening Segment

• Marc’s path to being an e-commerce entrepreneur.
• He started selling on eBay and how he got started.
• His advice he would give to himself three years ago
• He focused on Marcet research to know which products sell while working full-time

[09:22 - 19:50] Developing An Entrepreneurial Mindset

• Marc’s advice for those who are just getting into the business
• Listening to podcasts helps him have the right mindset
• Finding problems everyday problems and developing solutions
• About 50% of Amazon product launches are unsuccessful 

[19:51 - 28:41] Amazon Product Launch Strategy

• To mitigate the risk of an unsuccessful product launch, only play with what you can afford to lose
• Marc’s advice on how to improve your product
• He evaluates up to five product ideas for each product launch
• There’s no real equation to the metrics, it’s more of a risk management
• Want some Amazon refunds? Check out GETIDA
• Promo code: FTM400

[28:42 - 38:27] How to Patent an Idea or Product

• Investors are commonly the ones concerned with patents
• The difference between a design patent and a utility patent
• Consult an attorney specializing in patent 
• Marcus shares his plans short-term and long-term plans

[38:28 - 41:55] Closing Segment

• The Fire Round
• Connect with Mar

Quotes:

“Found that the more time you put into it and get a lot out of it (product research), you understand a lot of market trends and you understand like what sells and what doesn't sell.” - Marcus Sauer

“That was one of the bigger challenges, finding that balance essentially between like going from a steady paycheck to like actually having to pull money out of this.” - Marcus Sauer

Send us a voice message and let us know how we can help you fire the man! 

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Resources Mentioned

GETIDA

Entrepreneur on Fire

Alibaba

Google Trends

Zero to One

Email us at [email protected]

 Leave us a review as it really helps the show!  

Welcome everyone to the FiringTheMan Podcast, on today’s episode Ken and I review 2022 in regards to the performance of our e-commerce businesses.  This year was full of big wins and huge losses – both of which we will be addressing throughout the episode. 
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🗣️ TALK TO US ON SOCIAL MEDIA 👇

Instagram ► https://www.instagram.com/firingtheman/

Facebook ► https://www.facebook.com/FiringTheMan

Website ► https://firingtheman.com/

▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬

💥LISTEN TO THE PODCAST 👇

On Apple Podcasts ►https://podcasts.apple.com/us/podcast/firingtheman/id1493680004

On Spotify 

► https://open.spotify.com/show/2mE9YcE5gWtMwsmZUTS84M

On Stitcher 

► https://www.stitcher.com/podcast/firingtheman?refid=stpr

▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬

💻 COACHING 👇

https://firingtheman.com/coaching/

▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬

🤔 What Is Firing The Man Podcast? 😃

Serial Entrepreneur’s David Schomer and Ken Wilson share tips, advice, and insider knowledge about all things Amazon FBA and E-Commerce.

Discover how you can create multiple passive income streams by selling physical products online so that you can have the time and freedom to do what you love - whether that is spending more time with family or traveling the world.

Ken and David have successfully created several six and seven figure online business ventures.

During the journey, they have had major wins, losses, and lessons learned.

This podcast will teach you about selling physical products online through platforms such as Fulfillment by Amazon, building a team, outsourcing, listing optimization, pay per click (PPC) advertising, driving traffic to your listings, and productivity tips / life hacks that will provide a path to be successful in building your online business.

Website ► https://firingtheman.com/

▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬

Send us a voice message and let us know how we can help you fire the man! 

Facebook, YouTube, Instagram

Email us at [email protected]

 Leave us a review as it really helps the show!  

Ready to scale your Amazon business? Click here to book a strategy call.  https://calendly.com/firingtheman/amazon

Support the show

In this episode we dive deep into Product Research, Filing a Patent, and Going from Corporate Accountant to Full-Time eCommerce Entrepreneur with Marc Sauer.

Ready to scale your Amazon business? Click here to book a strategy call.  https://calendly.com/firingtheman/amazon

Support the show

Hai Mag is the co-founder and CEO of Eva.Guru. Eva.Guru provides an AI-powered Repricing / Restocking / Reimbursement Platform for Amazon Sellers. Before co-founding Eva.Guru, Hai was involved in several entrepreneurial ventures in the eCommerce space including as a Tech Investor for Einstein Ventures Advisor for Algopix, as well as spending 15 years in the consulting space for companies like Oracle, IBM, and Accenture.  

In this episode, Hai talks about price testing in Amazon and everything you need to know to not only increase profitability but also manage your time efficiently as a seller through Eva.Guru.

[00:01 - 04:34] Opening Segment

• Hai Mag shares his story and how they founded Eva by focusing on what value they can add to the brands on Amazon
• The correlation between advertising, inventory and pricing 

[04:35 - 22:36] What You Need to Know About Price Testing 

• Why price testing is important for private label brands
  • Many times people don’t know what the right price for the product is anymore because of inflation
  • Not only does it help with testing for better profit but prices need to adapt to variables and ever-changing demands
• The psychology of pricing heavily affects conversion
• Checking the price changes is usually done manually by business owners which is time-consuming but Eva is a great automated help providing real-time data
• Hai Mag explains the mechanics behind Eva’s repricing and profitability feature
• He recommends these options and features in the price testing: 
  • Sellers must know what is their accurate profit so they could enter the cost information
  •  The system does the rest using inventory and velocity-based pricing
• Want some Amazon refunds? Check out GETIDA
• Promo code: FTM400

[22:37 - 42:11] Helping Business Owners through Eva.Guru

• Eva looks at the conversion rate but the most important parameter is the velocity
• Data should rely not only on the historical but real-time to determine the best result
• Coupon codes don’t help conversion rates
• Apart from dynamic pricing, Haig and his team are looking at dynamic discount
• Eva can find the price within a couple of days for new sellers given that enough data is available
• Ken and David saw an increase in their profitability within 14 days of using the software

[42:12 - 46:22] Closing Segment

• The Fire Round

Quotes:

“Almost every single Cost parameter, and the consumer expectations, everything is like volatile, everything is dynamic. So there is absolutely no reason left like to keep the price even for a month in a static way, on Amazon.” - Hai Mag

Connect with  Hai Mag

Website: www.eva.guru

LinkedIn: https://www.linkedin.com/in/growthjedi

Send us a voice message and let us know how we can help you fire the man! 

Facebook, YouTube, Instagram

Resources Mentioned

GETIDA

Capital in the Twenty-First Century

Email us at [email protected]

 Leave us a review as it really helps the show!  

Ready to scale your Amazon business? Click here to book a strategy call.  https://calendly.com/firingtheman/amazon

Support the show

Paul Rafelson is an eCommerce law expert and was the most-cited resource in the Congressional Antitrust Investigation into Amazon's mistreatment of sellers on the platform. He is a Founding Partner at Rafelson Shick, the #1 go-to law firm for online businesses facing legal challenges and digital sellers looking for the best deal when exiting their businesses. In 2021, they facilitated 60+ online business exits realizing over $238M for their clients.

Paul is also the Founder of Online Merchants Guild (OMG), a trade association that enables thousands of online sellers to voice their concerns on various legal issues affecting them, where he volunteers as an Executive Director. OMG has played a major role in offsetting Amazon's growing political influence.

In this episode, Paul talks about the common tax and legal issues encountered by Amazon sellers and how to protect yourself as a seller.

[00:01 - 11:27] Opening Segment

• Paul shares his story of paying his student loans from selling on e-commerce to being the founder of Rafelson Shick
• The Global Small Business Phenomenon and how this led Paul to a career in helping e-commerce sellers

[11:28 - 28:18 ] The Legal Trends You Need to Know About as an Online Seller

•  About California Proposition 65
• It becomes increasingly favorable to foreign sellers as more rules are placed on American sellers
• Don’t use Amazon’s brand registry tool to knock off sellers from your listing
• Find out how you can get a professional law firm for E-commerce small businesses for as low as $9 by going to www.sellerbasics.com
• Want some Amazon refunds? Check out GETIDA
• Promo code: FTM400

[28:19 - 45:38] Amazon Nexus: What It Is Meant to Be

• The Commerce Clause in the constitution explained
• Every state has its own interpretation of Nexus
• It is Amazon's responsibility as a taxpayer to remit taxes under what's called a Marketplace Facilitator  
• Amazon takes care of the tax remittance for its sellers
• For any concerns about constitutional law, it is important that you exhibit common sense and seek guidance from legal experts

[45:39 - 51:07] Closing Segment

• The Fire Round
  • Check out Paul’s favorite book!
• Connect with Paul! (Links below)

Quote/s:

“If we're not in the forefront of the legislation of what is, you know, what is it is allowed, then it's going to affect what Amazon is going to affect the seller code of conduct.” - Paul Rafelson 

“The more rules and regulations that Congress in the States put on the American sellers, all they're doing is giving an advantage to the foreign-based sellers.” - Paul Rafelson 

Connect with Paul Rafelson 

Website:  www.sellerbasics.com / https://ecomattorneys.com 

LinkedIn: https://www.linkedin.com/in/paul-rafelson-9082527

Send us a voice message and let us know how we can help you fire the man! 

Facebook, YouTube, Instagram

Resources Mentioned

GETIDA

Malcolm Gladwell

Email us at [email protected]

 Leave us a review as it really helps the show!  

Ready to scale your Amazon business? Click here to book a strategy call.  https://calendly.com/firingtheman/amazon

Support the show

Kevin Sanderson is the founder of Maximizing eCommerce where he helps successful 6, 7, & 8-figure Amazon sellers expand their e-commerce sales internationally.  Kevin is also part of an elite club of two-time guests on the FiringTheMan Podcast.  For those of you wanting to know more about Kevin’s story, we encourage you to check out Episode 41 where he details his “FiringTheMan” story of leaving a cushy corporate job to pursue a life of entrepreneurship in the eCommerce space.

In this episode, Kevin talks about the benefits of international expansion as well as helpful tips on how to navigate it. Let’s get started!

[00:01 - 9:19] Opening Segment

• Kevin's corporate background and how he got into e-commerce
• Backstory on how he helped David’s team with international expansion 

[09:20 - 23:47 ] Factors to consider when planning for Internation Expansion

• High returns offer in terms of time and effort
• Paperwork process required for each country
• Kevin recommends Canada and UK in terms of efficiency

[23:48 - 33: 33] Value Added Tax (VAT) and Goods and Services Tax (GST) and The Market

• VAT / GST differs per country and so the process outlined for Canada is different for US or UK 
• GST (Goods and Services Tax) in Canada refers to a federal tax 
• Want some Amazon refunds? Check out GETIDA
  • Promo code: FTM400
• Ad campaigns have come a long way allowing you to manage them well with the right strategy

[34:34 - 36:21] Why Consider International Expansion?

• Better chance in business, a lot of people already tried and it worked
• Less competition in the international market hence PPC is less expensive
• There are available services to help in terms of requirements such as forms and documents per country

[36:22 - 44:26] Additional Factors to Consider When Expanding Internationally

• In terms of conversation rates complexities, Kevin recommends  Payoneer for convenience or other 
• Kevin recommends using machine listing translations, chrome translation, etc as there are many services available online to help  

[31:07 - 32:19] Closing Segment

• Connect with Kevin Sanderson

Quote/s:

“I always take everything with a little bit of a grain of salt. But what I really have come to believe is that the less moving of currency the better. And how some people live a life where they will never taste victory because they're too afraid of the potential defeat.” - Kevin Sanderson

Connect with Kevin Sanderson

Website:   https://maximizingecommerce.com/

YouTube: https://www.youtube.com/channel/UCotCLMv_rc--K6h_q_SjN6Q

Twitter: https://twitter.com/maxecom

Send us a voice message and let us know how we can help you fire the man! 

Facebook, YouTube, Instagram

Resources Mentioned

GETIDA

Amazon FBA Revenue Calculator

Email us at  [email protected]

 Leave us a review as it really helps the show!  

Ready to scale your Amazon business? Click here to book a strategy call.  https://calendly.com/firingtheman/amazon

Support the show

Tyler Jefcoat is the Founder & CEO of Seller Accountant where he exercises his passion for helping sellers maximize their businesses. Tyler provides financial coaching for sellers totaling more than $100 million per year in e-commerce sales. Tyler also leads the Sellers Roundtable, an exclusive mastermind group for seven- and eight-figure sellers

In this episode, Tyler provides financial coaching and a few powerful tips that will surely help maximize your business. Let’s get started.

[00:01 - 02:56] Opening Segment

• Tyler's path to becoming a founding seller accountant
• He loves the idea of coaching CEOs and helping small entrepreneurs and seeing them excel 

[02:57 - 06:34] What Are Some Trends Observed From Successful Sellers in 2022

• Companies that have great products and who are connected to their customers
• Brands that are offering what the customer needs and wants
• Those who set aside a bit of money for education expenses thrive when the market is vulnerable

[06:35 - 18:44] Increasing Gross Profit despite Increased FBA Fees 

• Have a coordinated strategy such as focusing on your most profitable products
• Check your p&l and just keep an eye on a seller account
• Pay attention to ads and what fuels the product to move
• Set a specific margin on your product that you can afford 

[18:45 -27:39 ] Managing Your Advertising Budget

• Have more margin on the product
• Understand your cash cycle
• Find the one that intersects at the highest optimal point of these two factors: margin and cash flexibility
• Want some Amazon refunds? Check out GETIDA
  • Promo code: FTM400

[27:40 - 44:30] Helpful Resources and Tips to Sellers

• Fathom - a dashboarding tool
•  Take a little bit of extra line of credit to have liquidity than run out of cash 
• Have a good relationship with your customers by understanding what they need and offering a product that solves their needs
• Invest in a secondary sales channel and show up prepared

[44:33 - 45:45] Closing Segment

• Check Tyler’sbook keeping business and podcast

Quotes:

“ You can't understand your margins without understanding ads that fuel you have to put on the fire to get the product to move is so crucial that you, that's what I would pay attention to if I were seller..” - Tyler Jefcoat

“ The most successful entrepreneurs in any industry have a growth mindset. They're gritty. And they demonstrate that grit and a Growth Mindset by joining some kind of peer group or coaching group.”- Tyler Jefcoat

Connect with Tyler Jefcoat

Website:  https://www.selleraccountant.com/team/tyler-jefcoat/

Podcast: https://www.selleraccountant.com/podcast/

LinkedIn: https://www.linkedin.com/company/seller-accountant/

Send us a voice message and let us know how we can help you fire the man! 

Facebook

YouTube

Instagram

Resources Mentioned

GETIDA

Email us --> [email protected]

 Leave us a review as it really helps the show! 

Ready to scale your Amazon business? Click here to book a strategy call.  https://calendly.com/firingtheman/amazon

Support the show

Pat is the co-founder and President of AstroidX, an Amazon Partnered Agency that helps its clients dominate its pay-per-click advertising. Over the 5-years, Ken and I have worked with Pat and his team with great results and service. 

This is part two of our interview with Pat and in this episode, he shares how to succeed as an Amazon seller through efficient systems and strategies. 

[00:01 - 08:31] The Secret to Succeeding in Amazon

• The right level of ad spend for your business
  • A benchmark is 10% of TACOS
  • Net profit dollar per SKU
• You can’t polish a turd if your product is horrible
• It is imperative to source a great product before diving into marketing
• Here’s what sellers who are crushing it in e-commerce have in common: 
  • They outsource some of the tasks and focus on the more important aspect of the business
  • They have tons of products

[08:32 - 16:49] Think Systems

• Get the best out of your ad spend with AsteroidX 
• Hiring somebody in areas you are weak is an efficient way to take back your time and be able to scale faster
• Want some Amazon refunds? Check out GETIDA
  • Promo code: FTM400
• As you build your business, have mature processes and figure out what works 
  • Develop a solid SOP. If someone understands your process through SOP, you’ve got a good process

[16:50 - 23:02] How Pat Changed His Life, Both Personally and Professionally

• Joined a program that serves as his accountability partner in his fitness
• Eat healthy meals
• Read business books as long as it’s nonfiction
• Pat talks about his “ROAT” Return on Training
• From physical discipline, mental discipline follows

[23:03 - 28:16] Closing Segment

• The Fire Round
• Check out Pat’s favorite books (links below)
• Check out part 1 of this episode on 
• Connect with Pat

Quotes:

“Great product is the prerequisite. That's the ticket to entry.”

“You can be really good at spreadsheets, and not good at PPC.”

“There's enough time in the day for everything.”

Connect with Pat Lum

Website:  https://www.asteroidx.com

YouTube: https://www.youtube.com/channel/UC8rW9p6w1RtG8FTQv6WF3jQ

Send us a voice message and let us know how we can help you fire the man! 

Facebook

YouTube

Instagram

Resources Mentioned

GETIDA

Amazon FBA Revenue Calculator

Books

Working Backwards by Colin Bryar

Good to Great: Why Some Companies Make the Leap and Others Don't

Email us --> [email protected]

 Leave us a review as it really helps the show!  

Ready to scale your Amazon business? Click here to book a strategy call.  https://calendly.com/firingtheman/amazon

Support the show