Firing The Man

Episode 80

In today’s episode we are going to take a deep dive into the profit and loss (P&L) statement covering topics such as 1) what is a P&L statement?;  2) Why is a P&L so important; 3) What to do when you receive your P&L?; and 4) What strategies Ken and I use in our own businesses to analyze our books and make decisions that drive value? 

Listen to the episode and know how to utilize the P&L statement! 

[00:01 - 05:27] Opening Segment

• Why a profit and loss (P&L) statement is important in a business
  • David explains 
• 2 ways to get a P&L

[05:28 - 15:28] Show Us The Money!

• Why we get excited when we receive our P&L 
• We break down the net income 
• Analyze your P&L with these key steps from David 
  • How to see trends? 

[15:29 - 25:07] Understanding Gross Margin 

• Want some Amazon refunds? Check out Getida
  • Promo code: FTM400
• An MS Excel hack that you should know 
• We talk about gross margins 

[25:08 - 30:13] Improving Your P&L  

• David talks about the “real gold” of an income statement 
• Improve your P&L next month with these tips from David! 
• Are you not an accounting or finance major?
  • No problems! Listen to David’s advice 

[30:14 - 33:49] Closing Segment 

• Make more money by utilizing the P&L!
  • We summarized this episode into several key steps 
• Connect with us. Links below
• Final words

Tweetable Quotes:

“The numbers speak to you in trends. Look at them and troubleshoot them up.” - Ken Wilson

“Don’t let net income be an afterthought. Have it be something that you plan on.” - David Schomer

Resources mentioned:

• Firing the Man Ep. 78 on ACoS: Intersection of PPC & Profitability (PART 1)

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Episode 79

We continue our discussion about pay-per-click (PPC) and profitability. This time, we discuss further the different ways to control your Total Advertising Cost of Sale (TACoS), as well as some practical tips to boost your sales, conversion rate, and ecommerce store traffic, among other important topics.

By the way, do you know that Amazon owes you money? We break down how you’ll get paid. David also shares why you should charge your PPC spent on a credit card. 

Let’s continue our discussion on the intersection of PPC and profitability! 

[00:01 - 04:44] Opening Segment

• What is a good goal for TACoS?
• Control your TACoS with these levers 
  • Organic sales
  • PPC efficiency 

[04:45 - 12:27] How to Boost Your Sales Efficiently

• Boosting your sales
  • Ken’s favorite strategy that not a lot of people focus on 
  • Drive organic traffic to Amazon 
• The ideal conversion rate according to Ken
  • How to compute it the right way 
  • How conversion rates impact organic rates and PPC sales 
• Increase your conversion rate with these tips from Ken

[12:28 - 19:48] Boosting Your Organic Traffic 

• What you should realize about test pricing 
• How to choose the right keyword to test 
• FREE download on TACoS & Profitability
  • Link below
• Here’s an easy way to increase your average order value 

[19:49 - 27:01] David’s PPC Experience 

• The percent ACos that can generate a profit 
• Want some Amazon refunds? Check out Getida
  • Promo code: FTM400
• David talks about the challenges of Amazon inventory restrictions 
• Should you outsource PPC?
  • David shares his experience  

[27:02 - 34:27] The Myth to be Busted About Top-Line Revenue

• Why you should focus on the profitability of your business 
• Do not focus on the top-line revenue and here’s why 
• How this simple “change of payment method” can get you 3% off

[34:28 - 36:57] Closing Segment 

• The top 3 items David and I recommend to you
• Connect with us. Links below
• Final words

Tweetable Quotes:

“Your business is an asset and it should be managed as an asset.” - Ken Wilson

“We’ve got a lot of products that are selling well but due to current inventory restrictions, we cannot replenish that inventory. And so, we're slowing down PPC spent, [slowing] down sales, yes, but it’s just gonna make inventory management easier.” - David Schomer

Resources mentioned:

• Firing the Man previous episode: 76: Intersection of PPC & Profitability (PART 1)
• Firing the Man previous episode: 8: How to Get One Million Free Amazon Ads
• Helium10

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Know more about TACoS and Profitability! Start here. 

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Episode 78

In today’s episode, David and I will talk about pay-per-click (PPC) and profitability and how we can reconcile them in our businesses. We have also included a real-life case study from one of our portfolio companies, as well as a discussion of Advertising Cost of Sale (ACoS) and Total Advertising Cost of Sale (TACoS). 

Listen to this episode and learn how PPC and profitability intersect! 

[00:01 - 02:43] Opening Segment

• We introduce our topic for today
• How to reconcile PPC and profitability 

[02:44 - 12:59] ACoS and TACoS 

• Don’t miss our break down of ACoS and TACoS
  • Why you should know your breakeven point 
• FREE download on TACoS & Profitability
  • Link below
• Want some Amazon refunds? Check out Getida
  • Promo code: FTM400
• How to analyze shipping cost properly 
• Go over your income statement the right way 

[13:00 - 20:19] Our Case Study 

• We talk about the 3 phase of one of our portfolio companies
  • Launch
  • Struggle
  • Dial in 
• What you should realize about this case study according to Ken

[20:20 - 21:30] Closing Segment 

• Connect with us. Links below
• Final words

Tweetable Quotes:

“Knowing your numbers is probably one of the top things you should be an expert at if you’re in this business.” - Ken Wilson

“Knowing your true breakeven point and then setting ACoS goals and monitoring and measuring them on a daily or weekly basis is really important.” - David Schomer

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Do you have a similar experience? Send us a voice message and let’s see how we can help you! 

Know more about TACoS and Profitability! Start here. 

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

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Episode 77

Joe Valley fired the man 24 years ago and never looked back ever since. He wrote “The EXITpreneur's Playbook” to guide entrepreneurs in exiting their businesses the right way, specifically sharing tactical steps and mindset shifts that they need to get the most out of their exit. Joe can also be heard regularly in the podcast, “The Quiet Light.”

Tune in now and learn from Joe how to train for your exit strategy! 

[00:01 - 05:03] Opening Segment

• We share our key takeaways from our interview with Joe Valley
• FREE chapters from Joe’s book
  • Link below 

[05:04 - 13:10] Joe The EXITpreneur 

• Let’s get to know, Joe, and how he fired the man
• Training for an exit vs. planning for an exit
• The biggest problem of entrepreneurs right now

[13:11 - 20:00] Should You Have a Broker in Selling Your Business? 

• Establishing an exit goal the right way 
• The role of the broker in a transaction 
• Want some Amazon refunds? Check out Getida
  • Promo code: FTM400

[20:01 - 27:30] Earning Money All Day Long

• Building a relationship with aggregators 
• The main quality of a good advisor 
• Joe gives a sneak peek about his book

[27:31 - 37:03] Managing Expectations Among Entrepreneurs 

• Joe breaks down the Seller’s Discretionary Earnings 
• What can entrepreneurs expect in today’s e-commerce space? 
• He shares his experience dealing with the COVID-19 pandemic 

[37:04 - 43:23] The Mindset to Work for Your Goals 

• “EXITpreneur” is not your ordinary book
• Joe talks about the Ignorance Discount
• Know more about Joe in the Fire Round! 

[43:24 - 45:31] Closing Segment 

• Connect with Joe. Links below
• Final words

Tweetable Quotes:

“Good advisors earn their money all day long. Otherwise, they wouldn’t be in the business.” - Joe Valley

“[Good advisors] put more money in your pocket with a better deal structure so you could sleep at night.” - Joe Valley

Resources Mentioned:

• Thrasio
• Perch
• Book: Traction

Email [email protected] to connect with Joe or follow him on LinkedIn, Facebook, and Twitter. Listen to his podcast or check it out online: website, Facebook and Twitter.

• 3 FREE chapters of Joe's book! Download here
• Purchase his new book

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Episode 76

Many e-commerce business owners are having a hard time overcoming the current Amazon inventory restrictions. That’s why in this episode David and I will be talking about the strategies we’re implementing. But that's not really it. We also want you, the Firing the Man Nation, to share your own solutions. Let’s stay the course and fight through these tough times together. 

Listen to this episode and learn how to overcome Amazon inventory restrictions!

[00:01 - 05:07] Opening Segment

• We introduce our topic for today
• How the Amazon restrictions have affected our accounts 

[05:08 - 13:30] Our Thoughts on Inventory Restrictions 

• The rule that applies to everything but David wishes would go away soon 
• We think that these restrictions should be temporary
  • Ken guarantees it 
• Don’t miss our exchange about Inventory Performance Indicators 

[13:31 - 23:21] Solutions to Amazon Inventory Restrictions 

• Solutions to these Amazon inventory restrictions
  • Checking inventory daily 
  • Send shipments daily if possible 
  • Run reports and find slow-moving products 
  • Consider increasing prices and here’s why 
• Ken shares what he thinks as the top solution here 
• Want some Amazon refunds? Check out Getida
  • Promo code: FTM400

[23:22 - 30:59] Why You Should Stay The Course 

• Why you should try the Amazon FBM and warehousing 
• Do you have an idea we did not mention?
  • Send us a voice mail below! 
• Why you should not give up now 

[31:00 - 33:34] Closing Segment 

• Connect with us. Links below
• Final words

Tweetable Quotes:

“If you’re out there and you’re struggling to manage inventory, you’re not alone.” - Ken Wilson

“Stay the course. Fight through these tough times.” - David Schomer

Resource mentioned

• Walmart
• Deliverr
• Shipup

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If you have a strategy that you are using to overcome this hurdle, hit us up at https://firingtheman.com/contact-us/. If you share an idea or pro-tip with the Firing the Man Nation that was not mentioned in this podcast that will help Ken and I navigate this more effectively, we will personally buy you a steak dinner.

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Check out https://forceget.com/ to use promo code FTM 300 and tell them that FiringTheMan sent you.

Episode 75

Ken and I are happy to talk with Burak Yolga for the second time, where we talk about logistics, inventory, and supply for e-commerce businesses. Our interview with Burak is timely as shipping is so expensive right now. How then can e-commerce business owners ship to the US in the most efficient way possible? What can they learn from smart Amazon sellers? All these...and more in another episode of Firing the Man. 

Tune in now and learn from a logistics expert!

• Let’s get to know Burak Yolga
• Burak gives a “State of Freight”

• Why is shipping so expensive right now?
• What you can learn from smart Amazon sellers 
• An advantage you’ll have if you ship in the US 

• Negotiate with your suppliers better with these tips from Burak
• Want some Amazon refunds? Check out Getida
  • Promo code: FTM400
• The most efficient way to ship to the US according to Burak 

• Best ways to ship from China to Europe 
• Is the Middle East a good market right now? 
• Know more about Burak in the Fire Round! 

• Connect with Burak. Links below
• Final words

“Just make sure you’re planning [everything on time].” - Burak Yolga

“The more you repeat, the better it gets.” - Burak Yolga

“Never be shy about asking, especially if you’re a beginner.” - Burak Yolga

• Burak’s first time with Firing the Man: Episode 16: Coronavirus Implications on e-commerce with Burak Yolga
• Book: Millionaire Success Habits

Email [email protected] or [email protected] to connect with Burak or follow him on LinkedIn. Visit Forceget and experience a fast, cost-efficient, and reliable logistics service!

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We have the one and only Chris Odegard to talk about alternative investment vehicles you can try over the traditional ones such as the 401(k). Our discussion mostly focused on 401(k) and why he will advise people to NOT put money into it. Instead, he will advise them to invest in real estate, which if done right, can lead to financial freedom and prosperity. 

Tune in now and learn alternative investment secrets from The Prolific Investor! 

[00:01 - 04:22] Opening Segment

• Let’s get to know  Chris Odegard
• He talks about alternative investments 

[04:23 - 14:42] Alternative Investment Vehicles

• How Chris bought his first rental property 
• Don’t miss this advice from Chris about 401(k)! 
• Listen to our interesting exchange about taxes 
  • The 2 tax systems

[14:43 - 25:09] How Chris Fired the Man 

• The power of negotiation in the real estate space 
• Want some Amazon refunds? Check out Getida
  • Promo code: FTM400
• How Chris fired the man 
  • Listen to his story 
  • The Hierarchy of Investments 

[25:10 - 35:04] Rentals > 401k

• Should you drop your 401(k) and buy rentals instead? 
• If you’re already putting money into 401(k), here’s Chris’ advice for you
• How to start an alternative investment

[35:05 - 39:25] Closing Segment 

• Know more about Chris in the Fire Round! 
• Connect with Chris. Links below
• Final words

Tweetable Quotes:

“I think you have to have a goal that’s bigger than money because when the money doesn’t come fast enough or gets too hard, people will give up and quit.” - Chris Odegard

“...if I was your age, with this brain, I would have never put any money into that 401k. I would have started acquiring single family rentals.” - Chris Odegard

Resources Mentioned:

• Book
  • Rich Dad Poor Dad
  • Tax-Free Wealth
  • 401 Chaos

Email [email protected] to connect with Chris or follow him on Instagram, YouTube, Twitter, and Facebook. Check out The Prolific Investor to learn more about his services. 

• Download the Hierarchy of Investments! Find it here
• Pre-order his upcoming book: Get Off Your A$$ and Manage Your Money
• Join his coaching program 

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Episode 73

Ben Leonard built a 7-figure business from his laptop...only to sell it after 3 years. You may be surprised and curious as to why Ben did it, but for him, it was the right thing to do. What were his reasons for this surprising decision? He drops by to tell us why. Ben is the epitome of “Firing the Man,” and if you are someone who’s just starting an eCommerce business, you still would want to check this episode out. 

Tune in now and learn the right exit strategy for you in the e-commerce space! 

[00:01 - 04:48] Opening Segment

• Let’s get to know Ben Leonard 
  • His path from ecology to e-commerce
• What is “learning by doing” for Ben?

[04:49 - 13:52] The Truth Behind Starting an E-Commerce Brand 

• Ben walks us through the process of building his business
  • This was the time he also had a full-time job
• Don’t miss this advice from Ben to start your own business! 
• Ben’s regrets in his e-commerce business 

[13:53 - 19:22] Selling at Peak Romance 

• The day Ben went full-time in his e-commerce business 
• Selling the business at its peak
  • Should you do it?
• Want some Amazon refunds? Check out Getida
  • Promo code: FTM400

[19:23 - 30:00] Crafting an Exit Strategy

• Ben talks about the process of selling his business
• What is the “Entrepreneur’s Relief?”
• How Ben can help you in your business

[30:01 - 39:22] What Your Business is Worth 

• The right mindset to sell your business 
• How to know the value of your business
• Know more about Ben in the Fire Round! 

[39:23 - 40:53] Closing Segment 

• Connect with Ben. Links below
• Final words

Tweetable Quotes:

“Sometimes, you just need one point of reference, and if it’s somebody who’s been there and done it, then that helps quite a lot.” - Ben Leonard

“If you risk nothing, you risk everything.” - Ben Leonard

Resources Mentioned:

• Thrasio
• Book
  • The E-Myth Revisited
  • Harry Potter

Email [email protected] to connect with Ben or follow him on LinkedIn, YouTube, Twitter, and Facebook. Check out his personal website and visit Ecom Brokers to learn more about his services. 

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Episode 72

Have you heard about dropshipping? This business model looks attractive as a passive income stream because you don’t need an inventory to start selling products. You only need a platform to accept orders and forward them to the manufacturers. Ken tried it, alongside sponsoring a semi-pro Poker player, and failed. The silver lining of these failures, though, is that it brought Ken and I together. No one knows if we’ll be here sharing our e-commerce experiences had Ken not encountered the dropshipping model. 

Listen to this episode and learn from Ken’s experience as a dropshipping owner! 

[00:01 - 03:44] Opening Segment

• We introduce our topic for today
• What is dropshipping? 

[03:45 - 13:00] Starting a Business Online 

• How to start a business online 
  • Platforms and tools that used
• Why Ken spent 20 hours in YouTube research 
• The Power of Facebook Ads 

[13:01 - 24:24] Sponsoring a Semi-Pro Poker Player 

• Want some Amazon refunds? Check out Getida
  • Promo code: FTM400
• How Ken realized that his dropshipping business failed 
• Ken’s reasons for sponsoring a semi-pro Poker player
  • Lessons learned from this experience 

[24:25 - 27:04] Closing Segment 

• Start a business or buy an existing one?
  • Ken weighs in 
• Connect with us. Links below
• Final words

Tweetable Quotes:

“Do something whether you think that your business idea is good or not.” - Ken Wilson

“Even though I only made 3 sales...it was like a spark that ignited something in me.” - Ken Wilson

Resources Mentioned:

• Shopify 
• Oberlo
• McAfee

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Episode 71

Are you planning to sell at Walmart? Then, don’t miss this episode. Ken will share his experiences so far in selling in Walmart. We will talk about the things we like about it, including how easy the integration is and how the sales are going. We will also discuss more topics to make your Walmart experience worthwhile, including how to get top-quality reviews for your products. 

Listen to this episode and start your Walmart journey! 

[00:01 - 03:21] Opening Segment

• We introduce our topic for today
• Why we are on Walmart 

[03:22 - 09:07] Start Your Walmart Journey 

• Ken walks us through his Day 1
  • What to expect in the application process
• How to set up your listings
  • The 3 different ways to set up
• Explore the Listing Quality Dashboard 

[09:08 - 16:49] Sell in Walmart 

• How to sell using Walmart
• Ken shares his current experience with Walmart 
  • Learn the bright side of his experience 
• Don’t miss Ken’s review of Walmart’s customer service! 
• Want some Amazon refunds? Check out Getida
  • Promo code: FTM400
• What you should know about the Walmart Fulfillment Services
  • How is it different from Amazon's FBA? 

[16:50 - 26:14] Ken’s Walmart Pro Tips

• How to leverage third-party logistics in Walmart 
• Ken talks about his experience in delivering products
  • Why his grade, for now, is B
• Get top quality reviews for your products
• Don’t miss Ken’s pro tips to get into Walmart! 

[26:15 - 27:35] Closing Segment 

• Connect with us. Links below
• Final words

Tweetable Quotes:

“Walmart has this thing called Pro Seller Badge, and if you meet this criteria, they automatically grant you this badge.” - Ken Wilson

“For us to actually sell on Walmart now with [Walmart Fulfillment Services] not an option, we had to choose a [third-party logistics].” - Ken Wilson

Resources Mentioned:

• Firing the Man’s previous episode: Off-Amazon Sales Channel News & Other Happenings in 2021
• Walmart’s Market Application
  • Walmart Fulfillment Services
  • Pro Seller Badge
• Paypal
• Deliverr
• FedEx
• United States Postal Service
• United Parcel Service

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