Firing The Man

Episode 40

In today's episode, we are going to be diving into some of the headlines and latest news going on in the e-commerce world. We will be discussing 3 articles regarding Amazon and other updates that will definitely be a useful resource to boost your eCommerce.

Let’s dive right into this episode and be sure to stay tuned for a next-level hack

[00:01 - 10:18] Amazon-Native Brand Anker Goes Public

• The brand was one of the first Amazon-native brands and is now on target to hit $1 billion in sales in 2020.
• A Chinese brand founded in 2011 by ex-Google engineer Steven Yang
• Only 146k followers on Instagram (Focus on Amazon) 
• Branch out and use the growth to fuel their sales channel (Walmart, Best buy, apple store) 
• 50% of Anker staff work on research and development 
• How much of our time as a Solo-preneur are we spending on research and development?
  • research new products, reading negative reviews and listening to the voice of the customer
• Learn from Anker Listing

[10:19 - 29:35] Amazon Seller Fulfilled Prime is in Limbo

• Amazon increases their fees every year especially on Q4
• A lot of companies tend to migrate to 3PL
• Amazon increasing its warehouse capacity by 50%
• 3PL will not be able to keep their prime batch 
• Amazon statistics they release new rules starting February 1st,2021 on seller fulfilled Prime 
  • estimate that only 10% of existing seller fulfilled Prime members will be able to meet those standards 10%
• September 2nd, Walmart announced Walmart+
• Will they be able to meet the Amazon Prime fulfillment standard 

[15:55 - 21:57] Amazon Added Brand Stores to Search 

• Amazon is testing a change to its search suggestions that adds a link to the related brand’s store page
• Being brand registered and trademarked is important for more benefits
• Amazon conversion rates are way higher than just your standard e-commerce site
• Next level hack (Etsy following a similar branded store approach)
  • Putting your product keyword as your new branding name
• If you have an article that you would like us to cover on our future episode, send it to [email protected]
• Final Words

Resources Mentioned:

• Amazon-Native Brand Anker Goes Public
• Amazon Seller Fulfilled Prime is in Limbo
• Amazon Added Brand Stores to Search 

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Episode 39

In 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 Groupon
• Any success story has a pile of trial-and-error stories behind it
• Ken shares an interesting story
  • He was shut down from his entire Etsy Shop
• David shares his bad experience with Amazon Zero 

[13:30- 22:39] The Importance of Sales Channel Diversity for Your E-Commerce Company

• The benefit of having a plan B if one channel gets shut down
  • Send 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 exit
• 5 diverse sales channels which reduce the risk for the buyer and increase the value
• Opted 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 channel

• Complexity
• Automation 
• Upside (sales)
• Liability 
• Sales tax complexity
• Cost 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-party
• Final words

Resources Mentioned:

• Amazon
• eBay
• Etsy
• Website (Shopify/woo-commerce)
• Walmart
• Google Shopping
• Amazon Canada
• Amazon UK
• Amazon Germany
• Amazon Japan
• Amazon India
• Rakuten
• Facebook
• Pinterest
• Groupon
• Instagram

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Episode 38

In 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 3PL
• What is 3PL and why is it important for eCommerce business owners 
• The downside of Amazon Fulfilment 
  • The significant increase of storage fees in Q4
• Two days shipping and the size of the warehouse 
• We talk about the significance of shipping zones in 3PL companies
• Steps on how we crowdsource the 3PL recommendation  list
  • Post 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 company

• How is the order being processed
• What costs are involved 
• Total packages 
• What are my total fulfillment fees for products that stay for months
• Numbers of the fulfillment centers
• How quickly can they ship the orders
• How will the order be packed 
• Large order volumes
• Shipping discounts 
• How long does it take to receive and process products
• Can they handle international shipping

[24:55 - 30:31] Finding the Best 3PL for Your Products

• Finding 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 yours
• Transparency on pricing is not on most of these companies website
• We talk about the crowdsource of 3PL prospect funnel lists
  • See below for links mentioned
• Find the downloadable pdf of questions and templates at  firingtheman.com/3plchecklist
• Final words

Resources Mentioned:

• FedEx Fulfillment
• E-Fulfillment service
• Ship my orders 
• Warehousing and fulfillment
• Speed-commerce
• 3pl solution.co.uk
• direct-outbound.com
• Newgistics and deliverer 
• firingtheman.com/3plchecklist

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Episode 37

In 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 Yourself

• Karl shares about how he realized he needed change in his life
• Be willing to fill the gaps in your skills and knowledge
• Karl 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 thankful
• We talk about the importance of reward systems for completing goals
  • Prioritize rest and reflection in whatever way you need

[32:39 - 41:02] Connecting with Like-Minded People

• Karl talks about the power of positive connections 
  • The right people will elevate you 
• Be the one who also adds value
• The room that excites you is the right room 
• Lightning Round segment with Karl
  • Favorite book
  • Hobbies
  • Successful e-commerce entrepreneurs vs people who give up
  • How to Connect with Karl - links below

Resources Mentioned:

• The Seven Habits of Highly Effective People
• The Powerlist with Andy Frisella
• Podcast - James Swanick
• The Go-Giver
• The Inner Game of Tennis
• The Miracle Morning
• Sensory Deprivation Tank
• 5 AM Club

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Connect with Karl on LinkedIn and Instagram @karl.sona. Visit karlsona.com and book a free session at https://calendly.com/karlsona32

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Episode 36

In 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 Size

• Opening Segment - What we will cover
• We talk about the importance of Q4 prep
• Why we love maximizing Q4
• Inventory management is huge in Q4
• Try to forecast - Increasing order size
• Use the historics from last Q4 and add 25-35% of that

[10:47 - 20:22] Utilize FBM

• Be able to switch tactics in case of inventory restrictions 
• Your fulfillment options
• Ken’s mistake not using FBM
• Story about fulfillments
• Ways around unit limitations on Amazon

[20:23 - 29:22] Organizing and Managing Inventory

• How to quantify how much a stock out will be
  • Using Forcast.ly for inventory management
• How 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 Ebay
  • Facebook 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 Marketing

• We talk about sales coming in because of email marketing
  • How it will be useful for upcoming holiday sales and after
• How to generate an email list
  • Use something of value that people will give their emails for
• Make sure to capture that valuable Q4 traffic
  • Convertkit & and for a budget Gmass 
• Pro-tip
  • Paid someone on Fiverr to create an ebook to look 3-D

[34:32 - 40:51] Conversion Optimization

• The value of utilizing conversions
  • Double sales just by increasing conversions
  • Convince more people the product is for them
• Add videos to increase click-throughs 
  • Increases conversion by 5%
• Importance of Split testing
  • Links to sites that allow you to split test below
  • Split test your A+ and AB
• Final words from Ken and me
• Closing Segment

Resources Mentioned:

• Amazon Seller Central - Sales and Traffic
• Forcast.ly
• Google for Retail
• Facebook Marketplace
• Convertkit 
• Gmass 
• Split.ly
• PickFu

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Episode 35

In 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 Bottleneck

• Opening Segment
• We talked about an article about Amazon's recent struggles with its inventory.
  • Non-essential jobs are unable to perform
  • Amazon's inventory is running out of space
  • Amazon's IPI metrics impact on the market
• Why We Use Amazon Fulfillment Center
  • Amazon is one of the best logistics company in the world
  • Third-party sellers are having a hard time due to capacity increase
• Amazon's inability to handle fulfillment is hurting your business
  • Shipments are being delivered but not being checked-in leading to a decrease in the product ranking
• Amazon is planning to increase its warehouse volume by 50%
  • This is a 100-year asset
  • This is a very long term bet on the future of e-commerce and the future of fulfillment
  • It could help third-party sellers increase their leverage

[13:44 - 19:25] Walmart Doubles Marketplace Size in a Year

• We talked about an article about Walmart's unprecedented growth after partnering with Shopify
  • They are competing with Amazon
  • Wallmart has now the opportunity to take advantage of Amazon's struggles
• Partnership between Wallmart and Shopify
  • It is increasing their marketplace and product portfolio
• We talked about challenges and barriers
  • The 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 Share

• We talked about an article Amazon losing market share as measured by web traffic
  • Top players who are adopting e-commerce remained the same
• Third-party sellers are stepping up
• How can amazon bounce back?
  • This is only a chink in their armor
• Final words from Ken and me
• Closing Segment

Resources Mentioned:

• Market Place Pulse
• Amazon Racing to Remove the Fulfillment Bottleneck
• Walmart Doubles Marketplace Size in a Year
• Amazon Lost Web Traffic Market Share

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Episode 34

Josh 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 taxes
• What 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 sellers
• What 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!)

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Episode 33

Anna 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/


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Episode 32

On 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. 

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Episode 31

On 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.  

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Email us --> [email protected]

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

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