Amazing FBA Amazon And ECommerce Podcast, For Amazon Private Label Sellers, Shopify, Magento Or Woocommerce Business Owners, And Other E-commerce Sellers And Digital Entrepreneurs. podcast

Amazing FBA Amazon and ECommerce Podcast, for Amazon Private Label Sellers, Shopify, Magento or Woocommerce business owners, and other e-commerce sellers and digital entrepreneurs.

المحتوى المقدم من Michael Veazey. يتم تحميل جميع محتويات البودكاست بما في ذلك الحلقات والرسومات وأوصاف البودكاست وتقديمها مباشرة بواسطة Michael Veazey أو شريك منصة البودكاست الخاص بهم. إذا كنت تعتقد أن شخصًا ما يستخدم عملك المحمي بحقوق الطبع والنشر دون إذنك، فيمكنك اتباع العملية الموضحة هنا https://ar.player.fm/legal.

Amazing FBA Amazon and ECommerce Podcast, for Amazon Private Label Sellers, Shopify, Magento or Woocommerce business owners, and other e-commerce sellers and digital entrepreneurs.

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Amazon Private Label and eCommerce Interviews with Experts in Amazon product chooosing, Amazon listings, sourcing private label products, importing from China, and Amazon product listings. We serve new Amazon sellers and 7-figure Amazon sellers with specialist content.

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#Business #Marketing #Michael Veazey #Entrepreneur #Careers #E-Commerce #Tech #Industries

Amazing FBA Amazon and ECommerce Podcast, for Amazon Private Label Sellers, Shopify, Magento or Woocommerce business owners, and other e-commerce sellers and digital entrepreneurs.

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293 حلقات

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Amazing FBA Amazon and ECommerce Podcast, for Amazon Private Label Sellers, Shopify, Magento or Woocommerce business owners, and other e-commerce sellers and digital entrepreneurs.

1
Make Confident business decisions: should you “Follow the numbers”? 7:55

منذ 37 weeks7:55

التشغيل لاحقا

قوائم

إعجاب

احب

7:55

Should entrepreneurs always "Follow the numbers"? Should you be led by the numbers in your business buying and selling decisions? Let's deal with that today. Having previously bought various properties, I'm now considering selling one A selling or buying decision around any asset, including property, or a business is a lot of the same sort of thing. So you're buying an asset or selling an asset, which has a capital value, and then it will, if it works well, generate cashflow, sometimes negative if you get it wrong. So should you be led by the numbers? I've been on a train with a Google sheet, working out the capital gains of selling a residential property versus keeping it. What's interesting is how one arrives at decisions in business the nice thing about business is numbers guide you. Should they lead you? Should they guide you? Should you ignore them? Let's take one extreme at a time and examine how it works. Thesis: Ignore numbers (go with your gut) Extreme number one is to ignore the numbers and go with your guts, follow your intuition. There's a difference, between your guts and immediate instinct. Instinctive reaction to pain causes short-term decisions Running a business or owning property. Can be painful. , there's legal liability people hassling you, spending your own money and time and regulations always increasing. Both in business and residential property. My experience in the uk, Amazon selling is not getting any less full of regulations particularly if you sell in the eu or you know, if you're looking at Amazon's legal changes. Okay, so gut reaction might be just sell the damn thing because it's painful, but anything worthwhile can be painful. That's probably not a good plan. Now, what about intuition? If your intuition says, it's hard work, but the pain is not worth the gain. You might be right. Intuition can, misguide us because we overrate immediate pain and underwrite future pain. So if we do something now that makes them the easy but cost you a lot of pain in the future, that's not a very rational way of making decisions. Pure instinct or intuition has its dangers. So in the pure form, probably unwise, although one should not ignore one's intuition as an entrepreneur, Antithesis: Being led purely by the numbers Here's version two, led by the numbers, not guided by the numbers, but just led by them. The classic example of that mistake is in the the lockdown period or just after that, a lot of aggregators, private equity companies with a lot of money went out shopping for e commerce businesses based on Amazon. They made multiple mistakes, but one of them was based simply on following the numbers. A lot of very smart people, many of whom I interviewed for the podcast at the time, were involved in that, but they didn't have Amazon common sense or e commerce common sense they were good at, number analysis. So they analyzed the numbers but what they didn't take out was any kind of common sense. Why did the aggregators get it wrong in 2021-22? If you look at the root cause of the massive increase in revenue and profits of e commerce businesses around 2019, 2020, was obvious. The pandemic and lockdowns particularly in the UK and US. Were extreme. I was in the UK at the time, so yeah, that is in retrospect, I guess, very obvious what was, was going on there. Even at the time it wasn't rocket science to think there would be some kind of aversion to shopping in a physical location after the Pandemic, how much was going to be hard to call, but it wouldn't be zero. And there was going to be some reversion to spending discretionary earnings. So consumer spending, you could spend on whatever that isn't just your rent or mortgage on some services such as entertainment, going out to pubs. Technically they're buying products, but they're kind of consuming them immediately. So it's kind of a service or other services like going to the cinema or going...…

Amazing FBA Amazon and ECommerce Podcast, for Amazon Private Label Sellers, Shopify, Magento or Woocommerce business owners, and other e-commerce sellers and digital entrepreneurs.

1
AI Finances for Amazon & eCommerce Sellers 17:33

منذ 44 weeks17:33

17:33

Imagine you're a thriving Amazon seller. You log in to Seller Central, download your settlement report, and receive your net deposit. But here's the catch: the numbers don't quite paint a clear picture of your finances. Amazon reserves make understanding your true profit, profitability, and cash flow a challenge. Now, add multiple sales channels to the mix. The complexity grows exponentially, leaving you scrambling to reconcile data and make sense of your finances. This is where AI-powered accounting steps in, offering a lifeline for busy eCommerce brand owners. [00:00] - Importance Of Clean Data For Business Owners[00:44] - Introduction And Context Setting[01:07] - Challenges Of Single-Channel Amazon Selling[02:10] - Webgility's Data Integration Process[03:02] - Multi-Channel Data Consolidation[03:38] - AI Assistant's Role In Data Analysis[04:34] - Automating Data Transfer To Accounting Systems[05:16] - Computers' Efficiency In Numerical Calculations[05:59] - Common Issues In Data Integration[06:20] - Importance Of Consistent SKU Naming Conventions[07:31] - Webgility's Approach To Clean Data Setup[08:16] - Challenges Of Maintaining Consistent Data Practices[09:24] - Development Of AI-Powered Product Mapping Capabilities[10:40] - Difference Between Mechanical Systems And Intelligent Systems[11:58] - Two Approaches To Accounting Systems[13:39] - Impact Of Clean Books On Business Valuation[14:50] - Progression From Top-Line Focus To Profit And Valuation[15:17] - Introduction To Webgility's Services[16:10] - Webgility's Resources And Upcoming Webinars[16:39] - Importance Of Financial Preparation For Holiday Season[17:06] - Final Advice On Understanding Business Profitability[17:31] - Conclusion And Thank You How AI Simplifies Your Accounting Nightmare Webgility leverages the power of AI to transform your eCommerce finances. It can handle data from the most granular level (SKU) to your overall settlement reports, all presented in a user-friendly, centralized dashboard. Going beyond Amazon, Webgility integrates with other platforms and payment processors, offering a comprehensive overview of your finances, regardless of your sales channels. Imagine logging in and having a virtual assistant at your fingertips, ready to answer your financial questions. AI-powered tools allow you to seamlessly connect your data with popular accounting software like QuickBooks. This enables you to record granular-level fees, identify trends over time, and gain valuable insights, all within Webgility or directly in your accounting software. Clean Data: The Foundation for Accurate Finances But before diving into AI, let's address the elephant in the room: clean data. Garbage in, garbage out is still a golden rule in the digital age. No matter how powerful AI is, it can't magically transform messy data into financial clarity. The key to success starts with a well-organized product catalog. Develop a consistent SKU naming convention across all your channels. This seemingly simple step ensures accurate sales and profit tracking over time. Remember, inconsistent data leads to inaccurate reports, hindering your ability to make informed decisions. While AI excels at processing unstructured data, it's not a miracle solution. Here's where Webgility shines. It helps you get started the right way by offering features like: SKU naming guidance: Webgility assists in establishing a consistent naming convention for your catalog. On-the-fly account creation: Streamline the process by having Webgility automatically create clean accounts as you manage your business. Professional onboarding: Webgility offers onboarding services to ensure your data is structured correctly from the get-go. In some instances, AI can even help improve existing data. Webgility is constantly developing tools to analyze potentially flawed data, like identifying similar SKUs that may be duplicates. This can extend to customer and client data as well,...…

Amazing FBA Amazon and ECommerce Podcast, for Amazon Private Label Sellers, Shopify, Magento or Woocommerce business owners, and other e-commerce sellers and digital entrepreneurs.

1
Artificial Intelligence for Amazon & eCommerce Sellers 25:27

منذ 44 weeks25:27

25:27

In today's rapidly evolving digital landscape, artificial intelligence (AI) has emerged as a game-changer for businesses of all sizes. For eCommerce sellers, AI offers a powerful tool to streamline operations, enhance customer experiences, and gain a competitive edge. This guide will delve into how SMB eCommerce businesses can leverage AI to optimize their operations, improve decision-making, and achieve sustainable growth. [00:00] - AI Benefits For Business Owners And Consumers[01:01] - Introduction To The 10K Collective Podcast[01:45] - Parag Mamnani's Background And Founding Of Webgility[02:36] - Challenges Of Multi-Channel E-Commerce And Inventory Management[03:34] - Financial Systems As The Cleanest System Of Record[04:47] - Complexity Of Pricing And Inventory Tracking[06:00] - AI Adoption In E-Commerce Organizations[07:16] - Early Days Of AI Integration In E-Commerce Platforms[08:30] - Difference Between Generative AI And Regression-Based AI[09:45] - Barriers For SMBs In Adopting AI Technologies[11:29] - AI For Small Business Operations[12:42] - Bifurcation Of AI Technology In Business[14:29] - Key Capabilities Of AI Assistants In Business Operations[15:52] - Importance Of Predictive Power In AI For Business Decisions[17:16] - Challenges In Forecasting Due To Unpredictable Events[19:12] - Impact Of Black Swan Events On Predictions[20:31] - Limitations Of Forecasting For Small Businesses[22:03] - Factors For Successful Future Predictions In E-Commerce[23:38] - Importance Of Blending AI With Human Intuition[24:53] - AI Assistant Inclusion And Learning From Customer Expectations Understanding AI's Potential for eCommerce AI, with its ability to analyze vast amounts of data and learn from patterns, can significantly benefit eCommerce sellers in various ways. By automating routine tasks, providing valuable insights, and personalizing customer experiences, AI can help businesses increase efficiency, reduce costs, and drive sales. The Benefits of AI for eCommerce Enhanced Efficiency: AI can automate repetitive tasks such as order processing, inventory management, and customer service, freeing up valuable time for more strategic activities. Improved Decision-Making: By analyzing data and identifying trends, AI can provide valuable insights to inform business decisions, such as pricing, marketing, and product development. Personalized Customer Experiences: AI-powered recommendation engines can offer tailored product suggestions to customers, increasing engagement and loyalty. Optimized Operations: AI can help streamline supply chain management, improve inventory forecasting, and optimize logistics, leading to cost savings and improved customer satisfaction. Leveraging AI for Operational Excellence Inventory Management: AI can help optimize inventory levels by predicting demand, preventing stockouts, and reducing excess inventory costs. Pricing Optimization: AI algorithms can analyze market data and competitor pricing to determine optimal pricing strategies, maximizing revenue and profitability. Fulfillment and Logistics: AI can streamline the fulfillment process by optimizing shipping routes, reducing delivery times, and improving customer satisfaction. Customer Service: AI-powered chatbots can provide instant customer support, answer common queries, and resolve issues efficiently. Harnessing AI for Marketing and Sales Personalized Marketing: AI can help create targeted marketing campaigns based on customer preferences, demographics, and purchase history, improving conversion rates. Customer Segmentation: AI can segment customers into different groups based on their behavior and characteristics, allowing for more effective marketing strategies. Predictive Analytics: AI can predict customer behavior and identify potential churn, enabling proactive retention efforts. Implementing AI in Your eCommerce Business Identify Your Goals: Clearly define the specific areas ...…

Amazing FBA Amazon and ECommerce Podcast, for Amazon Private Label Sellers, Shopify, Magento or Woocommerce business owners, and other e-commerce sellers and digital entrepreneurs.

1
Launch Product on Amazon Using PPC Tactics 19:15

منذ 45 weeks19:15

19:15

The world of e-commerce thrives on innovation, and Amazon remains at the forefront. For brand owners, a successful product launch on this platform can be a game-changer. However, navigating the vast Amazon marketplace can be daunting, especially with limited resources. This guide equips you with the knowledge to strategically utilize PPC (pay-per-click) advertising to launch your product and propel your brand forward.[00:59] - Discussing Broader Expectations For PPC Strategies[01:26] - Subjectivity In Amazon PPC Strategies[01:56] - Example Of Keyword Strategy For Whiskey Products[03:14] - Separating Brands And Search Terms In Campaigns[04:01] - Gradual Introduction Of Different Ad Types[04:41] - Importance Of Consistency In PPC Strategy[05:18] - Balancing Patience And Action In PPC Management[06:39] - Importance Of Data And First Sales In PPC[07:28] - Periodic Review Of PPC Campaigns[08:06] - Adapting To Changes In The E-commerce Ecosystem[09:02] - Importance Of External Traffic For Amazon[09:48] - Balancing Organic And PPC Efforts[10:40] - Learning And Testing In Different Amazon Categories[11:09] - Impact Of Pricing On PPC Performance[12:09] - Importance Of Honesty And Transparency In Agency Work[13:00] - Understanding The Product And Target Market[14:31] - Overview Of Enzo Brands Services[15:37] - Enzo Brands' Experience With Various E-commerce Platforms[16:15] - Enzo Brands' Approach To Client Relationships[17:20] - Importance Of Brand Message On Amazon[18:20] - Keeping Things Simple And Understanding Basics Understanding Amazon Ads Broad Match and Auto Campaigns Amazon Ads offers various campaign structures, each with its advantages. Let's delve into broad match and auto campaigns: Broad Match: This approach casts a wide net by capturing searches containing all or some of your keywords. While broad match can generate a high volume of impressions, it requires careful monitoring to ensure your ads reach the right audience. Auto Campaigns: These campaigns leverage Amazon's algorithm to automatically identify relevant keywords for your product. While convenient, auto campaigns can be imprecise and necessitate ongoing refinement. Striking the Balance: Broad Match vs. Targeted Keywords Michael Kahn's Insight: Michael Kahn, an industry veteran with Enso Brands, emphasizes the value of starting with broad match campaigns. This initial broad approach helps you discover the keywords most likely to resonate with your target audience. Beyond Long-Tail Keywords: Conventional wisdom dictates a heavy focus on long-tail keywords for Amazon PPC. However, this isn't always the golden rule. Depending on your product category, high-volume keywords like "whisky" or "scotch whisky" might yield excellent results. Building a Robust PPC Strategy: Beyond Broad Match While broad match offers valuable insights, a successful PPC strategy requires more than just initial experimentation. Here's how you can craft a results-oriented approach: Sponsored Product Ads: This core PPC tactic showcases your individual products to targeted audiences based on keywords and product listings. Harvested Keywords: Leverage data from broad or auto campaigns to identify high-performing keywords for future manual campaigns, allowing for more focused targeting. Negative Match: Strategically exclude irrelevant keywords that generate clicks but don't lead to conversions. This helps you refine your targeting and save budget. Branded Search Terms: Track branded search terms separately to assess brand awareness and avoid skewing overall campaign data. Video and Headline Ads: Exploring Additional Options While sponsored product ads are a strong foundation, consider incorporating video and headline ads for a more comprehensive approach: Video Ads: These compelling visuals can effectively communicate your product's unique features and benefits, driving engagement and conversions.…

Amazing FBA Amazon and ECommerce Podcast, for Amazon Private Label Sellers, Shopify, Magento or Woocommerce business owners, and other e-commerce sellers and digital entrepreneurs.

1
Amazon Advertising Strategy for Product Launches 19:29

منذ 45 weeks19:29

19:29

The world of e-commerce is booming, and Amazon remains a major player. For brand owners, a successful product launch on this platform can be a game-changer. But how do you stand out in a crowded marketplace, especially when resources are limited? [00:00] - Introduction To The Podcast[01:31] - Introduction Of Michael Kahn From Enso Brands[02:13] - Michael's Background And Location[02:44] - Defining Launching On PPC[03:12] - Essential Preparation Before Launching[04:52] - Importance Of Competitor Analysis[06:28] - Understanding The Competitive Landscape[07:01] - Types Of Amazon PPC Ads[08:31] - Amazon Ads Team Innovation[09:14] - Focus On Video Ads For Product Launch[11:33] - New Partnership Between Amazon And TikTok[11:50] - Financial Expectations For Ad Spending[13:47] - Balancing Ad Spend And Patience[14:51] - Example Of Ad Spend Strategy Over Time[16:42] - Three-Month Timeline For Ad Strategy[17:46] - Gradual Adjustment Of Ad Spend[18:59] - Warning Against Abrupt Changes In Ad Strategy Introducing Enso Brands and Michael Kahn: This guide draws expertise from Enso Brands, a full-service agency for Amazon sellers. Led by industry veteran Michael Kahn, Enso offers brand acquisition, management, advertising expertise, and even warehousing solutions. Launching on Amazon: New Products or Revivals Your launch strategy will differ depending on whether you're introducing a brand new product or reigniting interest in a dormant listing. This guide tackles both scenarios, offering actionable tips to maximize your Amazon advertising impact. Pre-Launch Checklist: Prep for Success Before diving into PPC (pay-per-click) advertising, ensure a solid foundation for your launch. Here's what you need: Know Your Target Market: Demography and psychographics are crucial. Competitor Analysis: Identify direct and indirect competitors. Analyze their pricing, reviews, and ad strategies (including video usage). Keyword Research: Conduct thorough keyword research to ensure your listing appears in relevant searches. Listing Optimization: Craft compelling product descriptions with high-quality A+ images. Vine Reviews: Consider leveraging Vine reviews for early, honest feedback. Launching with PPC: A Powerful Toolset Amazon offers a variety of advertising options to consider: Product Ads: Showcase individual products to targeted audiences. Branded Ads: Increase brand awareness and build recognition. Video Ads: Effectively communicate your product's unique features and benefits. Headline Ads: Enhance brand visibility, though conversion rates may vary. Remember, Amazon provides tools to scale your spending, but consider utilizing third-party ad management solutions for added efficiency. Optimizing Your Campaigns: What Works for Your Product The key to successful Amazon advertising is finding what drives conversions for your specific product. Here's what Michael Kahn recommends: Always A/B Test: Experiment with different approaches to identify the most effective messaging and visuals. Embrace Video Ads: Consider video ads to showcase your product's unique selling points. Start with Sponsored Products: These ads offer a good balance between conversion and cost efficiency. Headline Ads for Brand Awareness: While conversion rates might be lower, they can be valuable for building brand recognition in certain categories. Client Story: Video Ads Highlight a Unique Feature Michael shares a client example where video ads were instrumental in showcasing a product's unique feature that wasn't easily conveyed through text descriptions. These compelling visuals helped differentiate the product from competitors and justify a higher price point. ACoS, High Spend, and "Bleeding Keywords" During Launch ACoS (Advertising Cost of Sale): Achieving the right balance between ACoS, high ad spend, and "bleeding keywords" (unprofitable keywords) is crucial during launch.…

Amazing FBA Amazon and ECommerce Podcast, for Amazon Private Label Sellers, Shopify, Magento or Woocommerce business owners, and other e-commerce sellers and digital entrepreneurs.

1
Amazon Tiktok integration (Amazon Newsday 10 Sep 2024) 3:47

منذ 45 weeks3:47

3:47

Michael Veazey Welcome to Amazon Newsday. I'm your host, Michael Veazey. Today, a couple of stories that are not in the last couple of weeks, but they were so important, we didn't want you to miss them. Amazon Tiktok Integration Announced Amazon TikTok integration. On the 9th of August, Amazon and TikTok officially announced their partnership, enabling users to discover and purchase Amazon products directly within the TikTok app. The integration allows TikTok users to see Amazon product recommendations on their For You feed. Users can link their TikTok and Amazon accounts through a secure one time setup process. Once accounts are linked, Amazon customers can then complete checkout within TikTok without leaving the app, providing a faster and more frictionless experience. Users in the U S. who linked their accounts will see real time pricing, primary eligibility, delivery experts, and product details on select Amazon product ads in TikTok. "Project Handshake" This partnership is part of Amazon's Project Handshake, a broader Amazon strategy which aims to merge social media with e commerce. Similar integrations have been made with platforms like Meta and Snapchat. For Amazon sellers, this integration could open up new opportunities to reach younger audiences through TikTok, potentially making sponsored display and DSP ads more effective. This integration is initially launching only in the United States with no specific timeline provided for expansion to other regions. This partnership represents a significant step in integrating e commerce with social media, potentially reshaping online shopping behaviors and offering new avenues for brands to reach consumers. Amazon required to recall unsafe products Amazon has been required to recall unsafe products. In a landmark decision, the U. S. Consumer Product Safety Commission, the CSPC, has ruled that Amazon is legally responsible for hazardous products sold by third party sellers through its Fulfillment by Amazon program. This July 29th ruling classifies Amazon as a distributor under the Consumer Product Safety Act, making it liable for over 400, 000 potentially dangerous items sold on its platform. The case focused on products like flammable children's sleepwear, faulty carbon monoxide detectors and unsafe hairdryers. As a result, Amazon must now develop plans to notify purchasers and the public about these hazards and provide refunds or replacements. Wider implications for e-commerce sellers This decision could have far reaching implications for other e commerce platforms, potentially subjecting them to similar notice reporting and recall obligations as traditional retailers. It underscores the CPSC's commitment to enforcing compliance across all parties in the consumer product distribution chain. Amazon plans to appeal the ruling, arguing that it had already taken swift action to warn consumers and offer refunds when notified of safety issues. However, the CPSC found these measures inadequate, emphasizing the importance of public notice for all potentially affected customers.…

Amazing FBA Amazon and ECommerce Podcast, for Amazon Private Label Sellers, Shopify, Magento or Woocommerce business owners, and other e-commerce sellers and digital entrepreneurs.

1
Skechers trainers – the power of serving one niche excellently 3:38

منذ 45 weeks3:38

3:38

Trainers. Not a market that is obviously a winner for new products. If a client came to me with the idea of launching trainers, the names "Nike" and "Adidas" would come to mind as fierce competitors. And yet here is Skechers, making waves with a new trainer. But not just any trainer. And not just competing for the mass market. No, Skechers has created and expanded a wonderful niche market for itself selling trainers to people with a very specific need. One that Michael can speak to from personal experience!…

Amazing FBA Amazon and ECommerce Podcast, for Amazon Private Label Sellers, Shopify, Magento or Woocommerce business owners, and other e-commerce sellers and digital entrepreneurs.

1
Building Remote Teams for E-commerce 26:09

منذ 46 weeks26:09

26:09

Kody Thompson, founder of WrkPod, isn't your average entrepreneur. He bootstrapped a web development company from a shoestring budget into a multi-million dollar powerhouse, generating over $5 million in profit. One of his biggest success factors? Building a high-performing team in the Philippines. This guide delves into Kody's journey, exploring how he leveraged Filipino talent to achieve explosive growth. We'll uncover his recruitment strategies, team management philosophies, and the key benefits of outsourcing for ecommerce businesses. Time Stamp [00:00] - Introduction To The Podcast And Host Michael Veazey[01:09] - Welcome To The 10K Collective Podcast[01:26] - Introduction Of Guest Cody Thompson From WorkPod[02:02] - Early Stages Of Building A Remote Team[03:29] - Mental Leap To Get Started With Outsourcing[03:48] - Using Freelance Platforms And Virtual Staff Finder[05:03] - Setting Up A Physical Office In Dumaguete Philippines[05:50] - Renting Space From Silliman University[07:17] - Creating An Internship Program With University Students[08:57] - Navigating The Challenges Of Internship Programs[10:16] - Building Relationships With University Deans[11:56] - Streamlining The Hiring Process Through Internships[13:03] - Importance Of Local Relationships In Recruitment[14:29] - Introduction To WorkPod And Its Services[15:50] - Providing Support And Frameworks For Managing Remote Teams[17:03] - Common Management Mistakes With Remote Staff[18:58] - Learning From Management Mistakes And Experiences[20:24] - Challenges In Positioning Talented Employees[22:12] - Introduction Of VA Task Outsourcing Checklist[24:01] - Closing Remarks And Invitation To Join 10K Collective Mastermind From Freelance Hustle to Global Success: The Power of Outsourcing Kody's story begins like many others – a freelance graphic designer trading time for money. But Kody recognized the limitations of this approach. "I wasn't getting paid when I was doing bookkeeping or social media," he explains. "My value lies in design." This realization sparked a pivotal shift. Kody started outsourcing administrative tasks, freeing him to focus on his core skills. This newfound efficiency fueled the growth of his web development company, propelling his annual revenue to a staggering $700,000 with a team of just 5-6 Filipino virtual assistants. Building a Dream Team: Beyond Remote Work While outsourcing tasks proved beneficial, Kody realized the limitations of a fully remote team. Managing talent spread across different locations posed challenges. The solution? Building a centralized team in the Philippines. But where to start? Kody identified Dumaguete City, home to top universities brimming with tech talent. He secured office space near the university, forging partnerships with deans and establishing an internship program. This provided direct access to top students, many of whom transitioned into full-time positions after graduation. Finding the Right Talent: Avoiding Common Mistakes Outsourcing success hinges on finding and retaining skilled personnel. Kody highlights some of the most common pitfalls: Assuming everyone learns like you: Different people learn in different ways. Tailor your training methods to ensure effective skills transfer. Adaptability: Resistance to change is a common obstacle. Foster a culture that embraces evolution and continuous improvement. Unreliable Payment: Not paying staff on time is a recipe for disaster. Develop a robust payroll system and prioritize on-time salary payments. Inadequate Training: Throwing new hires into the deep end without proper training sets them up for failure. Invest in comprehensive training processes and establish clear procedures. WrkPod: Beyond Recruitment, Building a Thriving Ecosystem Kody's passion extends beyond simply connecting businesses with Filipino talent. WrkPod offers a comprehensive ecosystem to empower entrepreneurs:…

Amazing FBA Amazon and ECommerce Podcast, for Amazon Private Label Sellers, Shopify, Magento or Woocommerce business owners, and other e-commerce sellers and digital entrepreneurs.

1
Build to Sell: Scale your Ecommerce Business to Exit 32:23

منذ 46 weeks32:23

32:23

Kody Thompson, founder of Wrkpod, understands the ecommerce journey. He bootstrapped a web development company from a $250 startup into a multi-million dollar powerhouse generating over $5 million in profit. Today, we'll dissect his "build to sell" approach, equipping you to scale your ecommerce brand for a successful exit. Time Stamp [00:00] - Introduction To The Podcast[00:20] - Michael Veazey Introduces The 10k Collective Mastermind[01:04] - Welcome To The 10k Collected Podcast[01:34] - Introduction Of Cody Thompson From WorkPod[02:24] - Why Cody Started A Graphic Design Business[03:41] - Transition From Solo Designer To Subscription Business[05:12] - Developing A Subscription Model For Websites[07:07] - Lessons From Niching Down And Customer Response[08:34] - Creating A Win-Win Business Model[09:46] - Path To Exiting The Business[11:26] - Decision To Sell The Web Development Company[13:48] - Finding A Buyer And Preparing For Sale[15:49] - Building A Business Ready To Sell[18:02] - Learning From Mentors And Decision-Making Process[19:44] - Negotiating Flexibility In Business Contracts[21:38] - Lessons On Utilization In E-commerce[23:11] - Things To Do Differently In An Exit[24:51] - Importance Of Business Community And Support[26:24] - Introduction To WorkPod's Business Model[28:58] - Free Checklist For Outsourcing Tasks[30:23] - Closing Remarks And Mastermind Promotion Building Your Foundation: From Passion Project to Scalable Business Many ecommerce ventures begin as passion projects. Kody initially offered freelance graphic design services to support his volunteer work. However, his vision evolved. Recognizing the limitations of selling time for money, he pivoted towards a subscription-based web development model. The "Aha" Moment: Identifying a Lucrative Niche & Building Recurring Revenue Kody's turning point came when he realized the high cost of custom websites deterred small businesses. He observed a need within the fitness industry and pivoted again, creating website templates specifically tailored for gyms. This niche focus, combined with a subscription model, ensured recurring revenue and a scalable business. Building a Business That Runs Without You: Systems, Documentation, and Delegation Building to sell requires a business independent of your personal involvement. Kody achieved this by: Systematizing processes: Creating clear workflows for all aspects of the business. Detailed documentation: Documenting procedures for future reference and team training. Clean financials: Maintaining accurate and up-to-date financial records. Daily bookkeeping: Ensuring financial transparency for potential buyers. The Power of Team: Building a Culture of Excellence A strong team is fundamental to a thriving ecommerce business. Kody prioritized building a team he enjoyed working with, fostering a positive work environment. This translates into higher employee retention and a more attractive business proposition for potential buyers. The Exit Strategy: Setting the Stage for a Lucrative Sale Many entrepreneurs underestimate the importance of planning for an exit from the start. Here's why Kody built with the goal of selling: Reduced reliance on personal time: A successful business generates revenue regardless of your daily involvement. Reliable, recurring revenue: Predictable income stream attracts higher valuations from potential buyers. Lower risk: A well-systematized business with a strong team mitigates potential risks associated with ownership changes. Beyond Financials: The Importance of Preparations Beyond the Numbers Kody built a business attractive to buyers in ways that go beyond just the bottom line. Here are two crucial considerations: Data Room Readiness: Kody streamlined the due diligence process by having all necessary financial and operational documents readily available. Strong Team: The quality and expertise of your team significantly imp...…

Amazing FBA Amazon and ECommerce Podcast, for Amazon Private Label Sellers, Shopify, Magento or Woocommerce business owners, and other e-commerce sellers and digital entrepreneurs.

1
Unfulfillable FBA inventory to be removed after 23 days 4:05

منذ 46 weeks4:05

4:05

Amazon Newsday 3 Sep 2024 Unfulfillable FBA inventory to be removed after 23 days Unfulfillable FBA inventory is to be removed after 23 days. Amazon is updating its FBA inventory-required removals policy. Amazon claims this is to create more room for seller products and to help sellers to save on storage fees. Starting on September the 16th 2024, if sellers have not enabled automated unfulfillable settings in the UK or the EU, Amazon will dispose of or donate unfulfillable inventory after 23 days' notice instead of the current 30 days. To avoid disposal, Amazon says sellers can create a manual removal order or configure automated settings to either liquidate the inventory to recover some value straight away or return inventory and have it sent to a seller return to address or a third-party freight forwarder. Once they create a disposal order after 23 days' notice, Amazon warns it cannot be cancelled. Change to the digital services tax charges from October. On October the 1st, 2024, Amazon will introduce a digital services fee for digital services taxes, DST that are implemented by the governments of Canada, the UK, France, Italy, and Spain. The typical DST Rate is 2 percent in the UK and 3 percent in Canada, France, Italy, and Spain. Since 2021, Amazon has apparently accounted for DST by increasing selling on Amazon fees in the UK, France, Italy, and Spain, and by increasing fulfilment by Amazon fees in the UK and France, but starting from October 1st, Amazon will reduce those fees and account for this cost by introducing a standalone digital services fee. DST or digital services taxes charges are unpredictable as they vary based on the location of the seller's business, the location of the buyer and other factors. And so Amazon has decided rather than basing the digital services fee on those variables, which will create an unpredictable unpredictable business impact, um, Amazon will introduce a fixed digital services fee only based on the seller's location and the store in which the sellers sell. Where to see the digital services fee applied to seller's orders If sellers wish to see where their digital services fees are being applied to the orders from September the 1st, sellers can preview the fee in the revenue calculator and starting on October the 1st, sellers will be able to track digital services fees via the transaction view in the payments reports. In order to view the fees across different stores and different countries, the SKU economics report will provide historical proceeds from sales. Returns fees and ad spend and net proceeds by SKU for each store in which the sellers sell. Change to coupon code stacking settings Changes to coupon code stacking settings. Amazon has added an extra setting to give sellers control over whether coupons can be stacked by consumers. Stacking coupons means that, for example, a 20 percent offer could be combined with a 5 off offer to give a consumer a larger discount on an item than a seller intended. Amazon have created a new tool called Stacked Promotions Enablement. This tool enables sellers to choose how they stack coupons, percentage off, or buy one get one promotions. It's thought this will be particularly useful for protecting sellers on high-volume days such as Prime Day.…

Amazing FBA Amazon and ECommerce Podcast, for Amazon Private Label Sellers, Shopify, Magento or Woocommerce business owners, and other e-commerce sellers and digital entrepreneurs.

1
Is your product difficult and dangerous? Mike’s loft ladder! 5:32

منذ 46 weeks5:32

5:32

Sometimes consumer products aren't just confusing or overly complex. Sometimes they can be downright difficult to use. They can even be dangerous. They might even be deadly. Such is Mike's loft ladder. Difficult, frustrating and downright dangerous, this is an example of consumer product design sins to avoid at all costs. If you design products - or have them designed for you, you MUST think about this. Even if you're "just" ultimately liable if someone hurts themselves, you've got to be so careful not to produce products that harm your users. Otherwise, it's just a matter of time before someone hurts themselves using your product. Or you're just hoping for good luck. And luck, as the Marines say, is not a strategy.…

Amazing FBA Amazon and ECommerce Podcast, for Amazon Private Label Sellers, Shopify, Magento or Woocommerce business owners, and other e-commerce sellers and digital entrepreneurs.

1
Scale Your Amazon FBA Business Fast: A Checklist-Driven Approach 24:42

منذ 47 weeks24:42

24:42

Scaling an Amazon FBA business can be challenging, especially with limited capital. However, by following a strategic approach and leveraging the right tools and techniques, you can achieve significant growth. In this guide, we'll explore a proven checklist approach to scaling your Amazon FBA business using remote staff, without spending your life managing people. We are drawing from the insights of amazing scale expert, Steven Pope of My Amazon Guy, famous for hiring 100 staff in under 30 days. Time Stamp [00:00] - Stick To What You Know[00:14] - Introduction To 10k Collective Mastermind[01:00] - Introduction Of Steven Pope From My Amazon Guy[01:34] - Scaling A Sellable Amazon Business[01:53] - Importance Of Business Books On Scaling[02:21] - Avoiding Trend Following In Product Selection[03:09] - Importance Of Product Knowledge[04:46] - Product Expansion And Customer Avatar[05:44] - Importance Of Checklists And SOPs[07:24] - Outsourcing And Labor Cost Management[08:52] - The Checklist Manifesto And Airline Industry Comparison[10:13] - Quality Assurance In Business Operations[11:19] - Hiring And Training Interns At Scale[13:39] - Leveling Up Life And Creating Jobs[14:50] - Emphasis On Results Over Direct Control[16:13] - Employee Performance Evaluation Criteria[18:19] - Balancing Business Success And Personal Adventure[19:42] - Simplifying Business Operations[20:55] - The Importance Of Having The Right People[21:29] - Services Offered By My Amazon Guy The Road Less Traveled: A Checklist Approach Unlike many business books that focus on data-driven product selection and trend following, this approach emphasizes the importance of sticking to what you know and understanding your niche. 1. Product Selection: Beyond the Data Avoid Trend-Chasing: While data tools can be helpful, don't rely solely on them to select products. Trends can be fleeting, and by the time you source and ship your products, you might find yourself with excess inventory. Leverage Your Expertise: Focus on products that align with your knowledge and passion. This will give you a competitive edge and make it easier to navigate challenges. 2. Product Expansion: Stick to Your Strengths Know Your Customer: Have a clear understanding of your target customer's needs, preferences, and pain points. This will guide your product expansion decisions. Plan Ahead: Outline your next 10 products, including sourcing, quotes, and FOB details. This will streamline the scaling process and minimize risks. Building a Scalable Foundation: Checklists and SOPs The Power of Checklists: Implement checklists for various tasks to ensure consistency, reduce errors, and improve efficiency. Overcoming Sophistication: Don't let complexity hinder your progress. The more checklists you have, the better your business will run. Learning from the Medical Industry: Take inspiration from the medical field, where checklists have dramatically improved patient outcomes. 3. Outsourcing and Offshoring: A Strategic Approach Leverage Global Talent: Consider outsourcing non-core tasks to skilled professionals in other regions. This can help reduce costs and access specialized expertise. Embrace Filipino Culture: Many entrepreneurs have found success in working with Filipino teams, who are known for their work ethic, reliability, and adherence to processes. Creating a System: SOPs and Education Standardize Processes: Develop clear standard operating procedures (SOPs) for all key tasks to ensure consistency and efficiency. Train Your Team: Educate your team on the SOPs and empower them to contribute to improvements. Continuous Improvement: Regularly review and update your SOPs to adapt to changes in the market and your business. Building a Moat: Your Unique Advantage Develop Your Niche: Become an expert in your chosen niche. This will make it difficult for competitors to replicate your success.…

Amazing FBA Amazon and ECommerce Podcast, for Amazon Private Label Sellers, Shopify, Magento or Woocommerce business owners, and other e-commerce sellers and digital entrepreneurs.

1
Reduce Amazon Ad Spend - How to manage Amazon PPC in 2024 36:43

منذ 47 weeks36:43

36:43

Andy Jassy recently gleefully shared increased profits for Amazon shareholders. Sadly, those profits came directly from Amazon Ads - which in turn come directly from your profits as an Amazon Seller. With the ever-evolving Amazon marketplace, it’s essential to optimize your ad spend to maximize returns. Here Steven Pope, manager of top Amazon agency My Amazon Guy, gives us his straightforward strategies to actually reduce your Amazon ad spend without cratering sales. Time Stamp [00:00] - Stick To What You Know For Amazon PPC[00:23] - Introduction To 10k Collective Mastermind[01:07] - Introduction Of Steven Pope From My Amazon Guy[01:42] - Scaling Amazon Advertising Costs[02:27] - Internal And External Advertising Strategies[03:41] - When To Look At Alternative Advertising Options[05:56] - Prioritizing Tasks For Amazon Sellers[07:24] - Focusing On Traffic Generation[08:15] - Sponsored Product Ads And Budget Allocation[09:25] - Rules For Keyword Negation[10:45] - Avoiding Fixation On Outdated Marketing Ideas[12:18] - Segmentation And Keyword Prioritization[13:50] - Dangers Of Excessive PPC Automation[15:57] - Simplifying Amazon PPC Accounts[18:20] - Importance Of Simplicity In Scaling Businesses[21:15] - Framework For Eliminating Keyword Cannibalization[23:00] - Day Parting Strategy For Amazon PPC[27:27] - Impact Of SKU Count On Business Sellability[33:39] - Overview Of My Amazon Guy Services Understanding Your Amazon Ad Spend Before diving into optimization techniques, it's crucial to understand your current ad spending patterns. Analyze your Amazon Seller Central account to identify key metrics such as: Average Cost Per Click (CPC): How much you're paying for each click on your ads. Click-Through Rate (CTR): The percentage of impressions that result in clicks. Conversion Rate: The percentage of clicks that lead to purchases. Advertising Cost of Sales (ACOS): The percentage of your sales revenue spent on advertising. By analyzing these metrics, you can pinpoint areas where you can make improvements. Leveraging the Amazon Ecosystem Organic Search Optimization: Prioritize optimizing your product listings for organic search results. Use relevant keywords, high-quality images, and detailed product descriptions. Amazon Prime Benefits: Encourage Prime memberships by offering Prime-exclusive deals or faster shipping. This can increase your product visibility and sales. Amazon Brand Registry: If eligible, enrol in Amazon Brand Registry to access additional tools and benefits, such as custom store pages and enhanced brand protection. Exploring External Opportunities Social Media Advertising: Platforms like TikTok, Instagram, and Facebook can be effective for reaching new audiences and driving traffic to your Amazon listings. Influencer Marketing: Partner with influencers in your niche to promote your products and reach a wider audience. User-Generated Content (UGC): Encourage customers to share their experiences with your products on social media. This can help build trust and credibility. Determining the Right Focus When deciding where to allocate your resources, consider the following factors: Spend: If you're spending over $50,000 per month on Amazon ads, exploring alternative channels might be beneficial. Category: The competitiveness of your product category will influence your marketing strategy. Brand Type: Private label (PL) brands may have different marketing needs compared to arbitrage brands. Optimizing Your Amazon PPC Campaigns Keyword Strategy: Focus on broad and auto keywords to reach a wider audience and discover new opportunities. Negative Keywords: Use negative keywords to exclude irrelevant search terms and reduce wasted spend. Bid Management: Regularly adjust your bids based on keyword performance and campaign goals. Campaign Structure: Create separate campaigns for different product categories or target audiences to improv...…

Amazing FBA Amazon and ECommerce Podcast, for Amazon Private Label Sellers, Shopify, Magento or Woocommerce business owners, and other e-commerce sellers and digital entrepreneurs.

1
Amazing FBA Newsday – Amazon Drones Annoy Texas Residents 3:37

منذ 47 weeks3:37

3:37

Amazon Newsday 27 August 2024 Amazon Newsday 27 August 2024 If it's Tuesday, it's Amazing FBA Newsday, the show for Amazon seller news. Here's your host, Michael Veazey! This is Michael Veazey and welcome to Amazon Newsday. Amazon Delivery Drone Noise Annoys Texas Residents Amazon delivery drone noise has been annoying some residents in Texas. Residents of College Station, Texas are troubled by noise pollution from Amazon's delivery zones, a concern as Amazon seeks to expand its Prime Air program. Amazon has asked the Federal Aviation Administration, the FAA, to increase drone flights from 200 a day to 469 per day, which has raised concerns amongst residents living near the drone facility. The buzzing noise from drones is a significant issue, potentially leading to stricter regulations or bans that could hinder Amazon's expansion plans. Amazon began drone deliveries in 2022 in College Station and in Lockford, California, and it aims to improve community relations by possibly relocating drones and their ports away from residential areas. The City of College Station is collaborating with Amazon to find industrial zone locations for drone operations and Amazon is developing a quieter drone model, the MK30, to reduce the noise. Despite the noise concerns, the drone delivery program has been successful with no reported crashes or injuries and is seen as innovative and efficient by local officials. Drone delivery is still in its early stages and is facing regulatory, technical and public acceptance challenges, but it holds potential for future growth as a supplement to traditional methods. Amazon to bring back Prime Big Deal Days this October Amazon announced it's bringing back its Prime Big Deal Days sales event this October. Prime Big Deal Days return this October to kick off the holiday season for Amazon this autumn and fall. Only Prime members will have access to early holiday deals across popular categories, including deep discounts on products from top brands. The celebration will take place in 19 countries, including Australia, most European countries, including France, Germany, and the United Kingdom, and in North America, Canada, Canada and the United States. Amazon Launches “FBA Grade and Resell” programmer Amazon launches FBA grade and resell program. Amazon is launching a program to enable, uh, sellers on its platform to regrade and resell rejected and secondhand inventory. The way it will work is that after ingraining in grade and resell eligible FBA returns will be inspected to see if they can be relisted with one of the four conditions, like new, very good, good, or acceptable. Amazon will inspect packaging, confirm the item matches the description, test the items condition, check for any signs of use and assess any damage. When the item is relisted through grade and resell, Amazon will provide customers with a detailed description of its condition. This includes information about minor imperfections, packaging details, and functional functionality. With grade and resell, Amazon says the three. Selling points are that you can recover value, that is turn customer returns into sales, set it and forget it with a streamlined customer returns management and supporting, of course, sustainability and enhancing reputation with customers by offering pre owned products. Thanks so much for listening to today's show, stay tuned next week for our ongoing Newsday updates. This has been Michael Veazey for AmazingFBA.…

Amazing FBA Amazon and ECommerce Podcast, for Amazon Private Label Sellers, Shopify, Magento or Woocommerce business owners, and other e-commerce sellers and digital entrepreneurs.

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Is your product confusing consumers? 6:36

منذ 47 weeks6:36

6:36

Is your product confusing consumers? Is your product confusing consumers? Hey folks today you find me in the glamorous location of our garage and I've got a simple but really important point to make about consumer product design, particularly if you've got a complicated product. So here is our trusty tumble dryer. I wish it were a washer dryer, but for various reasons, my wife wants to keep the old washing machine, so we end up schlepping stuff from one place to another. So by the way, hint number one, if you can create a machine that solves two problems in one go, and they logically belong very, very closely together, like washing clothes, what do you always do? You dry them. If such a thing doesn't exist in your market, or it's not very functional, that's a good hint. But that's not the main thing for today. The main thing for today is this look at this panel. We've got a bunch of different options, look how many options, 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14 different options. Guess which one I always use? Eco. Why? Because I want it simple. I've got four options for how dry I want it. The one is hanger dry and the previous one is like, extra dry. And then the other one is iron it. I would argue that you probably need three settings maximum there. Then you've got everything else. Timing, how long it lasts for I don't even know what that does. That's the temperature obviously, that's something special. Guess what I do? I use Eco, I choose the driest one, I press on and then I'm done. if you overcomplicate the user interface of any product at all, you are probably not adding value for anyone. And you probably think you are adding value because engineers love complexity and they love solving problems. And so the product designers, as you get very, very deep into a product there, you realize there are more and more nuances. And you think you're adding value by adding complication. I very much doubt you are. I think that you're very likely to be adding stress to a consumer's life. What they want is something that works reliably, is very, very, very simple to use and gets them the outcome they want. Now, okay, there may be a few different outcomes and I'm not saying you shouldn't have a few different options. But the reality is that your consumer is going to choose one of two of them. There's a good argument in favor of creating something very simple. Years ago, Anita Broderick, I think. The creator of the incredibly successful brand, the body shop said and this was back in the nineties or the two thousands, right? When home computers were relatively new thing. " I think somebody should can invent the computer, which has four buttons on and off, and that come on with the other three where, and she makes a valid point. Most computer systems, most domestic appliances. are way more complicated than you need, right? I could take you indoors and look at the oven. But let's look at this. This is actually not too bad as interfaces go, but guess what? When my father in law turned up here, He's got an oven, an electric oven like this one. He put this on in order to put the oven on, but guess what that tiny symbol means? Grill. Well, first of all, if you're selling products to the UK, why don't you put English on them? There's a, there's this large language market for English language products, I understand. Like that might include England Australia Canada United States. Right? It's not rocket science. So first of all, this tiny symbol is supposed to mean grill. And secondly the, there are, there are just even here too many options. So here's the half grill. I kind of get it, but it could be simpler and clearer. Couldn't it? So again, there's more about clarity than too many options. And again, this whole oven timer thing, everyone in the world who's got an electric oven knows there's a timer on it. I don't know anyone who uses it.…

Amazing FBA Amazon and ECommerce Podcast, for Amazon Private Label Sellers, Shopify, Magento or Woocommerce business owners, and other e-commerce sellers and digital entrepreneurs.

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6 Must-Ask Questions Before Buying a Business 14:58

منذ 48 weeks14:58

14:58

Congratulations, you've found a potential e-commerce brand acquisition opportunity! Before diving in, it's crucial to showcase your own value as a buyer. Whether you connected through a broker, a cold outreach, or a warm introduction, be prepared to demonstrate your capabilities in a concise and impactful way. Remember, flexibility is key. Time Stamp [00:50] - Introduction To Step Five Of Buying E-commerce Business[02:13] - Six Key Questions For Sellers[02:39] - First Question: Tell Me About Your Business[03:36] - Second Question: What Happens If You're Away For Three Months[04:32] - Third Question: How Do You Market Your Products[04:47] - Fourth Question: Who Are Your Competitors[05:43] - Fifth Question: Why Are You Selling The Business[07:10] - Sixth Question: How Would You Grow The Business[08:10] - Setting Up Next Steps After The Meeting[09:47] - Getting NDA Signed And Requesting Financial Data[10:28] - Recap Of Main Points From The Meeting[11:20] - Importance Of Practice And Role-playing[12:11] - Learning From Sales Pitch Evaluations[13:15] - Reflecting On Experience With A Mentor[13:44] - Offer For Assistance In Business Evaluation And Negotiations[14:27] - Encouragement To Practice And Seek Help If Needed[14:50] - Preview Of Next Topic On Deal Making Psychology Aiming to Project: Safe pair of hands: Reassure the seller you are a responsible and reliable owner. Industry experience: Highlight your understanding of the e-commerce landscape. Business experience: Demonstrate your track record of successful business management. Experienced dealmaker: Showcase your expertise in navigating acquisitions (if applicable). Authority: Subtly lead the conversation, demonstrating your seriousness and preparedness. What to Say in Your Self-Presentation: Briefly outline your industry background and expertise in e-commerce. Briefly highlight your experience in managing successful businesses, if applicable. Mention any relevant dealmaking experience (acquisitions, investments, etc.). If you have a strong team or mentor, subtly reference their expertise. Evaluating the Business (6 Key Questions): Now that you've established your credentials, it's time to delve deeper into the business. This is not a full due diligence process, but a preliminary assessment to determine if the opportunity aligns with your goals. Here are 6 Key Questions to Ask (within 6 minutes): Open-ended: "Tell me about your business." This opens the dialogue, provides a business overview, and reveals the seller's personality (explored further in the next episode). Management: "Who runs the business day-to-day? What happens if you were unable to work for a few months?" This assesses the team structure and potential operational dependencies. Marketing: "How do you currently market your products and generate sales?" Understand their customer acquisition strategy and marketing channels. Competition: "Who are your main competitors? How do you differentiate from them? And how do they beat you, if at all?" Gauge market positioning and competitive landscape. Reason for Sale: "Why are you selling the business?" Identify the seller's motivation, which can impact negotiations and future growth plans. Growth Potential: "If you weren't selling, how would you envision growing the business?" This reveals the seller's perspective on future potential and aligns with your own acquisition goals. Pro Tip: "NLP Anchoring" (Revealed Next Episode): We'll delve into Carl Allen's NLP anchoring technique in the next episode, a powerful tool to subtly guide the conversation during this evaluation phase. Moving to the Next Step If the initial evaluation sparks your interest, it's time to set up clear next steps. Goals: Future Pacing: Outline the potential acquisition timeline, fostering a smooth transition. Reinforce Expertise: Further establish yourself as a qualified and serious buyer.…

Amazing FBA Amazon and ECommerce Podcast, for Amazon Private Label Sellers, Shopify, Magento or Woocommerce business owners, and other e-commerce sellers and digital entrepreneurs.

1
Master the Art of Buyer Meetings: Step-by-Step Rapport Building Guide 16:41

منذ 48 weeks16:41

16:41

Congratulations! You've made it through the first four steps of successfully acquiring an e-commerce business to scale your brand. Here's a quick recap: Decide to Buy: Defined your goals and motivations for acquisition. Define Your Ideal Target Business: Identified the type of business that aligns with your vision. Find Your Ideal Businesses (Deal Flow): Utilized various strategies to discover potential acquisition targets. Filter Your Suspects to Prospects: Narrowed down your options to qualified candidates. Now comes a crucial step: the buyer meeting. This is your chance to connect with the seller, build rapport, evaluate the business, and set the stage for a successful acquisition. This guide will equip you with the tools and strategies to navigate this pivotal step. Time Stamp [00:44] - Introduction To 10 Step Process For Acquiring E-commerce Business[01:03] - Recap Of Previous Steps[01:59] - Four Aims Of Step Five[02:43] - Importance Of Building Rapport[03:42] - Evaluating The Business[04:42] - Preparation Before The Meeting[05:30] - Researching The Business And Owner[06:30] - Basics For The Meeting: Dress Code And Punctuality[07:45] - Managing Meeting Time[08:44] - Main Aim In The Meeting: Building Rapport[09:31] - Active Listening Techniques[10:48] - Balancing Professionalism And Friendliness[11:27] - Presenting Your Own Value[12:26] - Positioning Yourself As An Experienced Dealmaker[13:20] - Offer To Review Potential Deals[13:35] - Importance Of First Impressions And Rapport Building[14:39] - Practice Makes Perfect: Role Playing And Reflection[15:14] - Offer For Assistance In Business Buying Process[16:32] - Preview Of Next Episode: Six Killer Questions Aims of this Step in the Process: Building Rapport: Create a connection and establish trust with the seller. Positioning Yourself as an Expert/Safe Pair of Hands: Demonstrate your knowledge and capability to manage the business. Evaluating the Business: Gain a deeper understanding of the company's strengths and weaknesses. Setting Up Next Steps: Determine a clear path forward for moving towards acquisition talks. Overview of the Process: This section will delve into the key aspects of your buyer meeting: Preparation: How to gather information and prepare yourself for the encounter. Setting the Right Tone: Ensuring professionalism and creating a comfortable environment. Building Rapport: Techniques to connect with the seller on a personal level. Evaluating the Business: Strategies for acquiring a basic understanding of the company's performance. Setting Up Next Steps: Establishing a clear plan for moving forward. Preparation (3 minutes): Before the meeting, thorough preparation is key. Here's how to hit the ground running: A. Researching the Business and Owner: Owner: LinkedIn: Explore their experience, network, and any connections you might share. Google: Look for news articles, interviews, or past ventures that demonstrate their expertise. Facebook: Gain insights into their interests and personality (optional). Business: Amazon: Analyze the listings, pricing strategy, reviews, and customer engagement. Ecom/Brand Site: Explore the brand messaging, product variety, and overall customer experience. Social Media (e.g., Instagram): Observe the brand personality, visuals, and customer interaction. B. Identifying Common Interests or Experiences: The goal here is to find common ground: Shared hobbies (sports teams, etc.) Geographical similarities (grew up in the same area, state, etc.) Educational background (same university, mastermind groups, etc.) Industry connections (knowing common industry figures) Understanding the Business's Aims: While researching, also demonstrate your knowledge of the business: Analyze current trends in the industry/sub-industry/category. Use tools like Helium 10 or Jungle Scout to assess competitor performance.…

Amazing FBA Amazon and ECommerce Podcast, for Amazon Private Label Sellers, Shopify, Magento or Woocommerce business owners, and other e-commerce sellers and digital entrepreneurs.

1
Macbook Air Unboxing 3:14

منذ 48 weeks3:14

3:14

Hey folks, Michael from AmazingFBA. I just realized I was missing a golden e commerce opportunity here. It's kind of e commerce, I ordered something online, which is the latest the MacBook Air. So I've had a MacBook Pro And then a second MacBook Pro. And this time I'm going for a MacBook Air. I've kind of been forced into buying it because the old one slowed down. But nevertheless, buying a Mac is a serious, expensive hobby. guess I'm kind of excited as well. Nervous and excited because it's the nerve centre of all my business operations. Not that I'm running a million dollar empire, but I could be one day from this computer. And so Here's the unboxing video that I'd like to show you. So I've actually taken out the stuff already because it only just occurred to me. First thing to note is that Apple does a beautiful job of packaging. It's really thick, sturdy, lovely packaging. It's very clean. It's just got a very, very minimalist picture on, which goes with their brand. Apple's minimalist brand. And then. We've got the computer inside, which is lovingly packaged. I pull that up, look at that, the design detail, I can pull it up. And of course then it's got everything, which, which I've taken out. So that was put in here. This has got it had its own little, little thing that I've thrown away. So that went neatly. And now I've already messed that up, but I'm about to unlock the actual MacBook itself. Now, another thing they do, you can see they've wrapped it carefully and lovingly in a piece of paper. It's a waxed blue paper, I guess it's to protect it against getting any kind of dirt on it at all. Let's just take a moment to admire The beauty of the thing. Again, it's a design classic. They made it very, very sleek. It's a MacBook Air. So I guess it's not quite the same wedge shape as the classic one, but it has got that classic shape. Now what they've designed it again, this is more of an experiential thing than necessary. When you open it, it turns on so we can take the screen protection on that automatically turns on with its logo. So they're doing all the right things at Apple. They immediately get you into the experience of using the computer. Now, the first thing I'm going to need to do Is to move it from one computer to another. So I've done this before. I've moved all my data from one MacBook to another and it went pretty well and I'll try a different way of doing it today with an ethernet cable. The point is that they make it easier to start. And to use from the very beginning and to transition from a similar product to another one. So keeping you within the family of products, if you will. So stay tuned, I will give you a few updates on this, but it's just an example of creating a beautiful consumer experience, unboxing and hitting the ground running built into the actual products itself. So the simple challenge for you is if you create physical products, how can you create that wow factor. Don't forget the packaging, the unboxing experience itself. Is your packaging of the product, does it indicate that you love and care for the product? And of course, can you hit the ground running using the product even, and especially with a complex consumer product like a home computer, can you make that easy to hit the ground running ? That's kind of what part of the USP of Apple as a company, plus beautiful design. What is that equivalent for you and your products and your business? Right, enough chit chat. I've got a MacBook to transfer from one. computer to another. That wasn't even a sentence but you know what I mean. So I'll speak to you soon.…

Amazing FBA Amazon and ECommerce Podcast, for Amazon Private Label Sellers, Shopify, Magento or Woocommerce business owners, and other e-commerce sellers and digital entrepreneurs.

1
LOI Signed: What's Next? Your Guide to a Successful Ecommerce Exit 16:18

منذ 49 weeks16:18

16:18

Congratulations! You've reached a significant milestone in the sale of your e-commerce business: the signing of the Letter of Intent (LOI). The LOI signifies both parties' initial agreement on the key terms of the acquisition. But before the deal is finalized, there's essential work to be done. This guide will equip you with the knowledge to navigate the crucial post-LOI phase and ensure a successful exit. Time Stamp [00:00] - Introduction To The Podcast[01:00] - Setting Up The Discussion Topic[01:56] - Due Diligence Processes In Acquisitions[02:13] - Quality Of Earnings Validation[02:36] - Product Diligence Explained[03:00] - Legal Diligence Aspects[03:40] - Competitive Landscape Analysis[04:03] - Customer Reviews Examination[05:04] - Approach To Integrating New Brands[06:08] - Key Integration Areas For Acquirers[06:54] - Philosophy Of Not Fixing What Isnt Broken[07:25] - Importance Of Founder Knowledge[08:27] - Looking For Gaps To Add Value[09:19] - Preserving The Value Of Acquired Businesses[10:08] - Challenges Of Founder Transition[11:11] - Appreciating Founder Contributions[12:16] - Importance Of Understanding Brand Uniqueness[13:17] - How To Contact Society Brands[14:03] - Key Takeaways For Acquisitions And Sellable Brands[14:18] - Introduction To 10k Collective Mastermind[15:21] - Benefits Of Joining The Mastermind[16:06] - Closing Remarks Unveiling the Realities: Deep Dive into Due Diligence The post-LOI period is all about verifying the information presented during negotiations. While the M&A team conducted preliminary checks, a comprehensive due diligence process is now undertaken. Here are the key areas of focus: Quality of Earnings: The buyer's accounting team will meticulously scrutinize your financial records. This verification ensures the accuracy of the numbers presented, mitigating potential risks for the buyer. Product Diligence: What better way to understand your product than to experience it firsthand? The buyer's team may purchase and evaluate your products to verify quality and functionality. Legal Diligence: This involves a thorough examination of your intellectual property (IP). Are trademarks secured? Any potential patent issues? Outstanding legal disputes? Addressing these elements protects both parties' interests. Competitive Diligence: The buyer will analyze your competitive landscape. This could involve assessing the number of competitors in your product category, their strengths and weaknesses, and the overall market dynamics. Customer Reviews: Customer sentiment carries significant weight. The buyer will examine the authenticity and positivity of your online reviews, as they directly impact brand reputation. Standing Out from the Crowd: Tech-Enabled Integration Strategies In an acquisition landscape saturated with competition, how can tech-enabled consumer product companies like Society Brands differentiate themselves in terms of post-acquisition integration? Michael Sirpilla, CEO of Society Brands, emphasizes the importance of a focused approach. He warns against the pitfalls of rapid, large-scale acquisitions, highlighting the integration nightmares they create. Society Brands serves as a model for successful integration. With 12 acquisitions within 2.5 years, their meticulous approach prioritizes seamless integration. Clean financial reporting and a robust technology platform enable brand-level and consolidated measurement, fostering transparency. However, integration doesn't equate to complete overhaul. Society Brands identifies key areas for integration, including: Finances and Back Office: Streamlining financial systems and back-office operations creates operational efficiencies. Demand Planning: Optimizing demand forecasting allows better inventory management and cost control. While integration is crucial, Society Brands also recognizes the value of preserving existing strengths. Here's what they typically leave unchanged:…

Amazing FBA Amazon and ECommerce Podcast, for Amazon Private Label Sellers, Shopify, Magento or Woocommerce business owners, and other e-commerce sellers and digital entrepreneurs.

1
Selling Your E-commerce Business in 2024: Exit Realities & Essential Tips 31:06

منذ 49 weeks31:06

31:06

The e-commerce industry has experienced meteoric growth in recent years, creating unprecedented opportunities for entrepreneurs. However, the path to a successful exit is complex and fraught with challenges. This guide, informed by insights from Michael Sirpilla of Society Brands, will demystify the process of selling your e-commerce business in 2024. We'll delve into the intricacies of the acquisition landscape, the factors that influence valuation, and essential tips for maximizing your exit potential. Time Stamp [00:00] - Introduction To The Podcast[01:09] - Explanation Of Society Brands[02:09] - Definition Of Acquisition In This Context[03:39] - Benefits Of Acquisition For Brand Owners[05:34] - Evolution Of E-commerce Acquisition Landscape[07:42] - Focus On Category And Profitability[09:56] - The RACO Acronym Explained[11:27] - Importance Of Profit Over Revenue[13:36] - Organic Growth Vs M&A Growth[15:51] - Key Factors In Evaluating Acquisition Targets[17:56] - Desired Profit Margins And Revenue Growth[19:57] - Revenue Per SKU Metrics[22:12] - SDE Vs EBITDA Explained[25:05] - Normalizing Earnings And Margin Compression[27:36] - Buyer's Perspective On Future Performance[29:53] - Using Normalized EBITDA Approach[31:23] - Earn-out Structures For Alignment[32:12] - Reflections On Changes In Acquisition Landscape[34:01] - Calls To Action For Listeners What is an E-commerce Acquisition? When we talk about acquiring a business in the e-commerce context, we're essentially referring to one company buying another. This transaction typically involves a buyer paying a multiple of the target company's annual profit (EBITDA) for a controlling stake or even the entire business. The allure of selling your e-commerce business lies in several benefits. First, it allows you to realize the value of your hard work and diversify your investments. Second, it provides an opportunity to reduce risk by converting your business equity into liquid assets. Lastly, partnering with a larger company can offer access to additional resources for scaling your brand. Scaling Through Acquisitions: A Double-Edged Sword Acquisitions have become a popular strategy for scaling e-commerce businesses. Companies like Society Brands have successfully grown their portfolios by acquiring promising brands. However, this approach is not without its challenges. On the one hand, acquiring established brands can accelerate market penetration and revenue growth. It also allows companies to diversify their product offerings and reduce reliance on individual products. Moreover, by integrating new brands into their existing infrastructure, acquirers can achieve operational efficiencies and cost savings. On the other hand, integrating multiple brands can be a complex and time-consuming process. Cultural clashes, operational differences, and system compatibility issues can hinder the integration process. Additionally, the success of an acquisition hinges on the ability to retain key talent and maintain brand integrity. The Evolving E-commerce Acquisition Landscape The e-commerce acquisition landscape has undergone significant changes in recent years. One of the most notable trends is a shift towards larger, more strategic acquisitions. Companies are focusing on acquiring established brands with proven track records and substantial revenue streams. Another key trend is the increasing importance of category focus. While some acquirers cast a wide net, others specialize in specific niches. This specialization allows them to develop deep industry expertise and build stronger relationships with suppliers and customers. Profitability has also emerged as a critical factor in the acquisition landscape. Investors are becoming more cautious about funding unprofitable businesses, and acquirers are prioritizing companies with solid financial performance. Building a Profitable E-commerce Business To increase your chances of a successful exit,…

Amazing FBA Amazon and ECommerce Podcast, for Amazon Private Label Sellers, Shopify, Magento or Woocommerce business owners, and other e-commerce sellers and digital entrepreneurs.

1
If your product sucks, stop doing this… 5:46

منذ 49 weeks5:46

5:46

A lot of businesses obssess about marketing their product or service. A few survey their customers incessantly to find out what they think. But if your product or service is obviously broken, you need to stop doing that and do this instead!

Amazing FBA Amazon and ECommerce Podcast, for Amazon Private Label Sellers, Shopify, Magento or Woocommerce business owners, and other e-commerce sellers and digital entrepreneurs.

1
Buying a Business with Growth Potential Explained 11:04

منذ 50 weeks11:04

11:04

As an e-commerce brand owner, scaling your business with minimal capital investment can be challenging. One effective strategy is to buy a business with growth potential. This article will guide you through the essential steps and considerations for making a successful acquisition. Time Stamp [01:03] - Overview Of Business Buying Process[01:48] - Recap Of Previous Steps[02:28] - Importance Of Filtering Criteria[03:19] - Four Basic Areas For Growth Opportunities[03:37] - Complementary Strengths In Business[03:55] - Complementary Weaknesses[04:43] - Example Of Adding Value[05:25] - Evaluating Self As A Hire[05:55] - Avoiding Overcomplication In Analysis[06:25] - Synergies With Existing Businesses[06:47] - Potential For Cross-Selling And Efficiencies[07:12] - Examples Of Operational Efficiencies[07:29] - Scalability And Expansion Potential[07:46] - Recap Of Filtering Criteria[08:08] - Balancing Perfectionism And Progress[08:26] - Next Step: Meeting The Seller[08:43] - Offer For Assistance In Decision-Making[09:04] - 10k Collective Uber Mastermind Introduction[10:07] - Benefits Of Joining The Mastermind[10:52] - Peer Support And Expert Guidance Recap of Previous Podcast on Finding Businesses In our previous podcast, we discussed the initial stages of finding businesses for acquisition, focusing on three critical steps: decide, define, and rev. You need to decide on your goals, define your criteria, and review potential targets. Your criteria might include product category, recurring revenue, location, and more. The Importance of Filtering Potential Acquisitions Filtering potential acquisitions is crucial to ensure you’re not wasting time and resources on businesses that don’t meet your criteria. This stage is about quickly forming ideas, suspicions, and hypotheses about potential targets. Note these briefly—you can check for evidence later. Importance of Being Quick at This Stage Speed is of the essence when filtering potential acquisitions. The quicker you can narrow down your options, the faster you can move to the due diligence phase. This efficiency can give you an edge over other potential buyers. Does the Business Fit Buying Criteria? Revenue Minimum Revenue Threshold The first criterion to consider is the business's revenue. Set a minimum revenue threshold that aligns with your investment capacity. This threshold will help you eliminate businesses that are too small to be worth your time. Alignment with Your Investment Capacity Ensure the business’s revenue aligns with your financial capacity. It’s crucial to understand how much you can afford to invest and what kind of returns you expect. Category Industry Alignment with Your Expertise Next, consider the industry in which the business operates. It’s beneficial to acquire a business within your area of expertise. This alignment will make the transition smoother and increase the chances of success. Market Trends and Future Prospects Analyze market trends and future prospects. Choose a business in a growing industry with positive market trends. This foresight can significantly impact the business's long-term success. Recurring Revenue Importance of Predictable Income Streams Recurring revenue is a vital factor to consider. Businesses with predictable income streams are generally more stable and less risky. Look for businesses that have a strong base of recurring revenue. Market Fragmentation Advantages of Fragmented Markets A fragmented market can offer significant growth opportunities. In such markets, there is often potential for consolidation, which can lead to increased market share and reduced competition. Potential for Consolidation and Growth Assess the potential for consolidation and growth within the market. If you can combine several smaller businesses into a larger, more competitive entity, this can be a lucrative strategy. Additional Fit Factors Geographic Location…

Amazing FBA Amazon and ECommerce Podcast, for Amazon Private Label Sellers, Shopify, Magento or Woocommerce business owners, and other e-commerce sellers and digital entrepreneurs.

1
Due Diligence When Buying a Business: What to Look For 20:11

منذ 50 weeks20:11

20:11

In a previous podcast, we outlined the initial steps of finding potential businesses to acquire: deciding on your ideal business, defining your buying criteria, researching revenue potential, and exploring acquisition channels. Now, it’s time to dive deeper into the crucial phase of due diligence. Filtering through potential acquisitions is essential to avoid wasting time and resources. This stage requires a swift yet meticulous approach. Remember, you're forming initial impressions and hypotheses. Detailed analysis comes later. For now, focus on identifying promising candidates that align with your goals. Time Stamp[00:58] - Overview Of Business Buying Process[01:19] - Importance Of Previous Steps[02:01] - Defining Financial Criteria[02:39] - Finding Deals And Deal Flow[03:25] - Need For Quick And Simple Filtering[04:41] - Deciding On Meeting Sellers[05:22] - Filtering Ratios And Mindset[06:15] - Main Areas For Filtering Businesses[07:04] - Revenue Considerations[08:24] - Investment Capacity Alignment[10:25] - Category And Industry Alignment[11:15] - Recurring Revenue Importance[12:14] - Market Fragmentation Analysis[13:39] - Additional Fit Factors[15:10] - Simplifying The Filtering Process[16:22] - Offer For Additional Assistance[17:51] - Value Of Deal Making Skills[18:10] - 10k Collective Uber Mastermind Introduction[19:39] - Three-Year Plan For Seven-Figure Exit Does the Business Fit Your Buying Criteria? The first step in due diligence is assessing whether a business aligns with your predefined criteria. Here are key factors to consider: Revenue A business's revenue is a fundamental indicator of its value. Establish a minimum revenue threshold based on your investment capacity. Ensure the business's income stream aligns with your financial goals and risk tolerance. Category Evaluate if the business operates within an industry you possess expertise in or have a keen interest in. Consider the market's overall health, growth potential, and competitive landscape. Recurring Revenue Prioritize businesses with predictable and consistent income streams. Recurring revenue provides a stable foundation and reduces reliance on one-time sales. Market Fragmentation Analyze the competitive landscape. A fragmented market often presents opportunities for market leadership and consolidation. Assess the potential for growth and expansion within the niche. Additional Fit Factors Consider the business's geographic location and alignment with your target market. Equally important is evaluating the business culture and the seller's personality. A good cultural fit can streamline integration and decision-making.…

Amazing FBA Amazon and ECommerce Podcast, for Amazon Private Label Sellers, Shopify, Magento or Woocommerce business owners, and other e-commerce sellers and digital entrepreneurs.

1
Uncover Hidden Gems: How to Find Off-Market Businesses for Sale 19:48

منذ 51 weeks19:48

19:48

While traditional methods offer a starting point, the real magic lies in off-market deals. Businesses not actively listed for sale can be ripe opportunities for e-commerce entrepreneurs seeking to scale with minimal capital. These "hidden gems" often come with motivated sellers ready to negotiate and potentially offer lower asking prices. Here's how you can tap into this valuable off-market space:Time Stamp [00:00] - Introduction And Mastermind Promotion[00:58] - Recap Of Previous Steps In Business Buying Process[02:07] - Introducing Off Market Deals[02:44] - Leveraging Professional And Personal Networks[03:32] - Using LinkedIn For Business Acquisition[04:50] - Cold Emailing Strategies[06:07] - Attending Industry Events[07:13] - Effectiveness Of Personal Letters[08:32] - Comparing Self-Directed And Broker-Assisted Approaches[09:59] - Advantages Of Off Market Deals[11:05] - Importance Of Structured Approach In Deal Origination[12:15] - Balancing Fair Pricing And Value In Acquisitions[13:37] - Investing In Deal Origination Resources[14:15] - Recap Of Traditional And Off Market Methods[15:39] - Persistence In Business Acquisition Process[16:09] - Offer For Business Review Service[16:47] - Preview Of Next Step: Filtering Potential Businesses[17:40] - Importance Of Number Analysis In Business Assessment A. Leveraging Your Networks: Building Bridges to Opportunities Your existing networks hold immense potential. Start by tapping into both your personal and professional networks. Facebook Groups and In-Person Events: Engage with relevant Facebook groups and attend industry meetups or conferences. Strike up conversations with potential business owners you encounter. Parties and Social Gatherings: While not the sole focus, social gatherings can be a chance to connect with individuals who might know potential acquisition targets. B. Mastering LinkedIn for Business Acquisition: LinkedIn is a goldmine for business acquisition. Become a Power User: Utilize LinkedIn Sales Navigator to identify potential targets, track their activities, and gain valuable insights. Consider additional tools that complement Sales Navigator for enhanced functionality. Agency Assistance: Explore outsourcing your acquisition efforts to a qualified agency specializing in off-market deals. They bring expertise and pre-existing connections to accelerate the process. C. Cold Emailing: A Structured Approach for Stealthy Outreach Cold emailing can be effective when done strategically. Protect Your Domain: Avoid sending emails directly from your primary domain to avoid potential blacklisting. Consider acquiring a dedicated domain like ".co.uk" or ".biz" for cold emailing. Warm Up and Deliver Right: Use tools like Lemlist to manage and nurture your email list. Warm leads up through personalized messages before sending your acquisition offer, and improve deliverability rates. Refine Your Pitch: Consider using a more responsive medium like LinkedIn to test your message before committing to a cold email campaign. Refine your pitch based on the engagement and feedback you receive on LinkedIn. IV. Beyond Networking: Creative Strategies for Off-Market Deals \ D. Attending Industry Events and Conferences: Do Your Homework: Before attending industry events, identify target business owners you'd like to connect with. Research their companies and the potential value proposition of an acquisition for them. Craft Your Approach: Leverage LinkedIn and other online resources to understand the business owner and their company better. Prepare a few conversation starters or icebreakers based on your research. E. The Power of the Personal Letter: Old-School Charm, Modern Results Personal letters might seem old-fashioned, but they can be highly effective in the off-market space. While time-consuming, the lack of competition in this channel can be a significant advantage. F.…

Amazing FBA Amazon and ECommerce Podcast, for Amazon Private Label Sellers, Shopify, Magento or Woocommerce business owners, and other e-commerce sellers and digital entrepreneurs.

1
Discover Hidden Gems: How to Find a Business for Sale and Buy It 17:30

منذ 51 weeks17:30

17:30

So, you've built a successful e-commerce brand! Congratulations! Now, you're looking to take your business to the next level. But scaling an existing business can be expensive and time-consuming. Here's an alternative approach: acquiring another business. This guide will equip you, the savvy e-commerce entrepreneur, with the knowledge and strategies needed to find and buy a hidden gem – a business primed for growth, potentially in your niche or complementary to your existing brand. By focusing on acquisitions, you can leverage existing customers, infrastructure, and product lines to accelerate your growth trajectory. But here's the key: This isn't just about buying a business. It's about having a strategic plan to buy, grow, and ultimately sell the business for a handsome profit. This plan, along with a clear understanding of what you're looking for, is crucial before you embark on your acquisition journey. Don't jump in blindly! Browsing broker listings can be informative, but before you start actively searching, let's define your goals and target acquisition criteria. Time Stamp [00:00] - Introduction And Background[00:33] - Overview Of The 10k Collective Mastermind[00:55] - Welcome To The Mini Series On Buying E-commerce Businesses[01:14] - Assumptions About The Audience[01:50] - Recap Of 10 Steps To Buying A Business[02:25] - Importance Of Defining What You're Looking For[03:50] - Traditional Methods Of Finding Businesses For Sale[04:51] - Understanding Business Brokers And Their Role[05:54] - The Importance Of Buying Below Market Value[07:16] - Advantages Of Buying Private Businesses[08:18] - Online Marketplaces And Their Business Model[09:08] - Most Listed Businesses Don't Sell[10:21] - Common Reasons Why Owners Sell Their Businesses[11:01] - Industry-specific Publications As A Source[11:34] - Introduction To Off-market Deals[12:13] - The Importance Of Not Overpaying For Businesses[13:14] - Recap Of Methods To Find Businesses[13:48] - Homework Suggestion For Potential Buyers Traditional Methods for Finding Businesses Finding a business for sale can seem daunting, but there are several established methods at your disposal. Let's explore these traditional approaches, highlighting their advantages and disadvantages for e-commerce entrepreneurs. A. Business Brokers: Upsides: Easy to start: Broker listings are readily available, offering a transparent overview of a wide range of businesses for sale. Information transparency: Listings typically include basic business details, financials (sometimes), and contact information. Downsides: Proof of funds hoops: Many brokers require proof of funds before allowing access to detailed information, potentially wasting your time. Seller-biased representation: Brokers work for the seller, meaning the asking price might be inflated. Be prepared to negotiate for a "margin of safety" (paying below market value) as advocated by investing legends like Ben Graham and Warren Buffett. B. Online Marketplaces: Upsides: Similar advantages to brokers: Easy initial access, transparent information on listed businesses (including some financials if you meet specific criteria on platforms like Flippa, Empire Flippers, or BizBuySell). Potential for deeper insights: Some platforms offer access to financial documents for qualified buyers. Downsides: Seller's motive plays a role: Online marketplaces prioritize selling businesses at a good price for the seller, potentially leading to overvalued listings. Pro Tip for Traditional Methods: Here's a valuable strategy to leverage when dealing with traditional methods: Most businesses listed by brokers or online marketplaces don't actually sell! Look for listings that have been for sale for an extended period, preferably over six months, ideally twelve. These sellers are likely more motivated to negotiate and close a deal. C. Industry-specific Publications:…

Amazing FBA Amazon and ECommerce Podcast, for Amazon Private Label Sellers, Shopify, Magento or Woocommerce business owners, and other e-commerce sellers and digital entrepreneurs.

1
Avoid Buyer's Remorse: Define Your Ideal Small Business Before You Buy 22:09

منذ 52 weeks22:09

22:09

Having a clear vision of your ideal small business acquisition target is crucial for success. We've explored the general principles, now let's delve deeper into defining your specific target profile. Time Stamps [00:00] - Introduction And Mastermind Promotion[00:54] - Overview Of Buying An Ecommerce Business[01:31] - Defining Business Size By Revenue[02:28] - Specifying Business Criteria[03:05] - Considering Your Role As Owner[04:23] - Work-Life Balance And Location Considerations[05:50] - Assessing Personal Skills And Experience[07:38] - Matching Skills With Business Needs[08:46] - Example Of Acquisition Target Specification[09:44] - Sector And Location Preferences[11:05] - Revenue And Business Age Requirements[12:22] - Profit Margin Expectations[13:24] - Preferred Product Categories[14:41] - Owner Managed Vs Management Team[15:34] - Personal Wishes And Work-Life Balance[16:33] - Personal Skills And Strengths[17:38] - Considerations For Business Acquisition Timeline[18:39] - Long-Term Project Overview[19:20] - Next Steps In Finding Ideal Business[19:55] - Closing Remarks And Mastermind Promotion Beyond Type and Size: Unpacking Your Ideal Acquisition Forget simply looking for "a business to buy." Instead, focus on acquiring a strategic asset that fuels your brand's growth. Here's how to define your ideal target across key criteria: 1. Industry and Product Category: Focus: E-commerce Retail (especially Amazon FBA) with own brands (private label or custom products). Rationale: Aligns with your existing expertise and leverages established fulfillment infrastructure. Product Categories: Ideally, Pet Supplies. Open to others with strong profitability and growth. 2. Business Location: Current Focus: UK-based company (for now). Future may consider USA businesses. Rationale: Minimizes logistical and operational complexities initially. Open to expansion later. 3. Revenue: Ideal Range: £1,000,000 - £2,000,000 per year (monthly ca £80K - £170K). Minimum Acceptable: £500,000 per year (monthly approx £40K). Maximum Acceptable: £5,000,000 per year (monthly approx £400K). First Deal Flexibility: Willing to consider smaller businesses initially, if necessary. Rationale: Aligns with your budget, growth goals, and resource allocation capabilities. 4. Business Age: Minimum: 3 years in operation. Preferred: 5+ years. Rationale: Provides a track record of performance and stability. 5. Profitability: This is a crucial metric. Profitability Measure: SDE (Seller's Discretionary Earnings) or EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization). Owner-Managed: Minimum 10% SDE or 20% EBITDA. No Management: Minimum 20% SDE (operating profit is a reasonable approximation for now). Profit Growth: Ideally, year-on-year EBITDA growth. Minimum, stable year-over-year and month-to-month (allowing for seasonality). Declining profits are not ideal but may be considered. Rationale: Ensures a healthy return on investment and a sustainable business model. 6. Management Team: Preferred: Management team in place. Open to: Businesses without existing management. Considerations: Cashflow must cover management costs, leaving at least 10% EBITDA (20% SDE minimum for businesses without management). Rationale: A strong management team streamlines post-acquisition integration and fosters ongoing success. Remember, this is your ideal target. Be flexible, but don't compromise on core criteria. The right acquisition will complement your brand and propel your e-commerce empire to new heights. Your Ideal Acquisition Target Specification: A Case Study Let's build a concrete example of your ideal acquisition target based on your outlined criteria. This will further solidify your vision: My Ideal Acquisition Target: Industry: E-commerce Retail (Amazon FBA) - Pet Supplies (preferred) Location: UK-based (for now) Revenue: £1,200,…

Amazing FBA Amazon and ECommerce Podcast, for Amazon Private Label Sellers, Shopify, Magento or Woocommerce business owners, and other e-commerce sellers and digital entrepreneurs.

1
Unlock Wealth: Buy an E-commerce Business (Step 2A- Define) 13:55

منذ 52 weeks13:55

13:55

Ecommerce Entrepreneurs: Scale Your Brand by Buying Another! Have you ever dreamt of taking your e-commerce brand to the next level, but the thought of raising capital or developing a new product line seems daunting? You're not alone. Many successful entrepreneurs leverage a powerful strategy: acquiring existing e-commerce businesses. Time Stamp [00:00] - Introduction To Personal Wealth Plan In Buying E-commerce Businesses[00:57] - Overview Of 10-step Process For Buying E-commerce Businesses[01:39] - Explanation Of Step Two: Defining What You're Looking For[02:20] - Importance Of Math In Buying A Business[02:54] - Introduction To Presentation On Personal Wealth Plan[03:14] - Explanation Of Buy, Grow, And Exit Strategy[03:51] - Three Key Numbers For Personal Exit Plan[04:22] - Importance Of Defining Exit Value[05:09] - Example Of Exit Value And Multiple Calculation[06:24] - Introduction To Growth Stage Calculations[07:11] - Explanation Of Margin Expansion Concept[07:49] - Summary Of Growth Numbers And Timeframe[08:31] - Calculating Target Revenue For Business Acquisition[09:06] - Discussion Of Industry Standard Profit Margins[09:51] - Summary Of Buying Numbers And Target Revenue[10:30] - Recap Of Personal Exit, Growth, And Buying Numbers[11:11] - Importance Of Defining More Factors Before Shopping For A Business[11:31] - Directions For Accessing Additional Resources[11:53] - Introduction To 10K Collective Mastermind[12:16] - Overview Of 10K Collective Uber Mastermind Program[13:22] - Benefits Of Joining The Mastermind Program This step-by-step guide will equip you with the knowledge and tools to unlock wealth by buying an e-commerce business. We'll go beyond just "buying a business." We'll show you how to develop a Personal Wealth Plan (PWP) that integrates acquisition, growth, and a profitable exit strategy. This is NOT a 10-step "get rich quick" scheme. Building wealth takes planning, execution, and a strategic mindset. This guide will empower you to make informed decisions and maximize your return on investment. Step 2: Define - Buying Your First E-commerce Business Recap: The 10-Step Roadmap (We'll assume you've already reviewed the 10-step roadmap for buying an e-commerce business. This guide focuses on Step 2: Define) Beyond Buying, Look to Build and Sell Don't just buy a business. Develop a comprehensive plan that encompasses acquisition, growth strategies, and a lucrative exit strategy. Your PWP becomes your roadmap to wealth creation through e-commerce acquisitions. Step 2A: Your Personal Wealth Plan (PWP) The PWP is the foundation of your buying journey. It will define your financial goals, ideal exit strategy, income expectations during the growth phase, and your desired timeline. https://www.youtube.com/watch?v=393RvnE6bdw Here's how to build your PWP: 1. Define Your Desired Financial Result (Exit Value) What's your dream number? Set a realistic target exit value for the acquired business. Consider consulting with business brokers or entrepreneurs who have successfully sold businesses in your niche to determine a reasonable exit multiple (typically a multiple of the business's annual profit). Example: Exit Value: $4 Million Exit Multiple: 5X (check with brokers and friends who sell businesses) Calculate your projected Exit Profit: Exit Profit = Exit Value / Exit Multiple = $4 Million / 5 = $800,000 2. Determine Your Ideal Industry Standard Profit Margin (PM) Profit margin is crucial for sustainable growth. Research industry benchmarks to determine a realistic profit margin percentage for your target business. Example: Industry Standard PM: 15% 3. Calculate Your Desired Exit Revenue Knowing your desired exit profit and industry standard profit margin allows you to calculate the target business's ideal exit revenue. Example: Exit Revenue = Exit Profit / Industry Standard PM% = $800,000 / 15% = $5.33 Million…

Amazing FBA Amazon and ECommerce Podcast, for Amazon Private Label Sellers, Shopify, Magento or Woocommerce business owners, and other e-commerce sellers and digital entrepreneurs.

1
“You Can’t Get There From Here” – a Classic Mindset Malfunction 11:30

منذ 52 weeks11:30

11:30

There's an old Somerset saying "You can't there from here." Entertaining - but not helpful. Sounds like a bad joke - and it is - but it's actually something we all say to ourselves at times. In this humorous Mindset Moment, Michael explores whether in fact you might have this mentality blocking you too.…

Amazing FBA Amazon and ECommerce Podcast, for Amazon Private Label Sellers, Shopify, Magento or Woocommerce business owners, and other e-commerce sellers and digital entrepreneurs.

1
Buying a Business Step 1: Decide 11:37

منذ 1 year11:37

11:37

Buying Your Own E-commerce Business: The First Steps Starting or acquiring a business can be one of the most transformative decisions you'll ever make. It promises the allure of independence, potential financial rewards, and the satisfaction of creating something impactful. However, diving into the world of business ownership isn't a step to be taken lightly. The first part of our podcast series, "How to Buy Your Own E-commerce Business," focuses on the foundational step: deciding whether this path is right for you. 1. Should You Buy a Business? Before anything else, it's crucial to determine if buying a business aligns with your personal and professional goals. Owning a business requires a blend of entrepreneurial spirit, resilience, and strategic thinking. Reflect on your motivations. Are you driven by the desire to be your own boss, or are you looking for a new challenge? Understanding your "why" can help clarify whether this journey is suitable for you. 2. Should You Buy an E-commerce Business? The next consideration is the type of business you want to buy. E-commerce presents unique opportunities and challenges compared to traditional brick-and-mortar enterprises. The benefits include a wider customer base, lower overhead costs, and the flexibility of operating from anywhere. However, it also demands proficiency in digital marketing, a keen understanding of online consumer behavior, and the ability to manage logistics and supply chains efficiently. Evaluate if these aspects excite you or if they seem daunting. 3. Do You Have the Time? Time is one of your most valuable resources. Running an e-commerce business isn't a 9-to-5 job. It often requires attention beyond regular business hours, especially in the initial stages or during peak seasons. Assess your current commitments and lifestyle. Do you have the bandwidth to dedicate to a new venture without compromising other critical areas of your life? 4. Money Matters Financial readiness is a key factor in deciding whether to buy a business. Understand the initial investment required and the ongoing costs to keep the business operational. This includes purchasing the business, investing in marketing, maintaining inventory, and other operational expenses. Additionally, consider the financial cushion you'll need for unexpected challenges. Conduct a thorough analysis of your finances to ensure you have the capital and can access additional funding if necessary. 5. Mental Energy Finally, consider the mental and emotional energy required to run a business. Entrepreneurship is inherently stressful and can be mentally taxing. It involves constant decision-making, problem-solving, and adapting to market changes. Ensure you have a robust support system and stress-management strategies in place. Ask yourself if you're prepared to handle the ups and downs that come with business ownership. Conclusion Deciding to buy an e-commerce business is a significant decision that requires careful thought and preparation. By considering these five critical aspects—your motivation, the suitability of an e-commerce model, time availability, financial readiness, and mental energy—you can make an informed choice about whether this path is right for you. In our next podcast episode, we'll delve into the process of defining what outcome you’re after and what you need to shop for to get that. Stay tuned for more insights and practical advice as we guide you through the exciting journey of becoming an e-commerce business owner. If you have any questions or thoughts, feel free to reach out—we're here to help you every step of the way.…

Amazing FBA Amazon and ECommerce Podcast, for Amazon Private Label Sellers, Shopify, Magento or Woocommerce business owners, and other e-commerce sellers and digital entrepreneurs.

1
Dominate Your Amazon Launch: The $30K in 8 Weeks Influencer Strategy 24:03

منذ 1 year24:03

24:03

Imagine launching your amazon product launch that's brand new and achieving explosive sales within a short timeframe. Sounds like a dream, right? But what if we told you there's a strategy that can help you achieve this – and it doesn't involve a hefty advertising budget? This guide delves into a proven influencer marketing strategy specifically designed to create pre-launch buzz and propel your Amazon product launch to new heights. We'll explore how to leverage the power of influencers not just at launch, but in the crucial months leading up to it. By building anticipation and fostering a sense of community, you can ensure your product hits the ground running and achieves significant sales velocity. Time Stamp [00:00] - Introduction to the 10K Collective Mastermind[00:49] - Welcome to the podcast for Amazon sellers[01:13] - Focus on using influencers for product launches[01:22] - Applying influencer strategy to new product launches[01:52] - Building relationships with influencers before product launch[02:35] - Example of makeup brand building influencer relationships[03:36] - Benefits of early influencer engagement for product launches[04:13] - Comparison to film industry marketing tactics[04:36] - Addressing challenges with maintaining sales after initial launch[05:24] - Importance of newness in influencer marketing[06:06] - Strategy for scaling influencer relationships[07:27] - Analogy with scaling advertising campaigns[08:43] - Discussion on affiliate deals and commissions[09:40] - Explanation of the halo effect in influencer marketing[11:24] - Comparison to ACOS vs TACOS in Amazon advertising[12:37] - Benefits of generous affiliate commissions for Amazon brands[14:38] - Strategies for working with influencers without affiliate links[15:27] - The followers to customer funnel concept[17:03] - Approach to paying influencers based on proven results[18:44] - Efficient system for identifying effective influencers[19:15] - Information on Tomer's newsletter and resources[20:06] - Overview of Tomer's influencer marketing system The Long Game: Start Building Relationships 6 Months Before Launch Here's the secret weapon of this strategy: starting early. Don't wait until your product is ready to ship before reaching out to influencers. Ideally, aim to connect with them at least 6 months before your launch date. Here's why: Emotional Connection: By engaging with influencers early, you allow them to become invested in your brand story. Document your product development journey and share it with them. This fosters a deeper connection and encourages them to become advocates for your brand. Building a "Hot List" of Buyers: Through pre-launch influencer marketing, you can create a buzz that attracts potential customers. Encourage influencers to share snippets about your product and its development process. This creates a "hot list" of buyers who are already excited about your product before it even hits the shelves. Case Study: The Power of Storytelling in Pre-Launch Buzz Let's look at a real-world example. Imagine a client developing a new makeup line for young girls. Due to unforeseen circumstances, the launch gets delayed by a year. However, the brand had already built relationships with over 200 relevant influencers. During the delay, they continued to share the product story and development journey with these influencers. This pre-launch buzz resulted in a phenomenal launch, proving the power of storytelling and early influencer engagement. Influencer Marketing vs. Ads & SEO: Consistency vs. Spikes A common concern with influencer marketing is its perceived inconsistency compared to paid advertising or SEO. While paid ads can generate a quick surge in sales, their effectiveness often diminishes over time. Similarly, SEO takes time to build long-term organic traffic. So, how does influencer marketing fit in? The key lies in understanding the limitations of your product itself.…

Amazing FBA Amazon and ECommerce Podcast, for Amazon Private Label Sellers, Shopify, Magento or Woocommerce business owners, and other e-commerce sellers and digital entrepreneurs.

1
Protecting your e-commerce business 24:11

منذ 1 year24:11

24:11

The Roman Empire was famous for being the greatest empire in the ancient world. It lasted hundreds of years. It controlled the then known world, which was around Southern Europe and the Mediterranean, but it's 410 AD, the barbarians sack Rome. What happened? And how can we learn from this as e commerce operators? Stay tuned. Protect your Empire! Hey folks, Michael Veazey here from Amazing FBA. I want to talk about this under appreciated topic. Everyone's obsessed with growth, and of course they should, and the empire building. But once you've got something valuable and desirable, then of course, you're going to get people attacking it in some form or degrading it. And one of the things that a more mature entrepreneur will do when they move from pure startup phase, where you just growth, growth, growth, revenue, revenue, revenue is to understand that you've got something valuable, and now you need to protect it. So that's why we're going to talk about it today. Success invites Attack You think about the Roman Empire, this fertile ground in Italy where it was was focused and Rome is halfway down Italy. It had costly desirable infrastructure, a whole city with beautiful buildings and they had a reputation. They were famous. They were the kind of tall guy that everyone wanted to take a pop at. And although you probably don't feel like you're running the Roman Empire right now, you may have in your category a reputation and an obvious desirability of the market so you need to be protecting it. If you're working in e commerce or Amazon specifically, if you're running a business for fewer than 10 years, 60-70% percent of all the cash you ever see from the business will come when you sell it. Guess what? If you don't have the proof that you own the things that you sell, like your trademark, If you cannot show that you have dealt with the risks inherent in the business, and we'll talk about those, the business is either not sellable, or you will sell it for hundreds of thousands of dollars or pounds less than you could have sold it for. And that is a huge loss. That is real money, not in your pocket, that could have been. So reason to take this stuff seriously. Let's talk briefly about the threats, which is not much fun, and the ways you can protect yourself, which is much better. In no particular order, Sales Channel risk The first one is sales channels risk. The, the Amazon sales channel is a great powerful thing to have access to, but it can be suspended. So there are two ways that can happen. Listing Suspension One is your listing gets suspended because you've got some words in it that you shouldn't have. Maybe these days, weirdly can be even put in place by the Amazon artificial intelligence engine at Amazon. One half of Amazon does that. And then the other half of Amazon that monitors things like what you're allowed to say in your listing will shut your listing down, which is insane, but entirely consistent with how Amazon operates, the right hand doesn't know what the left hand is doing. Obviously you could put something yourself in there naively, and that can suspend a listing for months at the worst. Check TOS So first of all. Checked terms of service and do not assume that one half of Amazon isn't doing stupid things. Check your listings very, very regularly. Particularly there's kind of hero product. If you've got a small set of products, 10 products of which one is doing half your sales, then you watch that like a hawk. Okay. And the other one is of course, to not just depend on one hero product. So not an easy one to mitigate. But luckily most of the time that doesn't happen. such that it's permanently suspended but you've got to account for the fact that it could be suspended. Keep enough cash to survive hero product listing suspension That's another reason, by the way, we'll talk about cash, but that's another reason why you've got to have enough cash...…

Amazing FBA Amazon and ECommerce Podcast, for Amazon Private Label Sellers, Shopify, Magento or Woocommerce business owners, and other e-commerce sellers and digital entrepreneurs.

1
Secure E-commerce Startup Funding: A Guide to Raising Finance 27:22

منذ 1 year27:22

27:22

E-commerce offers a thrilling path to entrepreneurship, but scaling your brand often requires an influx of capital. This guide delves into securing e-commerce startup funding, specifically tailored for Amazon FBA sellers. Here, we'll explore e-commerce startup financing options, common pitfalls to avoid, and strategies for maximizing success with minimal capital. 00:57 Introduction01:54 Discussing Financing Options for E-commerce Businesses02:37 How Lenders Assess E-commerce Businesses for Lending04:07 Invoice Finance and Trade Finance Explained06:02 Understanding Working Capital Needs08:09 Importance of Having a Plan for Using Financing09:26 Common Pitfalls for Amazon Sellers with Financing10:33 Red Flags for When Not to Take External Funding13:01 Minimum Requirements Lenders Look For15:18 Impact of Rising Interest Rates on Financing Viability19:02 Assessing Affordability of Financing21:04 Advice for Hesitant Amazon Sellers on Exploring Financing23:11 How to Get in Touch with Jamie Bridgeson24:59 Final Thoughts and Closing Remarks Understanding Amazon FBA Creditworthiness Amazon's unique business model poses challenges for traditional credit assessments. Lenders often require at least a year of trading history to gauge profitability and Product-Market Fit (PMF). Demonstrating consistent profits strengthens your creditworthiness significantly. Financing Options for E-commerce Startups Beyond traditional loans, several financing options cater to the specific needs of e-commerce businesses: Trade Finance: Injects capital by allowing lenders to pay suppliers directly. Once you sell the stock, you repay the lender. This frees up cash flow, allowing you to focus on marketing while inventory is financed. Some lenders even offer foreign exchange (Forex) support. Invoice Finance: Once you've received inventory and raised invoices on Amazon or Shopify, you can "unlock" cash from those invoices through lenders. This helps bridge the gap between your payment terms and immediate business needs. Financial Challenges and Strategies for E-commerce Businesses Navigating the financial landscape of e-commerce comes with unique challenges: Balancing Affordability: Not all expenses qualify for financing. Marketing costs, for instance, don't have tangible assets as security. Building affordability into your financing plan is crucial. Minimum Requirements: Lenders often have minimum revenue or profit thresholds. Understanding these requirements helps you determine if external funding is suitable. Red Flags for External Funding: While external funding can fuel growth, consider these red flags before diving in: Unaffordable Debt: Can you comfortably repay the loan without hindering your cash flow? Lenders prioritize affordability, so demonstrating a sustainable repayment plan is essential. Overdependence on Unsecured Loans: During challenging times, some business owners turn to unsecured loans, accumulating significant debt. This can limit your options for future financing. Common Pitfalls and How to Avoid Them: Broker Fees: Reputable brokers receive their fees directly from lenders, not you. Be wary of any upfront costs. DIY Lending: Rejection from one lender doesn't have to be a dead end. Brokers can leverage their network to find more suitable options. Rising Interest Rates: The current economic climate might present higher borrowing costs. Be prepared to factor this into your affordability calculations. Will Lenders Still Lend to E-commerce Businesses? Although liquidity challenges might exist, there will likely still be options. While traditional banks might tighten their belts, private investors may still be open to financing profitable ventures. Affordability: Planning is Key Before seeking external funding, establish a clear plan: Purpose: Identify the exact purpose of the funding. Cost of Funds: Factor in interest rates and fees to understand the full cost...…

Amazing FBA Amazon and ECommerce Podcast, for Amazon Private Label Sellers, Shopify, Magento or Woocommerce business owners, and other e-commerce sellers and digital entrepreneurs.

1
Top E-commerce Funding Options: Raising Finance for Your Business 24:32

منذ 1 year24:32

24:32

E-commerce businesses offer incredible opportunities for growth and scalability. However, many brand owners struggle to secure the capital they need to take their ventures to the next level. This is where exploring e-commerce funding options becomes crucial. In this comprehensive guide, we'll delve into the world of financing for e-commerce businesses, helping you navigate various funding options and choose the best fit for your brand. We'll also hear expert insights from Jamie Bridson, Co-founder and Director of Aston Commercial Finance Ltd., a specialist commercial finance broker dedicated to simplifying lending for businesses. 00:00 Intro00:16 Welcome to the 10K Collective Podcast01:00 Introduction of Guest: Jamie Bridson01:40 What is a Commercial Finance Broker?02:44 How Jamie Got into Commercial Finance03:55 Challenges E-commerce Business Owners Face with Finance06:03 Types of Credit: Revolving Credit07:03 Types of Credit: Secured and Unsecured Loans08:02 Explanation of Second Charges10:15 Difference Between Secured Loans and Personal Guarantees11:11 Mitigating Risk with Personal Guarantees12:07 Lenders' Approach to Debt Recovery13:32 Understanding Liens and Collateral15:10 Asset Finance and Equipment Financing17:12 Tax Implications of Financing Structures19:05 Competitive Advantage of Financial Education21:21 Importance of Financial Understanding for Amazon Businesses22:14 Closing Thoughts and Contacting Jamie Understanding Your Funding Needs Before diving into specific options, it's essential to identify your funding needs. Are you looking for a cash injection to bolster inventory, invest in marketing campaigns, or expand into new product lines? Knowing your goals will help you choose the most appropriate financing solution. The Role of a Commercial Finance Broker Commercial finance brokers like Jamie Bridson at Aston Commercial Finance Ltd. (www.astoncf.co.uk) act as a bridge between e-commerce businesses and a network of lenders. They leverage their expertise and industry relationships to secure the best possible rates and terms for your specific needs. Traditionally, bank managers performed a similar role. However, the rise of specialized brokers offers a more streamlined and efficient approach. Jamie Bridson's Journey: From E-commerce Entrepreneur to Finance Specialist Jamie's background provides valuable insights for e-commerce businesses seeking funding. He previously ran an Amazon FBA business, giving him firsthand experience with the challenges many brand owners face. This perspective allows him to understand the specific needs of e-commerce clients and tailor financing solutions accordingly. Common Challenges E-commerce Businesses Face Here are some common hurdles e-commerce businesses encounter when seeking financing: Tight Margins: Some lenders may hesitate to offer financing to businesses with low profit margins. Limited Track Record: Newer businesses might struggle to secure funding due to a lack of established financial history. Inventory Management: Funding needs can fluctuate depending on inventory levels and sales cycles. Growth Goals: Securing capital for expansion activities like mergers and acquisitions or purchasing commercial property requires specialized financing solutions. Exploring E-commerce Funding Options Now that you understand the landscape, let's explore the main types of e-commerce funding options: 1. Revolving Credit: Revolving credit facilities, such as business credit cards, offer a flexible line of credit that can be drawn on and repaid continually. These are typically best suited for established businesses with a proven track record and a minimum revenue threshold (often six figures). 2. Unsecured Loans: Unsecured loans are provided based on the borrower's creditworthiness and are not backed by collateral. They typically carry higher interest rates than secured loans and often require a personal guarantee from the busi...…

Amazing FBA Amazon and ECommerce Podcast, for Amazon Private Label Sellers, Shopify, Magento or Woocommerce business owners, and other e-commerce sellers and digital entrepreneurs.

1
Why Tesla might go bust – Lessons for Amazon Sellers 13:05

منذ 1 year13:05

13:05

Is Tesla going bankrupt? More importantly - is your ecommerce business? Tesla isn't the Point Sorry for the enigmatic start. I've just got to get your attention somehow. I'm trying to educate you, but I sneakily got to make it entertaining, I guess. So I was just going through my LinkedIn feed earlier and up pops an analyst talking about Tesla. And what struck me wasn't the fact that he thought Tesla could go bankrupt, that it is "the most overvalued stock in history" and that its business model is broken. Although if you invest in Tesla, those are important things, that's not the point of today's post. By the way, just to disclose, I am an investor in Tesla currently, but I may not be soon. I may choose to divest. Now I am not giving you any stock investing advice. God only knows that is not something I'm qualified in or experienced enough to give any advice to anyone about. So that's not what I'm doing. Do your own homework on Tesla. But the point is this I haven't done enough homework. I didn't do enough homework in the first place when I bought it. I just thought it would be a fun ride and it's educational and it has been both of those things. Sounds a bit playful, but it was only 1, 000 invested. So I figure I'm not going to lose my life savings or bet my pension on it. The business model evaluation matters most But the education component is vital because I think what interests me is not whether this guy is right or wrong, but the way he argued, And talked about the stock and how he thought it was overvalued was for me, the right way of thinking. Now the results are not always going to be the same as reality. The result of your thinking and calculations all the time. But over time, if you have an accurate mental model, mental models of the world, I think your results should track reality. And over time that will guide you. Well, so what this guy was talking about Per Lakander's analysis per Lakander of Clean Energy Transition to give him credit. Sounded Scandinavian. And basically, if I summarize what I understood from it, he's saying that. Whilst Tesla has claimed issues, okay, that the headline is, I guess Tesla is about to report some really bad quarterly earnings publicly listed companies report and its quarterly and indeed all the other financial statements. Of course, smaller businesses tend to think only in terms of annual reports, although they're mainly broken down monthly. So here's the thing, he said the The balance sheet and income statement reveal a lot First of all, there has been a claim that, maybe by Elon Musk, maybe by other people who are more fans of Tesla, that they had some arson, and therefore there was a production problem. But he said, well, but if you look at the inventory, it's excess inventory. They have a huge pile of unsold cars somewhere, in other words, car parts, or work in progress towards cars. Which he says implies that there's excess inventory, that's a demand-side problem, not a supply-side problem. Hard to argue with that. Competition Analysis is critical And the other thing he's saying is that the competition such as Volkswagen is coming up with 30 new electric vehicles or mostly electric vehicle models this year. Tesla has two models and it's going to create a new one allegedly by the end of 2025. And he says, well, realistically probably the end of 2026. And then he talks about the business model, which interested me the most because that's. I think highly relevant, bizarrely, for any inventory-based business, including small FBA businesses, even though it sounds so different to Tesla, doesn't it, on the surface of it? Understanding the Business model But he said, okay, the working model was predicated on great growth, very high fixed costs, and thus creating a negative, working capital. What that means is you get paid to sell stuff. And I don't know all the details of Tesla. I probably should as an investor,…

Amazing FBA Amazon and ECommerce Podcast, for Amazon Private Label Sellers, Shopify, Magento or Woocommerce business owners, and other e-commerce sellers and digital entrepreneurs.

1
Expert Wealth Management & Investment Strategies for Small Businesses 44:35

منذ 1 year44:35

44:35

Congratulations! You've built a thriving e-commerce brand. But have you considered the next crucial step: wealth management? While achieving explosive business growth is commendable, it's equally important to ensure the resources you've diligently built translate into a fulfilling lifestyle. This guide delves into expert wealth management and investment strategies specifically tailored for e-commerce entrepreneurs seeking to scale their wealth alongside their brands. [00:00:00] Intro: Michael Veazey discusses the challenges faced by business owners in managing their finances. [00:00:21] Intro: Michael introduces the topic of preserving wealth and introduces Henry Okosi from Fortress Wealth Management. [00:01:27] Discussion: Michael and Henry discuss the importance of preserving wealth for SME business owners. [00:02:05] Henry introduces himself and discusses his background in financial planning. [00:02:42] Michael and Henry discuss why wealth management is important for small business owners. [00:03:45] Michael discusses the obsession with revenue and profit in business and the importance of personal wealth management. [00:04:57] Henry talks about the gap in financial knowledge and literacy among business owners. [00:06:14] Henry discusses the importance of having a life plan aligned with business goals. [00:08:03] Henry talks about his background and the services offered by Fortress Wealth Management. [00:09:26] Henry discusses the need for uncomfortable conversations and creating a safe space to discuss personal wealth.+ [00:15:03] Justifying Business Efforts to Significant Others [00:15:19] Setting Specific Outcome Targets [00:15:34] Revenue vs. Meaningful Targets [00:15:48] Building a Plan to Achieve Targets [00:15:51] Ground-Up vs. Backward Planning [00:16:20] Forward-Thinking Decisions [00:16:44] Evaluating and Optimizing Resources [00:17:07] Front Loading vs. Utilizing Business as an Asset [00:17:22] Balancing Resource Allocation and Planning [00:17:34] Importance of Asset and Resource Allocation Bridging the Gap: Why Wealth Management Matters Many e-commerce owners become laser-focused on growth, profit, and scaling their businesses. However, a critical gap often emerges: what happens when success arrives? Many entrepreneurs lack the financial knowledge or time to effectively manage their personal finances amidst the demands of running a business. This lack of planning can lead to missed opportunities and unnecessary stress. Wealth management empowers you to take control, ensuring your hard-earned success translates into long-term financial security and a fulfilling life. Meet Henri Okosi: Your Guide to Financial Freedom Henri Okosi, a seasoned financial planner with a passion for empowering entrepreneurs, brings a wealth of experience to the table. Driven by a genuine interest in finance and a desire to connect with people, Henri leverages his expertise to bridge the knowledge gap for e-commerce business owners. Through Fortress Wealth Management, a proud partner of St. James's Place Wealth Management, Henri offers a personalized approach to wealth management, serving clients in London and beyond. Crafting a Personalized Wealth Plan: The Cornerstone of Success The cornerstone of effective wealth management lies in creating a comprehensive plan. This plan goes beyond just your business goals; it encompasses your personal desires and aspirations. Here's how Henri approaches crafting a personalized wealth plan: Uncovering Your "Why": The journey begins by defining your "why." What is the ideal life you envision for yourself? Is it early retirement, financial independence, or providing for your family's future? Understanding your core values and long-term goals becomes the foundation for your financial strategy. Emotional Check-In: Wealth management goes beyond numbers. Henri starts by exploring your current financial situation – are you feeling uncertain, comfortable, or optimistic?…

Amazing FBA Amazon and ECommerce Podcast, for Amazon Private Label Sellers, Shopify, Magento or Woocommerce business owners, and other e-commerce sellers and digital entrepreneurs.

1
Virtual Assistant Hiring Mistakes: How to Avoid Bad VA Freelancer Choices 34:03

منذ 1 year34:03

34:03

For e-commerce brand owners looking to scale their businesses with minimal capital, hiring virtual assistants (VAs) can be a game-changer. However, making the wrong hire can lead to lost time, money, and productivity. In this comprehensive guide, we'll explore common virtual assistant hiring mistakes and provide actionable tips to help you navigate the process seamlessly. 00:00:43 - Introduction to FreeUp00:01:41 - FreeUp Services00:02:32 - Hiring the Right Freelancers00:06:20 - Effective Communication and Expectations00:08:16 - Structured Approach to Hiring00:09:52 - Creating a Scope of Work00:12:09 - Vetting Freelancers with Test Projects00:14:23 - Tailoring the Interview Process Define Your Needs and Create a Solid Scope of Work Before you even begin the recruitment process, it's crucial to define your needs and create a detailed scope of work. Start by grabbing a pen and paper, and list out all the menial tasks you can hand off to a VA. When you see these tasks in writing, you'll realize which ones can be delegated without extensive training or onboarding. A scope of work serves as an agreement between you and the freelancer, outlining expectations, processes, key performance indicators (KPIs), metrics, and deliverables. It's essential to have this document in place, whether you're hiring an in-house or freelance VA. Not only does it save time on training, but it also sets clear boundaries and ensures everyone is on the same page. Leverage Freelancer Hiring Platforms and Conduct Test Projects When it comes to sourcing potential candidates, freelancer hiring platforms like Upwork, Fiverr, and Freeup can be valuable resources. These platforms typically pre-vet freelancers, saving you time and effort in the initial screening process. Additionally, you can tap into industry networks, word-of-mouth recommendations, and LinkedIn to find suitable candidates. Regardless of where you find potential VAs, it's crucial to conduct test projects. These projects will not only gauge the candidate's skills but also provide insights into their communication style, time management, and ability to follow instructions. Pay close attention to whether they arrive on time for meetings, complete tasks within the given timeframe, and ask relevant questions to understand the scope of work better. Vet for Experience, Time Capacity, and Communication Skills When evaluating potential VAs, it's essential to consider their experience level, time capacity, and communication skills. At Freeup, for instance, freelancers are required to have at least three years of experience to ensure they possess the necessary expertise and professionalism. Time capacity is another crucial factor. Many international freelancers work extended hours and juggle multiple clients, so it's important to understand their workload and availability. Additionally, inquire about their work setup – are they operating solo or as part of an agency? Knowing who you'll be communicating with can help you gauge the level of support and responsiveness you can expect. Conduct Thorough Interviews and Background Checks While a candidate may look impressive on paper, it's essential to conduct thorough interviews to assess their personality fit, work style, and communication skills. Remember, you'll be working closely with this individual, so ensuring a good cultural and communication fit is crucial for a productive working relationship. Furthermore, don't skip background checks and identity verification processes. These steps can help mitigate potential risks and ensure you're hiring a legitimate and trustworthy individual. Consider Managed Services for a Hands-Off Approach If you prefer a more hands-off approach to managing your virtual assistants, consider opting for managed services offered by platforms like Freeup. With managed services, a dedicated project manager handles weekly meetings, ensures deliverables are met,…

Amazing FBA Amazon and ECommerce Podcast, for Amazon Private Label Sellers, Shopify, Magento or Woocommerce business owners, and other e-commerce sellers and digital entrepreneurs.

1
Is uk e-commerce market growing? John Lewis and Brick and Mortar stores 15:26

منذ 1 year15:26

15:26

Is uk e-commerce market growing? John Lewis and Brick and Mortar stores The state of retail and e-commerce in the UK in 2024 Hey folks, Michael from Amazing FBA. I've just been shopping in my new city, Welwyn Garden City at John Lewis, which used to be the company store here until the 1960s. And even now it's pretty dominant. And I want to talk about my new set of shoes and reflect on the state of retail and e-commerce. As part of my wanderings around Europe, London and the UK, I often like to reflect on retail experiences. I don't personally like shopping by the way. I prefer e-commerce because I can just buy whatever I want and get out. But when I go shoot shopping because of very, very awkward feet, I need to interact with a physical shop. Now, John Lewis. Let's talk about John Lewis for a second. John Lewis is a brand, it's a retail brand rather than a brand that makes things, although they do have their own lines, private label lines of things. We also have an interesting secondhand relationship with a couple of my clients in the 10k collective, both former and current have in the past sold a lot of stuff to John Lewis. And they said you think Amazon is bad and capricious. You should try and talk into John Lewis buyers who will reject you or, you know, push you down on the price by two pence or two cents per unit or something ridiculous. John Lewis has a, business model that's very challenging. I think they're letting go of quite a percentage. Maybe it's 10 per cent of the staff when they come in the year, they shut down some stores, they shut down a flag chick store in Birmingham or Birmingham, England is the Americans call it. So that sounds like it's game over for John Lewis and it's a win for e-commerce but a couple of thoughts. In-person buying can make sense - especially for apparel First of all, the buying experience, I have awkward feet, as I said, and therefore I can't buy shoes online and expect them to fit my awkward feet. I need to go and shop in person. So in-person shopping is not dead yet. And in fact, Thereby hangs a tale... Personalised and human shopping experience The second thing is the experience. I had a very pleasant person serving me and actually serving me, hanging around, looking patient, looking like he actually cared, instead of poking at his phone or just wandering off or giving me monosyllabic answers, which has been my experience of shopping in most places in Britain. And the guys seemed to know their business, and he actually practically helped me by going and fetching different sizes of pairs of shoes. Simple stuff, but in my experience, that's not to be taken for granted these days. So, the experience of somebody seeming to care about you, the experience of somebody, well, maybe he actually cares, maybe he's just polite enough to seem to care, but they've got quality staff. The John Lewis/Waitrose model - the staff owning part of the business John Lewis and Waitrose, which is part of one group, actually have very, very good quality staff. Now, the interesting thing about them, that's not necessarily the lesson to learn, but it's a possible lesson, is that they actually, The staff are, of course, the owners. It's a cooperative, very unusual structure these days. The so-called Cooperative Bank in Britain is no longer a cooperative bank and is about to be bought by Barclays, I believe, so another bank anyway. So they're a rare thing, but what it does seem to mean is that when I go into a John Lewis or Waitrose, the grocery store, as you call it in the States, or John Lewis is a sort of mid-price, I guess it's like Sears or something like that in America, The people are generally cheerful and helpful. And quite consistently so, not just one or two people that you're lucky to find. So, reflections. The High Street is not dead First of all, the high street's not dead. And actually, people have been In the industry that I suppose...…

Amazing FBA Amazon and ECommerce Podcast, for Amazon Private Label Sellers, Shopify, Magento or Woocommerce business owners, and other e-commerce sellers and digital entrepreneurs.

1
Discover If Your Business Is Sellable in the Ecommerce Market 27:34

منذ 1 year27:34

27:34

Thinking about selling your e-commerce brand? You're not alone. The market for established online businesses is booming, and Flippa, the world's leading platform for buying and selling online businesses, can help you navigate the process. In this post, we'll explore key factors to consider when evaluating your brand's sellability and provide valuable insights from Benny Gould, Flippa's global head of advisory. [00:02:32] Determining Business Valuation: Assets, Financials, IP.[00:04:40] Understanding Due Diligence in M&A.[00:05:59] Timing and Market for Selling.[00:06:25] Partnerships and Long-Term Acquisitions.[00:06:37] Typical Deal Structures: Cash, Deferred Payments.[00:07:06] Buyer Experience Influences Deal Structure.[00:15:40] Look at Revenue North of 250,000.[00:20:18] E-commerce Success Post-COVID Depends on Audience Targeting.[00:22:40] Impact on Sellers' Lives Drives Flippa's Mission.[00:23:48] Handbook Educates Small to Medium Business Owners.[00:25:19] Insights from Flippa Provide Valuable Perspective. Is Now the Right Time to Sell? The 2024 E-commerce Landscape The answer is a resounding yes! The e-commerce market in 2024 presents a seller-friendly environment. However, many brand owners remain unaware of their business' true value and exit potential. This is where Flippa's expertise comes in. Understanding Your Business Value: Valuation Methods Explained Determining your e-commerce brand's value is crucial. Flippa utilizes a three-pronged approach: Asset Valuation: This considers tangible assets like inventory and intellectual property (IP) associated with your brand. Financial Performance: A thorough analysis of your profit and loss statements reveals your business' profitability, a significant factor for buyers. Market Benchmarking: Flippa leverages its extensive 15-year data pool to compare your business against similar e-commerce brands, providing a realistic valuation range. Beyond Price Tags: Due Diligence - A Critical Step A successful e-commerce business sale hinges on robust due diligence. This involves two key aspects: Verification: Similar to a property inspection, buyers will meticulously examine your business. This includes customer verification, inventory checks, and supplier contract reviews. Deal Structure: Negotiating a win-win deal structure is essential. Key considerations include cash upfront payments, earnouts (performance-based payments), and potential lending arrangements. Legal Considerations: Ensuring a Smooth Transaction Selling your e-commerce brand involves legalities. While market conditions are favorable, focusing solely on valuation multiples isn't always the wisest approach. Flippa can connect you with legal professionals to protect your interests throughout the exit process. Unveiling Typical Deal Structures in the E-commerce Market Flippa caters to both experienced and less-experienced buyers. Here's a breakdown of typical deal structures: Experienced Buyers: These buyers often have readily available funds and can offer a higher percentage of cash upfront, especially for businesses exhibiting consistent growth. Businesses with a strong track record (over 4 years) tend to attract more upfront cash offers. Less Experienced Buyers: Securing loans might be more challenging for less-experienced buyers, potentially impacting the upfront cash component of the deal structure. A Global Marketplace: Cross-border Transactions in E-commerce Flippa facilitates a significant number of cross-border transactions (over 67%). This opens your brand to a wider pool of potential buyers, like family offices and high-net-worth individuals seeking international investment opportunities. Although cross-border transactions involve jurisdictional considerations, Flippa's team is well-equipped to navigate these complexities. Why Consider Selling to International Buyers? Some e-commerce brands might have established a strong presence ...…

Amazing FBA Amazon and ECommerce Podcast, for Amazon Private Label Sellers, Shopify, Magento or Woocommerce business owners, and other e-commerce sellers and digital entrepreneurs.

1
2024 Ecommerce Market Trends: Is the Market Still Ripe for Business 19:45

منذ 1 year19:45

19:45

The ecommerce market is constantly evolving, and 2024 is no exception. While giants like Amazon might seem to dominate the landscape, there's still incredible opportunity for established brands to scale and thrive. In this post, we'll explore how to leverage the power of mergers and acquisitions (M&A) to fuel your ecommerce growth, even with limited. [00:00:00] - Benny Gould Mentions Flippa Does Around 12,000 Deals Per Year For Online Businesses.[00:01:12] - Michael Asks Where Benny Is Coming From (Amsterdam).[00:01:57] - Discussion About Flippa Having A Global Reach And Being Distributed Across Different Locations.[00:02:09] - Michael Asks About Flippa's History And Reputation For Smaller Deals In The Past.[00:03:22] - Benny Mentions Flippa Currently Has Over 122 Businesses For Sale Valued Over $1 Million.[00:04:21] - Michael Asks About The Landscape Of Selling Amazon Businesses In 2024 And The Role Of Aggregators.[00:07:09] - Discussion About The Overview Of The E-commerce Business Market In 2024.[00:10:32] - Benny Says March 2024 Was A Record Month For Flippa Across The Company.[00:11:11] - Michael Asks About The Mix Of Different Digital Assets For Sale On Flippa Beyond E-commerce[00:13:35] - Discussion About Amazon Sellers Potentially Combining Different Business Models Like Content Sites.[00:15:18] - Benny Provides Information About Flippa's Free Guides And Resources For Selling Or Acquiring Businesses.[00:16:18] - Benny Offers A Special 30-day Free Trial Of Flippa Premium For Podcast Listeners. Flippa: Your Gateway to High-Value Ecommerce Acquisitions Many brand owners might not realize the potential of M&A for scaling their businesses. This is where Flippa, the world's leading platform for buying and selling online businesses, steps in. Founded in Melbourne, Australia, with hubs in Austin, Texas, and Amsterdam, Flippa boasts a 15-year track record of facilitating successful M&A transactions across over 160 countries. Beyond Small Deals: Uncovering Big Opportunities on Flippa Flippa isn't just about small deals. Contrary to popular belief, 99% of business owners are unaware of the platform's potential for high-value acquisitions. Flippa has facilitated over 122 deals exceeding $1 million valuations, alongside numerous significant 6- and 7-figure transactions. Their experienced team leverages their global reach to connect sellers with qualified buyers, even for cross-border transactions (a staggering 87% of deals on Flippa!). With over 12,000 deals completed last year, Flippa offers a robust marketplace for scaling your brand. The Evolution of Digital Assets: From Domains to Thriving E-commerce Stores The digital landscape is ever-changing. Just like the early days of domain flipping and affiliate marketing, the rise of Amazon and ecommerce created a new wave of valuable digital assets. Today, established e-commerce stores, along with their social media channels and intellectual property, represent lucrative opportunities for acquisition. Meet Benny Gould: Leading Your Ecommerce M&A Journey Benny Gould, Flippa's global head of advisory, leads a dedicated M&A team of 14 experts. This team operates through two distinct models: a pure brokerage model that identifies and secures deals, and an M&A advisory team that provides in-depth valuations for businesses considering an exit strategy. Flippa's experts can guide you through every step of the acquisition process, ensuring a smooth and successful transaction. Navigating the Evolving Ecommerce Landscape: M&A Trends in 2024 The COVID-19 pandemic undoubtedly impacted the M&A market, driving up revenue and deal valuations. However, 2024 presents a unique landscape. While some distressed sales are still present, the majority of deals involve profitable businesses. Notably, there's no shortage of capital available for acquisitions, with a significant increase in buyer activity on Flippa over the last two years.…

Amazing FBA Amazon and ECommerce Podcast, for Amazon Private Label Sellers, Shopify, Magento or Woocommerce business owners, and other e-commerce sellers and digital entrepreneurs.

1
Discover the Secrets to Growing Your Amazon Business 2X in 12 Weeks 42:08

منذ 1 year42:08

42:08

Are you ready to break through plateaus and achieve explosive growth on Amazon? This guide unveils the 8D Framework, a data-driven strategy designed specifically for established e-commerce brands with Product-Market Fit (PMF). Learn how to optimize every aspect of your Amazon presence for maximum impact, leading to a potential 2X growth in just 12 weeks. Time Stamps [00:00:00] - Discussion about profit margins and pricing strategies for Amazon sellers.[00:07:55] - Explanation of the importance of product positioning and brand consistency across platforms.[00:15:18] - Introduction of the fourth dimension of the 8D framework: product positioning and brand building.[00:21:40] - Discussion of the fifth dimension: customer experience optimization for different devices and languages.[00:28:11] - Explanation of the sixth dimension: tech stack and utilizing AI tools like ChatGPT.[00:30:40] - Details on the seventh dimension: logistics and supply chain management, including Amazon's Seller Fulfilled Prime program.[00:33:47] - Description of the eighth dimension: team communication and collaboration.[00:37:15] - Information about attending the free workshop and the 12-week Rapid 2X Accelerator program.[00:40:00] - Summary of the 8D framework and an analogy to the movie "The Karate Kid."[00:40:23] - Details about the 10K Collective Uber Mastermind program offered by the host, Michael Veazey. The 8D Framework: A Deep Dive The 8D Framework goes beyond simply throwing money at advertising. It's a meticulous, step-by-step approach that optimizes your existing assets for peak performance. Let's break down each dimension: Dimension 1: Performance Optimization This stage involves a comprehensive audit of your Amazon presence, including: Product Detail Pages (PDPs): Optimize titles, descriptions, images, and videos for maximum clarity and conversion. Leverage A+ Content to showcase your brand story and product benefits.Brand Store: Establish a dedicated brand presence on Amazon to build trust and brand recognition.Brand Registry: Enroll in Amazon Brand Registry to protect your brand from counterfeiters and unlock additional features.Amazon Ads: For brands exceeding $150,000-$250,000 in annual sales per ASIN, utilize Amazon Ads strategically to target relevant customers and drive conversions. Leverage Amazon Attribution to track campaign effectiveness. Dimension 2: Pricing & Promotions Strategic use of promotions can boost sales, but profitability is paramount. Consider factors like: Ideal Gross Margin: Aim for a 65% gross margin after accounting for landed costs.Amazon Fees: Factor in Amazon's selling price fees (30-35%) and FBA fulfillment costs when determining profitability.Advertising Costs: Account for Advertising Cost of Sale (ACOS) alongside Amazon fees to ensure a healthy net margin (ideally 10-15%).Promotional Calendar: Utilize targeted promotions for holidays like Valentine's Day and Mother's Day, but ensure profitability. Dimension 3: Marketing Beyond Amazon Ads Move beyond viewing Amazon PPC as your sole marketing strategy. Focus on building a strong brand story that resonates with your target audience: Craft a Compelling Brand Narrative: Every product has a story – use it to connect with customers. Highlight use cases, and showcase the story behind your brand and founders.Influencer Marketing: Partner with relevant influencers on platforms like TikTok, YouTube, and Instagram to amplify your brand message.A+ Content & Brand Store as Storytelling Platforms: Utilize A+ Content and your brand store to showcase your brand story and product benefits. Seasonally adapt your content to maintain freshness. Dimension 4: Product Positioning & Brand Building Set your product apart from the competition through strategic positioning and brand building: Showcase Product Differentiation: Demonstrate what makes your product unique. Use high-quality product images and videos that showcase the product ...…

Amazing FBA Amazon and ECommerce Podcast, for Amazon Private Label Sellers, Shopify, Magento or Woocommerce business owners, and other e-commerce sellers and digital entrepreneurs.

1
Unlocking 2X Growth in 12 Weeks: Amazon Growth Strategy Secrets 32:15

منذ 1 year32:15

32:15

Have you hit a plateau with your Amazon sales? Dreaming of explosive growth but unsure where to start? This guide unlocks the secrets used by industry leaders to achieve 2X growth in just 12 weeks. Learn the 8D Framework, a data-driven approach specifically designed for established e-commerce brands with Product-Market Fit (PMF) to scale their Amazon presence efficiently. Time Stamps [00:04:15] Having $100k-$250k in yearly sales per product demonstrates product-market fit for Amazon sellers.[00:06:05] He looks at sales per ASIN/product line, not the seller's total sales across all products.[00:09:01] The 12-week Rapid 2X Accelerator program aims to have clients trending at 2x their daily sales rate.[00:10:19] The program implements optimizations across 84 days in areas like logistics, productivity, and sleep habits to compound growth.[00:14:46] The first dimension is Performance Optimization - optimizing product listings, A+ content, pricing, promotions, and PPC campaigns.[00:18:04] This includes optimizing titles, bullet points, images and videos to increase conversions and organic ranking.[00:20:25] For FBA, having enough inventory for 1-day Prime delivery can significantly increase sales conversions.[00:27:11] One client saw 50% sales growth in the first week from just the listing optimization dimension. About the Author : Sabir Semerkant Sabir Semerkant is a titan in the e-commerce world. Over the past 25 years, he's helped launch two entirely new Amazon categories and worked with clients featured on Shark Tank. His company, GrowthBySabir, has generated over $1 billion in e-commerce sales across diverse platforms like DTC, Shopify, and, of course, Amazon. Partnering with Gary Vaynerchuck Sabir's expertise caught the eye of Gary Vaynerchuk, leading to a collaboration that brought e-commerce to the forefront of Vayner Media. Together, they established a global e-commerce agency with a proven track record of success. Defining Product-Market Fit (PMF) Before diving into the 8D Framework, let's solidify the concept of PMF. For Amazon specifically, Sabir defines a brand as PMF-ready if it meets the following criteria: Yearly Sales per ASIN (including variations): $100,000 - $250,000 USD Experience with common challenges: Counterfeiting, cloning, brand registry Marketing Efforts: Basic understanding of advertising (Amazon Ads or Google Ads) Supply Chain Management: Inventory control and responsiveness to customer feedback Product Iteration: Willingness to adapt based on reviews and competitor analysis For Shopify stores, the overall PMF threshold translates to roughly $500,000 in annual sales. Confirming Product-Market Fit (PMF) Here are some additional indicators of PMF: Inventory Management: Consistent stock availability Product Photography: Ability to capture high-quality product images (even with an iPhone) What the 8D Framework Isn't This framework isn't about throwing money at advertising (Amazon Ads or Google Ads). It's a data-driven approach focused on optimizing existing assets for maximum impact.…

Amazing FBA Amazon and ECommerce Podcast, for Amazon Private Label Sellers, Shopify, Magento or Woocommerce business owners, and other e-commerce sellers and digital entrepreneurs.

1
Why People Really Buy Your Products (Authentic Selling Part 2) 26:33

منذ 1 year26:33

26:33

In the bustling world of e-commerce, one question looms large: why do people buy? We often find ourselves fixating on the features of our products, the materials they're made from, or the benefits they offer. But in reality, successful selling goes beyond these surface-level attributes. It's about tapping into the deeper desires and emotions of our customers. Welcome back to part 2 of our exploration into authentic selling, where we delve into the psychology behind consumer behavior and how authenticity can revolutionize your sales strategy. Understanding the Customer Experience: Beyond Product Features Let's kick things off with a vivid example shared by an online marketing specialist during a recent interview. Picture this: you've developed the ultimate fishing lure. It's crafted with precision, boasting a carbon fiber shell and surgical stainless steel hooks. But here's the twist – nobody cares about the technical details. What truly matters is the experience you're selling. Think about it. When someone buys a fishing lure, they're not just looking to catch fish. They're seeking adventure, camaraderie, and perhaps a taste of victory. By understanding the deeper motivations of your target audience, you can transform a mundane product into an irresistible proposition. In this case, it's not about the lure itself, but the experience of being the ultimate angler – outsmarting your friends, reeling in the biggest catch, and basking in the glory of success. Cultural Nuances in Sales: Tailoring Your Message But authentic selling isn't just about crafting compelling narratives. It's also about understanding the cultural nuances and emotional triggers that drive consumer behavior. Take the example of selling to different markets, such as the UK versus the US. While Brits may downplay their achievements, Americans have a strong affinity for winning and success. By tailoring your message to resonate with the values of your target audience, you can create a deeper connection and drive greater engagement. Embracing Risk and Fearlessness: The Path to Success Authentic selling isn't without its challenges, though. As our interviewee aptly points out, it often requires stepping outside your comfort zone and taking calculated risks. Whether it's expanding your business, investing in new technologies, or challenging prevailing norms, authentic selling demands courage and conviction. It's about pushing past the boundaries of what's comfortable and embracing the unknown. Transcending Fear: Unlocking Your True Potential But perhaps the most profound insight shared during the interview is the idea of transcending the fear of failure and death. Drawing inspiration from Martin Luther King Jr.'s iconic "Mountaintop Speech," our interviewee reflects on the transformative power of fearlessness. By letting go of our insecurities and embracing our true potential, we can unlock new possibilities and achieve extraordinary success. Conclusion: The Power of Authentic Selling In conclusion, authentic selling isn't just a marketing tactic – it's a philosophy that drives meaningful change. By understanding the deeper motivations of our customers, tapping into cultural nuances, and embracing fearlessness, we can elevate our sales strategy to new heights. So the next time you're tempted to focus solely on product features, remember that authenticity is the key to unlocking the hearts and minds of your audience. Join the Authentic Selling Movement: "No Douchebag Selling" Program If you're ready to embark on your journey of authentic selling, we invite you to explore our upcoming program, "No Douchebag Selling." Designed to equip entrepreneurs with the tools and mindset needed to succeed in today's competitive landscape, this program offers practical insights and actionable strategies for authentic salesmanship. To learn more and join our community of like-minded individuals,…

Amazing FBA Amazon and ECommerce Podcast, for Amazon Private Label Sellers, Shopify, Magento or Woocommerce business owners, and other e-commerce sellers and digital entrepreneurs.

1
Authentic Selling vs. Jedi Mind Tricks in e-Commerce 28:34

منذ 1 year28:34

28:34

Authentic Selling vs. Jedi Mind Tricks - Coach Dan Gordon Now, I've got to tell you, I said to Coach Dan Gordon, this is who we've got on the show, how I should introduce him. He said, "I want you to say the greatest fraud I've ever met,". Well, Authentic Selling is the focus of today's show, but that's clearly not the truth! Dan Gordon is an executive coach and speaker, and his mission is to raise the consciousness of bad-ass entrepreneurs all over the world. So there you go, welcome to the show Coach Dan. Good to have you here. Gratitude and Insight Thank you so much. It's a real delight. And I just so appreciate what you do, Michael, helping people really step into the things that they struggle with and look at the parts of their life and their business that they need to work on. And just by the nature of the conversations that you have, you force those thoughts. It's beautiful. Authenticity in Conversation Not a sort of soft, cuddly guy, really. I guess British people have a habit of being, you know, a little bit on the cooler side, quietly blunt, I guess in a way. So yeah, I try to keep it real and that's definitely the topic of today's conversation. Authentic Selling vs. Jedi Mind Tricks Our topic, authentic selling versus Jedi mind tricks. Really like this one because it's a huge corrective to what's going on out there. So tell me what's this all about for you. The Overused Concept of Authenticity So last year, the Miriam Webster word of the year was authentic or authenticity, which means it is a widely overused word that now has no meaning. Right. So everybody wants to be authentic. Everybody, you know, and now, you know, people are training people how to be authentic, which is insane, right? Challenges with Traditional Sales Methods When you think about selling authentically, that betrays all of the Sandler type methods, which is, you know, the customer's pain points describing your products, features, and benefits, the open, the middle, the close, all of those things that people use as leverage to sell their crap and what. What makes it so inauthentic is you are not actually engaged with your client. Embracing Authenticity in Sales And so, I love that because it's forcing people to reevaluate how they show up in a sales meeting. And the reevaluation is, I'm going to put you first, Michael, if I want you to buy my coaching, then you have to come first. Not me, not this cool thing, not your pain points, but you, what are you struggling with right now? How can I make you a better person? Whether or not you buy my services and that's what authentic selling is. Adapting Authenticity in E-commerce I mean, they often do, but they probably don't think of it as a sales conversation. If you're talking to a supplier, if you're talking to a freight manager, if you're hiring a photographer, but you know, the essence of what they do is done by a computer screen. Implementing Authenticity Online So that's a great question. I get it. I get that kind of question a lot. I don't do one on one sales. Very few people do one on one sales. What's the point of what I'm talking about? The point is in messaging. How do I reach out to you as a person? Testing Messaging through Human Interaction And so you really have to test your messaging on human beings. And I would say that my best suggestion is to go to a networking meeting, go to a chamber of commerce, go to a place where people are and talk to them about what you're selling and see how they respond to it, right? Appealing to Human Emotions You know, the kids today, they do not go for that crap. If you start doing your product qualities and your, you know, the features and benefits, they go, "Whoa, wait a second, hold on. Just talk to me." Authenticity in Pricing If you start saying, yeah, you're going to get rich. You're going to get a Tesla. You're going to get a Ferrari, instantly.…

Amazing FBA Amazon and ECommerce Podcast, for Amazon Private Label Sellers, Shopify, Magento or Woocommerce business owners, and other e-commerce sellers and digital entrepreneurs.

1
Why an Ecommerce business isn’t really a cash cow 10:34

منذ 1 year10:34

10:34

Hey folks. I want to discuss what is kind of a hard topic, which is why an e-commerce business isn't a cash cow. It's not what is advertised to be on the internet, but the good news is it could make you more money than you think, as long as you know what you're dealing with. The myth of the e-com cash cow So folks let's talk about the myth of an e-commerce business as a cash cow. There is a lot of misconception on the internet about the cash-generating potential of e-commerce ventures. I'm talking about things with physical products at their heart, and therefore inventory, which changes everything. And we need to examine this. Typical cash cow digital businesses Now let's talk about what we mean by cash cow. First of all, I'm talking really about things that produce money. In cash in other words without much capital investment. The examples that spring to mind: are coaching. I know all about that because I've been doing that online for years. The upsides: you don't need to pay much money, or even any to start, if you just use influencer platforms like podcasting as I did to start with, but you need to spend a little bit of money on a little bit of equipment- podcast, mics very, very cheap. You can do it with your phone these days. Downsides of course. You cannot just sell that easily, because it depends on your face and your brand. Also, you're trading time for money, unless you scale it up to be running a huge coaching practice. And then you're trying to scale up people. and hiring people is not easy to scale in the same way as digital systems or physical products. So it is not the easy option it might appear. But it doesn't require necessarily a lot of capital stuck in the business. Digital business models, also digital products like books, have the same characteristic. So I'm not discussing those; what I mean is an e-commerce business model is where you own the inventory that you sell. Challenge 1: Profit margins So let's talk about the challenges of e-commerce business models and what I think they are not. And what I think they are. First of all. It's not a profit monster. There are certain types of business models where you might spend some money on YouTube ads for example, and then you sell your coaching - time for money trade, but at least it's 70% profit. But you have quite healthy profit margins in that kind of business- digital product businesses, very healthy margins. Not so much with physical products. You have to buy the products. You have to ship them around, you have to store them, you have to fulfill them. And then you've got to pay for whichever platform helps you sell them. Amazon takes a 15% sales commission. Plus then you've got to pay for traffic in the form of ads to wherever you sell them, you've got to pay for ads. So the Operating costs are pretty high. The heart of the matter: capital intensity But here's the true meat of the matter. The heart of the matter is capital. If you want to have an inventory-based business, you need to think about the balance sheet. All assets are not created equal To put it simply, the assets are the things that the company owns. Most Amazon or Shopify-type businesses don't tend to own many things that unless you've been, you've got a very big business. They don't tend to own warehouses and offices unless they're really big, but they do own normally two major assets, which is cash and inventory. And if you want to have stock in inventory, you're swapping cash for inventory. Profit is not the same as cash (not even close) And here's the thing. If you increase the value of the equity in the business and assume there's no debt, that's the same as the assets in the business, you can have a paper profit. Let's say you have at the start of your trading a hundred thousand dollars in cash and zero inventory. And at the end of the year, you've turned the cash into inventory. You've turned the inventory twice.…

Amazing FBA Amazon and ECommerce Podcast, for Amazon Private Label Sellers, Shopify, Magento or Woocommerce business owners, and other e-commerce sellers and digital entrepreneurs.

1
How to Reduce Amazon Ad Spend Without Sacrificing Sales 26:31

منذ 1 year26:31

26:31

Advertising costs on Amazon are on a ruthless upward trajectory. Feeling the pinch and worried about maintaining profitability? You're not alone. In this comprehensive guide, we'll equip you with powerful strategies to dramatically reduce your Amazon ad spend without sacrificing sales. This isn't about cutting corners or sacrificing quality. We'll show you how to optimize your advertising campaigns, leverage the power of organic ranking, and unlock conversion-boosting techniques that make your ad spend work harder for you. Ready to reclaim control of your advertising budget and fuel explosive sales growth on Amazon? Let's dive in! [00:00:00] Rule-based AI optimizes bids [00:01:10] 10K Collective Podcast Welcome [00:03:02] Travis's Amazon Journey [00:04:09] Optimize Review Funnels [00:06:01] Competing with Reviews [00:07:28] Understanding Review Funnels [00:10:08] Effective Call-to-Action [00:11:45] Valuable Bonus Items [00:12:39] Reducing Friction Levels [00:15:03] Use Helium 10 for tracking rankings. [00:15:19] Amplify bids with bid multipliers. [00:15:39] Monitor ranking until bottom of page 1. [00:15:56] Deploy multifaceted approach for ranking. [00:16:25] Reduce bids by 50% when at top. [00:16:38] Experiment with bid reductions weekly. [00:17:03] Turn off ads for well-ranked bestsellers. [00:17:27] Reduce ad spend by 10% weekly. [00:18:20] Use UGC for inexpensive creatives. [00:18:57] Use subtitles in video ads for engagement. The Ever-Rising Tide of Ad Costs Advertising costs are on an undeniable upward trajectory across platforms like Meta, Youtube, and yes, even Amazon. This trend is fueled by several factors, including: Influx of Sellers: The Amazon marketplace is teeming with new sellers, particularly from China, leading to increased competition and a surge in ad costs for coveted keywords. Amazon's Profit Motive: As a publicly traded company, Amazon prioritizes shareholder value. This often translates to higher fees for sellers, including advertising costs. They may even charge storage fees if you don't maintain sufficient inventory. The Algorithmic Squeeze: Amazon's AI-powered A9 algorithm plays a significant role in product ranking and ad placement. This can make it challenging for new entrants to gain traction without significant advertising spend. The Two-Pronged Approach to Ad Control The key to controlling your Amazon ad spend lies in a two-pronged approach: 1. Optimize for Organic Ranking: The more your products rank organically in search results, the less reliant you become on PPC (pay-per-click) advertising. While AI-driven changes might necessitate some ongoing PPC investment to maintain ranking, a strong organic foundation reduces your overall dependence on paid ads. Here are some key organic ranking optimization strategies: Keyword Research: Identify relevant, high-volume keywords that accurately describe your products. Utilize tools like Amazon Seller Central's search bar and keyword research extensions. Product Listing Optimization: Craft compelling product titles, descriptions, and bullet points rich with relevant keywords. Optimize your product images for clarity and incorporate high-quality visuals. Positive Reviews: Encourage satisfied customers to leave positive reviews. Reviews not only build trust and influence purchase decisions but also contribute to organic ranking. 2. Master the Art of Amazon Ads: While organic ranking is crucial, PPC advertising remains a vital tool for driving traffic and sales on Amazon. Here's how to optimize your Amazon ad campaigns for maximum return on investment: Dedicated Ad Management: Ideally, assign a dedicated team member or leverage specialized software to manage your Amazon ads. Software automation can often outperform humans in managing complex bidding strategies. Campaign Structure: Organize your campaigns strategically. Separate broad match, phrase match,…

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Amazing FBA Amazon and ECommerce Podcast, for Amazon Private Label Sellers, Shopify, Magento or Woocommerce business owners, and other e-commerce sellers and digital entrepreneurs.

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مشابه لـAmazing FBA Amazon and ECommerce Podcast, for Amazon Private Label Sellers, Shopify, Magento or Woocommerce business owners, and other e-commerce sellers and digital entrepreneurs.

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