Hey folks, I have some bad news that I think Amazon third-party sellers need to know based on Amazon's recent earnings call. Stay tuned.  3 insights for Amazon sellers from Amazon's recent earnings call So there are three facts in the recent earnings call, which I thought are a little bit scary for Amazon third-party sellers, and we need to join up the dots and think this through as Amazon sellers. Here they are:  1. Amazon's profits are up - largely due to third-party sellers paying more for ads! Number one profits on advertising up a metric ton, which means more expensive sales for us. So Amazon should say thank you to the third-party sellers. And of course, we all know this from experience, but it is a fact, and it's clear that Amazon is, as it has been, continuing to prioritize using advertising as the main way of making not so much revenue as profit from its third-party marketplace and indeed the entire marketplace. That's the first one. 2. Investment in FBA is down - bad news for third-party sellers Second one. Investment in the FBA system, which has been a big percentage of their capex, the capital expenditure, is going to be less as a percentage going forward. So that means less fulfillment capacity relative to demand, which is not good news for third-party sellers, of course. It means that also our money is not being spent and being reinvested in the fulfilment system. So where is it going? Is it just going to the shareholders? Well, no, they're not interested in giving away dividends. It's still a growth stock as far as the stock market's concerned. So where is it going? 3. Investment in AWS is up The percentage of capital expenditure going to AWS is booming. Now that makes sense for Amazon because AWS made about 65 per cent of their operating profits in the past year - and their view is that that is going to grow like topsy because most computing power is desktop. So in other words, it's not on the cloud yet, but that is going to be a huge growth story. Now that's probably true for Amazon. And if you want to buy a stock market investment, well, I'm not a stock market investor, but there is a little bit of a hint. Well, I don't, I mean, I invest privately, but I advise publicly. There's a bit of a hint there, isn't there? So you might want to consider Amazon as a great stock, not based on it being an e-commerce company, but it'd be in a pure sort of tech play as a platform for other people to do their tech work - famously, even the CIA uses AWS!  Implications for Amazon 3rd Party Sellers Now, what does that imply for Amazon third-party sellers? Well, they are taking money from us. They're not giving it to the shareholders, but they're not reinvesting it in the FBA system either. They are investing it in their most profitable division. And that makes sense, but you should be aware that those are two bad things for us.  Bad thing 1: We pay more of our revenue to Amazon Not only is the percentage of money that we're getting taken off. Gonna be bigger as we go because Amazon's squeezing it.  Bad thing 2: Amazon will invest less in the E-commerce Marketplace  But quite clearly it's seeing the, the future is AWS and the marketplace as a cash cow to squeeze, which means the investment in that I think going forward is gonna be less as well. And that's speculation on my behalf. I don't have any in one on the inside of, of Amazon telling me that, but there's a bit of a major hint and that it's certainly true for the latest earnings calls. So some bad news.  What should we do about this? What does that imply We should do?  1. Increase or maintain fat margins Well. I think you've got to first of all, see the increase in costs coming and make sure you have nice fat margins. 2. Renegotiate with Chinese Sellers The good news is you can renegotiate with your Chinese suppliers if you buy from China, because they are experiencing deflation at the same time...

Welcome to another episode! Today, we're diving into the complexities of Amazon FBA and US sales tax compliance with Jared Smithson of RJM Tax Exemption. Jared's team specializes in helping American, UK, and other international businesses navigate the ever-changing landscape of US sales tax. With over 5,000 businesses under their belt, they're the perfect guide to ensure your e-commerce brand scales smoothly without unnecessary tax burdens. [00:00:00] - "Need to File Sales Tax Returns"[00:04:55] - "Necessity of Paying Sales Tax"[00:06:04] - "Penalties for Not Paying Sales Tax"[00:13:10] - "Nexus for Non-Marketplace Platforms"[00:15:16] - "Using Resale Certificates with Wholesalers"[00:16:55] - "Corporate Structures and Sales Tax"[00:18:49] - "Mistakes by Established Sellers"[00:22:12] - "Acquiring a Business with Tax Liabilities"[00:23:33] - "Sales Tax for Non-Marketplace Platforms"[00:27:13] - "Managing Sales Tax for New Platforms"[00:30:08] - "Need to File Sales Tax Returns"[00:31:45] - "Special Offer for Listeners"[00:33:33] - "Closing Thoughts" What is Sales Tax and Why Does it Matter for Amazon Sellers? Let's break it down. Sales tax, essentially the US version of VAT, is a tax levied on the sale of specific goods and services. The rate varies significantly by state, county, and even city, with over 11,000 jurisdictions to keep track of! But here's the catch: even if you're based outside the US, you can still be liable for sales tax under a concept called "sales tax nexus." Simply put, nexus signifies a substantial connection with a state, which can be established through physical presence or exceeding economic thresholds. Failing to register for sales tax when required can lead to hefty penalties and back taxes. The Common Misconception and How to Avoid It Many sellers mistakenly assume Amazon collecting and remitting sales tax in certain states absolves them of all responsibility. While this may simplify things in some cases, it's crucial to remember that individual state regulations vary. Some states might exempt sellers solely on Amazon, while others consider economic thresholds or physical presence (like using an Amazon fulfillment center) as triggers for registration. Additionally, some states, like Washington and Texas, have unique legislation requiring registration even if you only sell on Amazon. Taking Action: How to Register for Sales Tax The good news: registering for sales tax is generally a straightforward process. Most states allow you to register online through their Department of Revenue website and obtain a sales tax certificate. This process typically takes 1-2 hours and requires your Employer Identification Number (EIN) from the IRS. Remember, many sellers overlook obtaining an EIN because Amazon allows them to operate without it. However, an EIN is crucial for tax compliance. Reseller Certificates and US Business Structures While this episode focuses on private label and custom product sellers, it's important to note that if you purchase inventory from US wholesalers, you can likely obtain a reseller certificate to avoid paying sales tax upfront. This certificate, based on your shipping address, allows wholesalers to recognize you're not the end consumer. Here's some good news for international sellers: you don't necessarily need a US LLC or Corporation to sell on Amazon USA. Your existing UK Ltd company can suffice, provided you obtain an EIN. Beyond the Basics: Considerations for Established Businesses For established businesses with significant sales volume, incorporating a US entity offers advantages. A US corporation allows you to open a US bank account, potentially securing better exchange rates and facilitating relationships with US suppliers. Common Mistakes Established Sellers Make (and How to Avoid Them) Established sellers often fall into the trap of expanding to multiple platforms like Shopify without considering the sales tax implications acros...

Why Brand Registry Needs Chinese Trademarks E-commerce brands thrive on Amazon's vast marketplace. But for true growth, brand protection is essential. This is where Amazon Brand Registry excels, offering powerful tools to combat counterfeits. However, these benefits are limited by geographical reach. To unlock Brand Registry's full potential and dominate the Chinese market, registering your trademark in China is crucial. [00:14] - Introduction and overview[00:58] - Conversation with Anita Ma begins[02:01] - Trademarks in different countries[03:17] - Filing trademarks internationally with WIPO[m05:37] - Enforcing trademarks on Amazon[09:55] - Renewing and maintaining trademarks[13:41] - Trademarking in China[19:00] - Importance of trademarking in China[24:25] - Timing of filing in China[26:24] - Filing trademarks in India Territorial Rights: Understanding Trademark Protection Unlike the U.S., China operates on a "first-to-file" system. This means whoever files a trademark first owns the rights, regardless of prior use elsewhere. So, even a competitor or manufacturer in China can steal your brand identity if you delay filing a trademark. The World Intellectual Property Organization (WIPO) offers a streamlined process to file in multiple countries simultaneously. However, ensure your trademark application perfectly mirrors your original registration. Inconsistencies can lead to rejections and delays. Remember, China's trademark laws differ significantly from the U.S. and Europe. Consider seeking help from a local Chinese attorney to navigate the process smoothly. Brand Enforcement on Amazon: Taking Action Against Infringers Having a registered trademark (® symbol) empowers you to report infringing listings on Amazon through Brand Registry. This is often the most effective solution. Additionally, a cease-and-desist letter can usually deter potential infringers. However, if these steps fail, be prepared for legal action in Chinese courts. Important Note: In the U.S., you cannot enforce trademark rights with a pending application (™ symbol). The registration process takes about 18 months, while the U.K. boasts a faster turnaround of 4 months. Maintaining Your Trademark: Vigilance is Key Protecting your brand requires constant vigilance. Here are some strategies: Utilize the registered trademark symbol (®). Set up free Google Alerts to receive notifications whenever your brand name is mentioned online. Subscribe to a trademark monitoring service like Trademark Angel for comprehensive brand protection. Regularly search the WIPO database to stay updated on trademark applications similar to yours. Remember, trademarks require renewal every 10 years. In some countries, including the U.S., you need to submit proof of use (e.g., product packaging with your trademark) during renewal. In others, simply paying the fee suffices, but someone could challenge your ownership for non-use. Abandoned Trademarks: Tread Carefully If you discover an unused trademark, you cannot simply adopt it. Investigate further. Play detective - check websites, make calls pretending to be a customer, and gather evidence of non-use. Consider legal counsel before proceeding. Buying and Selling Trademarks: Important Considerations Yes, registered trademarks can be bought and sold as business assets, assuming they are actively used. However, an abandoned trademark can be canceled if someone proves non-use. Similarly, if your Amazon account is suspended, the trademark could be sold to another business. Pro Tip: Register your trademark under your company name to avoid exposing personal details. Moreover, create your Amazon seller account under the same company name. Incongruities between the trademark owner and seller account owner can raise red flags on Amazon's end. Be prepared to prove the connection if necessary. Case Studies: The China Threat is Real Scenario 1: Blackmail Through Trademarks

Building a successful brand on Amazon requires strategic planning. Trademark registration is a crucial step, but the process can seem daunting. This guide breaks down everything you need to know into easy-to-understand steps. [00:00] - You really need to know what you're going to sell[00:56] - Introduction of guest Anita Ma and topic of trademarks[01:21] - Explanation of what a registered trademark agent is[02:12] - Anita's background and founding of Trademark Angel[02:50] - Defining what a trademark is[04:13] - Why trademarks exist and legal protection they provide[05:51] - Benefits of having a registered trademark[07:03] - Importance of trademarks for e-commerce and online sellers[08:16] - Distinction between having a trademark and registering one What is a Trademark and Why Do They Matter for Amazon Sellers? A trademark is a symbol, word, or phrase that identifies the source of a product or service. It acts like a lighthouse, guiding customers to your brand and distinguishing you from competitors. Trademarks offer several benefits for Amazon sellers: Exclusivity: A registered trademark grants you a legal monopoly for your specific product or service category for ten years. This deters competitors from using your brand name or logo. Increased Brand Value: A strong trademark strengthens your brand identity, fostering customer trust and loyalty. Over time, your trademark becomes an invaluable asset, increasing your business value. Brand Registry Access: Trademark registration is a prerequisite for enrolling in Amazon's Brand Registry program. This program unlocks powerful tools to protect your brand from counterfeiters and hijackers, improve product listings, and gain valuable customer insights. While common law rights exist for unregistered trademarks, enforcing them is challenging and expensive. Registration provides concrete evidence of ownership and simplifies the process of protecting your brand. Are You Protected by Your Company Name? Many entrepreneurs mistakenly believe incorporating a business automatically protects their brand name. However, trademarks arise from using a specific brand name for a particular product or service in the marketplace. When Should You File a Trademark? Before filing a trademark application, it's crucial to have a clear business plan and conduct thorough market research. Define your product categories precisely. A vague trademark, like "Kitchen Essentials," won't offer sufficient protection. You can't file an "umbrella trademark" to cover a broad range of unrelated products. The ideal scenario is to file a trademark application before launching your product. However, you don't necessarily need a product already on the market. Stay tuned for the next episode, where we'll delve into the order of events for trademark registration, market research techniques, and trademark availability checks!

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...

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...

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...

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,

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?

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,

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...