Starting an E-Commerce Business: Needs & Wants

Episode 67

Are you planning to start an eCommerce business? Well, you’ve come to the right podcast episode. Today, Ken and I made a deep dive discussion about it, which we divided into two parts. The first part focuses on the needs of a business such as business name, employee identification number, and business bank account. The second part is all about Wants. They’re not really required, but they can make your life–and business–a lot better. 

Listen to this episode and start your eCommerce journey! 

[00:01 – 05:07] Opening Segment

  • We introduce our topic for today
  • Start with your business name
    • What to consider in choosing a name

[05:08 – 10:03] Setting Up the Business 

  • Get an Employee Identification Number in 10 minutes  
    • Follow David’s tips 
  • Open a separate business bank account and checking account
    • How to get a 5% cashback on your PPC (Pay-Per-Click)? 
  • Product vs. Inventory
    • Listen to our exchange 

[10:04 – 16:10] Physical and Digital Assets 

  • The physical asset you should have for your business 
  • Backup your important files with a dedicated cloud storage 
    • You need internet access for this
  • Hear our thoughts about having a separate workspace
    • Can be a simple corner in your house 

[16:11- 20:17] Ways to Learn Business 

  • Is a mentor a need or a want? 
  • The other ways to learn your business 
  • Want some Amazon refunds? Check out Getida
    • Promo code: FTM400

[20:18- 26:37] Ergonomic Office Setup 

  • The Mercedes Benz of office chairs according to David 
  • The perks of having a dual monitor setup for Ken 
  • How to set up an ergonomic office set up
    • Link below

[26:38- 33:04] Ecommerce Hacks for Beginners 

  • Why have overflow storage for inventory? 
  • This is what David wished he has done earlier 
  • How to use product research tools for free for more than 30 days?

[33:05 – 39:04] Closing Segment 

  • Other physical assets you can buy 
  • Final words

Tweetable Quotes:

“If you’re stuck on [choosing a business name] and not moving forward, outsource it.” – Ken Wilson

“It’s a good way to skip to the head of the line…just get a mentor.” – David Schomer

Resources Mentioned:

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