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:

• United States Patent and Trademark Office
• Internal Revenue Service
• LegalZoom
• Chase Ink Business Credit Cards
• Starlink
• Herman Miller
• Wall Street Journal video: Ergonomics Expert Explains How to Set Up Your Desk | WSJ
• A6 Binder Journal Refillable Notebook
• Onlinejobs.ph
• Fiverr
• Upwork
• Jungle Scout
• Helium10

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