Over $4,250,000 in sales since last October.
I am releasing a completely FREE High Ticket eCom Course on Twitter via threads.
Module 1: Business Set Up 💼
Everything you need to get set up properly
// THREAD // 🧵
I am releasing a completely FREE High Ticket eCom Course on Twitter via threads.
Module 1: Business Set Up 💼
Everything you need to get set up properly
// THREAD // 🧵
This free Twitter course will be all about speed and setting things up as quickly as possible - and giving you the tools to do so.
Most of you are busy and are working, so this course was made with that in mind.
So let's not waste any more time and get started on Module 1.
Most of you are busy and are working, so this course was made with that in mind.
So let's not waste any more time and get started on Module 1.
1️⃣ - Incorporate Your Business 💼
The first step - creating a corporation/LLC.
Why?
👉 Suppliers will take us serious
👉 Tax benefits
👉 Liability protection aka you can't get sued - instead your business would be sued.
The first step - creating a corporation/LLC.
Why?
👉 Suppliers will take us serious
👉 Tax benefits
👉 Liability protection aka you can't get sued - instead your business would be sued.
How can we do this?
Through a website.
If you're in the US 👉 Zen Business (Can be costly, so using the Google option below is perfectly fine as well)
If you're in Canada 👉 Law Depot (I used this one personally)
Other 👉 Google "How to incorporate cheapest in _______"
Through a website.
If you're in the US 👉 Zen Business (Can be costly, so using the Google option below is perfectly fine as well)
If you're in Canada 👉 Law Depot (I used this one personally)
Other 👉 Google "How to incorporate cheapest in _______"
Now naming your corporation/LLC
Your corporate name does not have to be the same as your store name.
I'd recommend using either a numbered corporation such as
👉 123456789 Inc.
Or your initials followed by store - mine for example.
👉 BH Stores Inc.
Your corporate name does not have to be the same as your store name.
I'd recommend using either a numbered corporation such as
👉 123456789 Inc.
Or your initials followed by store - mine for example.
👉 BH Stores Inc.
2️⃣ - Setting up a Business Phone Number 📱
We want to get a phone number specifically for your business.
Why?
👉 To separate our personal & business life
👉 Helps with mental health/staying sane
👉 You don't have to give your personal phone number to your customers/suppliers.
We want to get a phone number specifically for your business.
Why?
👉 To separate our personal & business life
👉 Helps with mental health/staying sane
👉 You don't have to give your personal phone number to your customers/suppliers.
How can you go about this?
When starting out I'd recommend:
👉 Openphone
I use Aircall now simply because it has a more in-depth dashboard and analytics.
You can also track your team and my favorite part is that you can coach them on the phone and the customer can't hear you.
When starting out I'd recommend:
👉 Openphone
I use Aircall now simply because it has a more in-depth dashboard and analytics.
You can also track your team and my favorite part is that you can coach them on the phone and the customer can't hear you.
3️⃣ - Business Address 🏠
A crucial step is setting up your own business address.
For the following reasons:
👉 Customer does not have your address
👉 Looks professional when contacting suppliers
We don't want our customers to have our phone number - the same for our address.
A crucial step is setting up your own business address.
For the following reasons:
👉 Customer does not have your address
👉 Looks professional when contacting suppliers
We don't want our customers to have our phone number - the same for our address.
Setting this up is quite simply
Using:
👉 Anytimemailbox
You set it up to where your address will say either suite, room, etc.
Do not sign up for an address with P.O. Box in it.
Google the address on street view and ensure that it looks like a warehouse/shopping complex.
Using:
👉 Anytimemailbox
You set it up to where your address will say either suite, room, etc.
Do not sign up for an address with P.O. Box in it.
Google the address on street view and ensure that it looks like a warehouse/shopping complex.
4️⃣ - Business Banking 🏦
Just like our number/address, we want to separate our personal information and our business information:
👉 To help you stay sane..
👉 For accounting purposes
Just like our number/address, we want to separate our personal information and our business information:
👉 To help you stay sane..
👉 For accounting purposes
This is how you can do that:
👉 Wise
Can get a bank setup within 24 hours for your corporation and can have currencies from all over the world. This is my personal choice and is what I use
👉 Revolut
A solid choice if you're in Europe.
👉 Air Wallex
Good for profit first
👉 Wise
Can get a bank setup within 24 hours for your corporation and can have currencies from all over the world. This is my personal choice and is what I use
👉 Revolut
A solid choice if you're in Europe.
👉 Air Wallex
Good for profit first
5️⃣ - Business Credit Card 💳
We need to sign up for a credit card for our business.
Why?
👉 To submit orders
👉 Collecting credit card points
👉 Build business credit
Over time we can have lots of credit built up in our business - my current card has no limit as a result.
We need to sign up for a credit card for our business.
Why?
👉 To submit orders
👉 Collecting credit card points
👉 Build business credit
Over time we can have lots of credit built up in our business - my current card has no limit as a result.
What I recommend:
Get a card in YOUR country - with 0% FOREX fees anywhere.
👉 Jeeves - 0% FOREX fees anywhere in the world.
👉 AMEX - If you have a Canadian AMEX I would avoid it as you will receive a 2.7% fee anytime you submit a US order.
👉 Capital One - US
👉 Chase - US
Get a card in YOUR country - with 0% FOREX fees anywhere.
👉 Jeeves - 0% FOREX fees anywhere in the world.
👉 AMEX - If you have a Canadian AMEX I would avoid it as you will receive a 2.7% fee anytime you submit a US order.
👉 Capital One - US
👉 Chase - US
6️⃣ - Applying for USA EIN 📁
EIN is an Employment identification number for your business.
Suppliers will require you to have one and you need one to sell in the US.
How do you get one?
Call the IRS and ask how - takes roughly 5 minutes.
EIN is an Employment identification number for your business.
Suppliers will require you to have one and you need one to sell in the US.
How do you get one?
Call the IRS and ask how - takes roughly 5 minutes.
7️⃣ - Understanding P&L & Tracking Cashflow 💸
Understanding how to manage cashflow in your business is important to:
👉 Stay sane
👉 Stay profitable
👉 Understand how your business runs internally (when we can afford to scale & when to cut costs, etc)
Understanding how to manage cashflow in your business is important to:
👉 Stay sane
👉 Stay profitable
👉 Understand how your business runs internally (when we can afford to scale & when to cut costs, etc)
How?
By reading a previous thread explaining the core mechanics of tracking cashflow with a template made just for you.
However, do not get hung up on this step - you can always come back to this at a later time.
This Twitter course is about speed.
By reading a previous thread explaining the core mechanics of tracking cashflow with a template made just for you.
However, do not get hung up on this step - you can always come back to this at a later time.
This Twitter course is about speed.
The same goes for the next step - make sure every step above this is in order first.
I want you to focus on moving the needle as quickly as possible
It should be very uncomfortable - I want you to do these tasks as fast as possible, not delaying on tasks that you usually would
I want you to focus on moving the needle as quickly as possible
It should be very uncomfortable - I want you to do these tasks as fast as possible, not delaying on tasks that you usually would
8️⃣ - Profit First 💲
Profit first is an accounting methodology.
Why do we need to know this?
👉 To maximize our profits
👉 Reduce our risk
👉 Run your business properly and efficiently
How?
This quick video below of me showing you.
loom.com
Profit first is an accounting methodology.
Why do we need to know this?
👉 To maximize our profits
👉 Reduce our risk
👉 Run your business properly and efficiently
How?
This quick video below of me showing you.
loom.com
9️⃣ - Create a Google Drive 🗂️
We need to create a Google Drive to:
👉 Stay mentally sane
👉 Reduce complexity
👉 Safe our future self from headache
How?
It's self-explanatory.
However, we will create a Google Workspace for your store in Module 4 of this Twitter course.
We need to create a Google Drive to:
👉 Stay mentally sane
👉 Reduce complexity
👉 Safe our future self from headache
How?
It's self-explanatory.
However, we will create a Google Workspace for your store in Module 4 of this Twitter course.
So for right now, create a Google Drive on your own Gmail.
Or a separate Gmail that will handle all of your business until we create a Google Workspace.
Or a separate Gmail that will handle all of your business until we create a Google Workspace.
🚨 ACTION TASKS IN ORDER 🚨
👉 Incorporate your business.
👉 Set up business banking
👉 Set up a business credit card
👉 Set up a business virtual address
👉 Set up a business phone number
👉 Understand profit first
👉 Set up Google Drive or something similar for organization.
👉 Incorporate your business.
👉 Set up business banking
👉 Set up a business credit card
👉 Set up a business virtual address
👉 Set up a business phone number
👉 Understand profit first
👉 Set up Google Drive or something similar for organization.
All of these steps in Module 1 should take you 1-3 days maximum.
Only if you're pushing the needle as you SHOULD be.
Get this done as soon as possible.
Stay tuned for Module 2 in a couple of days. 👍
Only if you're pushing the needle as you SHOULD be.
Get this done as soon as possible.
Stay tuned for Module 2 in a couple of days. 👍
If you learned any amount of information from this thread:
1️⃣ - Like and retweet this post to share this so others can go through our Twitter course.
2️⃣ - Follow for more e-commerce-related content
1️⃣ - Like and retweet this post to share this so others can go through our Twitter course.
2️⃣ - Follow for more e-commerce-related content
🧙eCom Coaching: invictadigital.io
✅ One-off consulting: linktr.ee
📹 Youtube Content: youtube.com
📷 Personal IG: instagram.com
✅ One-off consulting: linktr.ee
📹 Youtube Content: youtube.com
📷 Personal IG: instagram.com
Loading suggestions...