High Ticket eCom MASTER THREAD๐งต
Thread #1 of 10 (Follow me for more to come).
Step #1 ๐ Setting up Your Business ๐ผ
Thread #1 of 10 (Follow me for more to come).
Step #1 ๐ Setting up Your Business ๐ผ
When running a high ticket eCommerce business, you are going to be creating real supplier relationships.
Given this, you must treat it like a real business.
Below are the following steps to complete before you get started ๐๐๐
** Nothing is tax / legal advice.
Given this, you must treat it like a real business.
Below are the following steps to complete before you get started ๐๐๐
** Nothing is tax / legal advice.
// STEP 1: Incorporate your business
๐ If you are from the US: Create a US company (most choose WY or DE).
๐ If you are from Canada: Create a CDN Company to sell in the US (no double tax)
๐ If you are not from Canada or US: Create a company in the US to SELL IN THE US
๐ If you are from the US: Create a US company (most choose WY or DE).
๐ If you are from Canada: Create a CDN Company to sell in the US (no double tax)
๐ If you are not from Canada or US: Create a company in the US to SELL IN THE US
Alternatively, if you wish to sell in your home country (AUS, UK, etc.) - then create your company there.
Incorporation Filing Services:
๐ USA Companies: Zen Business
๐ Canadian Companies: Law Depot
๐ International: Google "How to incorporate country in [country]".
Choose one with good reviews.
๐ USA Companies: Zen Business
๐ Canadian Companies: Law Depot
๐ International: Google "How to incorporate country in [country]".
Choose one with good reviews.
// STEP 2: Register Your DBA (Doing business as).
Your corporate name and your store name are different.
For example, I may have a corporation named BH Stores Inc.
But a store named "Luxury Home Saunas Superstore".
"Luxury Home Saunas Superstore" is my DBA
Your corporate name and your store name are different.
For example, I may have a corporation named BH Stores Inc.
But a store named "Luxury Home Saunas Superstore".
"Luxury Home Saunas Superstore" is my DBA
You may need to register a DBA.
๐ USA Companies: Some states require a DBA, others do not.
Look into your specific incorporation jurisdiction to determine whether you need a DBA (USA or international).
If it's required, then register it.
๐ USA Companies: Some states require a DBA, others do not.
Look into your specific incorporation jurisdiction to determine whether you need a DBA (USA or international).
If it's required, then register it.
// STEP 3: Business Phone Number
I highly recommend that you separate your personal and business life.
๐ When starting out, an app like:
(i) Open Phone or
(ii) Aircall
Will suffice.
I highly recommend that you separate your personal and business life.
๐ When starting out, an app like:
(i) Open Phone or
(ii) Aircall
Will suffice.
You can set business hours, and answer calls/texts from within the app during pre-set hours.
This will help keep your personal and business life separated.
This will help keep your personal and business life separated.
// STEP 4: Business Banking
It is very important to separate your personal and business finances.
You'll need to create a bank account for your newly formed corporation.
๐ I recommend using Wise Business Banking as its very convenient to set up.
It is very important to separate your personal and business finances.
You'll need to create a bank account for your newly formed corporation.
๐ I recommend using Wise Business Banking as its very convenient to set up.
// STEP 5: Business Credit Card
You'll need a credit card to run ads and pay orders.
๐ USA: AMEX, Chase, and Capital 1 are all excellent options.
๐ Canada: 0 FOREX Options include Scotiabank Visa Infinite & RBC Royal Gold.
You'll need a credit card to run ads and pay orders.
๐ USA: AMEX, Chase, and Capital 1 are all excellent options.
๐ Canada: 0 FOREX Options include Scotiabank Visa Infinite & RBC Royal Gold.
As a CDN business, you can also get an AMEX for domestic write offs and a backup option.
Importantly, with AMEX, you will likely have to pay 2.7% FOREX for any USD orders (though you get 1.5% of this back in cash back).
Importantly, with AMEX, you will likely have to pay 2.7% FOREX for any USD orders (though you get 1.5% of this back in cash back).
If you cannot get a credit card right away - don't let it hold you up.
You can use a debit card if needed or a pre-load credit card without any credit limit.
You can use a debit card if needed or a pre-load credit card without any credit limit.
// STEP 6: Apply for EIN
EIN: Employment Identification Number
Your business will need an EIN to partner with suppliers.
๐ Google "Sign up for EIN" and do it through the IRS website
(do NOT pay someone to do this for you - it takes 10 min).
EIN: Employment Identification Number
Your business will need an EIN to partner with suppliers.
๐ Google "Sign up for EIN" and do it through the IRS website
(do NOT pay someone to do this for you - it takes 10 min).
// STEP 7: Get a Resale Certificate for the state that you are incorporated in.
If you are an international business - pick a state with small population (Hawaii, Wyoming, etc.).
If you are an international business - pick a state with small population (Hawaii, Wyoming, etc.).
You will also need a resale certificate for any other state that you have an economic or physical nexus in.
Tax Jar is an excellent resource for nexus information.
๐ Google "How to get a resale certificate in [state]".
Tax Jar is an excellent resource for nexus information.
๐ Google "How to get a resale certificate in [state]".
TL; DR
In order to properly set up a High Ticket eCommerce Business....
Complete the following 8 action tasks:
In order to properly set up a High Ticket eCommerce Business....
Complete the following 8 action tasks:
ACTION TASKS
โ Incorporate a business
โ Register DBA
โ Business Phone Number
โ Business Bank Account
โ Business Credit Card
โ Apply for EIN
โ Get Resale Certificate
โ Set up Profit & Loss Sheet
โ Incorporate a business
โ Register DBA
โ Business Phone Number
โ Business Bank Account
โ Business Credit Card
โ Apply for EIN
โ Get Resale Certificate
โ Set up Profit & Loss Sheet
Hope that you enjoyed the read and that you took some value.
Next up: Master Thread Part 2 - Choosing a Profitable Niche in 2023
Next up: Master Thread Part 2 - Choosing a Profitable Niche in 2023
If you took any value from this and are going to follow along:
1. Retweet the first tweet with your audience if you took any value.
2. Follow me @ecomwithbrook for more High Ticket eCom content.
1. Retweet the first tweet with your audience if you took any value.
2. Follow me @ecomwithbrook for more High Ticket eCom content.
๐ง Apply for Coaching: highticketecommerce.co
๐ฏ FREE eCom Course invicta.mykajabi.com
๐น Youtube Content: youtube.com
๐ท Business IG: instagram.com
๐ฏ FREE eCom Course invicta.mykajabi.com
๐น Youtube Content: youtube.com
๐ท Business IG: instagram.com
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