I've done over $5M+ in under 1.5 years since starting my first eCom store.
I'm releasing a COMPLETELY FREE High Ticket eCom Course via Twitter threads ๐งต
Here is EVERYTHING you need to do to set up an eCom business.
MODULE 1: SETTING UP YOUR BUSINESS ๐ผ
THREAD // ๐งต๐งต๐งต
I'm releasing a COMPLETELY FREE High Ticket eCom Course via Twitter threads ๐งต
Here is EVERYTHING you need to do to set up an eCom business.
MODULE 1: SETTING UP YOUR BUSINESS ๐ผ
THREAD // ๐งต๐งต๐งต
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.
1๏ธโฃ - Incorporate Your Business ๐ผ
The first step - creating a corporation/LLC.
Why?
๐ Suppliers will take us serious
๐ Tax benefits
๐ Liability protection aka you can't get sued - instead your business would be sued.
The first step - creating a corporation/LLC.
Why?
๐ Suppliers will take us serious
๐ Tax benefits
๐ 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 ๐ Zen Business (Can be costly, so using the Google option below is perfectly fine as well)
If you're in Canada ๐ Law Depot (I used this one personally)
Other ๐ Google "How to incorporate cheapest in _______"
Through a website.
If you're in the US ๐ Zen Business (Can be costly, so using the Google option below is perfectly fine as well)
If you're in Canada ๐ Law Depot (I used this one personally)
Other ๐ 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
๐ 123456789 Inc.
Or your initials followed by store - mine for example.
๐ 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
๐ 123456789 Inc.
Or your initials followed by store - mine for example.
๐ BH Stores Inc.
2๏ธโฃ - Setting up a Business Phone Number ๐ฑ
We want to get a phone number specifically for your business.
Why?
๐ To separate our personal & business life
๐ Helps with mental health/staying sane
๐ 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?
๐ To separate our personal & business life
๐ Helps with mental health/staying sane
๐ 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:
๐ 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:
๐ 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.
3๏ธโฃ - Business Address ๐
A crucial step is setting up your own business address.
For the following reasons:
๐ Customer does not have your address
๐ 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:
๐ Customer does not have your address
๐ 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 simple
Use:
๐ 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.
Use:
๐ 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.
4๏ธโฃ - Business Banking ๐ฆ
Just like our number/address, we want to separate our personal information and our business information:
๐ To help you stay sane..
๐ For accounting purposes
Just like our number/address, we want to separate our personal information and our business information:
๐ To help you stay sane..
๐ For accounting purposes
This is how you can do that:
๐ 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
๐ Revolut
A solid choice if you're in Europe.
๐ Mercury
Great insurance
๐ 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
๐ Revolut
A solid choice if you're in Europe.
๐ Mercury
Great insurance
5๏ธโฃ - Business Credit Card ๐ณ
We need to sign up for a credit card for our business.
Why?
๐ To submit orders
๐ Collecting credit card points
๐ 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?
๐ To submit orders
๐ Collecting credit card points
๐ 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.
๐ Jeeves - 0% FOREX fees anywhere in the world.
๐ 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.
๐ Capital One - US
๐ Chase - US
Get a card in YOUR country - with 0% FOREX fees anywhere.
๐ Jeeves - 0% FOREX fees anywhere in the world.
๐ 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.
๐ Capital One - US
๐ Chase - US
6๏ธโฃ - Applying for USA EIN ๐
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.
7๏ธโฃ - Understanding P&L & Tracking Cashflow ๐ธ
Understanding how to manage cashflow in your business is important to:
๐ Stay sane
๐ Stay profitable
๐ 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:
๐ Stay sane
๐ Stay profitable
๐ Understand how your business runs internally (when we can afford to scale & when to cut costs, etc)
8๏ธโฃ - Profit First ๐ฒ
Profit first is an accounting methodology.
Why do we need to know this?
๐ To maximize our profits
๐ Reduce our risk
๐ 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?
๐ To maximize our profits
๐ Reduce our risk
๐ Run your business properly and efficiently
How?
This quick video below of me showing you.
loom.com
9๏ธโฃ - Create a Google Drive ๐๏ธ
We need to create a Google Drive to:
๐ Stay mentally sane
๐ Reduce complexity
๐ 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:
๐ Stay mentally sane
๐ Reduce complexity
๐ 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.
๐จ ACTION TASKS IN ORDER ๐จ
๐ Incorporate your business.
๐ Set up business banking
๐ Set up a business credit card
๐ Set up a business virtual address
๐ Set up a business phone number
๐ Understand profit first
๐ Set up Google Drive or something similar for organization.
๐ Incorporate your business.
๐ Set up business banking
๐ Set up a business credit card
๐ Set up a business virtual address
๐ Set up a business phone number
๐ Understand profit first
๐ 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. ๐
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. ๐
If you learned any amount of information from this thread:
1๏ธโฃ - Like and retweet this post to share this so others can go through our Twitter course.
2๏ธโฃ - Follow for more e-commerce-related content
1๏ธโฃ - Like and retweet this post to share this so others can go through our Twitter course.
2๏ธโฃ - Follow for more e-commerce-related content
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