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Starting an E-Commerce Business: Needs & Wants

Starting an E-Commerce Business: Needs & Wants

Update: 2021-04-06


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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Starting an E-Commerce Business: Needs & Wants

Starting an E-Commerce Business: Needs & Wants

Firing The Man