80 episodes

Welcome to the 10K Collective e-commerce Podcast.



If you want hacks, you’re in the wrong place. Our philosophy has grown out of the 10K Collective London e-commerce masterminds for Amazon power sellers.



Our e-commerce businesses make between half a million and several million dollars a year in e-commerce, mostly on Amazon. Many have doubled revenue in the last 12-18 months.



If you’re that kind of person - this podcast is made for you.



We’re not puritanical; we use hacks; we just don’t think you should focus on them if you’re building a real business.



Instead, we focus on using business growth strategies to scale quickly, and build a real brand.



Clear strategic objectives;

10K Collective e-Commerce Podcast Michael Veazey, Kevin King, Mike Zagare, Paul Harvey

    • Entrepreneurship
    • 5.0, 2 Ratings

Welcome to the 10K Collective e-commerce Podcast.



If you want hacks, you’re in the wrong place. Our philosophy has grown out of the 10K Collective London e-commerce masterminds for Amazon power sellers.



Our e-commerce businesses make between half a million and several million dollars a year in e-commerce, mostly on Amazon. Many have doubled revenue in the last 12-18 months.



If you’re that kind of person - this podcast is made for you.



We’re not puritanical; we use hacks; we just don’t think you should focus on them if you’re building a real business.



Instead, we focus on using business growth strategies to scale quickly, and build a real brand.



Clear strategic objectives;

    China Freight Export with Brian Miller of Easy China Warehouse

    China Freight Export with Brian Miller of Easy China Warehouse

    Brian Miller, CEO, and founder of Easy China Warehouse teaches the best practices in exporting.







    China is a rising market and has progressed into a country with high tech manufacturing capabilities which has lots of advantages. Brian will help us understand the benefits and point out some tips on how it works.

    You’ll Learn About:



    * The benefits of storing in China

    * How rail to Europe works.

    * The sea freight from China to Europe

    * What are the things to look out for

    * How do we stay in stock

    * The issues of Amazon FBA

    * What to consider when working with 3rd party Fulfilment FBM

    * How to work with a partner in marketplace countries



    Contact

    Easychinawarehouse.com 



    Brian@Easychinawarehouse.com

    Related interviews

    Pandemic and China Freight with Brian Miller of Easy China Warehouse



    Ecommerce importing with Burak Yolga

    • 32 min
    China Pandemic and Freight Situation with Brian Miller of Easy China Warehouse

    China Pandemic and Freight Situation with Brian Miller of Easy China Warehouse

    Brian Miller, CEO, and founder of Easy China Warehouse shares his knowledge and expertise on China's pandemic and the freight situation. 







    The freight industry is one of the most vital services of the modern interconnected world. 



    The COVID-19 outbreak that started spreading from different countries across the globe is forcing governments and international authorities to take next level measures such as lockdown of cities and control the movement of people to check and minimize the rapid spread of the pandemic.



    As a consequence of this outbreak, important industries such as logistics and transportation are slowed down. Therefore, Brian Miller, CEO, and founder of Easy China Warehouse will give us a clear picture of China’s current situation and the freight industry.

    You’ll Learn About:



    The skills that Brian acquired on his previous work experience.

    How he started his business in the freight industry.

    How Fulfillment company helps FBA companies in shipping.

    How the Corona Virus spread and affected China.

    The effects of the pandemic in the freight industry.

    The Slowing factors in the supply chain and its alternatives.

    The advantages of consolidation service.



    Contact

    Easychinawarehouse.com 



    Brian@Easychinawarehouse.com

    • 28 min
    Creating Predictable Revenue for Your Business with Aaron Ross

    Creating Predictable Revenue for Your Business with Aaron Ross

    Learn the basics of creating a predictable revenue with Aaron Ross as he talks about lead generation and building your first sales team.





    Lead generation in creating a predictable revenue

    What drives growth?



    What causes growth to stall?



    This is Aaron’s main lesson from Salesforce.com which was around $25M revenue and mostly in small companies when he joined; whereas they wanted to go up towards larger companies.



    They hired a lot of salespeople but it wasn’t bringing in qualified leads.



    So Aaron created a pipeline for this because you have to have a predictable leads creation system.



    Product-led growth is an interesting term.

    3 types of leads - Seeds, Nets & Spears

    Seeds



    * This is word of mouth - friends, family, customer referrals - organic growth.

    * These are mostly free, have fast sales cycles and tend to be easier.

    * These are however hard to grow



    Nets

    Marketing - one-to-many broadcasts, advertising, etc.



    It’s more about the number of leads rather than quality. Whether in e-commerce or B2B.

    Spears

    Outbound selling, - typically a targeted list and reaching out directly to see if it’s a fit.



    Eg distribution partner for e-commerce Or brand owners for agency owners



    These are harder to find but much more valuable potentially.

    How to decide which to focus on creating a predictable revenue

    Pick one or two things vs. Doing 20 things.



    What’s worked best for you?



    * Content marketing?

    * Google?

    * Amazon Ads?



    Most people don’t invest in their strength enough before they plateau. They assume a marketing channel has plateaued much earlier than it has in fact.

    Look at your calling

    Look at your natural interest.



    Some people are just more into writing, social media, video or outbound selling.



    It could be a book or a webinar. Aaron is a book person.



    Any passion or enthusiasm helps because it takes a lot of work and time.



    This could take 6-18 months to grow.

    Get good at selling!

    A lot of people aren’t comfortable with the word “sales” - but it’s a skill you must have.



    It’s just a skill - helping people make decisions.



    Salespeople include Mother Theresa, JFK; Elon Musk.

    B2B Sales / Building Your First Sales Team 

    A lot of people won’t be a good fit for a sales team.



    It can take months or longer to begin to build a team.

    Phase Zero - CEO salesperson

    In Silicon Valley, a lot of founders don’t want to be part of selling.



    This is a huge mistake. The right ones try to be part of the first 20-30 sales.



    Then they get tired and hire a salesperson.

    Phase 1 - Business Development Rep

    Junior person who is there to take inbound calls or outbound prospecting



    So you have a junior person who is prospecting and one senior who closes.



    Of course, they will often fail -  you’ll normally know within 30-60 days.

    Phase 2 - Promote that person or hire

    Once you’ve got that rep in place, you can promote that person or hire another.



    So you now have a junior and two senior people

    Phase 3 - Hire a team leader 

    They are normally best at optimizing what is working.



    It’s a different skill set and personality to build from scratch.

    Do the time

    Building a sales team can be 2-3 years long!



    We hear so much about “overnight successes” but we don’t see the 10 years before that.

    Forcing Functions (e.g., speak & publish to crystallize value) 

    We all have resistance.

    • 23 min
    How to Choose the Best Niche with Aaron Ross

    How to Choose the Best Niche with Aaron Ross

    Learn how to choose the best niche for you. Aaron Ross will be talking about nice-to-have and need-to-have for your niche.





    Aaron’s Background

    Aaron was in business to business SaaS (software platforms) but nailing a niche is universal to any business.



    He started at Salesforce.com and created the outbound selling function fro them and added $100M in revenue for them.



    After that, he ended up writing and publishing Predictable Revenue. 



    He is now co-CEO of a business with 50 people and $7 million in revenue this year.



    Plus a father of 9!



    Aaron’s specialism is finding the uniqueness of a business; taking existing businesses and helping them grow - or identifying why they don’t grow.  In all cases, there are universal issues.



    His mother also grosses about $1M a year on Amazon USA selling flower seeds and bulbs.



    She has been gardening for 20 years and has specialized knowledge and supplier relationships. Motivated by the IRS (US tax) debt!

    Why do entrepreneurs or would-be entrepreneurs resist niching down?

    We’re in a world of overwhelming. So messaging MUST be focussed to cut through the noise.



    If you had a radio station that played jazz and rock and classical, it would be very confusing. But a lot of entrepreneurs do this with their messaging.



    However,  entrepreneurs resist niching down, due to:



    * Fear of missing out.

    * Fear of being too small

    * Being too boring eg selling red spoons



    But once you’ve done it and realize the value of it, you will be more open to it.



    It’s SO much faster to scale with a clear message.



    It’s about human perception in the end.

    Different opportunities - how to prioritize and pick a niche

    It’s not necessarily to be a one-stop-shop - if it solves the pain of the customer, that’s okay.



    Aaron left SalesForce.com in 2006 (and a year of M & A) - he wanted to make a way of making as much money as possible.



    Aaron tried creating various businesses:



    “Unique Genius” - how to make money with your unique skills and personality



    “CEO Flow” - how to make mini-CEOs in your business.



    In 2011 Aaron got married, his wife had 2 kids already and then had another on the way.



    So I had to actually make money. And ended up increasing his personal income 10X.

    How to choose your niche

    Look at your opportunities:



    * Where do you have your strongest case?

    * What’s been proven to work?

    * What is profitable?



    Aaron had the most reputation in sales, plus expertise. Also, it was valuable to clients



    And thus profitable. This is why he ended up creating a successful, profitable business in the outbound sales in a B2B niche.

    Need to have vs. nice to have 

    It’s hard to sell something to someone if they don’t perceive they have to have it.



    When have customers paid the most money and got the best value?

    Trust is premium



    * Anyone can make any claim they want.

    * They need to trust you can deliver on the promise.

    But the customer has to also trust that they personally can do it.



    For example, gain muscle ads - you have all the proof (mostly best successful customer studies) - that you can deliver on this.  But the consumer has to believe he can gain 20 pounds - but also possible for him too.



    Make it feel simple or doable - all the pieces in one physical package.



    Eg 1 Aaron just bought a basic piano keyboard with a seat, headphones, etc.



    Eg 2 It could be a 7-step process if you’re running an agency.

    • 43 min
    Selling your Amazon Business via M & A Advisors

    Selling your Amazon Business via M & A Advisors

    Business brokers vs M&A Advisors

    Intro: experienced M & A Advisors for digitally native enterprises



    by Chris Shipferling of Global Wired Advisors (GWA)

    What is the difference between a M& A Advisor as opposed to a business broker?

    They usually have a strong background in investment banking

    - High risk, complex world

    - High stress

    - You have to make large transactions



    For The Amazon world the M & A Advisor would have a deeper experience compared to a broker. Having owned and sold a business does give you experience. 
But it doesn’t necessarily.

    Who do M & A Advisors sell businesses to?

    M & A is more thorough and you do a lot of research about the client’s business and how it

    - private equity firm

    - Global Family private office

    - Family with wealth looking

    - Corporate investors

    - They go to trade shows - Around the world eg Germany, China, USA

    - Identify corporate and strategic M & A arms or CFOs, CEOs

    - What criteria?

    - What kind of business are you looking to bolt on?

    What kinds of businesses do you work with?

    It has evolved in last 2 years

    - Threshold was about $1M in revenue

    - Threshold has now moved up

    - reason: when putting business through process - investing banking process- it’s a good fit for amazon business owner and the

    Broker vs M & A Advisor

    A broker tends to take a business of any size and blast it out to a list

    - List procured over several lists



    GWA have a more segmented list

    - Often deals are not publicly shown

    Business valuation and Multiples

    What leads valuation

    - Risk versus return

    - State of the industry

    - Value is a communication point between seller and buyer

    How do you move the market from where it sits?

    There are reasons for why it sits somewhere

    - One is risk vs. Return

    - The market in general looks at all businesses that are “small” eg $50M as small.

    - That means it’s seen as higher risk because of size

    - A lot of detail and

    ROE Return on Equity or Risk vs Return analysis

    Where will this business be in 3 years time?

    If you just list marketplaces this business could sell in, that’s a bit lazy.

    Part of the prep is diving in and really painting the 3-year picture.



    Chris had to present 3-year marketing plan for a middle market company

    In other businesses, there was a large forecasting exercise where you went through everything

    - they were defendable

    - Offence and defence playbook



    When speaking to private equity or family offices, you need that playbook



    Self fulfilling prophecy in the Amazon space

    It becomes a self-fulfilling thing because the brokers are selling at about 2.8-3X



    But there hasn’t been a sophisticated analysis of why the businesses should be worth more.

    Global Wired Advisors has pushed up the real multiples



    The industry is developing. Buyers are looking for something professional

    Alternative ways to value business

    - Revenue per employee

    - Discounted cashflow

    - Effective cashflow (Seller Discretionary Earnings)

    - EBITDA

    - Multiple is usually 3-4X multiple for Amazon

    If you pressed a selling agent on how they came to that conclusion.

    Business valuation examples

    Recently sold a SaaS business - it was a very interesting business for a lot of acquirer

    It got a 12X multiple because they got it positioned the right way



    Another one achieved 8X multiple. This PE got the value.



    In both cases, GWA gave guidance on valuation.

    • 32 min
    Ecommerce and Coronavirus with Jason Somerville

    Ecommerce and Coronavirus with Jason Somerville

    eCommerce and Corona Virus 

    Global Wired Advisors are experienced M & A Advisors for digitally native enterprise



    E-Commerce and Coronavirus

    with Jason Somerville of Global Wired Advisors



    Supply side effects of Coronavirus



    Started in China - supply chain effect



    A lot of ecommerce sellers and businesses had stocked up on inventory going into CNY - which mitigated supply chain issues





    As it spread into EU and USA it became a broader issue



    Demand side effects of Coronavirus



    As effects more acute, ecommerce has been affected

    Quarantine or stay at home order, that’s when bigger picture effects really started.

    Ecommerce has tended to be affected uniquely compared to others



    Public Capital markets effects of lockdown

    Mid march - stock market fell a lot. Business activity ground to a halt Except “essential” businesses

    Rotating from Virus discussion to post virus discussion.



    Ecommerce and Corona Virus  



    When people forced to stay home, many buy goods online.

    Many other businesses eg travel, airlines, restaurants, local stores been effectively shut off from economic activity for over a month.

    A lot of businesses that sell consumer goods that are “non essential”





    A number of clients march sales 4X Q4 in 2019



    Supply side challenges for eCommerce and Amazon sellers



    It’s more an inventory management exercise to fulfil demand

    Amazon FBA issues



    Limit inbound

    Deprioritise non essentials







    Recession for eCommerce due to Coronavirus

    Most e-commerce businesses don’t have the downward trend.

    It’s more like a hockey stick!

    Within bigger picture, there is a big downward push in sales and economic activity.

    It’s not so much a V, it’s like a backwards checkmark.

    So in the short term, the left side of the V is





    There is a dramatic bounce say 50% of the depth of the left side

    Then you enter into recovery period

    The shape of that will be driven by



    How long the shutdown lasts



    Every week matters

    The longer it goes, the longer it takes to come back









    It won’t be a 1-month bounce back to the usual economy

    Government stimulus prog’s will also change it



    How effective

    How big

    Eg Federal Reserve etc. has tried hard but they’re inefficient, ham handed. Don’t always work the way they are supposed to work.

    It’s not just how many $, it’s about how they are delivered.







    ecommerce and Coronavirus short term

    -short term shift to online shopping





    Market share shifts from traditional to online

    This benefits a lot of ecomm business



    What to expect for ecommerce after Coronavirus -in the economic recovery

    stickiness is the key!



    *



    This is bringing a lot of new customers to online shopping

    It’s bringing those who were online already, into categories they would still purchase in a retail outlet

    How sticky is that once economy starts to open up?

    It won’t be 100% stickiness but it may be 30-40% of that demand stays around for the long term







    Next factor - consumers damaged in downturn



    Discretionary items usually  go down in a recession

    • 37 min

Customer Reviews

5.0 out of 5
2 Ratings

2 Ratings

RS Seller ,

Awesome podcast for sellers that have their foot in the door

Been binge listening to these the past week or so. Super useful and unique content tackling the key challenges that face Amazon sellers once they get the ball rolling. We'll definately be implementing some of the tips discussed in variuos areas and will be looking to make contact with some of the guests in the podcasts to see if they can help us scale our business the right way. HIGHLY RECOMMENDED👍👍👍

Ashley J Pearce ,

Love the strategy focus

It’s about time someone in the eCommerce (particularly Amazon) space put hacks and tricks to one side and created a show on the bigger picture - the Strategy!
I’m honoured to have been a guest - the Calibre of the value delivered by the guests so far has been phenomenal (and I would’ve classed myself a big picture kind of guy!)

One of my favourites so far is from Bruce - Amazing eye-opening Finance advice, for strategic thinkers!

Awesome stuff Michael - keep the eCommerce strategy value flowing!

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