Shownotes
Todd says what he means. His TEAM is the magic. Sure he as a leader is focused on giving them the tools and training they need to bring out their best. But hiring great people and letting them do the work without micro-managing helps people feel like they are part of something. Get ready to talk warehouse services as we talk about our experiences. Get ready to be a better client, he tells you what he needs. I tell you when we decide not to invite a client back and what that looks like. Great interview from a real successful seller.
Mentioned:
Todd's contact (He is accepting clients right now)
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Transcript:
Todd: 00:00:00 [inaudible] you're going to make a huge change in your business. Um, you, you better consult quite a few people. Um, kind of play out every scenario. I and, uh, even even ask for advice outside of your circle,
Cool voice guy: 00:00:11 welcome to the e-commerce momentum podcast where we focus on the people, the products, and the process of eCommerce selling. Today. Here's your host Steven Peterson.
Stephen: 00:00:25 In this episode you're going to hear Todd and I reference, um, Gaye Lisbey and Gary Ray's group, the Amazon seller tribe. Um, it is a group that we actually members of. Um, and what I, you're going to hear us talk about it. So I don't want to, you know, go too much. And yes, they sponsor my show and yes, they pay me. So I don't want to mislead anyone. I never want to. Um, but I believe in him so much. Um, cause I've seen the difference that they make. So here you're going to hear this, this interview and you're going to hear somebody who sells well over seven figures and yet joins a group like this. And what he's getting from it is not what you would expect. It's not the list of stuff to buy. That's not what he's getting from it. And he gets that too.
Stephen: 00:01:08 But that's not what he's getting from it. And if you're missing something in your business and your life, because your business and your life will melt together, it becomes one. This might be the right group for you. Um, and how you get in is you, uh, just go join a Amazon seller tribe. I do have a link. So if you're interested in joining, um, it's Amazon seller, tribe.com, forward slash momentum and you can see some of the stuff that's offered to my page, but you don't have to go there. Just go and join the group. Um, they want to make sure you're real and see if there is a connection. If you do, then come out and use my link and you can get 14 day free trial on their stuff. But more importantly, just see if that's a group of people that you could connect with once that you can maybe develop real honest relationships with. Um, and I'm suggesting it because we're in it and uh, of course you can reach out to me if you have any other questions about it. Okay. Let's get into podcast.
Anna Hill: 00:02:04 Are you looking forward to 2020? Are you looking forward to finally having better control of your business and knowing your numbers? Hi everyone. I'm Anna Hill CPA e-commerce seller and founder of the popular accounting. We will go Facebook group and my podcast Amazon accounting podcast. I repeat the phrase, know your numbers so often because I believe that is the key the top sellers have that makes the difference to their success. They can see what is working and more importantly, what isn't working. They make adjustments on the fly and they get to do it every month because they have good, strong monthly financial statements. Now, I know it sounds intimidating to figure out how to get from where you are now to that place of having monthly financial statements like these top sellers have. But that's why we created the course Amazon accounting simplified, which will help you understand what it takes to set up, maintain and really manage your business.
Anna Hill: 00:02:53 With QuickBooks online in the course we break down step-by-step all that is necessary to your Amazon specific business. Learn how to handle cost of goods sold, inventory operating expenses in so much more. We even teach you how to reconcile your Amazon statements so that you know how much you've earned from Amazon. We will help you understand what it takes to systematically get accurate monthly financial statements so you can be better prepared for success in 2020 finally, Oh, we'll even help you get ready for the tax returns when it's tax time. So if this is the year you're finally ready to take action, and this is the year that you want to get control of and work on your business and not in your business, we are here to help the course can be started at any time and we'll allow you to pause, understand, and implement what we have learned and what we've taught you from real life e-commerce examples before moving onto the next stage. Each section builds on each other with easy to understand and even easier to implement solutions for your business access is for lifetime. And you also have access to the free private Facebook group for all other students in the course. So if you're ready to take on that journey, then get the course. Please go to accounting. We will go.com forward slash momentum and get the course Amazon accounting simplified. Thanks so much guys. Once again, this is Anna Hill, CPA e-commerce seller and founder of the popular accounting. We will go Facebook group.
Stephen: 00:04:19 Welcome back to the e-commerce momentum podcast. This is episode 425. Todd Ferguson mean I could talk to him all day. Um, you know, I guess in so many ways, uh, we have similar paths, uh, in business. Um, and, uh, he clearly spins a lot more plates than I do. He is way more masterful. But, you know, similar to Dan Wentworth being a district manager where you're managing type a strong type a personalities who are, you know, individually running a store that, that leader, you're hurting a whole bunch of those types of people. That is a skill set that I don't have. Um, but you clearly see it in Todd and, uh, what a great story. Um, what a terrific guy. A good story, and he has a prep center. So if you're looking for a prep, might be something worth checking out. Let's get into the podcast and we'll come back to the eCommerce women podcast.
Stephen: 00:05:12 I'm excited about today's guest because we're kind of kindred spirits in business. Um, operations are similar in some ways and I'm sure they're different in other ways. Um, but, but a lot of similarities and I think there's value to help people who are thinking about going the direction that my guests and I are in or are gonna utilize services that my guest and I offer. Todd Ferguson. Welcome Todd. Hi Stephen. Thanks for having me. Well, thank you for coming on. I know you're very busy. Um, it was a big Q4 was it not? It was a great Q Corp. It was a great key for it. Yeah, that's what I say too. It didn't seem like it was going to be, did it?
Todd: 00:05:48 It didn't, you know, I was a little worried. I think everybody was just with the time frame from black Friday to Christmas. Um, right, because it was, yeah. Yeah. But for us, honestly with the most profitable Q4 we've had, so I'll take that any day.
Stephen: 00:06:02 Yeah. Let's start there. Why, why is it more profitable this year? What, what, what did you learn that you put in place in your business?
Todd: 00:06:10 Well, um, we do kind of the whole gamut of retail arbitrage, online arbitrage. We have wholesale and we also have private label. And so our wholesale accounts and our private label stuff, we've gotten better at forecasting and really using previous year's data to, um, make sure that we're stocked to know what new items we're going after. Um, and so for us, that's where the most profit is. Uh, of course, you know, the, the retail arbitrage and online arbitrage when you're turning your money super quick, that's kind of the name of the game, uh, for Q4. But for us, the profit, like the big profit, I mean, we had one item, um, that I share with somebody else that we've developed that we sell for $6 or we, sorry, we, we, it costs us about six bucks and we sell it for right around $27 and it gets under under 10,000 rank and toys. So this is Vaughn. Yeah. And, but we're making great money too and there's really little prep involved. And so that's the kind of stuff that, you know, that excites me and
Stephen: 00:07:14 that, uh, that gives you, I love the idea of the forecast that also gives you the ability to plan for this year. Cause one of the things we're talking about and the pre-call was, you know, a warehouse services, and we'll talk about that in a second. But, but I was impressed that you knew your forecast for this year. That's impressive.
Todd: 00:07:30 I think if you're going to run a legit business, um, you need to know that.
Stephen: 00:07:35 Okay. But how many people, I mean let's face it, you and I are in some groups. How many people have taken the time to do a budget for this year? How many people?
Todd: 00:07:42 I would say very few. But that's, I think that's part of the learning process too. When, when you're, when you're starting out, I mean, you're really thinking about somebody brand new, that starting, uh, that's learning and retail arbitrage or online or whatever. Like there's so many different things. And the way you're gonna make your money is when you're buying your stuff, when you're buying your items, you know, you don't make it when you sell it necessarily. Um, and I...