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Chris Potter | Tax & Bookkeeping Profile picture
Chris Potter | Tax & Bookkeeping
@ChrisPotter361
I tweet about eCom, Taxes, Finances, Acquisitions, Business Building. Built / Acquired: 8 figure Ecom, 7 figure Ecom, two 7 figure tax businesses.
Feb 27, 2024 • 41 tweets • 5 min read
I reviewed an "Amazon Automation" contract this morning.

Here are the top 14 things I found that show these things are an absolute scam. 𝟭. 𝗧𝗵𝗲𝘆 𝗰𝗵𝗮𝗿𝗴𝗲 $𝟯𝟬𝗸 𝘁𝗼 𝗷𝘂𝘀𝘁 𝗱𝗼 𝘁𝗵𝗲 𝗮𝗴𝗿𝗲𝗲𝗺𝗲𝗻𝘁.

And it's non-refundable.

You have to make this payment within 72 hours of the agreement, giving you little to no time to realize you've been screwed.
Jan 15, 2024 • 31 tweets • 5 min read
Over the last year, I've talked with over 500 eCom sellers intimately about their businesses.

In many cases, I've looked over their books and financials.

Here are 7 of the biggest mistakes I've uncovered that will crush your business:

⬇️⬇️⬇️ 👉 1. Commingling Personal and Business Accounts.

The first thing you should do when starting a business is to split your personal and business expenses.

If you don't, it's an absolute mess to clean up later.
Dec 21, 2023 • 8 tweets • 2 min read
I've hired over 300 people in the Philippines since 2014.

Here are the 5 things I wish I knew back then...

That would have saved me $$$ today:

👇👇👇 Image 1. VA's will not solve your problems.

If you don't know how to do something, or don't have processes in place, VA's will not magically fix those issues.

Make sure you understand what the VA needs to do before you hire them.
Dec 20, 2023 • 8 tweets • 2 min read
Amazon sellers like to run thier bank accounts dry.

Spend every single cent on inventory.

Barely pay the credit card balances.

While having ZERO cash set aside.

How do you fix this?

Follow these 4 simple steps:

👇👇👇 Image 1. Get away from bank balance accounting.

"Bank balance accounting" is where you look at your bank account and see if you have enough cash in it to pay your bills.

You'll never get ahead doing this.

Use a proper accounting system like Quickbooks or Xero.
Nov 10, 2023 • 12 tweets • 2 min read
If I were starting a company from scratch today (which I did a little over a year ago), here's the basic tech stack I'd use to get up and running.

You can easily go from $1 to $1M with just these tools: Start out with a decent base for emails, docs, calendar, storage, spreadsheets, presentations:

G-Suite.

You get a lot for a little here.
Oct 20, 2023 • 12 tweets • 3 min read
Chris Grant is one of the GOAT's of using Keepa for Online Arbitrage.

One of the things he talks a lot about is the Keepa Product Finder (KPF), which can heavily improve your sourcing.

I've scoured the GOAT's posts to find the best 19 KPF tips.

Let's go:

👇👇👇 1. Here's a post where he mentions basic tips. He goes into more detail in other posts, which I'll outline later.
Oct 16, 2023 • 10 tweets • 3 min read
Most people suck at selling on Amazon.

But, I found some people that don't suck at it.

Here are 6 great threads and one tip from people in the trenches reselling on Amazon. ⬇️⬇️ 1. Casey describes what you need to get started selling Wholesale on Amazon:

Jun 23, 2023 • 13 tweets • 3 min read
ROI doesn't equal margins.

I hear people saying "I buy at 30% ROI, so I make 30% on my money." but really have no clue what that means.

Let's dig into this....

👇👇👇👇👇 All the apps that use an ROI number are based on COGS, not the actual sale price of the item.

For example, if you buy something for $30, and your ROI is 30%, your "expected profit" is $9. When you sell that item, you are likely selling it for around $58.21.
Feb 9, 2023 • 9 tweets • 3 min read
Here's a master list of 24 things you can write off on taxes in your Amazon / eCom business, along with 88 things you can not write off.

Save $$$ this year!

1. ✅Software, Inventory Reimbursement Services, PPC Advertising

🚫Landline home phone
2. ✅Video Conferencing Fees, Amazon Related Fees, Shipping Costs.

🚫Illegal Activities
Feb 8, 2023 • 15 tweets • 4 min read
For Online Arbitrage, one of the most underused tools to find profitable products is the Keepa Product Finder.

I've put together 11 of the best Keepa Product Finder Hacks that can net you thousands of profit.

⬇️⬇️⬇️ 1. Find more items by the same brand

Jan 24, 2023 • 102 tweets • 24 min read
I've sold over $20 million worth of Amazon using Online Arbtrage.

I know good tips when I see them.

I've put together the ULTIMATE list of OA Tips and Hacks found across Twitter.

You'll have your mind blown with 96 OA tips to improve your business.

Bookmark this!

⬇️⬇️⬇️ 1. Inbox filters for order confirmations

Jan 24, 2023 • 7 tweets • 2 min read
3 more things you can write off in your Amazon / eCom business, and 1 thing you can not.

Save $$$ on taxes this year by deducting these things...

⬇️⬇️⬇️ ✅1. Home Office - If you run your business from your home, you may qualify for a home office deduction.

Add up the qualified expenses for your home. Then, calculate what % of the home you use for business.

That % of business use is what you can write off.
Jan 23, 2023 • 10 tweets • 3 min read
If you don't have KPI's for your business, you are missing out.

How do you know if your business is performing well?

You can look at revenue, ROI, and profit numbers.

But that doesn't tell you the whole picture.... The best business owners and CEO's go much deeper than this, and create KPI's that reveal the heart of their operations.
Jan 19, 2023 • 7 tweets • 2 min read
3 more things you can write off in your Amazon / eCom business, and 1 thing you can not.

Save $$$ on taxes this year by deducting these things...

⬇️⬇️⬇️ ✅1. Meals - If your meal has a specific business purpose it is deductible. Business meetings with clients, employees or ownership are legit purposes.

Keep notes of what you covered in the meetings!

In 2023, only 50% of expenses are written off - a change from 2022.
Jan 18, 2023 • 7 tweets • 2 min read
3 more things you can write off in your Amazon / eCom business, and 1 thing you can not.

Save $$$ on taxes this year by deducting these things...

⬇️⬇️⬇️ ✅1. Mileage for your vehicle - as long as it's for business purposes. You must keep documentation showing how you used the mileage. MileIQ works well for this.

You get a 65.5 cents per mile deduction in 2023, up from 62.5 in the second half of 2022.
Jan 17, 2023 • 7 tweets • 2 min read
3 more things you can write off in your Amazon / eCom business, and 1 thing you can not.

Save $$$ on taxes this year by deducting these things...

⬇️⬇️⬇️ ✅1. Prep Center Costs (3PL Costs as well) - Paying a prep center to send all your stuff to Amazon or customers?

The full amount is able to be written off.
Jan 13, 2023 • 10 tweets • 3 min read
I love finding eCommerce info that doesn't suck.

There's some fire threads in the eCommerce space that will help move your business forward.

Here's 7 threads from people working in the trenches:

⬇️⬇️⬇️ 1. This is an oldie but goodie from Alex. He was suspended last year for something he didn't do. Here's the story:

Nov 29, 2022 • 20 tweets • 4 min read
You buy products from a "wholesale distributor".

You are making decent money.

But little did you know you are peddling product on Amazon that could get you sued for MILLIONS.

Woah, what?

Story time... ⬇️⬇️⬇️ There are lots of companies that consider themselves as "wholesale" distributors but really aren't.

In particular, if the sales rep always comes to you with random deals for products, they likely are not actual wholesale distributors.
Oct 14, 2022 • 35 tweets • 7 min read
There is a little-known metric in eCommerce that if used properly can alert you of massive problems.

Here's a deep dive into that metric, and how not knowing it almost put a company out of business.

What's that magic metric?

ROIC.

Time to Dig in. ⬇️⬇️⬇️ First, what in the world is ROIC?

ROIC stands for Return on Invested Capital.

In corporate finance, it's used to determine how well a company allocates its capital to profitable projects or investments.

It's generally used with another corporate acronym: WACC.
Sep 30, 2022 • 10 tweets • 10 min read
Last week I shared tips from eCom / Amazon sellers that don't suck.

Well, I've dug up 6 more threads that uncover some real gold. ⛏️

Time to learn....⬇️⬇️ 1. Boxes and packing supplies are always high on the list of expenses for eCom businesses. @BillDA shared how to get 10-20% off at Uline:

Sep 22, 2022 • 10 tweets • 11 min read
Most people suck at reselling on Amazon.

But, I found some people that don't suck at it.

Here are 6 great threads and one tip from people in the trenches reselling on Amazon. ⬇️⬇️ 1. Want to try Online Arbitrage? @GavinSweeneyy delivers his top sourcing strategies with some videos!