7 Most Common Business Questions

Businesses between $0 and $100 - "How do I find a product?"

‍When you’re looking for your first product, there’s 2 main things you want to be looking for:
• Products that are growing in demand
• Products that aren’t yet saturated.

So how do you do this?
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Free options:
• Scroll through TikTok search terms like “TikTok made me buy it”, “TikTokFinds” or “FoundItOnTikTok”.
• Read PubMed articles and look for unique products or problems to solve.
• Scroll through AliExpress listings and look for products with 1000+ orders.

Paid Tools:
• Go to Trend Rocket and scroll through 1000s of unique products that are scaling

Then you want to verify demand:
• Search Google and see if their are a tonne of ads already running
• Search Amazon and see if there are already 1000 product variations
If there are already a bunch of ads and a lot of product variations on Google Ads and Amazon, scrap it and move onto the next idea.

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Businesses between $100 and $10,000 - "How do I ship orders and manage customer service?"

Once your brand reaches 10+ orders per day, you can get faster and more reliable shipping using a 3PL.
You want to look for 3PLs that:
• Have experience with high-volume e-commerce brands
• Are able to intergrate with e-commerce platforms
• Use a barcoding system to manage orders
The key thing to finding a good 3PL, is to make sure you shop around. Make sure they tick most of the above boxes before you commit.

Now, for customer service, this is what I’d recommend:
• In the beginning, manage it yourself
• Then, once you are getting 50+ emails per week, use a paid tool like Gorgias

We use Gorgias across most of my brands. They are an incredible way to automate your customer service to keep customers happy.
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Click here to sign up to Gorgias and receive an exclusive discount.
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Businesses between $10,000 and $100,000 - "How do I optimise my Facebook marketing?"

Facebook has changed; the old ways to structure your ad account are dead. So here’s the new structure you should be following:
• Instead targeting different segments of your audience, you should have one GIANT scaling campaign
• Take all your top performing creatives with your post IDs and add them to the GIANT scaling campaign
• Target broad audiences that are 20 - 100M people
• Don’t add bad creatives to this campaign.

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Businesses between $100,000 and $500,000 - "How do I track daily profit?"

‍I lost $300K on a new brand launch in 2020 because I wasn’t tracking daily profit correctly. This is one of the most important things to set up as your brand starts to scale.
There is two methods to track your daily profit:
• Manual tracking method (you input the data)
• Paid tracking tools like Triple Whale
If you’re happy to manually add data every day, then you can find a free manual tracker template here. I personally use an automated tool called Triple Whale across all of my brands, rather than having to manually input data every single day.
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Who needs Triple Whale?
• Brands making over $100 per day
• Brands making under $50M in revenue
Use code DAVIE15 for 15% off Triple Whale subscriptions.

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Businesses between $500,000 and $1,000,000 - "How do I hire an agency or remote staff?"

‍The biggest mistake I see new brands make when it comes to hiring is not doing enough background research.
So, for agencies, you want to look for:
• Specialised agencies that have experience in your niche
• That they have a proven track record with similar brands

Things to watch out for:
• General agencies that don’t specialise
• No proven results or shady testimonials
• Unrealistic claims and vague strategies
• Lack of transparency on ROI
• Slow response time

Now, let’s look at hiring remote staff:
• Do a trial period before you commit to hiring
• Interview each new remote staff member
• Verify their results or claims (as much as possible)
• Give them bonuses and incentives
• Create an onboarding process to set them up for success

Things to watch out for:
• Delayed responses
• Missed deadlines
• Don’t fit the company culture

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Businesses between $1,000,000 and $5,000,000 - "How do I keep up with inventory without running out of money?"

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‍Inventory management is critical because you can’t sell product you don’t have. There are 7 key steps when it comes to inventory management:
• Understanding sales trends: keep track of your past data and analyse trends that you can use to predict future sales
• Categorise inventory: use ABC Analysis to prioritise items based on profitability and sales volume and place more importance on the items that drive the most sales and profit.
• Set par levels: determine the minimum stock level for each of your product SKUs so that you know when they need to be stocked
• Implement an inventory management system: choose software that tracks and automates inventory reordering
• Forecast demand: predict future sales using historical data, market trends, and forecasting methods
• Consider lead time: make sure to factor in the time taken by suppliers to deliver products
• Monitor and adjust: regularly review inventory levels, perform spot checks, and adjust strategy based on performance.

Businesses between $5,000,000 and $10,000,000? - "How do I stop doing all the work myself?"
‍The fastest way to free up your time is to outsource non-core tasks. This process is simple: make a list of all the tasks in your business that are essential, but that aren’t your core skills. This could be things like:
• Graphic design
• Media buying
• Email marketing
• Inventory management
Then, find A-players that can fill these positions so that you can focus on more high-impact activities.
Some of the links in this post are affiliate links. If you sign up to one of the programs linked, we may earn an affiliate commission. This commission income is used to keep these guides and my e-commerce course available for free.