Today’s show starts out with a great testimonial from a TAS listener who’s rocking it on Amazon with private label sales. It’s proof not only that this show is helping people take action every day, but also that Amazon private label sales is the real deal! You CAN make more than just a decent living, you can make a VERY NICE living selling on Amazon. This is the podcast that teaches you how to do it, step by step. Nothing is held back. Nothing is hidden. This particular episode is the weekly “Ask Scott” episode where you can ask your own private label questions. You’ll learn a lot from listening to these Friday episodes, so sit back, grab a pen and paper, and get ready to take notes because you’re going to learn a ton about Amazon Private Label.
What is the easiest way to figure out taxes and customs on imported products?
One of the places new Amazon sellers often make mistakes is in cutting their margins too close. One of the main things that goes into figuring out those margins is the “cost” of doing business. What goes into that cost? Lots of things: taxes, Amazon fees, shipping, customs fees, etc. On today’s episode a listener is trying to understand those margins before hand (a very smart idea) and asks Scott how he goes about determining the costs of his import fees and duties when importing products from China. You’ll learn a ton from Scott’s answer.
What determines your pricing changes throughout the year?
Pricing is one of the most undefinable things in building an Amazon private label business. How do you determine a good price? Does that price stay the same throughout the year? If it changes, when should you make those changes, and why? None of these question has easy answers and no one answer will fit all businesses and products. But there are some general approaches to pricing that prove to be helpful for most people. On this episode, Scott’s asked about how he prices his products and he shares a handful of helpful principles and tactics that most Amazon sellers find work most of the time.
I bought an Amazon business with 4 existing product lines. How should I proceed?
Wow, this listener has his work cut out for him. He bought an existing Amazon private label business that has 4 different product lines already on the Amazon catalogue. How should he proceed? It’s a great question, and Scott’s answer centers around discovering which of those product lines will get the biggest bang for the buck. He walks through how he’d go about doing that on this episode, so be sure to listen – you’ll learn a lot!
Do you use product management software?
A listener asks Scott if he uses any product management software to keep his product lines, vendors, invoicing, etc. straight. Scott’s simple answer? No. Scott doesn’t have anything against project management software but he finds that given what he’s doing, there’s only one tool that he needs to keep all of the things for his private label business organized: Google Drive and it’s suite of tools. You can hear how Scott uses Google drive on this episode.
OUTLINE OF THIS EPISODE OF THE AMAZING SELLER
- [0:00] A testimonial from a listener!
- [0:36] Introduction to this “Ask Scott” episode.
- [2:44] Shout out to a TAS user who took action on building his own meetup group.
- [3:47] Your invite to Scott’s life video workshops.
- [4:30] QUESTION ONE: What is the best and easiest way to figure out taxes and import duties on products from China?
- [12:03] QUESTION TWO: How do you go about deciding your pricing, and what impacts your decisions?
- [19:10] QUESTION THREE: I bought an Amazon business with multiple products already in existence. How should I proceed?
- [24:22] QUESTION FOUR: Do you use any product management software?
TRANSCRIPT TAS 151
TAS 151 : Ask Scott Session #42 – FBA Amazon Questions[00:00:00] C: Hi, Scott. This is Chris from the UK. First I just want to say great podcast. Thanks so much. My business has doubled in the first month I found your podcast and it doubled again in the second month. Business is currently about 10 times what it was less than six months ago and that growth is down to what I’ve learned in your podcast… [read more=”Read full transcript – TAS 151…” less=”Read less”]
***********************************************[00:00:18] SV: Say what? Wow. That right there is the reason why I keep hitting record and doing these podcasts. That right there gets me pumped up. What do you say? Let’s go ahead and get this show on the road.
Hey, hey. What’s up, everyone? Welcome back to another episode of The Amazing Seller podcast. This is episode number 151 and session number 42 of Ask Scott. This is where I answer your questions that you submit via voicemail and I get a chance to give you my advice or my opinion or, well, just my thoughts in general, all right? You guys know if you guys have been listening for any period of time or if you’ve heard these before, you’ve probably heard me mention how much I enjoy doing these sessions. I really, really truly do. I love being able to hear your voice and then answering a question as though we’re sitting in the same room having that cup of coffee that I often talk about that I’m a huge fan of, which I have one right here by the way. Yeah, it’s a great way for me to be able to connect with you and answer some of these questions. By you guys saying like, “Oh, wow. This has been awesome, Scott. You’ve helped me so much,” that right there it means everything. It’s just, again, my way of saying thank you and continuing to do these because you guys are also reaching out and connecting with me as well. Thank you for doing that and thank you for just being a listener. I truly, truly appreciate each and every one of you.
The other thing I wanted to say really quickly is I did an episode on Wednesday and that was episode 150 where I talk all about the secrets to being more successful by surrounding yourself with like-minded people. How you can really be more successful in life and in business. I wanted to share something with you. Inside of the Facebook group … and this was one of the things I talked about. In your area you might find people that are currently doing this, you just don’t know that they’re doing it and you can have a little meet-up. Inside of the Facebook group, in our TAS group that is, people are doing that currently right now. I mentioned doing that in the last episode. As more people do this, it’s also going to bring awareness to it. For you to be able to meet with people in person that are doing similar things is also going to allow you to grow and learn together, but also motivate and hold each other accountable.
I wanted to point out someone that just recently did this. His name is Matt [Odit 00:02:49]. I believe that’s how you pronounce it, maybe not. I’m not that good at pronouncing names. He just said, “Is anyone in Denver and interested in a meet-up? I’d love to connect face-to-face with some fellow Amazon sellers here at home.” He got a bunch of people that said … One person said, “I’m moving there.” One said, “I’m in Denver.” Another person said, “Let’s do this.” Again, it’s just proof that if you put something out there … and I’m giving you the place to do it. Just go into the TAS community. Over 21 thousand people currently in there. It’s a great way for you to be able to do that. Again, I just wanted to say, Matt, thank you for posting this and, again, showing people that you just have to go out there and ask and you’ll probably receive. All right? Awesome, awesome job to everyone that’s out there doing that. If you haven’t listened to episode 150 I would strongly suggest going back and checking that out. It will help you with that mindset and also surrounding yourself with like-minded people to help you grow and get to that next level.
The other thing I want to mention really, really quickly is if you have not attended one of my live workshops, it’s very similar to a meet-up where we can all gather around and hang out where I really go through the five phases of this whole process. Then from there I stay on and I do live Q&A. It’s another way for me to do a hangout but yet all over the world. I have people come in from all over the world: the UK, Israel, Germany, all over and then of course in the US as well. Definitely, definitely come over and hang out with us there. If you want to register for an upcoming workshop, head over to theamazingseller.com/workshop. I would love to hang out with you one evening.
Alright, so let’s go ahead now and let’s dive into today’s first question and then what I’ll do is I’ll give you my answer. Let’s go ahead and listen to that now.[00:04:41] A: Hello, Scott. My name is Amir and I listen to your podcast every day. It’s kind of part of my routine at the moment. You are doing a great job. Keep up that good work because it’s helping so many people who want to do something but they don’t know how to and where to go and actually do this type of the stuff. This is really helpful for the person like me because I’m just trying to resemble you as well and trying to build my business at the moment. I went through the first hurdles quite easily while listening to your podcast. I selected the product, I researched the market and everything. Now at the moment my question is what is the easiest way to find out the customs and the tax duties on the actual shipments which I’m going to import from China to USA? If you know any better source or you know any easy way where I can know all this stuff that would be great help to me. At the moment I’m actually quite a bit struggling with this bit. I couldn’t find the customs and the taxes of my shipments. I don’t want the unexpected to happen to my shipment. Once again, thanks for all your podcast and I’m waiting to hear the answer for this question. You keep up with the good work and I tell you, we guys love you and thanks for everything. [00:05:58] SV: Hey, Amir. What’s up? How’re you doing, man? Thank you so much for the question. I appreciate it and I appreciate all the kind words, by the way, as well. I’m so glad that you’re enjoying the podcast and I feel honored that you’re taking me along with you every single day. I appreciate that. Okay, so let’s talk a little bit about customs. We’ve talked about this in the past but I do get these questions quite often so let’s repeat what I’ve already said but we’ll also maybe elaborate a little bit.
First off, if you’re using the shipping company that your manufacturer or your supplier is using, which that’s what I recommend, you’re not going to really have to do anything. We’re talking by air right now. If we’re talking shipping by air, they’re going to ship it by, let’s just say, DHL. Then from there they’re going to ship it into the US to wherever you want them to ship it. You will have to pay the customs inside of the US whatever that is. That’s the magic question, right? What is that cost going to be because I need to be able to plan for that. The truth is you’re not going to really have an exact price right now because there’s just no way to know 100%.
What you can do is … well, a couple of different things. First off, you want to contact your supplier and say, “What is the code that you’re using for this particular product?” Every product is going to have a different classification. That’s going to make a big difference as far as what your customs fee will be because it’s going to be taxed differently. That’s the first thing. Once you find out that code then you should contact their shipper. If they’re using DHL, you’re going to contact their customs office. Very friendly people. You’re just going to say, “I’m importing something from China. It’s going to be coming through DHL Air Express, whatever, and this is the code that it’s going to be sent in at. What can I expect to pay for customs?” They’re going to probably say, “It’s going to range between 4% and 6%, let’s say, of your invoice total.”
That brings up another point. To understand how much you’re going to be paying on, it’s going to be paying on the amount of money that that shipment is worth or that you’ve paid for it. If your manufacturer or supplier adds in your shipping cost into that invoice, now you’re going to be paying customs tax on the entire bill. You don’t want to do that. I actually posted this on episode 32, all the way back on episode 32. The title of that post was ‘How to Avoid My $1,080 Shipping Mistake (Customs Fees).’ Really just to break it down in a nutshell is I went ahead and I had my manufacturer take care of everything, which they had. What they did though is they rolled the shipping cost, what I paid, another $4,000 or something like that into the total overall invoice. When the customs office is looking at this or the customs people are looking at this, they’re looking at the overall price was like $10,000. So because of that I paid a higher tax too because as your order size increases when it’s coming through customs, then you go into more of a manual process and then the customs fee goes up and all of that stuff.
There’s not really an exact way to calculate this. What I would say is number one, especially in the beginning try to keep your orders coming through at $2500 or less. If you can’t do that then you’re going to expect to pay a higher percentage on that and I can’t say exactly what that will be. You can get an idea, a range if you call the customs office. That’s one way to do it.
I had a lady last night that was on one of our private hangouts for the class. She’s one of our new students. She was asking, “How much should I allow for customs?” It’s really a tricky question. My answer to her or reply to her was “Always figure in a little bit of a cushion into your margin.” What I mean by this is if you’re having all of your pricing come down to how much does a product cost to get manufactured? How much did the shipping cost? How much is it going to cost to get into Amazon FBA for that shipping fee? What’s it going to cost for my labels? All of that stuff that’s the hard cost. Let’s say it’s five dollars. Let’s say that you’re looking at a product that you could potentially sell for 12 dollars. That’s not really a lot of margin because your FBA fees are going to be at least five bucks so now you’re at 10 dollars. You only get two dollars on a margin there or a profit.
Whenever I tell anyone or explain to anyone about finding a product, you want to make sure you have enough margin in there. Even if you don’t have enough margin in at the beginning, you want to make sure that your margin can increase by you having more reviews, let’s say, so you’re going to start getting more sales and all of that stuff. If you really are cutting it close in the beginning, you have no wiggle room for any type of mistakes or any learning curves that might come at you, like a mistake like that there. If you didn’t figure on spending an extra 500 dollars on customs on that order and then you get it in and you see, “Oh, my gosh. I only ordered 500 units but it’s going to cost me an extra dollar per unit. I only figured that I was going to make two dollars. Now I’m only making a dollar.” That’s why you want to give yourself some room in there, some wiggle room with any type of variables that may come at you.
I know that wasn’t a direct answer but you can get an idea by calling the customs office of that shipper. In this case, let’s say it’s DHL or let’s say it’s FedEx, any of those you want to contact them actually in the country that it’s being received in. If you’re shipping it to the US you’re going to want to call DHL in the US. Hopefully this has been helpful. Again, thank you for listening to the podcast, being a loyal listener. I appreciate it. Hey, it’s been nice talking. Get out there and keep with it, all right buddy?
All right, let’s go ahead and listen to another question and I’ll give you my answer.[00:12:07] C: Hi, Scott. This is Chris from the UK. First I just want to say great podcast. Thanks so much. My business has doubled in the first month I found your podcast and it doubled again in the second month. Business is currently about 10 times what it was less than six months ago and that growth is down to what I’ve learned in your podcast. My question, I’ve just listened to podcast 126 where you talk about how your margins are being affected. You talked about how you’ve been setting your price up and down every few days to spike sales. Do you simply change the price or do you use the sale price facility on Amazon? For example, if I saw two products, one at 14.95 and one at 14.95 reduced from 19.95 I would instinctively buy the one on sale as I would think I’d be getting a better deal. I just appreciate your thoughts on this and whether you’ve used it and what you think of it.
Secondly, on a similar pricing thing, have you ever used a pricing variation to introduce a budget option to your product? I’m thinking about doing this. As I could keep my existing pricing and margins of my existing products but offer a budget friendly value option which could be used to tempt people to the listing and hopefully get them to upgrade. Anyway, just appreciate your thoughts on these. Cheers, man. Great show. Take care.[00:13:23] SV: Hey, Chris. Thank you so much for the question and thank you so much for all of that feedback and update and everything from you listening to the podcast and that kind of growth, man. That is awesome and I’m so glad that you’re doing so well. Yeah, I’m really, really excited for you and really pumped up. Thank you for sharing that with me and with the TAS audience. Thank you.
That’s a great, great question and a great topic actually is pricing. You brought up a couple of pretty cool little ideas there, I think, as well. First off, let’s just talk a little bit about this pricing up and down thing, okay? Depending on the time of year, depending on the competition you may want to just reduce your price a little bit, maybe a couple dollars just to spike sales. Amazon is based off of price for the most part so shoppers are also geared for price. If you have a very similar product, by you lowering your price you can spike sales generally. By doing this, this is going to help you then start getting some sales volume again without hardly doing anything other than just lowering your price then bringing it back up and so on. If you’re in the fourth quarter or you’re in a busy season for whatever product you sell, that’s also a time that you would start to slowly increase your price because now the demand is up. It’s kind of like the whole gas prices. They’re always going up and down.
That’s a great, great way to be able to continually do that. You also talked about possibly … Let me talk about the first thing. You talked about do you go ahead and just change the overall price or do you change it as a sale price? I always put in a manufacturer price then I put in a list price and then I put in a sale price. You have like manufacturer price is $29.95 and then the list price is going to be, let’s say, I don’t know, like $24.95 and then the sale price is going to be $19.95. The beauty of doing that is psychologically to your customers they see that it’s been crossed out. You can see that little line that’s crossed out and it says sale price. When anybody sees a sale it seems good. We’re just wired that way. Look at Walmart, look at Target, look at all of those places. It’s all built off of regular price, list price, sale price. That gets people to think they’re getting a good deal, which for the most part they are because if you are selling at any point in time for a certain price … I don’t say to go and inflate your price just to inflate it but you’ve got to use your head on this one and you’ve got to use common sense.
That’s definitely something that I do. I don’t put out there just the one price. I don’t just put out the list price or the manufacturer price and that’s it and then just keep changing that. I want it to show as it’s a reduced price. You’re going to see a percentage of savings. That’s important too. That’s a little mental driver for people that are shopping. Yeah, that’s how I do it. That’s how I would recommend doing it as well.
Moving on to the second part of this, and it kind of comes down to something that I call price anchoring. I didn’t come up with that. I’ve heard it before but it’s what I refer to. Price anchoring is when you have something that establishes a price but then you also see now a similar product or maybe like you said a budget option. Then that there shows the regular price or the main price for the main product is $19.95 but you can get a budget version for $14.95. That also anchors the price that if you’re trying to sell the low price item at $14.95 but you have one that’s there just as a price anchor. Just as a price anchor. You can do this in reverse. You can also have it where you can sell the one product for $19.95 but then the other one for $14.95. Then when you run pay-per-click you’re going to run it to the $14.95 to get people interested when they see the ad. When they click on that, they’re going to click in and they’re going to see that there’s a better option and then they’re going to choose that option.
You can also have it where let’s say you had three different bundles. Like I said, let’s say that you wanted to sell the middle bundle. The middle bundle is probably the one that you’re going to sell the most of because it’s a middle price. Or you could have one that’s a low price for a single unit then you can have one for a three pack and then a five pack. Maybe the five pack you’re not going to sell as many but it shows that it’s a bigger price. People see a bigger number then they see the middle, “I’m going to take the middle.” It’s kind of like a price anchor as well. I think also just having two products in a budget and more of a premium, people might want to pick the premium because there’s people that want premium stuff so the price anchor is there. If you sell some, great, but the price anchor is really there to establish the value of that. Then when they see the other one it seems like it’s less expensive.
I like that. It’s a great strategy. I would definitely play around with that. I’ve ran promotions and I still do where I have four variations. It goes from like small, medium, large and then bundle where you can get all of them but the small one is going to be the least expensive. I’ve noticed that yes, I sell them but I also then sell the bundles and I also sell a few of the others. It’s a great way to really broaden out a very, very similar product. You don’t want to cut corners to where you’re going to have a budget product where it’s a piece of junk either because then that’s going to come back to bite you. If you have something that comes with different features and different things that’s good. Then if you have something that is more like a stripped down version that only comes with the one thing then that’s where you can do that price anchoring type stuff.
All right, hopefully this has helped you. Congratulations, by the way. I’m really, really excited for you. Keep me posted and then this way here maybe I could even have you back on and talk about that. Or hey, maybe we can even have you on the podcast at some point, maybe. Maybe we could do that.
All right, let’s go ahead and listen to another question and I’ll give you my answer.[00:19:29] DS: Hey, Scott. My name is David [Saldivar 00:19:30]. First of all, just like everybody else I want to commend you for doing everything that you have and putting all the information out there that we need to be successful, as well as to ensure that we are obviously getting things done quicker than we would have if we didn’t have your help. I have a mentor that I’ve hired and I don’t need him as much for all those minor details as you’ve filled in those gaps so thanks again man for saving me some money too. Hey, my question is man … My name is David. I don’t know if I mentioned that yet.
My question is I had just sold my business and didn’t really dive into your training or get trained as soon as I should have. When I invested, I invested in a few different product lines. Actually, I have four product lines and five products. With that, my thoughts are this is a good thing and there is some good and bad with this. Good is that I can basically take all of those products and see which one does best and reinvest in the one that’s doing the greatest and to really grow that product within that product line and branch out. That’s my thought and I really just wanted to see what your thoughts are on that. I guess I really don’t have any other choice but to do that. Or what are your thoughts about me just spreading myself out and reinvesting all of those products into themselves and really broadening all four of those product lines as much as I can? Yeah, I just wanted to get your feedback and hear what you had to say about that. Yeah, I appreciate your quick feedback and thanks again man.[00:21:30] SV: Hey, Dave. Thanks so much for your question and thanks for the kind words as well. I appreciate it. It sounds like you have a pretty good opportunity here that you have four different product lines that you’re able to dabble in and see which one is going to do better than the others. Or you can also then maybe test all of those. My opinion on this … and it really comes down to an individual in their situation and how much cash flow they have to continually promote and really push each one. I’m just a big believer in trying to focus on one at a time and then really putting all of your effort behind that. Me personally, I would look at this as a great opportunity for you to be able to test four different markets or four different product types. Then from there once you start to see one is starting to rise above the rest, I would take all of my energy, or at least 75% of my energy and I would start focusing on that one and how I can make it better. How I can refine my pay-per-click. How I can make the user experience better. How I can roll out new products, all of that stuff. That’s what I would be focusing on.
I do believe that if you focus on more of what’s working it’s going to continually work better. It just makes sense. I think if you start to get scattered, you’re going to start trying to take time away from this one to put over here and not just time but money as well. Then it just limits the amount of effort and focus that you can have on that one particular line. We say product lines because like you said, you could then take and start branching off of that one product line and start to really expand other products around the product or products that are doing really well. Then from there you could build an authority blog or e-commerce space and … There’s so much you can do once you start to see a little bit of success and then you see that this is something that I feel like I can put more work and more time and effort into. Then that will yield you, I think, a greater success moving forward.
That’s just my personal opinion. Some people they can say, “I’m going to spread it out and do it on all of them.” I don’t know that that’s going to be your best choice. Again, this is just my opinion, just my advice. If we were sitting down together at the coffee shop, as I always say, I’d be saying, “Dave, I think you should just focus on that one. That one is doing okay right now. Imagine if you could go ahead and put some more effort behind that and really start broadening that out and start thinking a little bit more of a long term play. That’s what I would do.” All right?
Hopefully this has been helpful. Good luck to you. Let’s go ahead and listen to one more quick question and I’ll give you my answer.[00:24:26] A: Hey, Scott. It’s Albert. Just wanted to ask, do you use a project management software suite to manage your vendors and the schedules of inventory deliveries and just the basic steps that you have to move through to get a product to Amazon? I’ve heard of Microsoft project and many other scheduling software. I was wondering if you use any project management software. Thank you. [00:24:51] SV: Hey, Albert. Thank you so much for the question. It’s a quick question. I love it because I can go ahead and answer this one pretty quickly. The answer is no, I don’t use really a project management system. I’m using air quotes. You guys can’t see me but I’m using them. Nothing against them, I think it just depends on your business and how much you need to be able to manage all of the aspects of your business. For me personally, if you have 10 products or less it’s pretty easy to just manage things in a spreadsheet.
I did a post on the top eight tools I use every day in my Amazon business and I put “#1 Is Powerful.” That number one tool … and that episode was 135, by the way. If you wanted to check that out, that was theamazingseller.com/135. That number one most powerful tool in my mind, especially in this case when we’re talking about management type stuff, was using your Google Gmail account, your Google Drive, all of the tools that come in there. You have spreadsheets. You have all of that stuff inside of there that you get to use as part of Gmail. That’s what I use. I use Google docs a lot. You can create separate tabs that the tabs will then open up a brand new spreadsheet. You can really keep things organized and you can also share them. You can have those sheets also be available to you if you’re travelling and you wanted to just log in from a public computer. You can still get at them, all of that stuff. I really like that. It’s simple. It’s really, really simple. It’s kind of like a glorified version of having a notebook and having columns and then you just color code the columns and keep track of the things you want to keep track of.
That’s me personally. That’s what I use. That’s what I’m going to continue to use. I use it for everything, by the way, not just that. I use it for also my goal setting and all of that stuff and keeping track on that. Everything that I can to keep organized in one place I keep it there. That is your Google Drive that comes with Gmail and your Google+ account and all of that fun stuff. Definitely go over and check that out if you haven’t done so. I don’t really have any cool, sexy tools that I can share with you on that but I would say check out the Google docs and I think you’ll see that it’s pretty simple stuff. Again, if you guys wanted to check that out, the top eight tools I use every day in my Amazon business … I do think that some people think that you’ve got to have all of these really slick tools and you really don’t. You’ve just got to have the ones that are going to get the job done. I like to keep things simple and that’s what I do. That one there is episode 135.
All right, guys, that is pretty much going to wrap this episode up of Ask Scott. If you have a question, head over to theamazingseller.com/ask and you can ask me a question. Just leave your first name and then just leave a message there or a question and I’ll do my best to air it on an upcoming show of Ask Scott, all right? Once again, guys … Oh, one last thing. If you guys wanted to hang out again live with me on a Google hangout, we’re going to go ahead and do a live workshop. I’m doing these on a regular basis. You can go and register for one, the upcoming one that is, by heading over to theamazingseller.com/workshop. What we do there is we go through the five phases for picking a product, sourcing a product and then from there pre-launching and then launching and then promoting, all of that fun stuff. Then from there we answer live Q&A at the end. I love doing them. It’s another way for me to be able to connect with you more on a face-to-face level and where we really are in one room together. Definitely go over and register for that if you haven’t done so already. I look forward to seeing you on that live workshop.
All right. That is it, guys. That is it for today. Have an awesome, amazing weekend if it is the weekend when you’re listening to this. If not, have a great week. Remember I’m here for you. I believe in you. I’m rooting for you but you have to, you have to- come on, say it with me. Let’s say it together. Let’s say it out loud. Let’s say it proud- take action. Have an awesome, amazing day and I’ll see you in the next episode.[END]
LINKS MENTIONED IN THIS EPISODE
www.TheAmazingSeller.com/ask – Ask Scott your question.
www.TheAmazingSeller.com/150 – Episode on mindset and success.
www.TheAmazingSeller.com/32 – Scott’s $8000 customs mistake.
www.TheAmazingSeller.com/135 – Tools Scott uses daily.
www.TheAmazingSeller.com/126 – Episode where Scott discussed pricing.
www.TheAmazingSeller.com/FB – the TAS Facebook Community
www.TheAmazingSeller.com/live – Let Scott know your interest in a possible event.
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