Have you ever dreamed of having your own ecommerce kingdom? With the help of this blog, I’ll teach you all the little tricks that I use in order to stack multiple ecommerce stores using OPM (other people's money.)
The trick to building a portfolio of multiple ecommerce stores lies in “hacking” the credit system. If you follow this guide, you will be able to build your own ecommerce empire and obtain a brand new ecomm store every 3 months. The only requirement is that you’ll need a good credit score of at least a 720.
Below, you’ll find a step-by-step guide to show you how you can do this yourself.
- Open your first e-commerce store and apply for a business credit card. We'll use the American Express Plum card as an example.
- Run your store and use your Plum card for the first 2 months.
- Once you enter your third month, apply for another business credit card (it doesn’t matter which card you get.)
- Start using your new credit card on your store.
- Once you enter your fourth month (91 days since sales started) you’ll place your store on a daily payout service such as Brex or Instapay. This allows you to get up to 70%-80% of your previous days sales, paid out immediately to your bank account. The reason we want to use a daily payout service is because we no longer need 2 (or more) credit cards on your business to float inventory since you can pay down your credit card daily.
- Since your ecomm store will be on a daily payout service, we can remove your American Express Plum card from the business and just use your other credit card alongside your daily payout service in order to run your store and float inventory.
- Your first store is now on auto-pilot and credit limits are no longer an issue.
- Start your second ecomm store and use your American Express Plum card on this business.
- Once your second store reaches its second month, apply for another business credit card under your new business and start using this new credit card.
- When your second store reaches its 91 day in sales, you’ll apply to place this store on a daily-payout service.
- RINSE AND REPEAT this process to add another store to your portfolio.