Insider Tips On How To Save Money & Run Your E-Commerce Business

 

As an entrepreneur in the field of e-commerce, you must be in charge of all the financial aspects of your business, including the management of your finances taxes, tracking your earnings and expenses. Although each country has its own set of laws and rules regarding taxes, there are certain basic things you as the business owner should have in place to ensure you are not over-spending.

A business that does not track its finances will quick spiral downward and eventually crash. Asides, from taxes, the personality of the business owner often colors the business. So, if you are a heavy spender outside your business and you are lackadaisical about state of your pocket, you must ensure your crazy spending habits don’t cross over into your business. You should also try to end this habit yourself 🙂

Today, we will look at ways you can safe guard your business so that you don’t over spend and ruin things for yourself financially. Alright, let’s quickly dive into it, how do you save money while running an e-commerce business? Check this out:

Keep hold of invoice: Handling accounting for an e-commerce business is pretty easy. Why is this so? This is because most, if not all of your invoices are received online. This allows you to gain easy access them at any time they’re needed, especially if you get audited by the government. Compared to having hard copies of your invoice, online invoices are harder to lose.

Incorporation: knowing when to incorporate is very important in any business, including e-commerce. The downside of being a sole proprietor is that you can lose all your earnings and even your property if you get sued. Corporation solves this issue by separating your personal effects from your business. We handle more on this subject in our video course titled –Incorporation and Taxation. Go check it out here

Utilize e-commerce apps: Remember I recently talked about how apps are transforming the business world, well…that still rings true. There are several e-commerce related apps out there that can act as a true financial expert; helping you monitor your business finances and save you money. We go into deep details on these apps and the appropriate settings to use to achieve the best results with them; all this can be found in our video courses here.

Set aside tax money: Wise entrepreneurs don’t ignore tax finances, and neither should you. You should already be planning your taxes right from the very first sale your store makes. Set aside a portion of your earnings to pay for your personal income tax. I believe everybody knows the repercussions of not paying taxes; therefore, you should take this seriously!

Set up your store efficiently: It is imperative for store owners on Shopify to set up their store properly in relation to shipping costs and sales tax. This is one of the best ways to save money on Shopify. So, ensure your store is charging the correct sales tax rate from the beginning.

I hope these tips we of help to you. Sometimes the hassles of your business finance may seem too overwhelming, in this case; it would be best to call in an accountant to help straighten things out. The accountant’s primary goal is to help your business save money as much as possible, if it comes to this; ensure you hire someone experienced with the e-commerce business, as this would make things easier for you.

That’s it guys!

Until next time!

========

P.S. Upgrade to VIP Club and Unlock All The Videos and Tools. Instant Access and $1 Easy Trial

Last Wall Comments

 
50.0000
2
 sam dh says at 23:18 et
i'm sam from LA.. new here.. LOVE it so far. excited to get started.. researching product now.. any tips?
 
Claudia says at 07:40 et
Welcome Sam. Glad to have you with us.. Have you checked the new PRODUCT RESEARCH VIDEO? I have shared our tips there and gave step by step instructions how to do it!
 
50.0000
11
 Elena76 says at 21:19 et
I'm new here too.. Great course. Everyone talks of winning the "Buy Box".. whats a Buy Box??
 
50.0000
13
 Evan says at 21:19 et
The Box that appears on the product detail part containing the "Add to cart" button.. You got to win it ;)
Or else sale goes to someone else.. If you are only seller then it wont matter. Read more http://www.amazon.com/gp/help/customer/display.html?nodeId=200401830
 
50.0000
1
 robert says at 21:19 et
you gotta win it!
 
50.0000
9
 lou says at 21:33 et
Glad to see you are all rocking! I am hitting 20 units sold per day this week. EXCITING STUFF! Just wanted to share! If you doubt - time to START! JUST DO IT!
 
Claudia says at 21:33 et
you rock LOU! thanks for all the help to the community!
 
50.0000
1
 Cameron says at 21:33 et
Great stuff lou! Keep up great work!
 
50.0000
12
 Bill says at 21:34 et
I am planning to reach $150 profit per day next month.
 
50.0000
4
 Optimus says at 21:35 et
Good to hear, good for you! i am just starting is it late?
 
50.0000
 Lucy says at 21:35 et
It's never too late. It's a perfect time actually to start Shopify and Amazon FBA! GOLDEN TIME!
 
Claudia says at 21:35 et
I agree with Lucy, great time to start is NOW!
 
50.0000
11
 nicholas says at 21:40 et
welcome guys, i am new here.. i was wondering what upsell and funnel apps you guys are using and why?
 
50.0000
 Tyro Meg says at 21:40 et
Welcome friend I tried clickfunnels its good but not integrated with shopify.. Use clickfunnels to build your landing page for facebook ads promotions and collect leads and THEN send them to shopify via followup series..
 
50.0000
 Alice says at 21:41 et
For shopify try One click Upsell by Zipify. also Product Upsell.. You can set up rules for upsell offers. Klavio works well for retention emails..
 
50.0000
8
 wing11 says at 21:42 et
Are there any alternatives to clickfunnels?
 
50.0000
 Amelia says at 21:42 et
Check Leadpages it allows to gather leads on your own website so you can follow up and market to your list.
 
50.0000
5
 Evan says at 22:18 et
I am planning on going to China in late April to meet suppliers and Canton fair.
 
50.0000
7
 karina says at 22:19 et
Great idea Evan! Do we need visa for CHina?
 
50.0000
4
 Spider Fuji says at 22:19 et
who "we"? most europeans and USA guys need yes but it's a formality... book the flights and hotels and you get it.
 
50.0000
5
 Speedy says at 22:20 et
What's canton fair?
 
4
Claudia says at 22:21 et
China Import and Export Fair, also known as the Canton Fair, is held biannually in Guangzhou every spring and
autumn, with a history of 55 years since 1957. The Fair is a comprehensive one with the longest history, the
highest level, the largest scale, the most complete exhibit variety, the broadest distribution of overseas buyers and
the greatest business turnover in China http://www.cantonfair.org.cn/en/index.aspx
 
50.0000
6
 mia says at 13:24 et
Hi facebook experts.. whats the flow with trust msg and many chat bots? please help i am frustrated
 
50.0000
6
 Ted says at 13:24 et
1. Post top shared post (inspired message etc) and boost it to collect many COMMENTS. the engament must be FOR COMMENTS ! Very important.
like "Tell me one thing that you will trade your best friend for?"
Name your top challenge for this year?"

2. Once you have at least 100 comments on the post, run trust msg with welcome message asking something! important to ASK something. ex "Hi there! thank you for commenting my post!! By the way Whats your beloved dog name?"

3. once they reply they get collected to manychat bot automatically where you build the list,sequences etc and followup via Facebook messanger!
 
50.0000
5
 Jeff says at 13:24 et
are those bots legal or will get me in trouble?
 
50.0000
7
 Evan says at 13:25 et
they use facebook api, if you dont spam or abuse i dont see why you should get in trouble... they simply post messanges in FB messanger on your behalf. Never spam and make sure you are relevant! then you'll be fine! works great for me.
 
50.0000
3
 jo says at 13:30 et
The trick is to get MANY COMMENTS. find top discussed / shared posts and do similar, ASKING people for something. https://app.buzzsumo.com/research/most-shared helps to find most shared posts I neach topic
 
Rene says at 22:57 et
How do i get started???
 
Claudia says at 22:58 et
Hi Rene. Best way to start is to go through the video course first http://sellslikehotcakes.co/videos.php which will guide you through the whole steps.
 
4
sol says at 07:45 et
a succesful PL brand however i would like to know which tools are the most valuble in hereis it the bullet point tool,? someone please share
 
50.0000
4
 Emili says at 07:45 et
Welcome sol.. depends what are you trying to achieve and improve?
 
4
Brian says at 14:36 et
How do you know which products to use on the homepage slideshow of your site?
 
50.0000
6
 Ted says at 14:37 et
Use the best selling products of your website of course. You can also do the seasonal offers there (like Halloween, Christmas etc)
 
8
Brian says at 18:55 et
Thank you Ted. I feel silly asking newbie questions, but it's the only way I'll get over the hump of launching my first store.
 
4
Sergey says at 05:12 et
Good day, community!

My name is Serhii Nediak and I'm from Ukraine! I looked at all videos concerning Amazon FBA and now trying to understand all phases of launching process of new product more deep to calculate approximately the amount of funds needed. I even looked at couple products: since I'm fitness coach I'm interested in supplements niche. That is why I will annoy you a lot in the nearest future with all the questions, sorry for that))).

And the first one is: as I've already mentioned I'm from Ukraine, Ukraine is among countries eligible to work on Amazon, to work on Amazon I will need to open professional account, so I will need to open a company and finally the question - where would be better to open a company, in Ukraine, in USA (if this possible) or maybe in offshore zone and what kind of a company it should be?

Will be glad to hear from you, maybe you know any kind of services that can help me with this.
 
50.0000
3
 Ted says at 05:15 et
hi Sergey, good idea about supplements and you can be the face of your product since you are looking so Good yourself. Ukraine is loved in USA and Europe after the donbass thing so you can play this card even more as Ukranian Giant and his secrets of health supplements. Where to open the company - probably locally if it is eligible so no point to overpay high usa fees for companies, as you need bank account and visa/mastercard as well to work! However you need to understand how you ship products to amazon FBA and if you plan selling in germany or europe (pas european acc) or USA ?
 
50.0000
2
 Dr. Jam says at 05:15 et
Good luck Sergey, great idea and what a body!