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!

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Last Wall Comments

 
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 David S says at 22:34 et
Hi guys! I am about to place the order with the factory, what is the difference between EXW and FOB?
 
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 Raven says at 21:23 et
How do i win buy box??
 
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Claudia says at 21:24 et
We already discussed it.. Please SEARCH first... In short.. Sell your own product and get rid of hijikers! See more http://www.amazon.com/gp/help/customer/display.html?nodeId=200401830
 
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 Kettle says at 21:32 et
What shipment method is best from US to overseas for my products?
 
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 Alice says at 21:32 et
DHL Express for all international shipments. IT's 20% more expensive than USPS but it will provide international tracking and it's much faster as well. For example $30 for 16 ounces (500 gram) in DHL to Australia.. (discounted rate) get account with them!
 
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 eric says at 21:37 et
I am confused with Facebook ads.. It shows on my FB ad is set I've got 15 conversions but in shopify i just got only 7 sales. WTF?
 
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 Evan says at 21:37 et
Eric. Conversions can be of multiple types. Add to cart, view content etc are all counted as conversions. hover over 15 conversions and see how they are broken down.. In short Conversion = Action. It does not mean sale.
 
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 Mister A says at 21:45 et
Any tips on choosing right product for FBA?
 
Claudia says at 21:45 et
Have you watched the video about the rules on choosing the product? in short, choose a small and lightweight product, not easily breakable, not a complex electronics, avoid patented stuff, price range 20-50 usd, make sure DEMAND is there and check with best seller tool!
 
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 Highlander says at 21:46 et
What categories are best for white labelling busienss?
 
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 lou says at 21:46 et
Sports and Outdoors, Home & Kitchen, Patio, Lawn & Garden and Pet Supplies.. Avoid Appliances, Electronics, cameras, jewerly, music and watches
 
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 karina says at 22:53 et
Ranking question.. Should I put typos? Fill out the 5K characters you have on the back end?
 
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 Uncle Sam says at 22:54 et
Amazon now lets you put just 1k not 5k anymore... I Quote "There is a 1,000 character limit for keywords. These 1,000 characters can be provided all on one line or split between 5 lines."
 
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 chris says at 22:58 et
Put brand name first... If you do a search for 10 different products and look at the 1st page results, you will likely see that in almost every case, the majority of listings are dominated by titles that start with a brand name
 
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 Kylie says at 22:59 et
Should i use commas?
 
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 Evan says at 22:59 et
I do not use commas for keywors. Only spaces for the back end keywords seartch terms.
 
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 Dylan says at 23:00 et
Misspellings are awesome. Try to get indexed for common misspellings, I get tons of sales of it
 
Claudia says at 13:49 et
The hashtag for the day is "GET STARTED". Don't just sit on the information. Take action, and we are here to guide you and help you along the way!
 
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 Mike says at 10:18 et
New video added: "Sellers Summit conference insights: How to choose the right product?" in the FBA Mastery Bonus Section. Enjoy!
 
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 Highlander says at 10:19 et
thank you for continues support mike!
 
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 Tyro Meg says at 16:05 et
great video, thank you for sharing!!
 
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wade says at 05:00 et
I know that combating procrastination is an important common theme here – But I think maybe you guys have forgotten how intimidating and overwhelming some of this is. Yesterday for about 6 hours I was really going though some negative emotions – Thinking no way this can work and no one is going to responded to these products I am putting up – What took me out of this funk was 1) the fact that I am starting this business for very little money 2) the realization that doing something I least had a better shot and making it than I had doing NOTHING – Might sound simplistic but that’s the edgy thinking it took for me. I think what maybe the more experienced folks here have disregard is how over whelming it can be when you can latterly chose ANYTHING for you shopify niche and product line – that is awesome and daunting all at the same time….. God I hope I get the White label level soon …LOL One last thought fear of success and fear of failure seem to go hand in hand and feed off of one another…
 
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 adam says at 05:02 et
Wow well said Wade. I went through similar hardships when starting out... What if people don't buy my product? What if it's too late? But then again what do I have to lose? It's not like i am investing 100,000 into this.
 
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 Rob says at 05:03 et
Good Luck Wade! You are on the right track just by giving it a try. 99% of people fail because they never start and give it a chance.
 
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 Mike says at 05:03 et
Hi guys, several new videos were added to the course on product selection and shopify apps! Enjoy!
 
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Jimmy says at 03:26 et
Hi there, I am a newbie at here. May I know what is the best auto currency switcher for Shopify? Thanks.
 
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 James.W says at 03:27 et
Welcome, there are many plugins, not sure which is best, they are pretty same! https://apps.shopify.com/auto-currency-switcher
 
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Jimmy says at 12:15 et
Now I am using Auto Currency Switcher, thanks so much James.
 
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FITZGERALD says at 15:36 et
What is Influencer Marketing and does it really work like the guru claim it is?
 
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 Gab says at 15:38 et
It means when you contact the influencers (youtube stars, instagram stars) via famebit or similar services or directly. It does work but it depends on the service you offer or the product. Lets say you have a beatuty product or tech product - it's easy to find the massive influencer for that. But if you offer something rare and local, it would be hard to advertise via influencers, as their audience is very broad!!! Hope it helps!!!!
 
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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
 
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 Emili says at 07:45 et
Welcome sol.. depends what are you trying to achieve and improve?