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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 pat says at 23:09 et
Not to brag... but It's my first $1000 DAY pals! 37 units sold today! Really appreciate all the help you gave me to boost my sales.. Last year I never reached even 15 units per day!
 
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 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!
 
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 Sandra says at 19:19 et
What tools do you use to count your fees?
 
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Claudia says at 19:24 et
Check Fetcher, CashCowPro and tools like that! Hope it helps! They connect directly to your amazon seller-central to fetch data and build a nice stats&charts&fees page.
 
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 USA says at 20:59 et
What about long waiting time with dropshipping from aliexpress?? 2-4 weeks is a lot of wait? wont there be complains and refunds?
 
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Claudia says at 20:59 et
That's not an issue as long as you don't sell on amazon or ebay and only use this method on your OWN site (shopify store). So you customer cant ruin your acc feedback with negative reviews on slow delivery time.
For amazon you should only use domestic dropshippers to avoid long waiting time.
One more tip - call the shipping "FREE". when something is free people tend to complain less. Okay it's slow but i got it for free so i will wait.
 
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 Spider Fuji says at 21:18 et
I have a question to Amazon, not to you guys... Does Seller support have a number I can call?
 
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 David says at 21:18 et
You can get direct support through seller support.. Use the contact seller support link at the bottom of the page and request response by call back, they will call you if it is an issue which can be dealt with on the phone. Also I found following Amazon.com 866-216-1072
877-251-0696 206-266-2992 Cust. service Seller support
 
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 USA says at 21:31 et
What is amazon/shopify connection?
 
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 lou says at 21:31 et
Maybe you mean this app? https://apps.shopify.com/amazon (Sell your products on Amazon using Shopify)
 
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 Papa says at 21:37 et
Hi guys.. Would love to know if you use paypal checkout in your shopify store, or any other checkouts in addition shopify?
 
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 chris says at 21:38 et
Paypal accounts for about 45% of our sales. I'd say 20% of conversations are coming from Amazon. Also add Stripe and they'll have a much more straightforward guest checkout with credit card.
 
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 Victor says at 21:38 et
Stripe is a way to go!
 
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 Dr. Jam says at 23:13 et
I know there are many photographer recommendations here, but what I am wondering is what is a fair price per photo?
 
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 jack says at 23:14 et
amzshots.com, great work with great prices. I've paid between $20 to $50 per image. The $50 images are outstanding.
 
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 Aria says at 23:15 et
You overpay a lot Jack... I got awesome photography directly done in China $10 per copy (after Photoshop editing, background removal etc)
 
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 Gab says at 23:14 et
fbaphotography.com or use different photographs found on Fiver
 
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 Nick says at 16:22 et
I'm starting shopify, any tips on what kind of products ell best for you?
 
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 lou says at 16:23 et
I have good success with Print On Demand T-Shirts and Mugs.. Search Tee launch and Tee spring... Best part is that you don't need to dropship - they fullfill orders for you! Hard part is to get it profitable. You must find a passionate niche. Use the Niche finder from sellslikehotcakes - see menu above
 
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 Dakota says at 16:23 et
Great to see u start Nick! Good luck!
 
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 Rob says at 16:25 et
Last year i was successful selling trendy products, like Solar Powered Speakers, Solar powered iPhone chargers, wireless chargers. All that geeks love!
 
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Claudia says at 16:45 et
Try DOG stickers. Give them away for free and charge 2 usd for shipping. Then upsell your customers with second offer!
 
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 Kylie says at 16:47 et
Nick, Jewerly is super seller. Find it cheap on aliexpress, you typically spend $1.00 per item – $1.50 to acquire a customer – $2.00 Shipping and then we sell them for $15.00 + a $19.99 upsell which converts at like 20%...

necklace+ earlings
ring then upsell earrings

make sure it is related to your passionate niche (ie dog lovers etc)

Example PUG Necklace https://www.aliexpress.com/wholesale?catId=0&initiative_id=AS_20170218084713&SearchText=pug+necklace
 
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Leslie says at 14:32 et
Thanks Diego. I did think of that. Easier to change niche than fight the crocodiles.
 
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Tiabrihani says at 12:32 et
Hello everyone, I am so grateful to be a member of this program, I have just started
 
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 Ethy says at 11:54 et
Great day for me, made $250 usd yesterday and $220 day before!!! YOU ROCK GUYS!
 
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 Angel says at 11:55 et
thank you for sharing! inspiring stuff ethy
 
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Ernestas says at 22:33 et
this is your start ? :)
 
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 Gautam says at 08:57 et
Congrats. When did you start?
 
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 Dennis says at 01:59 et
congratulation buddy :) hope you will do much more!
 
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 victoria says at 08:06 et
My advice for people who are not successful with dropshipping/shopify - remember its not just about the product but the ads strategy!without building REAL community cold traffic ads just don't work to the cold traffic. I see others who are successful with dropshipping among my partners do a serious community and devote great effort into building it (like baby / moms community) or funny products community.
paying just for clicks to cold traffic with no community just does not work, no matter how hard you work or how much you test! So my advice is first build a facebook community before paying for facebook ads. there is some great video about it in the sells like hot cakes course in the end of the shopify mastery.
 
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 Speedy says at 08:06 et
Great point. People love to buy from people they like!
 
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Jimmy says at 03:41 et
Hi, may I know why my price in Shopify will change automatically for itself?
 
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Jimmy says at 03:41 et
I think the price has changed because of the vendor change their price in Aliexpress, may I know how to solve this problem? Thanks.
 
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 Rob says at 03:41 et
If you use the apps such as OBERLO to link alixpress to shopify then you can set auto update of the prices in the settings of oberlo!
 
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Jimmy says at 15:36 et
Ok, noted with thanks.
 
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dilini says at 19:04 et
can I open USA shopify account? If yes what are the things I need? Thanks
 
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 Lane says at 19:07 et
You need to do your research. To open USA shopify account you will need VPN, some USA forwarding address. But to use USA payment systems you will need more work - US company and bank account. You might also partner with someone from USA.