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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 Cyril says at 10:01 et
Btw, I got a reply to my question "How many keywords to put into listing?" from Amazon!

Response from amazon directly:
Greetings from Amazon Seller Support, There is no "right" amount of keywords that should be provided for a product. 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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Claudia says at 10:01 et
Thank you Cyril!
 
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 Wise Woman says at 21:20 et
I am starting FBA and have 2 questions..
1. What is EAN/IAN??
2. What is FNSKU?
 
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Claudia says at 21:20 et
1. It's European Article Number or International Article Number A 13 digit-10 data and 3 check -barcoding standard which is a superset of the original 12-digit Universal Product Code system.

2. Fulfillment Network Stock Keeping Unit... This number is used to identify a specific product to a specific seller within an Amazon Fulfillment Center. It's this that goes on your product as a label if you're selling FBA and not commingling
 
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 henry says at 21:21 et
sorry what is this FBA mean??
 
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Claudia says at 21:21 et
In short it works like this.. Amazon fulfillment centers pick, pack and ship a seller’s products, as well as providing customer service for products -all of this comes with a FbA fee 15-30% depending on the price
 
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 Kenga says at 21:21 et
Whats different with FBM and FBA??
 
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 Dylan says at 21:21 et
Fulfillment by Merchant - The merchant is responsible for picking, packing, and shipping the products, as well as providing customer support for the product. .. FBA is when Amazon fulfillment centers pick, pack and ship a seller’s products, as well as providing customer service for products -all of this comes with a FbA fee 15-30% depending on the price
 
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Claudia says at 21:21 et
Fulfillment by Merchant - The merchant is responsible for picking, packing, and shipping the products, as well as providing customer support for the product. .. FBA is when Amazon fulfillment centers pick, pack and ship a seller’s products, as well as providing customer service for products -all of this comes with a FbA fee 15-30% depending on the price
 
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 Abigail says at 21:22 et
Whats PL??
 
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 jo says at 21:22 et
Private label product.
 
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 Diego says at 17:33 et
I see many people start to use emoji in aweber but i dont udnerstand how to add them to titles??
 
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 Chris says at 17:36 et
Aweber says "use this http://getemoji.com - so it's allowed
 
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 spooky says at 23:49 et
Is it possible to find out what search terms Amazon Customers used to find your product on Amazon?
 
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 jo says at 23:49 et
start an automated sponsored campaign PPC, then get Search term report
 
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 chris says at 23:49 et
Run a reverse asin search
 
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 bitmap says at 15:14 et
great course, love every minute of it!! please do more videos about facebook ads!
 
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Claudia says at 15:15 et
will do! we have facebook mastery bonus coming soon! awesome stuff
 
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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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Ernestas says at 05:02 et
some one use aliexpres for dropshiping ?
 
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 little_tiger says at 05:02 et
Yes sure, many of us use it! What's the question?
 
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Claudia says at 17:16 et
Will it work for me? What if I have no coding skills? Check out Libni's store and case study here: http://sellslikehotcakes.co/blog/index.php/2017/03/29/sells-like-hot-cakes-program-wonders-heres-libnis-story/
 
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Ricardo says at 04:48 et
HOW DO I manage customer returns?
 
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Claudia says at 04:49 et
Ricardo, in case of FBA then Amazon will handle everything (returns, refunds). In case of drop shipping, I suggest to buy a virtual forwarding address in USA where customers can send returns and it forwards it to you later.
 
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Ricardo says at 06:24 et
Thanks Claudia! , I am starting with dropshipping aliexpress and shopify. My store is about Rock Music (t-shirts and accesories) I have a fan page with +3 Million fans (fb.com/elrockescultura.org) but they are almost everyone from MEXICO, so epacket here it does not work so well, I tested posting one product, (without ads, pixel, autoresponder, analytics, chatbots, retargeting, etc) and we sold 20 items in 3 days, but 15 from Mexico. So what idea do you know around how can I will manage returns?? thank you!
 
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 Kylie says at 06:25 et
Tshirts you can ship using tspring or t-launch app for shopify or even Merch if you use amazon. you dont need to ship tshirts from china.
I suggest to post your store for critics and we all can post more suggestions. It's hard to suggest blindly.
 
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 mya says at 06:25 et
Mexico is a great market, most people dont sell there and always target USA only.
 
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Ricardo says at 02:00 et
Hi, I have one question, maybe someone could help me: What if I work with 3 providers from Aliexpress, and I make an upsell on my store, but each product is is from a different provider. So, my customer will have this separately, will I have to tell him/her that would come in different time? (something rare that figure I think (?))

This providers offer different things for the same niche, so their product are great for an upsell for the other provider.*
 
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Claudia says at 02:05 et
I think it does not matter if all comes same or not. People are not expecting all products to be in same pack these days, you know even with amazon many times the products are shipped separately even if you order same day.
 
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Ricardo says at 12:15 et
great!!
thanks Claudia
 
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 Emma says at 02:06 et
I agree it's not a problem. If customer asks you reply that you ship from different warehouses.
 
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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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Bill says at 08:19 et
So Im new....still doing research for a niche...what I'm finding is using the Hotcakes competitor spy tool, when I do find something that I might like to sell I find out the competitor didn't get it from Aliexpress. This happens more often that not with the biggest Shopify stores. What other dropshipper might they be using?
 
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 Mike says at 08:20 et
It does not have to be only Aliexpress. Check the local dropshipping supplier video, you can also find local suppliers!
 
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JAMES says at 15:00 et
Greetings !!! Glad to be here! I need guidance--i am a true Newbie!!! Please help--do i just start by watching these videos???
 
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 Mike says at 15:01 et
Yes please. Welcome James!
 
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GERRIE says at 08:27 et
I have watched a lot of videos and I understand what they are telling me to do. However, I can't memorize an all the instructions. Is there a written text instruction that I can reread the instructions as I am filling out the forms? I have been putting everything on my reading list but don't know if that is enough.
 
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 Mike says at 08:27 et
Most of our videos have text transcript to download.