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
1
 liam says at 21:00 et
How do i handle returns in dropshipping method?
 
2
Claudia says at 21:01 et
Great question Liam!

1. if the product is very cheap it's easier to just refund, absorb the cost and don't ask the customer to ship anything and wasting time with it.
2. if the item is very expensive them ask them to ship to virtual office address (which should have package forwarding features) that will redirect later the item to your dropshipper for replacement or refund.
3. monitor the quality and complains and switch dropshipper with high returns/refunds.
 
50.0000
1
 Natalie says at 21:01 et
Please recommend an app for to show related products on shopify?
 
2
Claudia says at 21:02 et
@Natalie.. Check Personalizer - Targeted Recommendations by LimeSpot.. it's in one of the videos of the course too!
 
50.0000
 Mother Wit says at 21:40 et
What fullfilment services you use?
 
50.0000
7
 Rob says at 21:40 et
Try Shipwire to ship to US customers and across Canada, shipwizmo.com, maybe even Fulfilled by Amazon? Also ZhenHub they have fulfillment centers around the world - China, USA, UK, Germany, Australia.
 
50.0000
2
 Ab says at 21:42 et
any good facebook bots?
 
50.0000
15
 Chris says at 21:43 et
check manychat.com and trustmsg.com to build list via chat on facebooks..
 
50.0000
5
 wing11 says at 19:53 et
I heard Amazon is now accepting only GS1 UPC codes
 
50.0000
3
 Mila says at 19:55 et
my speedybarcodes work just fine.. but you can get on http://www.gs1.org/need-gs1-barcode GS sites too just more expensive
 
50.0000
4
 adam says at 23:03 et
Has anyone got their business insured?
 
50.0000
4
 Emili says at 23:03 et
Check with your supplier to see if they have product liability in placement for you first as a customer, as most do.
 
50.0000
2
 Emili says at 23:04 et
He means product liablity probably... If you have a professional account you have to have insurance. Under ATO all Pro accounts must have $1 mill liability insurance. Its pretty straight forward. Also If you sell $10k for 3 consecutive months on your "Individual account" you have to provide insurance. Check Amazon TOS!
 
50.0000
5
 little_tiger says at 23:04 et
He means product liablity probably... If you have a professional account you have to have insurance. Under ATO all Pro accounts must have $1 mill liability insurance. Its pretty straight forward. Also If you sell $10k for 3 consecutive months on your "Individual account" you have to provide insurance. Check Amazon TOS!
 
50.0000
 Caleb says at 00:54 et
Very excited to meet many of you guys at Traffic and Conversion summit in san diego!! You are crushing it!
 
50.0000
 Samuel says at 00:55 et
TLC2017 rocks.. rian dies and perry belcher on fire. By the way Perry is also doing sourcing from CHINA! this topic is on FIRE !!! he is doing 20 million with his strategic knife sales this year and expanding.
 
50.0000
 Ted says at 00:56 et
True, ecommerce is growing really fast. It's a golden time to start!
 
1
william says at 12:34 et
Hi everybody, I'm new here and is excited. I'm just looking at the Course Intro. I'm starting with ZERO and will keep you guys posted.
 
5
Claudia says at 12:35 et
Hi William, great to have you here!! I'm sure you will love it. Share your progress with us!
 
6
Dmitriy says at 01:26 et
Hello from Russia, my name is Dmitry. I want to say, thanks, an excellent resource, sorry there is no Russian. I have two questions:
1. Can I succeed, with your help.
2. I ask you to extend up to 14 days, my free access, because I do not understand English well, I have difficulties with video courses. Thank you in advance!
 
7
Claudia says at 01:27 et
Welcome Drmitriy. You can use the transcribes of the lessons and translate them to your language
 
50.0000
9
 Mike says at 14:36 et
How are you guys? Great news, we started the beta of the new tool, called "Reverse ASIN". Take a look if this can help you http://sellslikehotcakes.co/reverse_asin.php
Remember it works only for the high ranked products to let you spy on your competitors. You can no reverse asin products that are not ranked in top 100. Really a great tool, similar to Keyword inspector but no need to pay for credits.
 
50.0000
4
 Gab says at 14:36 et
wow amazing work guys! will test!
 
50.0000
5
 Victor says at 14:37 et
Thank you sellslikehotcakes team, I am glad to be part of the beta!
 
50.0000
4
 Gautam says at 08:57 et
Thanks, Mike. Love it here! Hope to make my first sale soon.
 
5
Sathaporn says at 14:57 et
I watch 2 times videos and just got my first Shopify store installed by following your videos and now adding some apps to store like you suggested. Great stuff. But I'm still don't added a product I needs to setup anything first!!
 
50.0000
7
 Jonas says at 14:57 et
Great stuff Satha! keep going!!!
 
50.0000
6
 DTDenis says at 18:00 et
Sure you can set products via OBERLO app!
 
6
florea says at 05:31 et
thank you
 
50.0000
3
 rick says at 02:28 et
New store is in Critics http://sellslikehotcakes.co/wall.php come and post your feedback to help fellow seller