Business
5 Insider Secrets You Need to Know Before Starting Your Own E-Commerce Business
Online tools such as crowd-sourcing website Kickstarter are making it more plausible than ever for individuals or small partnerships to develop their own exciting e-commerce business. The thrill of leaving the 9-5 lifestyle and earning a crust doing the thing you love the most can mask the risks you will be taking as a new e-commerce business.
So after thinking up a catchy business name and interesting USP, it is time to consider these five insider tips before you take the plunge and start your own business.
Accounts
Sorry to any accountants reading this: but for the most people, accounts aren’t particularly thrilling. Considered by many to be slightly scary and daunting, it can be tempting (but expensive) to outsource this responsibility to a professional. This expense can be a huge drain on an e-commerce start-up which needs to keep the purse strings nice and tight in the early stages of operations.
The Wave accountancy tool is the free service making it possible for small business owners to complete payroll and accounts tasks. Users don’t require any previous experience with this tool aimed at the inexperienced accountant.
Delivery
One of the largest overheads for the majority of e-commerce businesses is courier costs. Delivering goods from the business’ hub or stockroom to the customers is central to the business but can be incredibly pricey. Rapid Parcel is a simple-to-use comparison tool allowing businesses to discover the cheapest courier options for their particular services. The tool allows users to input weight, size and delivery details into the comparison tool, generating costs across all the major couriers.
Cutting delivery costs can help increase those pesky profit margins or give you the opportunity to pass savings onto the customers.
Stock & CMS Management
The physical and digital management of stock can be a hugely time-consuming task for new businesses, requiring its own dedicated team. For many start-ups, the prospect of employing more full time staff can be financially unviable.
To help save costs, start-up business can employ apprentices for as little as £2.73/hour. Additionally, the Government are currently offering grants of up to £1,500 for business taking on apprenticeships, helping to cover nearly four months’ worth of wages for the apprentice. You can find more details on the Government’s website – take a look here.
Diligent, Watertight Documentation
From extensive iTunes user terms to electronic receipts for in-store purchase, Apple leads the way in exhaustive, unperishable documentation. This permanent information helps to protect the company from potential disagreements with customers and illegitimate returns – saving the company billions every year.
Small e-commerce business should follow this lead, building a comprehensive referencing system for all orders, correspondences and deliveries to protect themselves from any potential problems and disagreements with customers. Even if the company’s ethos is relaxed and informal, it is prudent to be organised, formal and comprehensive with all business documentation.
Returns, merited or otherwise, can cost a business significant amounts of cash – potentially threatening the existence of small e-commerce start-ups.
Claim Back VAT
Another step to help ensure the company is saving money wherever possible, keep all business-related receipts and invoices to claim back VAT. Even if the receipt is for a small investment, claims for the cashback can save significant amounts of money over the years. Additionally, it is prudent to get into the good habit of claiming VAT immediately rather than rueing lost funds further down the line.
Trump says Tuesday’s market drop is ‘peanuts’
President Donald Trump played down the stock market’s losses on Tuesday as “peanuts” when compared with the importance of striking a good deal with China and the gains since his election.
The Dow Jones Industrial Average “was about 16,000 or 15,000 and now it’s almost at 30,000,” Trump said at the NATO summit in London. “It’s going to be at 30,000.”
“If the stock market goes up or down — I don’t watch the stock market. I watch jobs. Jobs are what I watch,” he added. Today’s move is “peanuts compared to — we have picked up record numbers so that’s OK. That’s the way I feel.”
The major stock indexes slid Tuesday after Trump said he thinks it would be a good idea to delay signing a trade deal with China after the 2020 presidential election. The Dow Jones Industrial Average fell more than 450 points at its lows on Tuesday, led lower by trade-vulnerable Apple, Caterpillar and 3M.
“In some ways, I like the idea of waiting until after the election for the China deal, but they want to make a deal now, and we will see whether or not the deal is going to be right,” Trump told reporters before U.S. markets opened Tuesday. When asked if he had a deal deadline, he added: “I have no deadline, no. … In some ways, I think it is better to wait until after the election if you want to know the truth.”
Despite his assurances that he doesn’t watch the market’s daily moves, Trump often tweets within hours of when the U.S. equity market reaches an all-time high. He has tweeted the keyword “stock market” 107 times since his inauguration
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Ok so there’s always that time when you just wish so bad you could straight up say whats on your mind, but you know you really shouldn’t, so you don’t. Well leave it up to kids to say exactly what you’re feeling, no hesitation or regret. Check out these kids quotes that say everything you wish you could!
Why do kids say the darndest things? Comment with your favorite!
Become a better businessman in 6 steps following this priceless advice from accomplished entrepreneurs.
- “Do something you’re very passionate about, and don’t try to chase what is the hot passion of the day.”
Jeff Bezos accentuates having passion for what you are doing, because if you don’t love it you are much more likely to give up. It’s hard to take an idea and turn it into reality, especially by yourself or when people whom you respect tell you it can’t be done. The passion and love you give to your project will determine it’s success rate over time.
- “Don’t let people who you may respect and who you believe know what they are talking about tell you that it can’t be done.”
Pierre Omidyar continues to say that often they will tell you it can’t be done and that’s only because they don’t have the courage to try it.
- “If you know exactly who you want to be, you need to spend as much time [as possible] with people that are actually that already.”
This advice from Gary Vaynerchuk is actually priceless when it comes to success in the business world. Think as well “It’s not what you know but who you know,” and surround yourself with people you look up to. Human’s adapt to their surroundings quickly, and soon you won’t just want to be an entrepreneur, you will also know how to act like one.
- “Come up with 10 new ideas every day.”
Coming up with at least 10 new ideas every day will keep your “idea muscle” in shape, which is critical for an entrepreneur in order to keep going and stay ahead of the fast paced business world. James Altucher continues to say that once you’ve done this for about 6 months you will be an idea machine. New ideas keep passionate projects alive and ensure growth in every direction.
Read Next: Working for yourself; Pros and Cons
- Realize that, “naturally, nobody is interested in your ideas. You have to persuade them, and you have to show them that you are the one person out there that can do it.”
Robert Greene, an American author known for his books on strategy, also says that “no one is really going to help you or give you direction.” Realizing this sooner than others will give you a head start and the ability to stop looking for recognition in others. Instead, you can focus on your passion project and make it perfect, and the world will not be able to ignore it.
More about ‘Mastery’ by Robert Greene - “Don’t think about ‘how do I get big fast.’ That will happen if you build something meaningful and important.”
How to encourage teamwork in your organisation
Danae Ringelmann’s advice is not something to skip. If you rush your ideas or your product you will be relying on luck more than anything to create success for you. While luck is certainly involved in alot of things, relying on it or betting on it to ‘get big fast’ doesn’t help you become a better businessman. Being proud of what you create, instilling passion into your work, and working hard will ensure success more than anything.
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- Trump Comments on Stock Market’s latest drop – says it’s ‘peanuts’
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- How to become a better businessman in 6 steps; Priceless advice from Entrepreneurs
