1) Accounting – Keeping track of revenue and expenses is a must. You can hire the services of a professional but in the early stages of your online retail business – you might not want to spend the money. There are several easy to use accounting / bookkeeping programs on the market today. It will be worth your money to purchase one and learn accounting basics.2) Analyze the numbers – When you’re starting your business – you’ve got to decide on an acceptable profit margin. Your profit margin will help you determine prices. Put simply, your profit margin is the difference between your revenue and expenses. This information is important for helping you determine how much money you’re willing to work for, which items are profitable and which are not.3) Don’t spend it – When starting out – don’t waste precious money on unnecessary items. Don’t order a bunch of t-shirts with your business name on them. Only purchase items that are essential. For example, even today I refuse to purchase shipping labels. Using regular postal services, I’ve determined it’s less expensive to print shipping labels on copy paper, cut them out and tape them on the packages. This may… Read full this story
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