Resources and Tips for Starting Your Own E-Commerce Business

by Thom Tracy

2 min read

Running your own e-commerce business can be a difficult thing to manage alone. Educate yourself on industry tips and respected software and online application companies so you can begin developing your own e-commerce site.

Website Design

Without a basic website for your business, you will miss much of the buying public. Your website enables easy and direct access to your company’s target market. When designing a site, it is best to begin with a small and professional-looking platform; only expanding it as your company grows.

  • Decide what content and design the website will have.
  • Think out the information structure and flow.
  • Create the user interface.

When contemplating on whether to invest in a website developer, base your decision on the project’s complexity and available resources. If you decide to go ahead with outsourcing the project, itemize your requirements and prepare a request for an estimate. Make sure that the person developing your website has experience in mobile-friendly design and that your site is tested on an array of phones and operating systems.

Inventory Management

The next biggest component of your e-commerce business is a complete inventory management system such as SOS Inventory, an application that integrates with QuickBooks Online. The best systems provide the following functions:

  • View quantities on hand. While buying and selling products, your inventory amounts are updated automatically, allowing you to see what is flying off the shelves and reorder.
  • Organize multiple vendors’ contact information in one place, while keeping track of what has been ordered from each individual vendor.
  • Get inventory valuation in real time. As you run your business, inventory amounts are automatically adjusted on your firm’s balance sheet.

Payment Portals

The most popular ways of taking credit card payments are by utilizing your firm’s own merchant account or by employing a payment gateway account from a third-party merchant. Obtained through a bank, an online merchant account grants you the ability to charge credit cards. It is seen as a line of credit and must be applied for, similar to a loan.

Additionally, your business may require a payment gateway account. This online transaction handler can lock into the credit card accounts of the shopper and your merchant account. The payment gateway processes transfer and verification requests. By communicating with the card issuer’s bank in real time, a purchase can be authorized in moments when it is made online.

Integrated Accounting Software

QuickBooks is globally recognized for its outstanding software, which saves its clients an average of 11 hours a month. When assessing an accounting application, look for:

  • Ease of use and simplicity
  • Level of efficiency and automation
  • Scalability – can your software grow with your firm?
  • Large amounts of quality financial insight

QuickBooks performs all of these functions and more, including the ability to integrate seamlessly and sync data from apps such as Shopify, Square, BigCommerce and many others.

References & Resources

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