Chris Rivera Intro - 0:00-0:42 How to scale an Ecommerce Business Profitability - 0:43 Inventory Mark Up & Return on Ad Spend - 1:38 Inventory Mark Up & Return on Ad Spend (Example) 2:34 - 11:55 Calculate the Cost of AOV - 5:40 Calculate the Inventory Transportation Cost - 6:01 Margins should be (15% - 25%) - 8:33 Raise Price Per Units - 8:50 Ask Supplier to Lower Price - 9:13 Ask Payment Processor to Lower their Rate - 9:25
By the way, do you know if a business has to pay use tax on an online voip service (virtual phone number) from another state that doesn't include sales tax in the receipt?
I was waiting to get a sales tax id until I actually had a successful website with consistent sales. I went thru like 19 different shopify stores in the last 2 and a half years. Apparently I now have 2 successful stores with consistent sales cause I got a notification from shopify on both stores that says I may have a sales tax liability in 1 state and should start collecting sales tax. Both notifications say its my home state (nexus state). Both stores are less than 100k each but together are a little over 100k for 2021, so far. So not really that successful, just consistent. I read somewhere that TX, my home state, has a threshold of 500k. I am no where near that. Does shopify report my income to the state like they report my income on 1099 to the IRS? Since its two different shopify stores that are two different brands, should I get two different tax id's for each store? Or just use one tax id for both stores? I saw on one of your interviews that I could have 1 LLC for up to 3 stores... which I still need to do.
Chris Rivera Intro - 0:00-0:42
How to scale an Ecommerce Business Profitability - 0:43
Inventory Mark Up & Return on Ad Spend - 1:38
Inventory Mark Up & Return on Ad Spend (Example) 2:34 - 11:55
Calculate the Cost of AOV - 5:40
Calculate the Inventory Transportation Cost - 6:01
Margins should be (15% - 25%) - 8:33
Raise Price Per Units - 8:50
Ask Supplier to Lower Price - 9:13
Ask Payment Processor to Lower their Rate - 9:25
Hey Chris, glad to have you back! Thanks for the video, great content as always!
By the way, do you know if a business has to pay use tax on an online voip service (virtual phone number) from another state that doesn't include sales tax in the receipt?
I was waiting to get a sales tax id until I actually had a successful website with consistent sales. I went thru like 19 different shopify stores in the last 2 and a half years. Apparently I now have 2 successful stores with consistent sales cause I got a notification from shopify on both stores that says I may have a sales tax liability in 1 state and should start collecting sales tax. Both notifications say its my home state (nexus state). Both stores are less than 100k each but together are a little over 100k for 2021, so far. So not really that successful, just consistent. I read somewhere that TX, my home state, has a threshold of 500k. I am no where near that. Does shopify report my income to the state like they report my income on 1099 to the IRS? Since its two different shopify stores that are two different brands, should I get two different tax id's for each store? Or just use one tax id for both stores? I saw on one of your interviews that I could have 1 LLC for up to 3 stores... which I still need to do.
Your situation is complex - we highly suggest consulting with a professional!