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EASY Way To Manage Cashflow With Shopify Dropshipping | Step By Step Guide

Published on: December 6 2022 by Shri Kanase

EASY Way To Manage Cashflow With Shopify Dropshipping | Step By Step Guide

EASY Way To Manage Cashflow With Shopify Dropshipping | Step By Step Guide

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00:00:00 00:00:04 yo what is going on everybody shri
00:00:02 00:00:06 khanasi here so how to handle
00:00:04 00:00:08 money when it comes to shopify drop
00:00:06 00:00:11 shipping i personally believe
00:00:08 00:00:12 a lot of dropshippers make huge mistakes
00:00:11 00:00:14 when it comes to handling money with
00:00:12 00:00:15 shopify drop shipping
00:00:14 00:00:17 and then at the end of the month they
00:00:15 00:00:18 find themselves at a break-even position
00:00:17 00:00:20 or even
00:00:18 00:00:22 at a slight loss and worst thing of all
00:00:20 00:00:24 they don't even know how they ended up
00:00:22 00:00:25 in that situation i personally believe
00:00:24 00:00:27 that there are a few simple
00:00:25 00:00:29 steps that you can be taking every
00:00:27 00:00:30 single week or every single month so
00:00:29 00:00:32 that at the end of the month
00:00:30 00:00:34 whatever income that you actually earn
00:00:32 00:00:36 from your shopify drop shipping store
00:00:34 00:00:38 is actually given to you and within your
00:00:36 00:00:40 bank account by the end of the month and
00:00:38 00:00:42 to illustrate this in a very
00:00:40 00:00:43 easy way i'm going to be going over the
00:00:42 00:00:44 exact steps
00:00:43 00:00:46 i personally take when it comes to
00:00:44 00:00:48 actually handling money with my own
00:00:46 00:00:49 shopify dropshipping store so it is
00:00:48 00:00:51 extremely important for you
00:00:49 00:00:53 to watch this video until the end
00:00:51 00:00:53 especially if you run a shopify store
00:00:53 00:00:55 already
00:00:53 00:00:56 but without wasting any more time let's
00:00:55 00:00:58 just jump right into it so the first
00:00:56 00:00:58 thing you'll have to do in order to
00:00:58 00:01:01 start
00:00:58 00:01:03 handling your money the right way is to
00:01:01 00:01:05 just gently tap that like button down
00:01:03 00:01:06 below it'll take just two quick seconds
00:01:05 00:01:08 okay hopefully you've done that but
00:01:06 00:01:11 when it comes to handling money i've
00:01:08 00:01:12 gone ahead and created a very simple
00:01:11 00:01:14 chart graph to show you guys exactly
00:01:12 00:01:15 what i personally do with my money and
00:01:14 00:01:17 i'll be explaining
00:01:15 00:01:18 each step of the process so the first
00:01:17 00:01:21 thing at the very top
00:01:18 00:01:21 of my chart is initial investment now
00:01:21 00:01:23 this
00:01:21 00:01:25 initial investment is specifically
00:01:23 00:01:27 referring to any type of money you
00:01:25 00:01:28 initially put into your business
00:01:27 00:01:30 maybe it was from your savings account
00:01:28 00:01:32 or maybe you borrowed some money from a
00:01:30 00:01:34 friend or family member
00:01:32 00:01:35 just whatever you used from your own
00:01:34 00:01:36 bank account to start your drop shipping
00:01:35 00:01:38 store
00:01:36 00:01:40 and the money you use to pay for the
00:01:38 00:01:42 monthly expenses this is at the very
00:01:40 00:01:44 top and is usually the first expense
00:01:42 00:01:46 majority of the drop shippers
00:01:44 00:01:48 go through then following this arrow
00:01:46 00:01:49 right here that money goes into your
00:01:48 00:01:50 drop shipping store
00:01:49 00:01:52 where you can kind of use that money to
00:01:50 00:01:54 do a variety of things like buy
00:01:52 00:01:55 subscriptions for apps
00:01:54 00:01:57 choose a plan from the shopify trial
00:01:55 00:01:59 plan and also maybe even use it for
00:01:57 00:02:00 marketing and anything related to your
00:01:59 00:02:02 drop shipping store
00:02:00 00:02:03 once you start using that money for your
00:02:02 00:02:04 drop shipping store maybe you start
00:02:03 00:02:06 advertising
00:02:04 00:02:08 maybe you start doing any types of other
00:02:06 00:02:10 things to start getting traffic
00:02:08 00:02:11 that is when you start getting sales
00:02:10 00:02:13 from your customers now
00:02:11 00:02:15 keep in mind that these sales can lead
00:02:13 00:02:15 you to be profitable or in a loss at the
00:02:15 00:02:18 end
00:02:15 00:02:19 we're just trying to see exactly how the
00:02:18 00:02:20 money should flow within your business
00:02:19 00:02:22 let's say
00:02:20 00:02:23 after about four weeks of running your
00:02:22 00:02:25 shopify store you have
00:02:23 00:02:28 about a thousand dollars of profits from
00:02:25 00:02:30 your shopify store and 500
00:02:28 00:02:32 went to your paypal account because half
00:02:30 00:02:34 of your customers bought via paypal
00:02:32 00:02:36 and the other 500 went to your business
00:02:34 00:02:38 bank account this is what i normally
00:02:36 00:02:40 do as well when it comes to my own
00:02:38 00:02:42 shopify store i simply use both paypal
00:02:40 00:02:44 as well as my own personal bank account
00:02:42 00:02:46 to divide up the income that's coming in
00:02:44 00:02:48 the cbp in the middle
00:02:46 00:02:50 is basically referring to the cash back
00:02:48 00:02:52 programs that i use to get back cash
00:02:50 00:02:54 from all the orders i place
00:02:52 00:02:56 via aliexpress and these cashback
00:02:54 00:02:58 programs there's a ton of them out there
00:02:56 00:03:00 one specific cash back program that i
00:02:58 00:03:02 use is admitted and admitted gives me
00:03:00 00:03:04 around one percent to three percent cash
00:03:02 00:03:06 back on every order i place so whatever
00:03:04 00:03:07 money that i get via cash back
00:03:06 00:03:09 this also goes into my paypal account
00:03:07 00:03:10 which then goes into my business bank
00:03:09 00:03:12 account because
00:03:10 00:03:13 all of the money that i get inside my
00:03:12 00:03:15 business paypal account
00:03:13 00:03:16 i just immediately transferred to my
00:03:15 00:03:18 bank account so i have no
00:03:16 00:03:21 money within the paypal account at the
00:03:18 00:03:22 end once i have transferred all of the
00:03:21 00:03:24 money into my business bank account
00:03:22 00:03:26 this is where i then go on to the next
00:03:24 00:03:28 step and that is transferring that money
00:03:26 00:03:30 into my personal bank account
00:03:28 00:03:32 now my personal bank account is mine
00:03:30 00:03:32 only it is not related to the business
00:03:32 00:03:34 at all
00:03:32 00:03:36 which means i can spend that money
00:03:34 00:03:38 however i like and what i'm basically
00:03:36 00:03:38 doing here is i'm basically paying
00:03:38 00:03:41 myself
00:03:38 00:03:43 with whatever money that i just got from
00:03:41 00:03:44 my business bank account so at the end
00:03:43 00:03:45 of the month whatever profits that i
00:03:44 00:03:47 have left
00:03:45 00:03:49 after i've paid all of the expenses from
00:03:47 00:03:51 virtual assistants for
00:03:49 00:03:53 the shopify apps marketing etc
00:03:51 00:03:54 whatever's left over i just transferred
00:03:53 00:03:55 to my personal bank account because
00:03:54 00:03:57 again
00:03:55 00:03:58 this is going to be the profit that i
00:03:57 00:04:00 earned from my shopify store
00:03:58 00:04:02 within that time period once i have
00:04:00 00:04:03 transferred that money into my personal
00:04:02 00:04:05 bank account
00:04:03 00:04:06 this is where the cycle kind of restarts
00:04:05 00:04:09 because now we're at the end
00:04:06 00:04:10 this means i can put this money back at
00:04:09 00:04:12 the very top
00:04:10 00:04:14 to my initial investment what this means
00:04:12 00:04:16 is that whatever profits i just
00:04:14 00:04:17 earned with my shopify store i'm readily
00:04:16 00:04:19 just investing that
00:04:17 00:04:21 back into my drop shipping store so that
00:04:19 00:04:22 i can maybe advertise a little bit more
00:04:21 00:04:24 maybe i can hire more people
00:04:22 00:04:26 maybe i can do more things within the
00:04:24 00:04:27 business which will help me grow and
00:04:26 00:04:29 this is literally one of the best ways
00:04:27 00:04:31 that you can be continuously growing
00:04:29 00:04:33 your shopify stores i personally don't
00:04:31 00:04:34 pay myself too much money when it comes
00:04:33 00:04:36 to the end of the month where i have to
00:04:34 00:04:37 kind of transfer some money to my
00:04:36 00:04:39 personal bank account but
00:04:37 00:04:40 i do end up transferring a majority of
00:04:39 00:04:42 the profits into my personal bank
00:04:40 00:04:45 account just so i am aware
00:04:42 00:04:46 exactly what the profit number was and
00:04:45 00:04:47 how much i earned
00:04:46 00:04:49 during that time period but you can of
00:04:47 00:04:51 course go much more in detail
00:04:49 00:04:52 when it comes to handling your money
00:04:51 00:04:54 maybe you have various different bank
00:04:52 00:04:54 accounts maybe of various different
00:04:54 00:04:56 stores
00:04:54 00:04:57 what you want to be doing is for every
00:04:56 00:04:59 new store that you have
00:04:57 00:05:00 you want to have a different paypal
00:04:59 00:05:02 account and you want to have a different
00:05:00 00:05:03 business bank account
00:05:02 00:05:05 for those stores because you don't want
00:05:03 00:05:07 to be mixing up whatever income is
00:05:05 00:05:07 coming from one store with another store
00:05:07 00:05:09 and
00:05:07 00:05:11 the same goes for the paypal accounts
00:05:09 00:05:13 when it comes to paying yourself from
00:05:11 00:05:14 your stores you want to again then
00:05:13 00:05:16 instead of having it inside multiple
00:05:14 00:05:18 different bank accounts you would rather
00:05:16 00:05:20 send all of that money into one major
00:05:18 00:05:22 bank account which is for your business
00:05:20 00:05:24 and then transfer only the profits to
00:05:22 00:05:25 put inside your personal bank
00:05:24 00:05:27 account and then again you can repeat
00:05:25 00:05:28 the cycle by pushing the money
00:05:27 00:05:30 all the way to the top again but this
00:05:28 00:05:31 was just a quick video on how i
00:05:30 00:05:33 personally handle money when it comes to
00:05:31 00:05:34 shopify drop shipping
00:05:33 00:05:36 nothing too crazy but this definitely
00:05:34 00:05:38 helps me stay on track when it comes to
00:05:36 00:05:40 my expenses at the end of the month
00:05:38 00:05:42 if you found any type of value in this
00:05:40 00:05:43 video smash that like button and smash
00:05:42 00:05:46 that subscribe button and i'll see you
00:05:43 00:05:46 guys next time

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