How To Prepare Your Online Business for Tax Time

[@learnwithshopify]

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[@arunimasaha4171]

Your videos are always worthy to bunge watch as usual

[@learnwithshopify]

Hi, Arunima. Thanks for the feedback on our videos. That's great to hear you're interested in dropshipping and have done the research behind it. It's definitely important to have a unique brand strategy and ensure your brand stands out. I think a great place to start is checking out our Shopify Blog resource (bit.ly/3zYWH4M) where real store owners share top recommendations for new hair store owners and key factors for success. We also have an app within the Shopify App store called Dropship Beauty (bit.ly/3QLJrq4) that sources and sells beauty products. Another way to help differentiate your brand from other brands is by creating a unique brand strategy. This can help build connections and customer engagement, create customer loyalty and boost brand visibility. Check out our 5 Elements to a Strong Brand Strategy here: bit.ly/3xU1wtk. Lastly, have you considered branching out / expanding your business to also carry cosmetic products like eyelashes or hair accessories?

[@arunimasaha4171]

@@learnwithshopify yes I have planned for that. I have found some amazing hairstyling tools which I can add-on to my hair business (whether dropshipping or inventory). I still remember when I saw Luxy Hair KZbin channel back in 2015. It was the first KZbin channel I ever subscribed. Back then I was teenager and didn't know much about business and social media marketing and so on. I used to remember how I was taken because of Mimi Ikonn and her sister Leyla who use to wear these hair extensions while doing their videos and do create Hairstyles and give tips for haircare and maintaining hair extensions. Now obviously they've sold their business but still their KZbin channel has garnered more than million views and subscribers. They leverage KZbin for their business back in 2010 now their website has listed so many items along with extensions. They were my biggest inspiration, they still are my biggest ❤ when it comes to hair extensions. Like I said that I'm from India and India is the biggest Source for Hair when it comes to unmatched premium hair quality for hair extensions and wigs. And there was an article I read that Indian hair worth ₹150 crores is smuggled to China. If I can mention that. But like I said that what I'm planning to do other competitors are doing the exact same thing.

[@learnwithshopify]

You're definitely on the right track, Arunima. Searching KZbin videos is also a great way to garner ideas for your business and discover what's new on the market for hair extensions/wigs etc. Something helpful to include for customers and have your brand stand out is sharing where the hair extensions are sourced from and how to take care of them. Another way to help differentiate your brand is by including how-to videos on your product pages so customers learn how to use the product. But I think a great place to start is having that unique brand strategy as every brand is different. Sounds like you're off to a great start so far and you've done all the research!

[@stephaniepellettcreative]

Thanks so much Arunima!

[@learnwithshopify]

Hey guys, please note that the free trial promotion has changed. The free trial period is now for 3 days, after which it will cost only 1$/month for the next 3 months!

[@MarkoCeki]

Thanks for the knowledge! - Shopify Store Owner

[@learnwithshopify]

Thanks for watching!

[@stephaniepellettcreative]

Thanks for watching Marko!

[@rajudesai3069]

Thanks you very helpful video

[@arunimasaha4171]

Hi, I want an advice from you. I have been researching a lot about hair extension dropshipping. But I haven't been able to figure out a gap or some kind of pain points. Afterall most hair extensions businesses (dropshipping or inventory) are doing the same things like selling Clip-in Hair Extensions of various kinds and wigs and halo hair extension and others. How should I differentiate in it? Afterall hair extension, infact beauty industry is a billion dollar industry so how can I differentiate and have a piece of that pie for myself as well? Another thing is I'm from India and India is the Huge source for Hair when it comes to hair extensions and wigs. Indian hair are unmatched premium quality "No Questions Asked". So yeah I want an advice as to how can I differentiate and stand out in this crowd and have a slice of pie for myself in the billion dollar beauty industry 😀

[@Adam-dq4vb]

You are pretty, but you didn't add in your title, is it for UK or US, so that people won't click a wrong video. Thank you!

[@learnwithshopify]

Hi, Adam. Thanks for your feedback. While we provide general information in this video on how to prepare your online business for tax season, I recommend checking with a local tax authority or a tax accountant to make sure that you charge your customers the correct sales tax rates, and to make sure you file and remit the taxes correctly.