As an entrepreneur with a wealth of experience in establishing and managing various e-commerce ventures. I’ve been through my fair share of audits and have learned some valuable lessons along the way. Today, I’d like to share some insights on a topic that’s been making headlines: the benefits and drawbacks of using third-party e-commerce platforms versus setting up your own.
A few years back, I shared my thoughts on Shopify, a platform that has revolutionized the e-commerce industry by making it easier for small businesses to sell their products online without needing to worry about website development. While it’s true that building a website from scratch can be costly and time-consuming, platforms like WooCommerce on WordPress, despite their complexity, offer significant advantages.
However, recent events have cast a shadow on the supposed convenience of platforms like Shopify. The Canada Revenue Agency (CRA) recently demanded 120,000 records from Shopify of businesses that use its platform. It seems like the CRA is gearing up for a potential mass audit to check if businesses are evading taxes.
This situation highlights the underlying risk associated with third-party e-commerce platforms. The same applies to other platforms like Wix, Squarespace, and any other that promise the convenience of simplicity. But when it comes to dealing with the taxman, this convenience could translate into a serious problem. After all, nobody wants to face an audit, especially if they have been diligently following all rules and regulations.
This is why I strongly recommend considering the option of hiring a programmer to create a WordPress, e-commerce website. It might seem like an unnecessary expense, but the long-term benefits are worth it. You get to control your entries, your orders, and many other elements of your business. Also, making necessary changes or updates to your website becomes much easier and more convenient.
To sum up, it is essential to do your due diligence when deciding between a third-party e-commerce platform and building your own through WordPress and WooCommerce. Regardless of the size of your business, I believe that controlling your assets should be your top priority.
As entrepreneurs, it’s crucial to stay ahead of the game and adapt to market developments and changes in regulations. By maintaining control over our business operations, we can better navigate these challenges and ultimately build more resilient and successful ventures.