As a CPA and hobbyist (not a dealer) I really enjoyed the video. We do several new businesses and the only piece of additional advice I would give is KEEP TRACK OF YOUR INVENTORY FROM DAY 1. So many people are getting into your business, but never had any intention and have no idea what their inventory starting or ending value is. (Obviously) 100% agree to get with a CPA who knows the business, and meet with them before the year is over for tax planning and not after the year.
So important. The worse thing about owning a business is accounting and taxes. Always best to have a professional handle that for you so it is done right. Appreciate you watching.
Just started my own business, Twin Cities Cards and Collectibles, LLC, and AMEN to every single one of these points! I was shocked by all the start up costs (liability insurance, quarterly tax filings, marketing, accounting software), I was hoping to pay myself something, but it might be a minute :-)
Im going to wrestle mania next week I bought a bunch of cards I plan on getting signed at the meet and greets . love the work you put into your videos its really helped me
For all the unsuccessful times I "didn't" get the autograph (& lost money trying,) now I can write it off as a "deductibles!" Thanks for the great video!
For a sports card business where else do you recommend selling the items outside of Ebay? Can you do a video of how to source inventory on FB Groups? Lastly, any tips on buying non graded cards with the plan of getting them graded?
Hello , grest video with good info from the logistics and legal aspect for sure. However i just had some quick questions regarding more the inventory / product side... 1. Where do you get memorabilia when first starting out? Obviously you don't want to pay the high prices most people ask for a signed item and try to mark it up even further. So is there a good way or source to get that stuff? 2. Do you need to have stuff signed right when buying your starting inventory. I saw you said you had $300 worth of memorbilia starting out. Was it like a lot of items or just a few quality pieces and started adding from that?? 3... eBay vs Website prices What I mean by this is...why would most things people can buy on a sports website...that is usually marked a lottt higher on websites than it is on eBay for a similar item? This always seems an arguement to me from a business standpoint and before you say authentication some items that are PSA graded and certified are still much cheaper on eBay than maybe what a signed PSA card on your own website would go for? Is it having unique items that attracts buyers or having a specific card or item that would make a difference?
You will one day hit 100K+ subs. The quality of content and information is amazing. Thanks for taking the time to offer your experiences!
Thank you for watching.
As a CPA and hobbyist (not a dealer) I really enjoyed the video. We do several new businesses and the only piece of additional advice I would give is KEEP TRACK OF YOUR INVENTORY FROM DAY 1. So many people are getting into your business, but never had any intention and have no idea what their inventory starting or ending value is. (Obviously) 100% agree to get with a CPA who knows the business, and meet with them before the year is over for tax planning and not after the year.
So important. The worse thing about owning a business is accounting and taxes. Always best to have a professional handle that for you so it is done right. Appreciate you watching.
@@PowersSportsMemorabilia That is what I am here for (wink).
Just started my own business, Twin Cities Cards and Collectibles, LLC, and AMEN to every single one of these points! I was shocked by all the start up costs (liability insurance, quarterly tax filings, marketing, accounting software), I was hoping to pay myself something, but it might be a minute :-)
Just wait until you have to collect sales tax in other states. That’s a doozy.
How is your card shop doing now?
@@pfeiffdog0811 great 👍
Im going to wrestle mania next week I bought a bunch of cards I plan on getting signed at the meet and greets . love the work you put into your videos its really helped me
For all the unsuccessful times I "didn't" get the autograph (& lost money trying,) now I can write it off as a "deductibles!" Thanks for the great video!
excellent presenter on these videos nice job man respect
I appreciate that.
Thanks for the great info. Always quality vids. Have a great day.
Great job on explaining step by step procedure! Thanks a bunch!
I just clicked. I really hope this video truely helps and it's not about of clues
For a sports card business where else do you recommend selling the items outside of Ebay? Can you do a video of how to source inventory on FB Groups? Lastly, any tips on buying non graded cards with the plan of getting them graded?
I’ll probably do one on the best ones to buy from. Yes there is a video how to get more psa 10s I made. Suggest giving that one a quick watch.
@@PowersSportsMemorabilia Thanks man! I appreciate the advice!
Hello , grest video with good info from the logistics and legal aspect for sure. However i just had some quick questions regarding more the inventory / product side...
1. Where do you get memorabilia when first starting out? Obviously you don't want to pay the high prices most people ask for a signed item and try to mark it up even further. So is there a good way or source to get that stuff?
2. Do you need to have stuff signed right when buying your starting inventory. I saw you said you had $300 worth of memorbilia starting out. Was it like a lot of items or just a few quality pieces and started adding from that??
3... eBay vs Website prices
What I mean by this is...why would most things people can buy on a sports website...that is usually marked a lottt higher on websites than it is on eBay for a similar item? This always seems an arguement to me from a business standpoint and before you say authentication some items that are PSA graded and certified are still much cheaper on eBay than maybe what a signed PSA card on your own website would go for? Is it having unique items that attracts buyers or having a specific card or item that would make a difference?
Who do you contact to get merchandise at cost to start selling
I missed some information, can I get a list from you of do's and don't of an online business. Thank You
I go over all that info in the video.
What would you say is a starting business's monthly and yearly cost when starting out?
I started my business with $300. Monthly expenses depends how large you are and if you are paying yourself.
What can we do with out Ebay?
Facebook groups. Your website. Your social media channels. Sports card/autograph shows. Tons of options.
Your hidden gem
Go Mo 🇺🇸