The Best Ebay Reseller Advice I've Ever Gotten
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- เผยแพร่เมื่อ 27 ก.ย. 2024
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I just started. Tomorrow will mark two weeks into reselling. Just sold my 22nd item this morning. I agree with all of your points. The first thing I did, prior to even opening my eBay store, was set up an LLC and business account. Treat it like a business, and it will pay you like a business. I'm a former high school English teacher turned homeschooling momma. Thank you so much for your videos. By far, you're my favorite TH-cam reseller! *I Dream of Genie!*
Well thank you and congrats. Maybe I should have said if you are 100 percent certain this is the direction you want to go you should take these steps. I will say the answer llc does have some cost including yearly costs as well. But the mindset you have is going to make those costs seems insignificant
@@commonwealthflipperdoesn’t the fee only occur in certain states - I believe, for me, in Florida I won’t need to pay that fee.
But, I also want to treat my reselling business this way by getting an LLC from the start.
I’ve been accumulating inventory for years, and I didn’t exactly intentionally let it stock pile.
I do think if I apply Chris’, from Daily Refinement, organization system I will have no chance for failure as I don’t care to break even on some of the things I own - I just want to clear it out in a new eBay shop that is for liquidation strictly.
After that I want to funnel all profits into just good items, and create a store with relatively priced and high quality products.
Thanks for all the content and inspiration!
What a start! Whatever your doing its good! Took me a few months of trial and error before i finally got consistent sales. May I ask your primary method of sourcing? Mine currently is a local amazon resale bin store
@@Steel.Canvas local thrift stores and clearing things out of my home. I also had a very nice friend give me some items she had planned to donate, nice clothing and antique books. But mostly just thrifting locally.
@@KatjeTriplett Nice! Well congrats! You’ll have that top rated seller badge in no time!!
Your way would drive me nuts:-) lol:-) I was a nursing home nurse for many years. Started this "side hustle" 4 years ago. I'm good at setting up "systems", I'm told. I set up the electronic medical records system at work, a 369-bed facility, before I retired. I "see" systems in my head, I guess is what I'm saying. As soon as I decided I wanted to do some reselling on Ebay, just to keep my brain and disabled body busy, I created a spread sheet. I also keep a work book. Just a spiral notebook, the smaller one and I write every piece of inventory I want to sell, where, when, I assign the item a number and I put it on the shelf awaiting someone to buy it. Then I sit down to list and I've got the description, etc in the notebook and I can sit and list for a few hours because I'm not having to get up/down, which is painful, because I need a measurement or something. The spreadsheet comes into play when an item sells. I fill in the buyer's name, how much they paid ebay, how much they paid ebay for shipping, the tracking number, the item description, the "Lot number" and then once Ebay does their thing, I go to their financial page and I add in on my spreadsheet how much fee they took out per item and how much my final total profit on the item was. At the end of the month I do some adding, which is easy to do if you're using microsoft excel, and then I subtract what inventory cost me that past month. The remaining number is how much money I cleared. At the end of the year, it's easy to come up with just how much money you spent, how much you made, etc. And don't forget to add in any shipping materials if you buy them. See, in nursing we have to carry a little notebook in our pocket so we can get information told to us during medication pass or whatever, and at the end of our shift? We've got to go to every single chart and document every single vital sign, everything on each resident/patient where something was said to us during the shift. And it's the nursing documentation that "carries" the nursing care plan which is a federal form. The care plan is simple but has to have documentation in order to justify the information on the careplan. Careplan has the "Problem" "Goal" and then "Intervention". At some point the care plan team has to review the document and see if that intervention is working and if not, we gotta come up with a different intervention. If it DID work and the problem is resolved? Then we can close out that entry. It's kinda the same principal when I sell stuff. And I'm just selling stuff I buy online, jewelry mystery boxes and purse lots. Just something to keep me busy. I cleared Just over $1000. to supplement my social security last month. Small potatoes. Just in case there's someone like me though watching your channel I thought I'd share my method:-) If anyone would like more information please email me at carolj471@gmail.com:-)
Thank you for sharing I appreciate it 🙏 ❤😊
Thanks for the information. I just may reach out however I have zero spreadsheet literacy. 😂
Great advice, Kevin! Please stop worrying about what other people think and how mad they might get.. Your input is necessary and appreciated.
Absolutely. This is your channel with any advice or thoughts given from your personal experience. Please don’t waste too much time justifying yourself. Think of how much time you’ll have if you leave off answering to haters. Tons I bet. You do you!❤
I have a separate account. At this point I don’t pay myself a salary because we don’t need it for household expenses. I have a separate business account and right now I am reinvesting and allowing business money to grow. I have a point when the money in that account reaches a certain point I will start paying myself a salary. Love your videos. Keep up the good work. 😎
Straight grindin💪
100% agree with your first point. I can't believe I waited as long as I did to take that step for my business. Do it yesterday!
I have a full time self employed and sell on eBay no store no separate bank account and I write everything thing down on paper for both jobs and save every receipt very easy and works
“I think I spent a $1 on it, maybe spent 2…” says it all. I keep track of every item’s cost to get an accurate profit from each. That works for me. Keep up the good videos!
Yes, I opened a checking account first thing from my household checking. Great video - thanks for sharing.
I use a spreedsheet and keep track of all my expenses. I also have a separate checking account that I deposit all the funds I receive from reselling.
Great video Kevin.
1000% agree with you on separate bank account!
Much easier to keep track on finances!
Yah...I haven't figured this out yet. Selling 2 years now. This supplements Social Security. One bank account....after I pay the bills, whatever is left goes to buy more inventory. Don't make enough to get another acct yet.....can't see the point YET. Hopefully.......
A couple of accounting notes 1. The accrual inventory method doesn't require you to track each individual item. At tax time you just need to know a) the value of your inventory at the beginning of the year, b) the cost of your purchases throughout the year and c) the value of your inventory at the end of the year and then you do a simple calculation :- (beginning + purchases) - end value = cost of goods sold. The end of year value does require you to look at your unsold & unlisted stuff and put a (cost) value on it. 2. I use the receipt book approach for garage sale purchases. I just write a receipt for each cash purchase. The advantage of this over pointing to a cash withdrawal on a bank statement is that it provides much more solid evidence of money spent. You could withdraw $500 from your business bank account and only use $100 on business purchases and $400 on non-business purchases. I wonder if an IRS auditor would be ok with your method. (I"m trying to be helpful, not critical BTW).
Love the White Lion t-shit! Saw them in concert in Salisbury Maryland 1989. White Lion, Vixen, and Ozzy Osbourne. What a time to be alive!
I have been a casual seller on eBay since 1999. I always treated my PayPal account as my separate bank account. When eBay moved to their own payment processing in 2019 or 2020 I finally opened a separate bank account just for reselling. It is so much better than just using PayPal. I have a storage envelope where I keep all my eBay related receipts with the intention of entering them into a spreadsheet every month. Of course it never happens and come tax time I have a mess of receipts to go through. 😫 I definitely need something to easily track it all. I DREAM OF GENIE!
Best advice you could ever give anyone reselling. Get a separate account for just your eBay business. It just makes running your business a lot easier. Been doing it 20+ years. Best decision I ever made.
ayeee 311 Transistor Cool! Those boys have been around for a long time and still doing their thing. Reggae/Ska/Rock Good Stuff.
Great video Kevin! I am in Virginia as well and restarted selling on eBay after a many year hiatus. I think an important thing is listing daily. I wasn't when I started back a few months ago. Once I listed daily, items that had been up for awhile started to sell. I believe there is an algorithm.
Congratulations Reagan!!
I dream of genie! I have a separate bank account and have since I started a few years ago. I only sell on eBay currently. I started selling stuff around the house and then invested in myself $100. Yeah it wasn't a lot but we were not gonna put our finances in jeopardy. I figured everyone would have a separate account for their reselling. It makes things so much easier. I enjoy your channels and thanks for all the tips you have given.
I have always had a separate account. I am a Sole Proprietor and prior to Ebay I sold window treatments and art. So, when I started on Ebay it was just another item(s) that I sold. I no longer sell window treatments but still sell my art. I still use paper and pencil and spreadsheets of my own making. I hate bookkeeping but my sales are not so large that I need to learn an accounting program.
Hi Kevin! I dream of Genie! You would crack up at all my spreadsheets LOL but apparently I am just a nerd! I do have a separate bank account, but still line item everything! I imagine if I were full time, I would rethink that though! Thanks for sharing your thoughts, I respect hearing what people who are making it happen are doing! Thank you also for sharing your views on debt, I love how you discourage it, and even get angry at it, in my opinion, that sets a great example, and I agree 100%! Liked and shared, thanks Kevin!!
I love my spreadsheets! It's one of the enjoyable parts of the job. If I get to feeling blah about more listing, I stop and do some bookkeeping for a bit, and I am still working, but it perks me up. Lol
I am a part time reseller following retirement. I had an LLC and Bank account in place before I started. I also pay myself monthly. I dream of Genie!
I opened a separate checking account and use the cash in/cash out system. I also have a separate wallet to make sure everything personal/business is separated. I dream of Genie!
I second that separate bank account! Absolute must! ❤ And of course, I dream of Genie! Thanks, Kevin!
If I was larger reseller, I would definitely have a separate bank account. But for what I do as a small supplement to my income I haven't found that it's necessary. I'm retired from accounting so Excel Spreadsheets are my best friend. I record everything I buy as soon as I get home from sourcing and also record all my sales, fees, etc as they come in. I have a monthly budget for my sourcing. The spreadsheets also help me to compare my figures to Ebay and so far it's been right on the penny. I keep a certain amount of my sales payout and the rest goes in my savings account for emergency. I resell to mainly help me pay for some higher priced medications I have to take and my insurance doesn't cover very well. Thanks to Ebay, I was able to replace my eye glasses this past month. If I was doing this as a bigger business, I would probably do it somewhat different but I think I would still have my spreadsheets.
Yes I have a bank account dedicated to the reselling business. Once a business gets large enough it even makes sense to have a separate account for taxes, salaries, cost of goods, etc.
Agreed. Savings account for those taxes
I’ve been reselling for 8 years as a hobby. I love the thrill of the hunt. I also am business minded so opened a separate bank account for my reselling business 5 years ago. It does help to keep track of things and keeping separate from my full-time job.
But you are correct that you have to be careful to only use it for the business especially as you get bigger.
And I like the idea of paying yourself a salary each month.
I am missing the part of paying myself. I’m going to start doing that. Not paying myself habitually causes some sloppiness with my dedicated reselling account. Thank you this is a good prompt
Completely agree. Started reselling 12/27/23 and opened a separate account 6 weeks in.
Reggae seems to sell very well, and at good prices. If you ever find a 311 Transistor vinyl record, you're looking at hundreds of $$.
Yes Kevin, I agree with the separate bank account, I do have one, makes things easier, I do need to start paying myself, I have thought of it just haven't started. Keep up the good work! I dream of Genie
When I first started reselling, I started with 20+ years of experience in Logistics and Management. So I started an Excel spreadsheet to record everything we bought, sold, and invested in the business (as well as a record of where we traveled and when) It was (is) a multi tab worksheet. We also keep all our receipts, but realize that we don’t have receipts for yard sales. As long as you can quantify your Cost of Goods Sold and other expenses (to include shipping and eBay expenses) via spreadsheet, it’s all good. I agree that having a separate bank account is a benefit, but haven’t grown to the point that we think that is necessary.
Same, my husband & I have a multitab excel sheet we created to track everything.
I opened a separate account at Ally Bank, no fees. Purchase at thrift stores using the debit card. Withdraw cash at ATM (Ally reimburses ATM fees) for yard sales / flea markets. Write on the ATM receipt the number and dollar value of purchases. Keep any extra cash in a separate envelope for additional cash purchases for the business.
I did use a spreadsheet when I first started that kept track of everything. That became way too time intensive.
My new way gives me everything I need to know my cost of goods sold and my profit. Much easier.
White Lion was a Danish-American pop-rock band that was formed in New York City in 1983 by Danish vocalist/guitarist Mike Tramp and Italian-American guitarist Vito Bratta.
Totally agree! I started my eBay store last year and and money was going to my debit account which is also for my regular job account… So I never knew what is a total from the last year, so in January(1 or 2nd )this year I got separate accounts. I don’t make a lot of money ( because I have a regular job), but at least I know my numbers know.
It’s funny you mentioned that’s the first thing you should do because that’s exactly what I thought and what I did. There was no way I wanted to mix my reselling transactions in with our other bank accounts. 22:16 What a nightmare. I have an extremely small business but I still can’t imagine entwining it with other bank accounts. Best advice ever, Kevin.
I agree with you 110% on the separate bank account. Makes it so much easier. As for as a business account, I paid $35 for a sole proprietorship at my local city hall and then got a business bank account, which was free because I already had a personal account.
As Im sitting here last minute doing my taxes... I opened a separate bank account some years ago... but I need to sign up for my reseller genie. "I dream of Genie".
I have a zebra printer but I didn't get it for a long time. The qr codes are great. Always good to hear your thoughts ❤❤❤ thank you 🎉
As a longtime independent contractor, I have separate accounts to keep it easier at tax time. I put aside 25% into a savings account for taxes, and 10% into a church charity account. I have a business checking account to pay business bills, and of course a personal checking account. I recently opened an account for my new Ebay venture, too. I’m sure I drive the bank crazy with all my accounts, but as long as my husband and I keep an overall balance in the bank, there are no extra fees 👍🏻 😅
I dreamed of Jeannie ..!! Love your show.
I Dream of Genie!
The Back office and accounting set up is a challenge for me. I am so grateful that you had this video today. It can be challenging for me to find enough time for all aspects of reselling alone... I am a one women show 😂😂. My my books are what I am struggling with to get set up and organized. I would love to try a system that doesn't tax my brain so much 😅
Thank you!
I dream of Genie! We are paying much more for quick books so we've been thinking about a change...
As someone who ran a multidealer shop, getting a separate bank acct. is important. Also, be sure to pay into your social security! I wish I did. It was a big mistake to ignore this. Treat your eBay like a real business and tax time will be easier.
26:13 congratulations Beautiful Reagen!!
I want to do reselling to get rid of so many items left by my parents when they passed but so nervous. Seems so overwhelming. I don't want to give it away, I'm not even sure what questions to ask
your friend was right . i didn't even know you had a picking or sourcing channel. interesting... i will check it out !
I opened a business account March 1 and let it grow all of March. April will be my first month taking an actual salary from my business account after doing this on the side for 3+ years now. Definitely been easier to separate as previously i had a dedicated personal savings account i would use for my reselling that I would move funds back and forth from. So now all in one with a separate debit card.
I have been managing an eBay store for the past six months, having inherited it from my mother who had been operating it since eBay's beginning. I got a lot of knowledge regarding product selection and packaging, thanks to her. However, she never disclosed her financial management practices to me, and I never asked due to cultural sensitivities in the Southern Bible Belt. We find it rude to talk about, stupid yes but best learn it on your own time or not at all.
Currently, I am in the process of listing all the store items. I feel there might be something wrong in my approach. Specifically, I am concerned about the significant portion of earnings that eBay deducts, as well as the charges for underpaid shipping, despite my confidence in my shipping measurements.
To provide some context, I sell approximately 20 to 30 items per month, generating a net income of $1,600 to $1,800. However, eBay's deductions, including shipping costs, amount around almost 700 to 800, which seems disproportionately high. I am seeking advice to ensure that I am not overlooking any critical aspects of the process. I must be doing something wrong.
We are selling anywhere from 50 - 80 items a month.
I opened a separate bank account after the first few sales. I knew it was too complicated to keep together. The cash withdrawal for estate sale, yard sale money
“ I Dream of Genie”. My reseller Genie sounds amazing. I would love to try it. I do have a separate account for my eBay business. My store is Ms. Betty’s Attic Antiques. I am a 77 yr old retired teacher. My inventory so far is all the “stuff” I have accumulated through my life so far. As well as some true antiques that belonged to my Mother and Grandmother. I will have been a seller for two years in August and I love it. I watch your picker and flipper channels. Thank you for sharing.
I think a seperate checking account is very important. I have a free checking account for ebay. You will be surprised how much you have been dipping into your "business" fund when you have a seperate acct.
I take a small notebook and right down the address of the yard sale and what we spend at it.
And yes we have a separate Ebay bank account.
The first thing I did before I sold one item was set up a separate account because I’m also receiving SSI payments. Everyday I spend any money reselling come I home and write it down or add the receipt to my monthly booklet. At the end of the year everything goes to my tax guy. 3 years later so far so good.
I dream of Genie! Thanks for all the great advice!
I dream of Genie 😊 thank you for sharing, I absolutely appreciate it. I do have to get better at keeping up with what I've spent to what I'm making, God willing my store grows and yes I do need to open up a business account because right now it's my personal account. Anyway thanks for all your tips I have started selling because of you and others well selling on Ebay ect. Have a great day 😁😊🙏
I have separate account. I have a budget and pay myself twice a month. I tried reseller genie before and you convinced me to try it again when you said it’s easier to use now.
I dream of Genie. I don't have a good system. Reason I'm entering the I dream of Genie drawing. 🤣
I have a separate checking account for the business. Much easier to keep track of anything. I sell on average 140+ items a month doing this part-time. I'm not to the point where I pay myself out regularly yet, but as I continue to grow, I will be paying myself regularly.
I wish I could go full time I’ve commented similar before, but my regular job pays pretty darn good. I did get a separate bank account for eBay buys and sells though I’m not in the position where I have to have the money
Separate bank account, My Reseller Genie, and I use the accrual method, very easy when listing in EBay I put my cost into the special SKU , when I import next day with MRG it’s right there in the SKU column easy peasy
I dream of Geni
I dream of Genie. I use google sheets and have a separate bank account for my resale business.
That's the first thing i did starting out. I got a separate bank/ebay account. For lil different reasons. I did it just in case sumthing happened i didnt want it too affect our main bank account. I just recently started a certin income number per. Month to reach And its helped 100%. It really makes ya buckle down. To reach that #.
Thanks bud
damen~
As a new seller it is very worthwhile to keep line by line records of purchases and sales as a learning activity. If nothing else, it helps to get a better grip on expenses. However, as volumes (hopefully!) increase it becomes an impractical burden.
I simply import income and expenses from my business bank account into a simple spreadsheet each month to produce a profit/loss figure. The account I have categorises transactions (learning based on account payees or manually entered) so it is straightforward to filter out drawings (i.e. payments to myself) or personal expenditure.
My annual tax return takes about an hour to complete.
I operate on a cash basis and have done so for for the last 20+ years. As of last tax year HMRC (the UK tax authority) takes cash basis as the default method for sole traders--although accrual remains an option.
Although I was, long ago, a Financial Consultant I was never a tax specialist so take my input only on the basis of being a long time tax payer!
Just wanted you to know , I saw this morning to subscribe. So I have been following you a long time. So I had to resubscribe
People can take what works for them from every single video you make!! Carry on! 😃
Second bank account? IT WAS THE FIRST THING I DID, BEFORE STARTING SELLING in 2004. If nothing else, it keeps online business fingers out of your primary account. If something goes south, they can't take your rent money. No one should ever use a primary bank account for on line sales. That was true 20 years ago and it's true now. I don't sell any more, long story omitted, but used a spreadsheet to track expenditures/sales.
I do keep a detailed notebook, and when I list an item I write it down along with my cost and the listing price. This IS work, but it helps me visually see when I've made a bad buy along the way. I keep a separate book for each year (I've only been doing this for a year and a half). I did get a separate bank account, and I'm transferring profits when I reach a certain number over to a savings account for our oldest son's college next fall. This is definitely giving me a goal, and I'm amping up to hopefully double what I did last year when I was a newbie!
Also CONGRATULATONS, Reagan!!
Love the videos Kevin, thank you! I have learned so many tips and tricks through you and very much appreciate it! I dream of Jeannie and reselling ;)
If you use accrual basis it is very complicated in my opinion especially with reselling that’s just my opinion as an accountant. It all depends on your business the assets capital and the net worth of your business. Being organized is the key though.
I dream of Genie. Great video
The cash method for me works great and makes it easier to keep track of my expenses.
I love every video you put out Kevin! You give such Amazing Inspiration. I need to check on my auction it’s not showing up in my eBay account
I was thinking of doing a separate bank account. I wish I had done that from the start. I also started typing in receipts into Google Sheets. And I started writing down items, their cost, sourcing location, etc. I want to put that into Google sheets as well.
I dream of Genie. Love the great info.
Your way would work for me prefect!! Right now, I am still starting. I even had plans to get a seperate account before you even said that. Being 67 this income would be supplementing our funds for groceries, etc. So no, I would not get a salary.
I dont sell alot on ebay now sales are way down and shipping is way up :( but what I do is write a check from the ebay only account, put in a seperate zip pouch and that is my estate / church / yard sale $$...when its gone I can replenish but it helps me keep track of my cash sales like that
I dream of Genie! Oh, how I dream of Genie. I have a separate bank account which I agree is the way to go. I've been slowly growing my ebay/mercari business over the last year and am getting to the point where the accrual method is taking up an insane amount of time. I need to look more into your method. I've been debating signing up with my reseller Genie. I have a lot of sales but they are low profit. It's been hard to be able to pay myself. I need to scale quickly with higher profit items.
Kevin, you are going to have to start paying that new promotional young man now, lol.
I dream of genie, I mostly one account for reselling but I will have to get much more organized.
I don’t have a retirement plan with my regular job so I flip to fund my ira. Have done 7k or more the past 3 years.
I agree Kevin, I use the cash method, my tax guy mentioned the accrual method, there is NO WAY I could do that. I use a receipt book for cash purchases.
I dream of Genie!
I dream of genie! I would love to try! Yes separate bank account is very important.
I dream of Genie
We've been reselling since August. And I feel like we're doing very well although the accounting side is a little daunting.
I dream of Genie 💜
I have a separate business account, but some expenses must needs come out of my personal account. I’m not paying myself a salary yet, but I’ll take an occasional draw. Cash method all the way because of the way I source at estate sales and auctions.
i do my finances the same way you do with a seperate account
I had a separate account from the beginning because of being paranoid about people getting in my account. I don’t pay myself currently and I know I should and quit living out of the business. My former bosses did that for way too long and now they are scrambling to get by because they didn’t pay enough in to draw worth a crap. I’m old school I do all my bookkeeping on paper. I’m good at keeping receipts and records because all the owners/ bosses at the job I worked at for most of the last decade were dyslexic and very unorganized and I had to work for every penny with them.
Very informative the video. Thank you. I dream of Jeannie😊
I didn’t even start till I had a separate account.
The first thing I did when I start selling is open a new bank account.
I dream of Genie, Jeanie
Separate accounts yes!, LLC no I doubt that I can get sued for a pair of shoes sold. Thanks!
I dream of Genie.
Thank you for this really good video!
100% agree
I do cash method but as of yet don’t pay myself a set amount per say but that’s the next step
I’m not to the point where I need a separate bank account. But once I am, I will. I had my first breakage return this weekend. so now I owe eBay money.😂
You need to write the address of where you drive to pick, then you need the price you spent on the pick, a signed receipt from the vendor is best, but just write it down yourself, when you sell the item on eBay the info will be there for how much you got and fees, as with PayPal. Not easy answer.
I dream of Genie. I use cash. I do have a separate bank account. I have a credit card that i pay off every month that gives me points that i purchase supplies with.
GOOD MORNING
I have a separate account and buy all my goods with a high reward credit card…
Lov Lov your show and your adorable kids, your show is one my husband will watch with me😂