Cool of you to be honest about flipwise but you're advice has been extremely valuable so I will toot the horn... Pay for Flipwise or at the very least give it a shot, no matter the size of your store. This is easily the most useful business tool I've picked up in years and I will gladly pay for every tier, no matter how big I get. For 10$, it will make everyone's live easier come tax time and you will not regret it. I'm even willing to pay 50$ if my store ever really got big enough.
I used to be an auditor. There is nothing worse than going through a box of receipts that are all mixed up. I went to this one audit and they had about 15 boxes of unorganized mess. That was a two auditor audit and they got charged extra because of all the time it took.
Totally agree!!! I just subscribed this week and whoever sees this. SUBSCRIBE. It is totally worth it and makes your life easier. Don’t be on the fence like I was. $10 a month for like 30-99 listings is very affordable. You’ll be glad you subscribed
Do you remember your college Logic class? All whales are fish therefore all fish are whales. I frequently see comments for or against Best Offers, Return policies and Markdown Sales. Sellers that lock down on one way to do business may be losing sales and not even know it. If you do "fine" not accepting returns then you don't know that you may do great accepting the returns. You don't know if your sales will increase unless you try a new way of doing business. I offered free shipping on 300 small lightweight items that had been in inventory for 2 years. 30% of those items sold. I increased shipping to $4.00 and the sales continued. I then took the next 300 items and added $4.00 shipping and sales increased. Then I took the same 300 items and offered Free Shipping and sold more. Worth noting, I don't do free shipping on $10 or below items.
for my own protection, sourcing clothes from Goodwill bins or off the racks i keep a sealed bin in my vehicle and wash them before taking photos and listing, just sayin , clothes can spread something you don't want into your home. I Take all clothes to the laundromat and write it off as an expense, for " new with tag" items , sometimes you can get away with running them in the dryer or at the least do a thorough inspection. I've seen donations that look like the family pets wore the clothes and I'm talking cashmere, which has a way of hiding tiny little hairs ! Most of all take precautions with all categories of items as we never know where something has come from when sourcing, especially at a Goodwill.
In a clothing reseller and I wash all the clothes I thrift before processing them. I don’t think I necessarily have to but I just don’t want that thrift store smell or possible bugs coming into my house/office where I store them.
I also wash about 99% of the clothes I sell, including hand washing delicates and most 'dry clean only' items. Unless it's new with tags or very unique/difficult to handle, it gets washed, and stated in my listings that I did so (which I think helps sell-through). I use unscented soap to combat odors. Also it actually is in ebay's policy that used clothing be washed prior to sale.
I managed to achieve over a whopping $300 in sales and now eBay is requiring me to give them a Tax Ident. Number or they're going to hold my funds. Unbelievable.
Thank you for answering my question. The 10% discounts work very well, ive noticed that a lot of buyers actually wait for the discounts almost like they know that the seller will lower the price. im new to this but your videos have encouraged me and im loving this so much.
Hats and shoes, even backpacks etc go fine in the washing machine on short delicate cycle. Put the hats in a washing bag and dry them with a small towel inside to keep maximum shape
Hey Justin, quick note on your comment about washing before selling. I’ve seen this question before on other platforms and eBay has a strict policy on selling laundered clothes. It’s also not a good policy to assume your buyer is going to wash it when they get it too.😊
I was also thinking that was ebay policy. As a buyer, I wash all clothes before wearing (even brand new from retail), but honestly wash the items that I sell just to have them clean in my inventory regardless of when I finally list them.
I am fairly certain that ebay has a policy about clothes being washed/clean. Correct me if that is not the case. I wash most clothes unless they are NWT with the exception of wool and silk. For those, I steam and hang those outside. Unfortunately, it takes A LOT to get that nursing home/estate sale odor out of some clothes. 😳
Even with Buy It Now, some buyers still take time to pay, worst is when the Buyer is also a Seller and they keep you waiting for their payment. Believe Ebay has not pushed out to all registered Buyers the immediate payment card on file requirement. Thank you for going through the questions it helps many of us. Some You tube people don't even bother to respond to any questions posed on their channels. The low offers are due to so many Sellers who over purchased or purchased badly and now are having 80% and 90% off sales, this makes it bad for the rest of the Sellers. We always price below the selling prices with a small profit, nothing crazy. If we list for $40 and someone offers $10, we just send a reasonable counter, and if the person continues with low increments, we then ignore or decline.
There is an 'immediate payment required' setting in the ebay payments section. I use that setting and have no delayed payments except when I run the occasional auction.
When I get an offer for something, I'm 5 times more likely to accept the offer (instead of countering for the few dollars more I'm sure they'll pay) if I see that little foot note that they will be immediately charged if I accept (like when they have a card on file). I wonder if other people are the same, seeing that guaranteed immediate payment as having a value of some kind, either being certain it sold and was paid for, or that I don't have to wait for payment.
+10 Can't just raise prices to make more. Better stuff sells for more. The market sets the value of your stuff. I don't pick up stuff that is going to sell for low $$, unless I can group the item (same size, same brand, etc.), or on books. Books are so easy to pack and ship, I am OK selling them for $10 to $15. On taxes, whether you get a 1099, you owe taxes on your profits, profits, not gross sales. I pay taxes every year, whether I get a 1099 or not. About half the years I get a 1099, the other half I don't. On shipping, our mail carrier will pick up at our home (we don't schedule it, we just raise the flag on our mail box. The buyer threatening to contact eBay by 6PM is hilarious! Anyone who has tried to reach a human being on ebay know how hard it is to actually talk to a person. And then they will be on hold for a long time. Silly threat.
Hey Justin! Great content once again. Did want to let you know it’s actually eBay policy that used clothing be washed. Of course there’s no way they can police this but, it is their policy. Thanks for the content!
When something sells and ebay subtracts the tax the buyer paid before you get your earnings. Is that the amount I should be setting aside for each purchase for my income tax or should I be setting more aside. Im newer to selling and its a little slow. I put up as many listings as i can with the time i have away from my full time job at 60 hours a week at just at a month with only 13 sales that total $391 so far. I'm just doing this to keep busy since Ive been sober since Feb 9th and using ebay to keep me busy along with my youtube thrifting videos. Thank you.
Justin, I've heard you say several times not to worry too much about negative feedback, but I'd love to hear more on why. I sold an item for $7.49, buyer said received wrong item, I replied with an apology and stated I can send a replacement when USPS opens in the morning. Felt that was reasonable trusting them and not requiring a return, etc.. but they replied in all caps lock that I BETTER OVERNIGHT MAIL IT. Obviously not going to happen since that costs $30! After some more messages I refunded them, but now I'm scared if I block them that will push them over the edge and leave negative. Another issue is it's an item no one else sells individually, so I worry they'll create a new eBay account to buy it if I blocked them and then give 2 negative feedback! Maybe this is one of those things where getting a negative feedback will relieve a lot of stress after learning it's not the end of the world, but I've been a 100% Top Rated Seller for years so getting negative feedback always concerns me.
Some on TH-cam will say you should keep the item in your drafts for a few weeks until they move on. Personally, I never worried about people creating new accounts to get around a block, never happened to me, personally I'd just block them and relist it. But if the person is a total psycho, sitting on it a few weeks is certainly an option.
@@johnathin0061892 Thanks, that's an option I didn't think of. I'm hoping they don't even understand feedback since they're a new user with 2 feedback received and none given.. but it still bugs me for days. All I can think about is eBay probably messages them any day now, "please leave feedback for this transaction" and that's when the negative will come! I guess I wouldn't die with 1 or 2 negatives since they'd be surrounded by great compliments, but just wish I had the "I don't care" attitude (while also not being a total a-hole seller).
I just did this with an electronics item I listed for 'parts only' that someone asked way too many questions about how to fix it, whether it worked, etc. Delisted for a month or so to get some distance from that buyer.
The "income" part of eBay is what eBay and the IRS are fighting over, a college student reselling their used Text books from last semester could make over $600, selling your old bike, or even a car could go over $600 for 1 item. The problem is that doesn't make you a "for profit" professional reseller, that is just you selling stuff you already owned and normally isn't taxable as income. Just like if you sold the car on cragslist/the news paper or your text books back to the book store, it isn't reported as income anywhere else.
Do you have a rule of thumb on what offer % of the asking price is worth accepting? I can see accepting lower for items that are taking forever to sell, but in general do you have an acceptable % in mind?
No auctions for me, I learned my lesson the hard way. Same as “best offer/make an offer”, because the buyers seem to think that it gives them as long as they want to pay, if at all. The other annoyance I find is people who ask all these dumb questions, whether it be chest size, length, measure from armpit to armpit, etc., because 99.99% they never buy.
I sell through multiple channels like eBay, Facebook, markets, and whatnot. I am interested in flipwise but am unsure of how it would work with the multiple means of selling? Can I manually input data from say an in person market sale?
When you buy multiple items (say more than 5 but not loke a massive lot or pallet) do you calculate COG by spreading the cost over all items or do you keep it to what you actually paid for each item?
I started in january and since march I've had listings scheduled the same amount ex: 4 to post at the exact same time daily as far out as I can especially when I go on time away for 10 days every month due to health issues. But sometimes I schedule 6 listings for a week then back to 4, and sometimes I list a few items daily in addition to ones already scheduled. I'm wondering if thats messing up my listing consistently algorithm or is it not THAT exact of a science? a couple times I delete and sell similar in one day like twice a month like 20 items and I'm sure that makes ebay think I'm listing 30 one day then 4, 4, 4, 7, 5, 4
Regarding fast nickel vs slow dime...Do you think thrift stores will eventually realize they are doing this to a fault? Their sourcing costs are zero. And the typical customer won't pay the absurdly inflated pricing. It seems to me their business model should be volume vs worrying a reseller may make a couple bucks instead of them.
Can we use Flipwise to also track sales on other platforms (Poshmark, Mercari, Depop, etc)? Ebay is my "main", but I do sell a few things across platforms. I dont see a way to manually mark something as sold, but I think that would be a helpful feature.
This is my #1 suggestion and I hope it will be prioritized. I don’t need an integration or anything fancy… I just need to be able to record my sale price and costs for other marketplaces.
I believe Justin mentioned there's a way to do it manually for other platform sales. I'm still highly likely going to buy FlipWise, but if other platforms were integrated I'm sure all of us would have bought already :)
ah, this video also made me realize it's only going to automatically track eBay labels. :( I'm not sure many decent sized sellers use eBay labels, so I'm hoping this also adds programs like ShipStation in the future (I think ShipPirate might be the other major program many use).
hey Justin, just wanted to thank you for wisdom and knowledge. I've been watching your videos for a couple of weeks now and I heard you talk a little about cost of goods sold and I'm still struggling understanding it. can you explain in more details on how to come up with COGS. Please and thank you.
I’ve been given a few designer bags, altho I tell ppl i think it’s a waste, plus I’m hard on bags. I was ab to sell one but realized it has a couple of tiny ink stains on the inner part. A YT’ber uses alcohol or acetone to remove ink, so I tried it + it left an pencil eraser sized blob stain. I had to retake those photos + lower the price. What would u do?
Hello, Greetings from the UK. Really enjoy your videos, full of good common sense advice. My question is what do you do with your business when you go on holiday, sorry, vacation? Regards, Bob.
Justin thanx fir the video and all the great advice. Need some advice sir, l am looking into selling on a very part time basis when l went to the thrift store(s) but I haven't been to any garage/yard sales "yet" how dies one maje an item stand-out when l look up an item there are at least a dizen (or more) of the same item in bid format, buy it now, etc.......
Hi, I’m not Justin but I have a few suggestions for you. First, take pictures of the item with an all white background, I have a light box that I bought on Amazon that I put my items in to photograph, but you could easily use a white sheet and good lighting. Also, turn on Promoted Listings at 2% (the minimum), which will push your item up in the listings. Lastly, make sure you post regularly and try to keep your inventory count as high as you are comfortable with. eBay’s formula seems to favor those who stay active on their account. Hope this helps! Good luck!
The nickel/dime question also depends on the item and its rarity. Items that are more commodity like it’s usually best to move faster and reinvest. Items that are rare and costly are worth hanging on to until you can get a top price. Also, one must consider there cash position and ability to hold inventory and the associated money tied into it.
Justin this may be too personal of a question, but how did you find your co-founder for Flipwise? I have an idea for a SaaS, but I don't know any coding and am wondering where to find a co-founder.
Totally agree. Though it can be a PITA (Pain-in-the-@$$), everyone should capture ALL relevant business expenses, such as mileage for going around thrifting. If you travel 10 miles in going to a garage sale or thrift store, the federal mileage rate is $0.67/mile, so that's $6.70 you can write off. Do that once a week, say for 50 weeks a year, and that's $335. Supplies, too, such as boxes, tape, and other packing materials. Flipwise expense, etc., etc. And though I haven't done it myself yet, but I will this year as I'm just starting it, you can allocate a portion of your home (if you're running this out of your house and have dedicated space for your business) as a business expense. And to be sure, everyone should talk to a tax expert for proper guidance. All of these expenses add up, so using them to lower your taxable income makes good sense.
@@justinresellsOh I'm definitely doing this too! I didn't know I could use it for free as a Newbie. That's Awesome. I only bought 3 days and I am already falling behind. I didn't start listing yet, but in a couple of weeks I am going to. Your prices are fair too! Thank You for this excellent business idea.
Hi Justin, I have a quick question, a buyer is claiming he did not receive the package but ebay shows it was delivered, what can I do about it? I am new on ebay.Thanks
sellers who sold under $20k did not have their income reported automatically in the past. sellers who sell between $5k and $20k this year may not be aware that their income will be reported and may not be prepared. or what i said in the video
That’s weird. I sold way more than $600 but less than $20,000 and when I looked at my eBay account it said I didn’t meet the threshold to receive a 1099.
Interesting. I wonder does it depend on what state you live in? I made more than $600 but way less than $20k. But yeah both years I was sent a form in my email. Wonder if I’ll get one this year.
Sounds like you don't have eBay configured to require payment immediately. www.ebay.com/help/selling/listings/creating-managing-listings/immediate-payment-works?id=4151
If you regularly send out offers, buyers don’t have to pay immediately, even when they accept. I have my settings on immediate payment and do not allow offers, but when I forget to turn off “allow counteroffers” (eBay will default to allow, so you have to manually toggle that off), this happens. 😑
I totally agree with your whatnot comment! I think it's a platform for individuals who already have a following and they funnel their followers in to buy their product. Otherwise you're just another number
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Cool of you to be honest about flipwise but you're advice has been extremely valuable so I will toot the horn... Pay for Flipwise or at the very least give it a shot, no matter the size of your store. This is easily the most useful business tool I've picked up in years and I will gladly pay for every tier, no matter how big I get. For 10$, it will make everyone's live easier come tax time and you will not regret it. I'm even willing to pay 50$ if my store ever really got big enough.
I used to be an auditor. There is nothing worse than going through a box of receipts that are all mixed up. I went to this one audit and they had about 15 boxes of unorganized mess. That was a two auditor audit and they got charged extra because of all the time it took.
Totally agree!!! I just subscribed this week and whoever sees this. SUBSCRIBE. It is totally worth it and makes your life easier. Don’t be on the fence like I was. $10 a month for like 30-99 listings is very affordable. You’ll be glad you subscribed
Do you remember your college Logic class? All whales are fish therefore all fish are whales. I frequently see comments for or against Best Offers, Return policies and Markdown Sales. Sellers that lock down on one way to do business may be losing sales and not even know it. If you do "fine" not accepting returns then you don't know that you may do great accepting the returns. You don't know if your sales will increase unless you try a new way of doing business. I offered free shipping on 300 small lightweight items that had been in inventory for 2 years. 30% of those items sold. I increased shipping to $4.00 and the sales continued. I then took the next 300 items and added $4.00 shipping and sales increased. Then I took the same 300 items and offered Free Shipping and sold more. Worth noting, I don't do free shipping on $10 or below items.
for my own protection, sourcing clothes from Goodwill bins or off the racks i keep a sealed bin in my vehicle and wash them before taking photos and listing, just sayin , clothes can spread something you don't want into your home. I Take all clothes to the laundromat and write it off as an expense, for " new with tag" items , sometimes you can get away with running them in the dryer or at the least do a thorough inspection. I've seen donations that look like the family pets wore the clothes and I'm talking cashmere, which has a way of hiding tiny little hairs ! Most of all take precautions with all categories of items as we never know where something has come from when sourcing, especially at a Goodwill.
Excellent information, thanks.
In a clothing reseller and I wash all the clothes I thrift before processing them. I don’t think I necessarily have to but I just don’t want that thrift store smell or possible bugs coming into my house/office where I store them.
I also wash about 99% of the clothes I sell, including hand washing delicates and most 'dry clean only' items. Unless it's new with tags or very unique/difficult to handle, it gets washed, and stated in my listings that I did so (which I think helps sell-through). I use unscented soap to combat odors. Also it actually is in ebay's policy that used clothing be washed prior to sale.
Just an FYI. From Ebay . . . "All pre-owned clothes must be cleaned prior to listing. For most clothes, this means washing and ironing."
I managed to achieve over a whopping $300 in sales and now eBay is requiring me to give them a Tax Ident. Number or they're going to hold my funds. Unbelievable.
Thank you for answering my question. The 10% discounts work very well, ive noticed that a lot of buyers actually wait for the discounts almost like they know that the seller will lower the price. im new to this but your videos have encouraged me and im loving this so much.
Your comment.....First base, maybe second base....CRACKED ME UP! I am going to get Flipwise! Thank you!
Hats and shoes, even backpacks etc go fine in the washing machine on short delicate cycle. Put the hats in a washing bag and dry them with a small towel inside to keep maximum shape
Hi before having the hat thingy, I used to dry them on an upside down bowl😅
Hey Justin, quick note on your comment about washing before selling. I’ve seen this question before on other platforms and eBay has a strict policy on selling laundered clothes. It’s also not a good policy to assume your buyer is going to wash it when they get it too.😊
I was also thinking that was ebay policy. As a buyer, I wash all clothes before wearing (even brand new from retail), but honestly wash the items that I sell just to have them clean in my inventory regardless of when I finally list them.
I am fairly certain that ebay has a policy about clothes being washed/clean. Correct me if that is not the case. I wash most clothes unless they are NWT with the exception of wool and silk. For those, I steam and hang those outside. Unfortunately, it takes A LOT to get that nursing home/estate sale odor out of some clothes. 😳
Even with Buy It Now, some buyers still take time to pay, worst is when the Buyer is also a Seller and they keep you waiting for their payment. Believe Ebay has not pushed out to all registered Buyers the immediate payment card on file requirement. Thank you for going through the questions it helps many of us. Some You tube people don't even bother to respond to any questions posed on their channels. The low offers are due to so many Sellers who over purchased or purchased badly and now are having 80% and 90% off sales, this makes it bad for the rest of the Sellers. We always price below the selling prices with a small profit, nothing crazy. If we list for $40 and someone offers $10, we just send a reasonable counter, and if the person continues with low increments, we then ignore or decline.
There is an 'immediate payment required' setting in the ebay payments section. I use that setting and have no delayed payments except when I run the occasional auction.
When I get an offer for something, I'm 5 times more likely to accept the offer (instead of countering for the few dollars more I'm sure they'll pay) if I see that little foot note that they will be immediately charged if I accept (like when they have a card on file). I wonder if other people are the same, seeing that guaranteed immediate payment as having a value of some kind, either being certain it sold and was paid for, or that I don't have to wait for payment.
makes sense!
It increases the likelihood that I will accept an offer, too. eBay needs to make the change for all buyers.
It’s all about selling !!
I didn’t know that was a thing to see. Thanks! I will look for it. Is it an icon or note? Is it visible on mobile view?
@@audfashionfinds It's a note. I do see it on mobile app.
+10 Can't just raise prices to make more. Better stuff sells for more. The market sets the value of your stuff. I don't pick up stuff that is going to sell for low $$, unless I can group the item (same size, same brand, etc.), or on books. Books are so easy to pack and ship, I am OK selling them for $10 to $15. On taxes, whether you get a 1099, you owe taxes on your profits, profits, not gross sales. I pay taxes every year, whether I get a 1099 or not. About half the years I get a 1099, the other half I don't. On shipping, our mail carrier will pick up at our home (we don't schedule it, we just raise the flag on our mail box. The buyer threatening to contact eBay by 6PM is hilarious! Anyone who has tried to reach a human being on ebay know how hard it is to actually talk to a person. And then they will be on hold for a long time. Silly threat.
Hey Justin! Great content once again. Did want to let you know it’s actually eBay policy that used clothing be washed. Of course there’s no way they can police this but, it is their policy. Thanks for the content!
Thanks for the reminder!
When something sells and ebay subtracts the tax the buyer paid before you get your earnings. Is that the amount I should be setting aside for each purchase for my income tax or should I be setting more aside. Im newer to selling and its a little slow. I put up as many listings as i can with the time i have away from my full time job at 60 hours a week at just at a month with only 13 sales that total $391 so far. I'm just doing this to keep busy since Ive been sober since Feb 9th and using ebay to keep me busy along with my youtube thrifting videos. Thank you.
Justin, I've heard you say several times not to worry too much about negative feedback, but I'd love to hear more on why. I sold an item for $7.49, buyer said received wrong item, I replied with an apology and stated I can send a replacement when USPS opens in the morning. Felt that was reasonable trusting them and not requiring a return, etc.. but they replied in all caps lock that I BETTER OVERNIGHT MAIL IT. Obviously not going to happen since that costs $30! After some more messages I refunded them, but now I'm scared if I block them that will push them over the edge and leave negative. Another issue is it's an item no one else sells individually, so I worry they'll create a new eBay account to buy it if I blocked them and then give 2 negative feedback! Maybe this is one of those things where getting a negative feedback will relieve a lot of stress after learning it's not the end of the world, but I've been a 100% Top Rated Seller for years so getting negative feedback always concerns me.
Some on TH-cam will say you should keep the item in your drafts for a few weeks until they move on. Personally, I never worried about people creating new accounts to get around a block, never happened to me, personally I'd just block them and relist it. But if the person is a total psycho, sitting on it a few weeks is certainly an option.
@@johnathin0061892 Thanks, that's an option I didn't think of. I'm hoping they don't even understand feedback since they're a new user with 2 feedback received and none given.. but it still bugs me for days. All I can think about is eBay probably messages them any day now, "please leave feedback for this transaction" and that's when the negative will come! I guess I wouldn't die with 1 or 2 negatives since they'd be surrounded by great compliments, but just wish I had the "I don't care" attitude (while also not being a total a-hole seller).
I just did this with an electronics item I listed for 'parts only' that someone asked way too many questions about how to fix it, whether it worked, etc. Delisted for a month or so to get some distance from that buyer.
The "income" part of eBay is what eBay and the IRS are fighting over, a college student reselling their used Text books from last semester could make over $600, selling your old bike, or even a car could go over $600 for 1 item. The problem is that doesn't make you a "for profit" professional reseller, that is just you selling stuff you already owned and normally isn't taxable as income. Just like if you sold the car on cragslist/the news paper or your text books back to the book store, it isn't reported as income anywhere else.
Does Flipwise also work on other platforms and, if not, do you have plans to add them as an option?
Do you have a rule of thumb on what offer % of the asking price is worth accepting? I can see accepting lower for items that are taking forever to sell, but in general do you have an acceptable % in mind?
No auctions for me, I learned my lesson the hard way. Same as “best offer/make an offer”, because the buyers seem to think that it gives them as long as they want to pay, if at all. The other annoyance I find is people who ask all these dumb questions, whether it be chest size, length, measure from armpit to armpit, etc., because 99.99% they never buy.
I sell through multiple channels like eBay, Facebook, markets, and whatnot. I am interested in flipwise but am unsure of how it would work with the multiple means of selling? Can I manually input data from say an in person market sale?
When you buy multiple items (say more than 5 but not loke a massive lot or pallet) do you calculate COG by spreading the cost over all items or do you keep it to what you actually paid for each item?
I want to use flipwise. How? Please help? My ebay has taken off because of your advice. I don't want to get in trouble because I'm lazy.
flipwise.app you can sign up there
I like this questions only format.
Thanks for the help , so the threshold for selling on ebay is not $600 this year ?
I started in january and since march I've had listings scheduled the same amount ex: 4 to post at the exact same time daily as far out as I can especially when I go on time away for 10 days every month due to health issues. But sometimes I schedule 6 listings for a week then back to 4, and sometimes I list a few items daily in addition to ones already scheduled. I'm wondering if thats messing up my listing consistently algorithm or is it not THAT exact of a science?
a couple times I delete and sell similar in one day like twice a month like 20 items and I'm sure that makes ebay think I'm listing 30 one day then 4, 4, 4, 7, 5, 4
Regarding fast nickel vs slow dime...Do you think thrift stores will eventually realize they are doing this to a fault? Their sourcing costs are zero. And the typical customer won't pay the absurdly inflated pricing. It seems to me their business model should be volume vs worrying a reseller may make a couple bucks instead of them.
Thank you for the information you share. I always learn something new!
How about this year, 2024 , the threshold is $ 600? I cant seem to find any videos to help with this years eBay laws
Do you worry about counterfeits for items that have designer labels? Do you take time to try to authenticate such items?
Your videos have been the most helpful videos on TH-cam!
Can we use Flipwise to also track sales on other platforms (Poshmark, Mercari, Depop, etc)? Ebay is my "main", but I do sell a few things across platforms. I dont see a way to manually mark something as sold, but I think that would be a helpful feature.
This is my #1 suggestion and I hope it will be prioritized. I don’t need an integration or anything fancy… I just need to be able to record my sale price and costs for other marketplaces.
I believe Justin mentioned there's a way to do it manually for other platform sales. I'm still highly likely going to buy FlipWise, but if other platforms were integrated I'm sure all of us would have bought already :)
ah, this video also made me realize it's only going to automatically track eBay labels. :( I'm not sure many decent sized sellers use eBay labels, so I'm hoping this also adds programs like ShipStation in the future (I think ShipPirate might be the other major program many use).
We're working on that functionality right now and hope to have it ready before the end of June!
When you add other platforms., i.e Posh, I'll be ready to subscribe. Your app looks awesome.
hey Justin, just wanted to thank you for wisdom and knowledge. I've been watching your videos for a couple of weeks now and I heard you talk a little about cost of goods sold and I'm still struggling understanding it. can you explain in more details on how to come up with COGS. Please and thank you.
COGS is just how much you paid for an item.
Does flipwise work with live selling aps like whatnot?
You can record sales manually for any marketplace, but we only integrate with eBay currently.
You can record sales from Whatnot, but it does not integrate directly.
Re: taxes and business expenses, is our Flipwise subscription an allowable?
yep!
I’ve been given a few designer bags, altho I tell ppl i think it’s a waste, plus I’m hard on bags. I was ab to sell one but realized it has a couple of tiny ink stains on the inner part. A YT’ber uses alcohol or acetone to remove ink, so I tried it + it left an pencil eraser sized blob stain. I had to retake those photos + lower the price. What would u do?
Is it still true that Ebay bumps "best offer" items higher up in the list?
Ebay/ Seller Hub/ Payments/Taxes....where you find 1099 if Ebay reported your sales to the IRS.
Harbor Freight has a nice 5 tier rack for $70
Hello, Greetings from the UK. Really enjoy your videos, full of good common sense advice. My question is what do you do with your business when you go on holiday, sorry, vacation? Regards, Bob.
I’m back selling on eBay but do not have a store, is Flipwise only for sellers with stores? Would like to try.
you do not need to subscribe to an eBay store to use Flipwise!
@@justinresells thank you for responding, then I will probably try it. Priced still on number of item listed correct?
@@estelladolberry1091 yep. flipwise.app/pricing
How often do you have a day where you don't sell anything?
I didn’t have any sales for a little over two weeks. It’s ridiculous
I like this dude 👌
Justin thanx fir the video and all the great advice.
Need some advice sir, l am looking into selling on a very part time basis when l went to the thrift store(s) but I haven't been to any garage/yard sales "yet" how dies one maje an item stand-out when l look up an item there are at least a dizen (or more) of the same item in bid format, buy it now, etc.......
Hi, I’m not Justin but I have a few suggestions for you. First, take pictures of the item with an all white background, I have a light box that I bought on Amazon that I put my items in to photograph, but you could easily use a white sheet and good lighting. Also, turn on Promoted Listings at 2% (the minimum), which will push your item up in the listings. Lastly, make sure you post regularly and try to keep your inventory count as high as you are comfortable with. eBay’s formula seems to favor those who stay active on their account. Hope this helps! Good luck!
Great video Justin, thanks for the information you provide to us.
Hay just a quick inquiry for Flip Wise, is it available in Canada yet and if so how can I sign up?
not yet! but soon
@@justinresells ok thank you I watch your channel weekly so I look forward to the announcement 👍😎
Thanks for this, Justin! Great video :)
These Q & A are Great !
Is flipwise available in Australia yet?
yes!
The nickel/dime question also depends on the item and its rarity. Items that are more commodity like it’s usually best to move faster and reinvest. Items that are rare and costly are worth hanging on to until you can get a top price. Also, one must consider there cash position and ability to hold inventory and the associated money tied into it.
That sounds right. Appreciate you sharing!
Love these videos that are all Q&A!!
Justin this may be too personal of a question, but how did you find your co-founder for Flipwise? I have an idea for a SaaS, but I don't know any coding and am wondering where to find a co-founder.
We’re old friends!
Love the banker box idea, the bins are too big!
Got to write off as much as possible.
Totally agree. Though it can be a PITA (Pain-in-the-@$$), everyone should capture ALL relevant business expenses, such as mileage for going around thrifting. If you travel 10 miles in going to a garage sale or thrift store, the federal mileage rate is $0.67/mile, so that's $6.70 you can write off. Do that once a week, say for 50 weeks a year, and that's $335. Supplies, too, such as boxes, tape, and other packing materials. Flipwise expense, etc., etc. And though I haven't done it myself yet, but I will this year as I'm just starting it, you can allocate a portion of your home (if you're running this out of your house and have dedicated space for your business) as a business expense. And to be sure, everyone should talk to a tax expert for proper guidance. All of these expenses add up, so using them to lower your taxable income makes good sense.
I just started and am shit at keeping records. How do I investigate flipwise didn't see a link.
flipwise.app
@@justinresellsOh I'm definitely doing this too! I didn't know I could use it for free as a Newbie. That's Awesome. I only bought 3 days and I am already falling behind. I didn't start listing yet, but in a couple of weeks I am going to. Your prices are fair too! Thank You for this excellent business idea.
Good video thanks again for keeping it real
Do you pay yourself a salary?
Hi Justin, I have a quick question, a buyer is claiming he did not receive the package but ebay shows it was delivered, what can I do about it? I am new on ebay.Thanks
So how exactly is this going to “hit” small sellers?
sellers who sold under $20k did not have their income reported automatically in the past. sellers who sell between $5k and $20k this year may not be aware that their income will be reported and may not be prepared. or what i said in the video
Yes, they do send you a 1099 if you make over $600.00 I’ve received this for 2022 and 2023.
That’s weird. I sold way more than $600 but less than $20,000 and when I looked at my eBay account it said I didn’t meet the threshold to receive a 1099.
Interesting. I wonder does it depend on what state you live in? I made more than $600 but way less than $20k. But yeah both years I was sent a form in my email. Wonder if I’ll get one this year.
Oh, that could be…!
Hi. Welcome to my garage sale. Anything special you're looking for?
Well....
All of my items are buy it now and I still do not get paid right away.
Sounds like you don't have eBay configured to require payment immediately. www.ebay.com/help/selling/listings/creating-managing-listings/immediate-payment-works?id=4151
@@justinresells Not seeing (Require immediate payment with Buy It Now) I only have Buy it now which is what all of my listings are set for.
If you regularly send out offers, buyers don’t have to pay immediately, even when they accept. I have my settings on immediate payment and do not allow offers, but when I forget to turn off “allow counteroffers” (eBay will default to allow, so you have to manually toggle that off), this happens. 😑
Thanks!
Thank you
I totally agree with your whatnot comment! I think it's a platform for individuals who already have a following and they funnel their followers in to buy their product. Otherwise you're just another number
nobody in the comments talking about the joke at 2:50 ? cmon😆😂😂
Thankyou
Although I appreciate the information, your videos have been very discouraging towards reselling 😂
how so?
@@justinresells for example the thumbnail seems generally negative. Hard to explain and I appreciate your honestly on how tough reselling is,
Will flipwise track back to the beginning of this year?
Yes, Flipwise will ingest your sales history going back two years.
@@justinresells awesome, thank you 👍