So good to see you break everything down. I'm just getting started with a TCG business and your videos and breakdowns help immensely. So that's really appreciated. Congrats on the successful year!
Did you track the value of your inventory Jan. 1 2022 and December 31st 2022? If so, I'd be curious to know what those numbers are. I'd imagine much of the work you're doing is increasing that number over time.
That’s kinda wild though.. the amount spent and the amount made to “only” profit 57k is really putting it into perspective. I started noticing this as I’m doing much better at maintaining spreadsheets.. the margins are just so low and so much bulk that just sits doing nothing if you mark it to .25 cents or if you want to sell them you get screwed on shipping like I did when someone bought 237 cards from me with an average price of like 5 cents and I ended up paying almost 5$ more than I got paid just to ship 237 cards.. I went from ohhh this can be a legit side gig to pay off some stuff to now realizing it’ll just subsidize collecting more so than anything. The risk is crazy too.. just in distributor costs he made less profit than cost to buy from distributors.. a down year where the product doesn’t move and it wipes you out
Always so interesting to see!! Thanks for sharing, it’s inspiring to see what other avenues to get into also and what areas I should be investing more!
Nice video, you are living a dream of mine! I wanted to mention from an accounting perspective, you shouldn't include unsold inventory as an expense. Prior to the sale, your purchases are "inventory" and belong on a balance sheet. When the item is sold, that is when it is "expensed" as cost of goods sold and goes on the income statement (basically what you are showing in the video is an income statement). This would have increased your profit margin.
I used to keep track of each individual collection that I purchased like that which definitely gives a much more accurate profit-margin on these types of break-downs. However, as my business has grown and I started purchasing more-and-more collections, it became nearly impossible for me to keep-up with using that method.
@@OldSkoolPokemon correct me if im wrong, but i believe your taxes are the same way. you cant claim a purchase you made until you have sold that item. so you may actually owe more for taxes because you havent sold that item yet.
@@HrtBrk12 There's a lot more that goes into filing taxes - this is just the simplest form of breaking-down my numbers each Month / Year. I let my account have the "fun" of figuring-out everything for actual Tax Purposes.
Cash basis lets businesses record income and expenses only when cash is actually received or paid. Accrual accounting involves tracking income and expenses as they are incurred (when an invoice is sent or a bill received) instead of when money actually changes hands. Most small businesses use cash based
I feel like once you built up enough inventory, you can just coast and the profit margin would go up drastically. You're net worth increased probably more than 50 grand closer to six figures.
Nick lowballing his profit because some of those purchases were definitely for himself 😉 In all seriousness, really glad to see you doing well! Here’s to another good year! 🎉
The biggest thing for me is the reach that I have with eBay over IG - eBay is by-far the best platform for getting eyes on my listings. Plus, eBay is more-so list and forget whereas IG you need to constantly create Sales Posts / Stories, Respond to DM's... IG is definitely nice if you're trying to sell a few cards; however, when you're talking hundreds or thousands of cards, IG would be an absolute nightmare to manage.
Those dang pesky taxes ruin everything 😭 Haha 😆 Seriously Though, there's a bit more that goes into this for tax-time; but, I didn't want to get that far in-depth on this video.
O Yeah, Definitely! This video was more-so just meant to give an overall picture into the behind-the-scenes of my business: how much I'm selling, spending, and making. There's a decent bit more that goes into figuring-out everything when it comes to tax-time; but, I'll leave all of that "fun" for my accountant! LOL
Nice deets on the business! I have my own ebay business selling my old comics and I'm gonna start reselling pokemon/yugioh bulk commons if I can too. Is it a good idea? I feel if I start about 30 to 50 listings a day then If they sell I can maybe start making 20 a day in profit while my store grows. I hope to one day have as many as you.
I wouldn’t prioritize listing / selling bulk; but, once you get all of your higher-end items listed, I’d go for it! Bulk is definitely a grind and really isn’t worthwhile until you have a bunch of cards listed; but, I’ve always thought it was worthwhile if you’re willing to put in the time and effort.
Very impressive!! Any chance i could get a blank copy of that spreadsheet somehow? i can send a email to ya if thats easier. Your spreadsheet would be a huge upgrade from what im using now lol. Keep up the great work.
If you have a Mac / Numbers Program, I'm just using Personal Finance - Simple Budget Template. I've tried sending to a few other people who don't have Mac before and when I try and convert to an Excel File, formatting and formulas get all screwed-up.
Unrivaled transparency
I'm just an open book over here! Haha 😂
I’m shocked…..initially looking at your figures I’d thought you would be bringing in$300k plus. But happiness is priceless.
So good to see you break everything down. I'm just getting started with a TCG business and your videos and breakdowns help immensely. So that's really appreciated. Congrats on the successful year!
Awesome - Glad to Hear!!! Best of luck with your own Business!
Did you track the value of your inventory Jan. 1 2022 and December 31st 2022? If so, I'd be curious to know what those numbers are. I'd imagine much of the work you're doing is increasing that number over time.
That’s kinda wild though.. the amount spent and the amount made to “only” profit 57k is really putting it into perspective. I started noticing this as I’m doing much better at maintaining spreadsheets.. the margins are just so low and so much bulk that just sits doing nothing if you mark it to .25 cents or if you want to sell them you get screwed on shipping like I did when someone bought 237 cards from me with an average price of like 5 cents and I ended up paying almost 5$ more than I got paid just to ship 237 cards..
I went from ohhh this can be a legit side gig to pay off some stuff to now realizing it’ll just subsidize collecting more so than anything.
The risk is crazy too.. just in distributor costs he made less profit than cost to buy from distributors.. a down year where the product doesn’t move and it wipes you out
Happy that you were able to achieve the goal you set for yourself. Really solid record keeping and transparency. Thanks for sharing.
This video really puts the Pokémon business grind in perspective. Thank you for sharing and for the total transparency.
I don't know whether to pat you on the back or cry. Hopefully profit margin increases this year because wow - that was a lot of work for 7% profit.
Awesome stuff, this insight into how your business works is so interesting and useful!
Thanks - Glad to Hear!
Congrats dude! Another successful year. 👍
Thank You!
Just bought a card from you. You’re content is really inspiring me to get more into Pokémon selling
Appreciate the Purchase & Glad to Hear!!!
So insightful, appreciate these type videos!
Thanks! Glad to Hear!
And always remember, some “business expenses” are long term investments. That just so happen to sit in our collection for a bit of time before sale👀
Great video! Love the 2300 Detective Pikachu packs. Would be interested to see the eBay's analytics sorted by total sales column
Might have to do a whole separate video going over some of those numbers!
Amazing numbers! Congrats. And great meeting you at trade night last weekend; am the tony-tailed dude who came to dinner.
Thank You! It was great meeting you as well, THANKS for coming out to our Trade Night!
BTW, great video! Thanks for providing this awesome insight into the true numbers!
Always so interesting to see!! Thanks for sharing, it’s inspiring to see what other avenues to get into also and what areas I should be investing more!
Nice video! Any template for this spreadsheet kind sir? I have a mac :)
Nice video, you are living a dream of mine! I wanted to mention from an accounting perspective, you shouldn't include unsold inventory as an expense. Prior to the sale, your purchases are "inventory" and belong on a balance sheet. When the item is sold, that is when it is "expensed" as cost of goods sold and goes on the income statement (basically what you are showing in the video is an income statement). This would have increased your profit margin.
I used to keep track of each individual collection that I purchased like that which definitely gives a much more accurate profit-margin on these types of break-downs. However, as my business has grown and I started purchasing more-and-more collections, it became nearly impossible for me to keep-up with using that method.
@@OldSkoolPokemon correct me if im wrong, but i believe your taxes are the same way. you cant claim a purchase you made until you have sold that item. so you may actually owe more for taxes because you havent sold that item yet.
@@HrtBrk12 There's a lot more that goes into filing taxes - this is just the simplest form of breaking-down my numbers each Month / Year. I let my account have the "fun" of figuring-out everything for actual Tax Purposes.
Cash basis lets businesses record income and expenses only when cash is actually received or paid. Accrual accounting involves tracking income and expenses as they are incurred (when an invoice is sent or a bill received) instead of when money actually changes hands.
Most small businesses use cash based
Thank you so much and congrats on the 100k sale items!
I feel like once you built up enough inventory, you can just coast and the profit margin would go up drastically. You're net worth increased probably more than 50 grand closer to six figures.
awesome breakdown, and congrats on the success!!
Did you not add anything to the personal collection last year? That would eat into the profit too.
The transparency is amazing, thanks heaps. Great video 👍
Great video - thanks for sharing all of this data! Congrats on go over 100k sales!
watching this video in 2024, just reached level 4 in tcgplayer after a month of selling
How do you decide you're ebay prices? What does the best on there?
Solid year 💪 Thanks for the insight!
Nick lowballing his profit because some of those purchases were definitely for himself 😉
In all seriousness, really glad to see you doing well! Here’s to another good year! 🎉
🤫🤫🤫 Haha 😂
I couldn't have done it without people like you; always appreciate the support!
I like the breakdown!
Thanks for sharing Nick!
Super interesting stuff!
Gonna try and hit up your EPN more this year. Just have to remember lol
Always Appreciated!
Man what makes you prefer selling on eBay way more than Instagram, I almost never see you post sales on IG?
The biggest thing for me is the reach that I have with eBay over IG - eBay is by-far the best platform for getting eyes on my listings. Plus, eBay is more-so list and forget whereas IG you need to constantly create Sales Posts / Stories, Respond to DM's... IG is definitely nice if you're trying to sell a few cards; however, when you're talking hundreds or thousands of cards, IG would be an absolute nightmare to manage.
Super interesting!
I didn’t see a row on income for in person cash sales 🤫
I don't know what you're talking about... 🤫🤫🤫 Haha 😆
@@OldSkoolPokemon what’s cash? People still use that?
🚔 🚓 👮♀️ 🚨 🚔 🚓 👮♂️
Gives us all an idea of the small margins in Pokémon lol
lemme get about 3.50
Get that bag ⬆️
Your net is 57K, don't forget those taxes after that!
Those dang pesky taxes ruin everything 😭 Haha 😆 Seriously Though, there's a bit more that goes into this for tax-time; but, I didn't want to get that far in-depth on this video.
Your consignment fee is very low
Theres more stuff to knock off for tax purposes too 😅
O Yeah, Definitely! This video was more-so just meant to give an overall picture into the behind-the-scenes of my business: how much I'm selling, spending, and making. There's a decent bit more that goes into figuring-out everything when it comes to tax-time; but, I'll leave all of that "fun" for my accountant! LOL
Nice deets on the business! I have my own ebay business selling my old comics and I'm gonna start reselling pokemon/yugioh bulk commons if I can too. Is it a good idea? I feel if I start about 30 to 50 listings a day then If they sell I can maybe start making 20 a day in profit while my store grows. I hope to one day have as many as you.
I wouldn’t prioritize listing / selling bulk; but, once you get all of your higher-end items listed, I’d go for it! Bulk is definitely a grind and really isn’t worthwhile until you have a bunch of cards listed; but, I’ve always thought it was worthwhile if you’re willing to put in the time and effort.
Very impressive!! Any chance i could get a blank copy of that spreadsheet somehow? i can send a email to ya if thats easier. Your spreadsheet would be a huge upgrade from what im using now lol. Keep up the great work.
If you have a Mac / Numbers Program, I'm just using Personal Finance - Simple Budget Template. I've tried sending to a few other people who don't have Mac before and when I try and convert to an Excel File, formatting and formulas get all screwed-up.