I just want to say thank you so much for all the support, your comments and kind words really keep me motivated!! I'm just about to start shipping, 13 items were paid for or sold yesterday and I thought I'd make a quick post before hand.
Numbers-
Here's some of the bread and butter things I sold. FurReal friends are popular this year, the pug goes for $40 new and I picked it up for $5 at goodwill, it had the target salvaged sticker on it so I assumed it was new. I honestly knew it wouldn't be a big profit but I was crossing my fingers someone would buy it for a kid who wanted it but they couldn't afford the $40, it's a hot item. I make up silly stories in my head sometimes but whatever!
The purple BCBG was returned yesterday and when I relisted it sold immediately for full price. That seems to happen with almost all my returns, anyone else see that same pattern?
I bought this on Monday for $5 and when I got home I noticed the top clasp was missing. I was going to return it but they sell for over $100 so I put it up for $50 and accepted a $45 offer a couple hours later.
I knew this would be my winner from Monday's trip. I saw it sitting in the furniture section, the dept 56 caught my eye, and made a little "AHHHH" sound! It sold overnight for full asking price. I paid $9.99, now that's my kind of flip!
I'm crossing my fingers for some thrifting time today but we had to pay a few big bills (my husbands at DEQ as I type) so there isn't a ton of wiggle room in my shopping budget. I'm thinking in the new year I need to open a business account and maybe change up my game plan. Right now I have a PayPal card that I use for thrifting. What do you guys use, do you have a separate bank account? Making this much money is great but I'm getting nervous about how to handle it, taxes are covered it's just the day to day stuff.
Anyways I'm blabbing, good luck with your sales today!!!
Love the blog
ReplyDeleteYes, you absolutely must get separate accounts!
I recommend go daddy bookkeeping. Just get the 9.99 per year version.
Get a chase ink card and pay all of your business expenses on that. Internet , phone , goodwill ,etc. (5x points on phone and Internet - we took a free flight to Europe this year on the points)
You are running a full time business with tons of sales. You have to completely separate all personal and business expenses. It's the boy way to keep an accurate assessment of the business
Best- not boy
DeleteRob- thank you! I have to admit that my husband does all the finances and this has been a little hard for me to get the hang of. I'll be looking into everything you suggested and getting a business account before the first of the year. Thanks!!
DeleteNicole, I love your blog! I hope to someday have numbers that look like yours -- you're an inspiration to me. :) I just quit my job in November to do reselling full time but I certainly don't sell as much as you do! (Lucky for me I only have one bill to help cover and it's fairly small all things considered...)
ReplyDeleteI would say yes to a separate business account & I also second Rob's recommendation of GoDaddy's bookkeeping software. I have a small amount of capital in my business that I saved up before I quit and needed to start drawing on my profits as an income. That's been a lifesaver to the business.
I love seeing what you end up finding in your "branching out," since I only sell small amounts of clothing on Poshmark. (I can't sell clothing on eBay, it's a bit of a story.... Ha.)
Hope you already make it to your $6k goal!!
Thank you so much for the support and good luck with your new career! It's s fun one!! Im going to look into go daddy and get a bank account set up before the new year. Thanks again!!
ReplyDelete