eBay Success Depends on Good Record Keeping

Record keeping is a critical part of any business, and a task most of us don't like. Without a clear picture of your income and expenses, it is impossible to monitor the financial health of your business and make sound decisions. Many small businesses fail because they choose to ignore or postpone the task of record keeping.

eBay is fun. We all love the shopping, and some of us even like listing and shipping. Keeping accurate and current financial records isn’t anyone’s favorite activity. But neglect this task and it will come back to haunt you. I am speaking from the heart and from experience when I say that if you want to create a home business that will take care of you in the future, you must put a record keeping system in place.

One of the most important reasons to keep thorough records is to enable you to monitor the financial health of your business. Records can help determine if your income is covering your expenses and leaving room for growth. It’s important to keep accurate financial information throughout the year so you’re not stuck with a nasty surprise at tax time. Money in your bank account does not equal success in all cases.

I can’t tell you how many times I have consulted with clients about growing or fine-tuning their business, and they do not know simple numbers like their monthly profit or the amount of money invested in inventory. If you are not keeping track of your numbers, this is a recipe for disaster later. And most importantly, sales does not equal profit. I am shocked at how many eBay sellers don't know what percent of their sales they are actually keeping. Those charts on eBay and Paypal are pretty, they don't account for expenses like office supplies or inventory costs.

You’ll also need financial records if you decide apply for a business loan. The bank will want to review your history to determine your ability to repay the loan. Poor records could result in being turned down for a loan or getting stuck with a higher interest rate.

Good records can also help make tax preparation smoother and less expensive. If you don’t keep track of expenses properly, you may miss out on deductions. CPAs charge by the hour. If your records are not organized, you will pay for more work because the CPA will need more time to sift through your documents to find information to complete your returns.

Staying organized saves time. If you don’t ever get behind, you won’t have to spend days getting caught up. Plus, you’ll be ready for any business opportunities that may pop up. To stay current, it’s important to have a good system in place.

If you are selling on eBay, you must report the income on your taxes. Use a system that keeps information accessible so you can quickly find what's needed to do your taxes, or what your CPA asks for.

I recommend the eBay and Amazon Esales Tracking Spreadsheet. It was developed by a bookkeeper has also been an eBay and Amazon seller for years. This will be my 5^th year using Vickie's spreadsheet and it does everything I need. Vickie’s customer service is unmatched. If you aren’t Excel savvy, she will help you get started. The spreadsheet works on both PCs and MACs and Vickie is always responsive to questions if you need help.

The regular cost of the spreadsheet is $29.97, but Vickie is offering a special 25% discount from January 7 – 10 for my readers. She is also including some freebies if you purchase during this time:
 

• Inventory to list form: jot down the highlights of your thrifting or garage sale-ing trips so you don’t forget the details
• Master password log: For those zillion passwords you have scattered all over the place!
• Master to do list: A great way to prioritize everything you need to do today or this week

Use code SWTAX25 for the 25% discount. The spreadsheet is an instant download. Vickie will email your bonuses shortly after your purchase.

Please don’t wait until April to start getting eBay financial information in order. Save time and frustration by starting now and tackle this project during the slow month of January. When April rolls around, you will be all set!

5 New Things I Learned to Sell on eBay in 2015

2015 has been a tough year with moving twice and starting a new full-time job. For the last 13 years, eBay has been a part of my life and this year was no different. I think is it important to keep challenging yourself to grow your knowledge base.

Here are some of my sales this year. I am posting these to illustrate what is possible as well as emphasize that to keep your business growing, it is important to keep learning year after year. Building an eBay business isn't about the rare big scores, it is about consistency, commitment, and flexibility. 

1. Anthropologie Brands. I really tried to dig in this year and learn the sub-brands. (Thanks to my friend Beth T. who introduced me to this brand.) Anthropologie is a "lifestyle brand that celebrates art, culture, design, and discovery." There are hundreds of sub-brands, each with its own logo and garment tag design. (See the list here.) Anthropologie brands hold their value and sell at high prices in used condition. You may think it is a disadvantage to have to learn the sub-brands, but one thing that works in an eBay seller's favor is that thrift store employees can't keep up. Unlike recognizable brands like Ralph Lauren and Nike, Anthropologie brands are sleepers hiding in plain sight in thrift stores and usually are not pulled aside and marked up to a higher price. There is just no way thrift store employees can learn about everything we can pick for profit. Here are a few of my sales this year:

 $4 at thrift store, took BO of $40

 $3 at thrift store, sold for $39.97

 $2 at thrift store, sold for $35 on BO.

 $6 at Goodwill, sold on BO for $50.

 $6 at thrift store, sold for $60 on BO.

2. Pens with no ink.  People collect fountain pens for various reasons - the advertising, the tips, the brands that no longer exist. Look for these at estate sales in the home office section. You can often negotiate a whole bunch of office stuff for a low price. 

 

$5 sold for $39.97

$5 for lot of pens, sold for $45 on BO

 $7 sold for $79.97

3. Michael Simon Brand. This is a designer brand and the sweaters are crazy like Storybook Knits and Design Options. I also found some crazy Santa Claus shoes.

 $2 at thrift store, sold for $39.97 (in June!)

 $2 at thrift, took BO of $35

$2 at thrift store, sold for $36

4. Lucky Brand. Most people know Lucky for its denim, but they also make sportswear, outerwear, and t shirts.

 $7 at Goodwill, sold for $40 on BO.

 $2 at thrift store, sold for $32.97.

 $2 at thrift store sold for $29.97

$2 at church sale, sold for $25 on BO.

5. Random stuff that just looked interesting. After you do this business for a while, you get a feel for what sells. Here are some random things I tried that worked out:

 $2 at estate sale, took BO of $33 + shipping to the US Virgin Islands.

 $1 at thrift store, sold for $34.97.

 $3 at thrift store, sold the week of Christmas for $44.97.

$1 at thrift store, sold for $19.97 on BO.

 $3 at thrift store, sold for $42.97

$2 at estate sale, sold for $24.97.

Make sure you follow the Money Making Mondays threads on my Facebook group. You can see thousands of other sellers posting their sales and learn what sells on eBay. 

Wishing you a happy, healthy, and prosperous New Year!

Related Articles:

Yep, I Sold that on eBay

5 New Things I Learned to Sell on eBay in 2014

Top 10 BOLOs to Sell on eBay

Advice for New eBay Sellers - eBay is a Marathon, Not a Sprint

I don't like to see people fail. eBay leaves a long line of disappointed sellers who don't succeed because their expectations are not realistic. I can see why. The internet is full of hype about get rick quick schemes promising fast cash for listing random items on eBay. Those of us in the trenches know eBay doesn't work that way.

I will be going into my 13th year of eBay selling in 2016. Since 2003, I have sold over 30,000 items, in a wide range of categories, to over 50 countries around the world. (My eBay store is here.) I can speak with authority when I say that if you are looking for a quick, dependable, easy way to make money, eBay is NOT it.

For new people coming to eBay, there is unlimited opportunity. eBay offers:

1. Connection with millions of buyers around the globe. You can't do that on Facebook groups or with a garage sale.

2.  High ranking on Google for your products. Do a search for any item you can think of, and odds are eBay is in the top 3 results. eBay handles the SEO (search engine optimization) to connect your products with potential buyers.

3. The eBay platform is open to just about anyone. There are no barriers to entry. Open eBay and Paypal accounts, and start selling.

4. The eBay platform is user friendly and robust. Photos are easily uploaded and edited right on eBay. You can print shipping labels directly from eBay. You can create watch lists, alerts for products you want to buy, and the mobile app is a fantastic research tool. You can keep tabs on your business via the mobile app 24/7 where ever you are.

5. eBay integrates seamlessly with Paypal so you can pay yourself every day if you want.

6. Unlimited opportunity.  Once you start selling, your limits will increase. The sky is the limit. Selling limits can go into the millions. You are only limited by your time and the amount of inventory you can afford to buy. If you build it, they will come.

These are the things that attract sellers to eBay. However, there are some drawbacks that new sellers should be aware of. Please keep in mind that eBay is NOT for everyone. And if it doesn't work for you, that is ok. New sellers need to understand:

1. eBay places limits on new accounts. You will need to accept these limits (sometimes as low as 10 items at a time for sale) and work within eBay's framework. (Here is why eBay imposes limits on new people.)

2. You may have holds placed on Paypal funds. This is a common industry practice until you have established your account. Don't take it personally. (Read more about the 21 Day Hold here.)

3. 7 Day auctions are an arbitrary number. Many new sellers are discouraged when their item doesn't sell within 7 days. The 7-day auction was established when eBay was created over 20 years ago. Your buyer probably won't show up within that time frame.

4. Watchers and views don't really mean anything. It only takes 1 person to purchase an item. Sellers become so obsessed with analyzing how many views and watchers it takes for an item to sell. You might as well try to figure out which came first - the chicken or the egg. This type of obsession with watchers and views is a pointless exercise that does nothing but waste time, create drama, and cause frustration. You can't force a sale. The buyer comes when the buyer comes. Keep listing.

5. You can't reduce eBay selling to a "formula." Again, sellers are constantly trying to figure out how many items they need to have for sale, using which listing type, at what time of day to produce $X. eBay doesn't work that way. There are too many variables to boil it down to any kind of "rule."

6. eBay is a marathon, not a sprint.  Sellers often give scenarios like this, "I've had 37 things listed for 20 days and nothing has sold yet, what am I doing wrong?" What you are doing wrong is being impatient. eBay is about delayed gratification. If you are in a hurry, eBay is not for you.

Building an eBay business is like getting a college degree. It takes a long time, dedication, and lots of learning along the way. I tell new sellers to give it at least a year of dedicated effort to build an eBay business that produces reliable income. It cannot be done in the short term.

If you are new to eBay, I strongly suggest you take my eBay Basics course to you can jump start your business by getting started on the right foot, avoiding common pitfalls, and succeed faster with fewer mistakes.  You wouldn't try to get a driver's license without taking a course to learn the material. You wouldn't try to get a real estate license without taking a course. So why would you try to start to build a home business without learning from someone who has already done it successfully?

If you are looking for a sure thing, for a way to make money and see predictable results and a reliable paycheck every week, you are better off flipping burgers or working at the mall. Sorry to be blunt, but I am being honest. eBay takes time, patience, and the willingness to experiment, fail, and experiment again. Every successful seller will tell you exactly the same thing.

My Christmas Gift to You!

Christmas is a season for not only rejoicing, but reflecting. As I reflect on this year, I can count many blessings that have come into my life. In the spirit of giving and appreciation, I am offering a special on all of the information products in my online store so that you can get the information you need to grow your business. You can choose from:

Women's Clothing Level 1

Women's Clothing Level 2

Selling Preowned Women's Shoes

Supplier eBooks

Selling Groceries on Amazon

eBay International Shipping

eBay Basics

Keep Your eBay Business Growing

The Golf Shirt Bible

What to Buy at Thrift Stores to Resell on eBay

72 Products that Sold Big in 2014

Etsy for Beginners

If you have been thinking about learning something new, take advantage of this special now. All items are instant downloads so you can start learning right away. Remember, thrift stores are packed full in January since people donate heavily at the end of December to get the tax write-off for donations. You can be ready to hit the ground running in January armed with new knowledge to explore new products you have been passing by, and grow your eBay business for 2016.

Use coupon code Christmas50SAW get the 50% discount. There is no limit on the number of items you can purchase and the discount applies to everything! Discount is for 3 days only - December 7,8, and 9.

Feel free to share this information and discount code in your groups and with anyone who wants to grow their eBay business. There is more than enough out there for all of us to prosper.

Remember, Einstein said, "If you always do what you have always done, you always get what you've always got." Today is a great day to learn something new!

Merry Christmas!

What to Sell on eBay 2015 Updated List

What should I sell on eBay? This is a question I see and heaer multiple times a day. Use this page as a resource if you are a new seller and not sure what sells, or a seasoned seller who wants to explore new product lines. Just click the link for more information about potential selling price, desirability, and a little interesting history about the product that will help you understand your buyer's motivation.

The items on this list were good sellers for me and others in my eBay Facebook Group of over 20,000 sellers in 2015. Some are items new on the market, some are reliable sellers that have been good flips for years. (I have an older list here, but it is time for an update as products and trends change!)

If you like this list, please share on social media - there is plenty of room on eBay for everyone.

Baby Items

Baby Clothes 

Loveys

Phil and Teds Products


Clothing

10 Women's Clothing Brands

Alpaca


Aran Crafts 

Bikinis 

Bras

Cashmere Sweaters

Dale of Norway Sweaters 

Denim Modesty Skirts

Denim Trucker Jackets

Design Options Sweaters

Diane Gilman 

Embellished T-Shirts 

Fit and Flare Skirts 

Flying Tomato

Golf Shirts
(Learn about selling golf shirts here )

Jams World 

Leifsdottir

Lumberjack Chic

Magaschoni 

Misook 

Mountain Hardwear 

Sorel Boots 

St. John

Storybook Knits Sweaters

Sundance

Vince

Vineyard Vines 

Walmart Brands

Learn more about selling clothing here and here
 

Crafts and Sewing

Handmade Needlework Arts

Perler Beads 

Scrabble Tiles


Direct Sales / MLM Brands

Longaberger Baskets

Mary Kay 

Pampered Chef



Discontinued Items

Bounce Dryer Bar Fresh Linen Scent

Coconut M&Ms

Metamucil Clear and Natural

Redken Densify Shampoo

Retired Yankee Candles 

Revlon Colorsilk #72

Texas Pete Chili Sauce


Holiday Items

Christmas Ornaments

Hot Holiday Toys 2015 

Top 10 Christmas Decorations to Sell



Health and Beauty

Fragrance Samples and Trial Sizes


Home

4 Home Office Flips

Empty Printer Cartridges 

Moomin Coffee Mugs

Targus Computer Bags


Shoes

5 Brands of Preowned Shoes

Cougar Paws boots 

Mephisto 


Naot

Learn more about selling shoes here 


Toys

Hidden Mickeys

Hot Holiday Toys 2015

Jigsaw Puzzles

Sock Monkey


Vintage Items

Bakelite

Belt Buckles 

Bilston & Battersea Enamel Boxes

Bottle Openers 

Calculators 

Car Magazines

Chenille Bedspreads

Children's Books

Citrus Reamers

Cookie Cutters

Couroc Barware

Enamelware 

Enid Collins Handbags

Flip Clock Radios 

Girl Scout Pins

Granny Square Afghans 

Hats

Hot Rollers 

License Plates

Mason Pearson hairbrushes 

Matchbook Covers 

Maxi Pads

Owl Themed Items

Paint by Number Paintings

Paperweights 

Road Maps

Rolodex Card Files

Sheet Music  

VCRs

Yearbooks

The Holiday Clock is Ticking - Let's Get Ready!

Can you believe it is already November 9th? If you haven't gotten your ducks in a row for the Christmas selling season on eBay, there is still time. 4th quarter is the busiest time of the year for retailers, and that includes us! Make sure you cash in on holiday selling this year, as business analysts project it's going to be busy:

Kiplinger reports, "Thanks to months of solid gains, retailers are poised for healthy sales growth through the end of the year. Increased consumer confidence and disposable income, a tightening labor market and low gasoline prices will help drive spending during the fourth quarter. Economic improvements will push holiday sales higher by 3.5% to 4% over 2014. Holiday transactions represent about one-fifth of all retail sales." (Kiplinger.com)

Inc says, "Latest retail holiday sales forecast is projecting as much as $965 billion in sales between November and January, a 4 percent increase over last year's shopping season (excluding motor vehicles and gas). Though more than 90 percent of retail sales occur in-store, nearly 80 percent of shoppers say they engage with brands and retailers through digital channels before they set foot inside a store." (Inc.com)

Did you hear that? 80% of shoppers check out what's online before going to a store - so make sure everything you are doing on eBay is optimized for the holiday buying season. Here are a few ways you can maximize your eBay sales over the next 7 weeks:

1. If it isn't listed, list it NOW. That means anything. Even if you don't think it would be a gift or it is out of season. When you don't list your items (you know, those piles that grow overnight) you are basically helping other sellers get sales because nobody can buy yours. Don't leave money on the table because you didn't get items listed.

2. If at all possible, change handling time to same day or 1 day. Procrastinators abound, especially during holiday season. Shoppers will be in a rush. They will be looking for sellers who ship quickly. And not just the week of Christmas. Shoppers may have to pack up for a trip, want to ship out care packages, or freak out if they aren't ready 2 weeks early. Everyone loves a quick shipper!

3. Stay educated on what toys and hot items are in short supply and can be sold on eBay for above retail prices. That's right, plenty of retail products go for a premium around this time of year because they are out of stock in stores. This happens every year. Some past hot toys and holiday items I have flipped on eBay or Amazon:

Zhu Zhu Pets (2009)

LaLa Loopsy Dolls (2010)

Canned pumpkin (2011)

Furbys (2013)

A current example, Lays  chocolate potato chips cost about $3 in stores and they sell on eBay for around $12 a bag.

To help you even more with your holiday selling, I am offering a special Holiday Help Hotline this week only, on Thursday - Saturday (Nov  12- 14). Book a 20 minute phone consultation for only $20.
We can chat about anything you choose:

How to research the hot toys and other items this holiday season - don't buy a list, learn how to do it yourself every year!

How to improve your store (I'll do a store review)

How to optimize your store for the holidays

Hiring help for the holidays - where to find help and what tasks they can do

Prioritizing unlisted inventory (I get it - you have so much stuff it would be impossible to list it all in time. I know it can be overwhelming. Let's talk about making the best choices of items to list for maximum return.)

Anything else - customer service issues, sourcing inventory, shipping, growing your business, time management, listing, organizing inventory, keeping records - anything!

Sign up for your 20 minute consultation here. I can't wait to chat with you and help you have the best holiday selling season yet!

Talk to you soon,

Suzanne

(Check out past client testimonials.)

eBay Shipping Tip - Frankenstein Boxes

 If you sell on eBay for any length of time, you will be faced with the dilemma of finding the right size box to ship a large or odd shaped item. It happens to everyone at some point.

Frankenstein boxes are the answer. Also known as Frankenboxes, these are created when taping 2 or more boxes together to create a larger box. This process is called telescoping when  2 or more boxes are taped together end to end to create a longer box - hence the "telescoping" effect.

Frankenboxes are shipping boxes you can make yourself to accommodate any size item. This technique comes in handy year round, but especially during 4th quarter when sales spike and you may be shipping items you don't normally work with. There are a few rules to be aware of so you don't get in trouble with the post office.

Flat Rate and Regional Rate boxes cannot be altered, telescoped, or Frankensteined.

The price for shipping these items has been configured based on size and maximum weight. They cannot be altered in any way.

It is ok to Frankenstein Priority boxes.

You are free to use regular (not flat rate or regional rate) boxes in any configuration you want to create as long as the item is shipped Priority. Turning the box inside out or covering it with brown paper or poly mailers then shipping Parcel Select is a big no-no. Priority boxes must be used for Priority Mail, period. No exceptions.

Plain or recycled boxes can be Frankensteined.

As long as you aren't using a flat rate or regional rate box from USPS, anything is fair game.

Use plenty of tape to secure edges.

The USPS requires that all edges are taped and any gaps or flaps are covered with tape. You don't want flaps or box edges getting caught in sorting machines or on conveyer belts. Make sure everything is tight and secure.

Be aware of oversize restrictions.

Boxes measuring over 12 x 12 x 12 may be subject to oversize charges. It depends on the distance the package will travel.

Don't "piggyback" boxes.

Piggybacking refers to taping 2 boxes together that are not the same size, the smaller on top of the larger. USPS won't accept these.

Consider a box resizer for cutting down larger boxes.

Sometimes you have a box that is too large for the item, and rather than fill it with packing material and increase the shipping weight and cost, cut down the box using a box resizer tool. This tool is very handy, easy to use, and creates clean looking packages. You can buy them at office supply stores, on eBay, or Amazon.

I actually did a survey on my Facebook group asking other sellers about their Frankenbox experiences, and here are some of the responses:

Joseph said, "We just took a package to the post office today that combined 5 priority shipping boxes (totaled over 12" x 12" x 40" long). The postal clerk actually complimented us on the creative construction."

Debbie said, "Tonight we bought a 3" PVC pipe for $8 to mail metal roof edge moldings for a 1957 Mercury. 67 x 3 x 3 girth 4.75 I think....price to mail just under $11. We Franken-pack all the time!"

Sarah said, "Monday I stacked & taped 6 large Priority boxes together. Total height 58" x 12 x 12. I was shipping a wakeboard. 17 pounds from Alabama to Oklahoma just under $11.00."

So there you have it. If you don't have the right size box,  get creative and make one. Just be sure to keep plenty of tape on hand at all times.

If you need more help with shipping, download my free eBay Shipping Flow Chart here.

Related Articles:

How to Charge for Shipping on eBay

Pros and Cons of eBay Global Shipping Program

Can it be Shipped Media Mail?