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Join the conversation in the forum>> Our Store Week August 18-24, 2019 Total Items in Store: 8461 Items Sold: 36 Gross Sales: $3,501.27 Cost o
[See the full post at: Scavenger Life Episode 425: Worried? Get to work!] -
I saw that sale come up! How awesome! By the way, your numbers for this podcast show your highest sale as the $150 ceramic flower from last week.
My numbers:
Week of Aug 18 – 24
* Total Items in Store: 1441 eBay, 3 Etsy
* Items Sold: 12
* Cost of Items Sold: $3.10 + $0 Commission
* Total Sales: $194.92
* Highest Price Sold: $34 Vintage Oppenheim menorah
* Average Price Sold: $16.24
* Returns: 0
* Money Spent on New Inventory This Week: $49.76
* Number of items listed this week: 13I was chugging along, doing OK, when sales just shut down later in the week. I had no sales on Friday and Sunday and only one on Saturday. Pretty rough.
My neighbor had an auction through MaxSold. I bid and won a few things. Shortest pickup drive ever!!
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Hello all, have not listened yet, so looking forward to listening while listing in the morning.
A quiet week for me with Etsy outperforming eBay.8/18– 8/24/19 (no cross listing is done between platforms)
eBay store: totommyto
Total store items: 724
Number of items sold: 4
Total eBay sales (not counting s/h): $88.75
Cost of items sold: $6
Highest price sold: $35 – older Thomas Nelson NKJV Bible, paid $1.00
Average price sold: $22
Returns: 0
Money spent on new inventory: $40
Number of new items listed this week: 12
Sell through rate for the week: 0.6
Number International sales: 0Etsy store oldfleatoymarket
Total store items: 661
Number of items sold: 9
Total Etsy sales (not counting s/h): $142
Cost of items sold: $11
Highest price sold: $25 – set of four small vintage plastic nursery containers – paid $2
Average price sold: $16
Returns: 0
Money spent on new inventory: $10
Number of new items listed this week: 8
Sell through rate for the week: 1.4
Number International sales: 3 -
Week August 18 – 24, 2019
Items in store: 4420 Listings for 6326 Items
Items Sold: 72 transactions for 77 Items
Gross Sales: $4078.64
Highest Price Sold: $160 …. Corneliani Suit
Lowest Price Sold: $2.49….Shoelaces
Average Sale Price: $52.96
Cost of Goods Sold $285, Plus consignment @ roughly $600
Number of new items listed this week: 135 items
$$ spent on new inventory this week $95
Repeat Customers: 7 -
2019-08-18 – 2019-08-24
Total Items In Store: 3223
Items Sold: 17
Cost of Items Sold: $ 100.00
Total Sales: $ 1,110.39
Highest Price Sold: $ Over $400 (Vintage watch)
Average Price Sold: $ 65.32
Money Spent on New Inventory: $ 100.00
Number of items listed: 35Gut Sales Report for the week: What a great week, wish they could all be like this. Made some great higher dollar sales. I have seen a marked increase in the overall price (ASP) of the items I am selling. Starting Sunday, I am also seeing an increase in the volume of sales (STR). I hope this trend continues and this becomes the start of the rush to Christmas.
Challenge of the week: Finally bought all of my supplies. I picked up the final boxes yesterday. I got free 240′ X 12″ bubble wrap from Sams Club because I have been trying for a week to get bubble wrap from my local store.
Scavenge of the week: Got a nice pair of LL Bean Virgin Wool Boots for $2.
Mark S
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First time posting my numbers. I told myself I would start participating once my store was consistently at 200+ items, which seems like the level where I start seeing consistent results.
Total Listings: 207
Items Sold: 5
Gross Sales: $253.61
COGS: $28.09
Highest Price: two-way tie (Diane von Furstenberg dress and random ephemera item, each at $75)
ASP: $50.72
New Inventory: $9.77
New Listings: 18
Returns: 1 (the $75 dress above was returned for fit, relisted immediately and sold the next day)I’m doing a free shipping experiment, and I kind of hate that it’s working. I think Jay opined once that free shipping is “Un-American,” and that’s kind of how I feel. Buyers are paying for shipping one way or another. That’s just business. I changed a bunch of low-dollar “loser” items to free shipping, raising prices as needed and removing best offer. Ever since then, I have been selling a “loser” every 2-3 days. Some of them have been around for a couple years with no interest whatsoever until now.
I more or less eliminated my death piles last month, so I did something I’ve been wanting to try for awhile, and bought a huge box lot of ephemera on Ebay. Most of it was literally garbage, but I found plenty to salvage and relist item-by-item. I finished that out this week, and sold one item so far for $75 (see above). I’m going to get another box lot soon. I can list ephemera pretty fast, and it’s fun to research. I will need to work pretty hard to keep my store at this size, since I do this very part-time and sales are already picking up for fall.
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Glad you posted your numbers. That’s great money for 200 listed items.
I have no doubt that Free Shipping would be the extra added bonus to sell items. I’d be curious if your store is all Free Shipping and then to see how your numbers work out over the long run.
Free Shipping can get expensive if you dont add enough to the price to cover shipping from PNW to NYC. Then are prices too high when someone in your region wants to buy your item since you’ve locked them into a high price? Or do you just make less on items that sell to NYC to keep prices low.
One caveat: if you only sell small items (ties, ball caps, etc), Free Shipping can be easier to manage since your packages are small and have a consistent weight.
This is the weird Free Shipping math game I hate. Calculated Shipping makes it all more democratic. Each person pays the shipping that it costs to get to them.
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Thanks Jay. I will try to keep posting my numbers here – it helps my motivation.
Yeah, you could lose your shirt on free shipping if you’re not careful. I am doing free shipping for items that can go first class, media mail, or in a Priority FR envelope – that’s about half my store. Definitely nothing with higher or more variable shipping, for the reasons you mention. If the item was $25 or less, I took off best offer AND raised the price by $5. Those are the items where I am really seeing results. I’m not making a ton of money on them, but they’re selling fast.
Congrats on the big sale, and thanks for the podcast this week!
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I don’t do my numbers on a weekly bases, but sales have been steady this month! Closing in on $1,000 gross sales with 522 listings.
I’m going to push and see if I can’t get to my 1,000 listings goal by the end of the year.
In other news, I published my first eBay seller interview on my blog last week! Joshua was able to go full time on eBay in only 2 years. Hope some of you find motivation in this new series.
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Items in Store 1196
Items Sold 17
Total Sales $492.00
COGS $37.00
Total Profit $455.00
Average profit $26.76
Average sales price $28.94
New Listings 12Summer goal: I’m likely going to miss my goal by about $1k once the dust settles after this week. Still not too bad at all for the summer! I had some great weeks and a few terrible weeks.I did not list nearly as much as I had planned – I had a 4 week stretch where I didn’t really list anything and that really hurt my goal. But on the bright side I got busy and lost a bunch of weight. I’ll take that over $1k any day!
This week was kinda ‘meh’. Yard sales sucked, so it looks like I’m done scavenging other than occasional thrift trips for a while. That’s okay as I have tons of inventory to pull from.
On another note, I got the wild hair to access my two old 401K accounts this week to roll them into my current one. One of them I hadn’t checked on in almost 10 years, and the other it has been 4 years. Holy compound interest, Batman! It was nice to realize just how much I have in my 401k. Now the next dilemma though – should I roll them into my current 401k or roll them into an IRA and get serious about my portfolio? Any investment gurus here who can offer some advice to a newb?
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Congrats on the weight loss. Good health is the cheapest health care.
From what I’ve read, putting retirement savings into Vanguard Index Funds are the safest way to grow wealth since the fees are the lowest in the industry. http://www.mrmoneymustache.com/2011/05/18/how-to-make-money-in-the-stock-market/
Does your 401k allow you to choose where your money go? Or can you roll them over into an IRA and you choose the funds?
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About 15 years ago, my husband and I worked with a lawyer to do our wills, set up a trust, etc. He urged me to transfer my 401k from my previous employer to an IRA. The reasons he gave me were that I would have more control over the money and that laws make 401k money more difficult (or maybe just more complicated) to get to should I pass away first.
I have been lazy and still have my 401k with the old employer, so I probably shouldn’t be giving financial advice :).
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I’ve always contributed enough to 401k to always get the company match. All of them have always done at least a 6% dollar for dollar.
The last place I worked was the best. They contributed 3% no matter what – even if I did zero. Then they matched 6% dollar for dollar. Then they matched the next 6% at 50%, so another 3% match.
I was contributing 12% of my check and the company was also contributing 12%! Needless to say I have quite a bit in that account.At my current company I’ve focused more on my HSA. I do the 6% to 401k to get my 6% match, then I contribute the federal max every year to my HSA.
My plan was to get my HSA up to a point that I have 3 years worth of out of pocket maximums, so I want a balance of $27000 (high deductible insurance is da sux). Once I get there I’ll dial it back a bit.The big benefit of keeping it in a 401k is that I can take out personal or home loans against my own money. I can do a loan up to 50% of the funds I have put in the 401k (you can’t borrow against the company contributions even if fully vested). If I rollover my old 401k’s, I’ll have access to quite a large pre-approved loan potential. The interest rate is 6.5%…but the real benefit is 100% of that interest goes right back into my 401k. The only fees I pay is a $35 establishment fee and then $3.75 maintenance fee per quarter. The loan terms can be as short as 1 month, and as long as 5 years.
While I wouldn’t plan on using a 401k loan, it would give me peace of mind to know I had that card in my back pocket in case of emergency. Obviously a 5 year large loan would be a terrible idea in a good market and only there for emergencies unless the ROI exceeded potential market gains on that money.
Having said that, having access to that kind of money in a potential recession “buyer’s market” with the knowledge I have now could allow me to start making investments.
Now as for IRA’s and more control. Yes an IRA will give me alot more control over where I can invest the money. You can also do a different kind of IRA rollover and go ahead and pay taxes on the money. Then it will be tax free when you access it in retirement.
I tinkered in the stock market one time when I was younger and lost. It felt like gambling, and I am NOT a gambler by any means. So I never messed with it again. Granted that experience was in penny stocks which really is like gambling. I don’t have alot of confidence in my ability to guess which stocks will be winners and I don’t have time to spend hours a day trying to figure it out. I kinda prefer the mindless balanced approach of a 401k, at least in this point in my life.-
I know that I could have taken a loan out on the 401k when I was working at the company, but I’m not sure that I can do it now. My assumption is that, if you are no longer working at that company, you cannot take a loan out against it where you pay yourself back. Of course, that is an assumption, and I haven’t really looked into it.
As far as rolling a 401k over, you could just roll it into a mutual fund. My 401k is just held in different mutual funds plus company stock, and, if I rolled it over to an IRA, I would pick a mutual fund company and spread it over different funds. Or, like Jay said, just roll it into Vanguard index fund. You aren’t forced to roll over a 401k into a brokerage account where you pick your own stocks.
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Yes, it appears the policy at my current 401k managing firm has a policy that if you leave work then you have 60 days to pay it in full. Otherwise they will consider it a withdrawal and you’ll pay the tax man 10% penalty and pay income taxes.
Something to think about though….do I really see myself at this place for 5 more years?
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Hi all,
Just a quick comment on the podcast. You mentioned that somebody emailed you with a question about earning 200 per week. I too still have a full time job, and sell on ebay during my “spare time”. A year and a half ago I started out with a basic store, 250 fixed listings per month, 21.99 per month if you buy for a year. It took me 4 months to get up to 250 listings. Once I did that, I was consistently at $200 a week easily (I made around 15000 last year I believe, after fees and all). I recently stepped it up to the next level, and am slowly working to get to 1000 listings (right now just around 385, will probably take another 3 months or so as I’m a college prof. And the semester is in full swing right now).I’ll start trying to figure out my numbers and post them, but overall I do OK. I geek out very much with excel in figuring out my exact numbers, I just don’t do it weekly. And I sell for a few different things, which makes it hard as I keep the items separate. Like all of us, I’ve figured it out mostly on my own. I love the podcast and the community, just discovered that, so thank you all very much.
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Good podcast as usual, a great start to another fiscal week on ebay. Congratulations on your big sale! Honestly, I would not have given that painting a second glance, so kudos. You were marvelling at someone paying that much money for a painting… well my dad is retired, by no means wealthy, and on a fixed income, and every year or so he’ll buy a painting from the local gallery for $1000-2000. I think he’s kind of treating himself. I personally would never do that, but it’s futile for the frugal to try and understand the prodigal.
On handling time. For most of my time on ebay I have had 3 day handling time, and done fine. (Hard to know how I would’ve done in the counterfactual, but it’s been good so far.) Recently I put my store on 5 day handling time for a camping trip… and never took it off again. That’s been true for two weeks and these have been two of my best weeks. I usually ship the next day or 2 days after payment, but it’s nice to know I have the buffer if something comes up, as in the life of a parent it does.
I had lunch yesterday with a good friend who does insurance brokering and financial planning (mostly to try and cut my insurance premiums down to size). But we discussed my business and he made it plain that although he’s not a tax accountant, he can pretty much guarantee I’ll save thousands of dollars in taxes by setting myself up as an LLC. It comes at the cost of a more formal structure where I’ll be “paid” a “dividend” from the company and the company needs separate bank accounts etc. But I’ll be paying a much lower marginal rate, and the dividend can be paid to my wife, whose income is lower than mine, further reducing it. So, I think I am going down this path in the next few months. We’ll see if the compliance looks too onerous but I’m willing to try anything after last year’s massive tax bill.
I had a great week on ebay.
Sales: CAD$2287, 15 sales, COGS: $589 –> Item profit: $1321
Expenditures: $545 –> Cashflow: $1365
Listed: $1800, 29 items
Hours: 11
Notable sales: 2 more microscopes for $700, 12 thermostats for $280 (this listing is OLD).-
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I’d love to hear your experience setting up an LLC to save money on taxes. We ran the numbers with out accountant, and the cost of running the LLC properly ate up all the savings. So as of now, setting up an LLC or S-corp isn’t worth the hassle.
Would your friend be the accountant to make sure everything stays separate, forms filed, fees paid, etc?
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Yeah, I’ve been skimming and like Mark S says, it seems the USA is different from Canada in the tax implications of LLCs. I think it’s more favourable here.
My friend isn’t an accountant but he’s going to recommend me a guy. There’s a website he mentioned ownr.co which helps set up an LLC as well. He also suggested asking the accountant to review my previous tax returns for possible savings.
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The way you describe sounds like a S-corp in the US. The business becomes its own entity with a board and meetings (easy to file simple minutes). Then you need to get paid a reasonable salary. All the profit the S-corp makes is not taxed personal taxes. You can take disbursements as you want (which would then be taxes).
But the legal and accounting and fees to run a S-corp in the US is fairly high. We estimated about $7k a year. We’d need to be making much more money for it to be worth the hassle.
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Week of 08/18-08/24
Total Items in Store: 3,358 (Up 29% YOY)
Number of Items Listed: 62
Number of Items Sold: 107 (Up 62% YOY)
(Includes 1 Etsy, 5 Poshmark, 0 Bonanza, 0 TrueGether)
Weekly STR: 14% (Up 2% YOY)Total Product Sales: $2,977 (Up 52% YOY)
Sales Volume Variance to Prior Year: Up $1,215
Sales Price Variance to Prior Year: Down $194
Cost of Items Sold: $487
Cost of Labor: $126
Highest Item Sold: $150 – Lemax Movie Theater
Competition: Highest Priced Sale: Veronica wins the week and Veronica leads for the year 20-15.Clothing
# Listed: 1,922
# Sold: 72
STR: 16%
ASP: $26.27Shoes
# Listed: 850
# Sold: 23
STR: 12%
ASP: $28.19Hard Goods
# Listed: 586
# Sold: 12
STR: 9%
ASP: $36.36EBay
# Listed: 3,358
# Sold: 101
STR: 13%
ASP: $27.02Etsy
# Listed: 212
# Sold: 1
STR: 2%
ASP: $94.87Poshmark
# Listed: 866
# Sold: 5
STR: 2%
ASP: $30.40Will listen shortly as we start to ship. Gone for a week to Montana to help my mom, so now we have 80 items to pack up this morning before we go to a Real Estate seminar this afternoon. Changes coming on this side for the next couple of years…
Funny your title of Work. Yep…that is what we are doing!
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I’d love to hear of your adventures in real estate as you figure it out. Beware the “get rich quick” real estate seminars! It’s definitely turning into a hot market right now so that stuff is popping up all over.
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Amen brother! This isn’t one of those, though I always go into these with one hand firmly on my wallet (to ensure it stays there).
We have numbers and a plan already set, hoping that this will give us contacts and maybe an idea or two.
Goal now is that the first is up and done by Q2 2020.
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Shipped out 81 items in 2.5 hours…Benefits of prework, storage system, and the items we sell…
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Nice!
There ain’t a better feeling in the world than a fully realized efficient system put into practice.
I love when I get into that groove and crank out 20+ shipments in less than 30 minutes. The only thing holding me back is the ebay loading times when processing the label. I mitigate that by prepping the next item during the delay. Have to be careful though, so I don’t mix up labels/packages so I only partially prep.
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Great podcast! Great advice and insight, as always, and congratulations on the big sale. This summer I had one period of 30 day handling and one period of 20 day handling and those red flags that popped up on some items when changing handling time were beastly. I’m glad I didn’t wait until the last minute before I left to change it because it took me a while to slog through it. My sales were great while I was away, though.
I’m one of those part-timers with 200 – 250 listings and I’ve grossed an average of $265 a week so far this year. My net is not that useful for comparison purposes since many of my items are family castoffs, inherited, or items from my collecting that I didn’t buy for resale. Speaking of which, if I convert a personal item to inventory that sells for less than was paid for it, I use the selling price as my purchase price so that it is a wash on the books. There are couple reasons that I think justify that, one of which is the IRS rules for depreciation of assets converted from personal to business use. Another is that the IRS is not interested in you reporting your income from a personal garage sale where you lose money on sale of personal items. If the item sells for more than I paid for it, though, I use my original purchase price as basis and show the difference as net profit and pay tax on that. So long as I don’t take a tax loss on the item I think it’s a reasonable approach. But I have never been audited to prove I’m right and this is not tax advice – YMMV.
BTW, the back_to_classic workaround to get the old shipping label page is still working for me, as of yesterday, anyway.
And, I yes, I can attest that urban post office service, at least in DC, is not as good as when I’ve lived in a suburban or rural area. The latest thing is when they don’t feel like coming by my house on a Saturday they’ll scan any packages that were due then as delivered. Then they miraculously show up on Monday or Tuesday.
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You make a great point. If you buy a laptop for $1000 for personal use and then sell for $700, there’s no net profit to declare. Not sure how you would justify it on your taxes when Paypal sends the IRS your gross profits.
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@Jay: I agree with Tedmudgin. If I purchased it for personal use and then sell later at a lower price, I put the COGS as my Selling Price. $0 profit on your financials and $0 tax to pay.
PayPal sends a report of your Gross Revenue, not your profit. The COGS we keep in our financials will wash out the profit on that sale.
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Ryanne,
You said you were having issues with Smartpost labels (and I assume Home delivery and Ground). Yes, they do not fit on the page. My work around is to go to Settings (or More Settings) and change the size percent from 100% to 88%. Then, the label fits on 1 label (1/2 page). True, the label is about half size, but hey, it does work.
Mark
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For the past two days I was wandering the great abyss, unsure of my next move, which direction to go. But then I picked up my phone to head off to work and saw the best sight – a Scavenger Life podcast was waiting for me! As I rode the subway into the city, the dulcet tones of R&J’s voice eased my mind, centered me, and got me focused. Welcome back!
Week August 18-24, 2019
Total Items in Store: 1015
Items Sold: 22
Cost of Items Sold: $129 (18.6% of sales)
Total Sales: $693.55
Highest Price Sold: $65 (1973 Lynyrd Skynyrd first press)
Average Price Sold: $31.53
Returns: 0 (1 NPB though)
Money Spent on New Inventory This Week: $0
Number of items listed this week: 0
Promoted listings test: 8 sales, $231.62 (33.4% of total sales), $10.83 fees (4.7% of sales)Nice solid week in overall sales volume & totals. The box lot of randoms continues to pay off – sold 11 items for $260 out of the box (reminder that the whole box cost $50). It’s reflected in both my COGS dropping down below 20% to balance my higher dollar items and also my avg price selling coming down to lower than normal levels… gotta keep the balance working in this direction. Some interesting sales from that box include: pipe rest made in India, 1921 Gillette razor, and some unused flints for a Dunhill lighter. Also a reminder that the holidays are approaching and people are starting to buy decorations like these vintage elves on a shelf.
Nothing really listed but I did end & relist some things to freshen them up. Already sold two things that were sitting around for years. This coming weekend I’ll probably not list anything either as we’re driving to Pittsburgh to visit my brother & niece.
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No joke, I felt really off on Monday and Tuesday. I really do rely on that dose of J&R positivity on Monday morning it seems.
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Total Items In Store: 113 (Poshmark/Ebay)
Items Sold: 4
Cost of Items Sold: $1
Total Sales: $59
Highest Price Sold: $20 for used Baldwin jeans; purchased for $1 at neighborhood garage sale
My other items were a scavenged maternity sweater and a fairy furniture set from the garage sales, and a Fantasia DVD.
Victory: Some of the stuff I found for FREE on the CURB is selling.
Defeat: The Miss Me jeans I was going to list have a broken zipper and a significant stain. That would explain why they were on the $1 rack (and bought for 25 cents).This week I am focused on:
– Listing some vintage Girl Scout girl/leader uniforms
– Cross-listing from Poshmark to EbayI’m sitting on a bunch of school uniforms, so I am going to try to send out some offers on those. I also need to figure out what of my death pile is next after these uniforms.
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August 18-24, 2019
Store 1
Total Items in Store: 1,722
Items Sold: 26
Gross Sales: $569.52
Cost of Items Sold: $57.20
Highest Price Sold: $55.00
Average Price Sold: $21.90
Returns: 0
Money Spent on New Inventory This Week: $40.38
Number of items listed this week: 51Store 2 (CAD)
Total Items in Store: 1022
Items Sold: 13
Gross Sales: $166.27
Cost of Items Sold: $8.50
Highest Price Sold: $16.99 (vintage patch)
Average Price Sold: $12.79
Returns: 0
Money Spent on New Inventory This Week: $0
Number of items listed this week: 26Amazon.ca sales: $1,156.86 (Approx $347.06 net profit)
Amazon.com sales (USD): $2,679.83 (Approx $1,071.93 net profit)eBay is chugging along. We’re doing a bit more listing in hopes of hitting the goals we set earlier in the month (1,750 listings on the main store, 1,050 on our second store). My wife has continued to post our clothing items to poshmark in both Canada and the US as they’re being listed, and those accounts are both around the 100 item mark now.
Amazon remains consistent, and I’m SO close to cracking $10,000 gross sales in the US. I’m on pace to JUST hit it this month. I’ve been close before, but have never cracked into five figures. In Canada, text books have been flying out, and I’ve had a good month as a result.
Personally, we signed paperwork with our lawyer for our new home purchase this morning. It was a bit of a gut check pulling a bank draft for $105k out of our savings, but we’re incredibly excited. Final walkthrough is scheduled for Friday morning, with hopes of closing Friday afternoon. I’ve contracted someone to come and do the drywall finishing in the garage on Tuesday, after which we’ll prime, paint, change light fixtures, finish the floor, and then FINALLY move ebay/amazon/poshmark operations into a dedicated space!
To Jay & Ryanne, congratulations on your huge sale. Amazing. Good on you for holding out for the right buyer.
RE: The episode title;
I’ve been having cashflow/money concerns lately, and have really pushed us to work harder/smarter to help alleviate them. It’s really helped us to sleep at night knowing we’re pushing hard.
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Just a little update on what our Congress is trying to do on Capital Hill with regards to the E-Commerce Sales Tax laws.
Seems there is a bill up in Washington that is trying to get an exemption for the small business from having to charge and collect the Sales Tax in each state. Think they are targeting to exempt the small businesses that are under $10 million dollars which I would think would exempt most small Ebay, Etsy, Posh, Mercari, e-commerce sellers.
Interesting if it goes through. Platforms like Amazon whereby a lot of the Sales comes from smaller sellers if Amazon would have to pay the taxes because their take [sales] would be over the $10 million mark and / or would they pass that along to the re-sellers through higher fees.
???? Just a continuing saga of the unknown…..
mike at mdcgfa
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I actually like that the sites are collecting and remitting sales tax for all of us small sellers. I wouldn’t mind if they kept it like this. As long as they handle it, I don’t mind buyers having to pay up in taxes for what they buy online. This current system seems like a win for the states, and a win for us for not having to deal with collecting the tax.
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