Forum Replies Created
-
AuthorPosts
-
07/06/2020 at 4:43 pm in reply to: Scavenger Life Episode 470: How Would You Start Your Business Today? #79160
That’s great advice for someone just starting out. I can imagine people who try to sell everywhere at once get overwhelmed quickly.
Agree with everyone. eBay closed the case so you’re good with eBay. Buyer didn’t use tracking.
At this point, it’s up to your judgement/goodwill on how you want to handle it. You can ignore, wait for the buyer to say something, or refund.
07/06/2020 at 10:09 am in reply to: Scavenger Life Episode 470: How Would You Start Your Business Today? #79126Its been fun to watch your progress. You’ve built up an incredible business and are a perfect example of sustainability. Your numbers are solid each month because of you built a rock solid pipeline.
Right now is a bad time to do renovations or additions. Its difficult to get a lot of building material + it’s all more expensive than normal because of the virus. Just keep saving money until factories are back at capacity.
07/06/2020 at 10:06 am in reply to: Scavenger Life Episode 470: How Would You Start Your Business Today? #79125You can never have enough boxes. Slow and steady wins the race 🙂
Yeah, its a very gray zone. I’ve bought used Smart Wool socks on eBay. Good socks are expensive! So I dont mind buying some cleaned and lightly used.
07/06/2020 at 8:53 am in reply to: Scavenger Life Episode 470: How Would You Start Your Business Today? #79119Amazing. Traditionally summer is slow because everyone is on vacation and doing stuff. Obviously now everyone is at home and scratching their spending urge online 🙂
07/06/2020 at 8:26 am in reply to: Scavenger Life Episode 470: How Would You Start Your Business Today? #79117You’ve been doing great this year. Usually you use the profits to pay for vacations, but are you using all this extra money for something else?
07/06/2020 at 8:25 am in reply to: Scavenger Life Episode 470: How Would You Start Your Business Today? #79116It took us a couple years to make enough to pay all our bills each month, but we also were never losing money since inventory was so cheap.
–What kind of items are you finding ad selling?
–When you say you aren’t making a profit, do you mean you spend all your profits on new inventory?How did eBay communicate with you that the socks are underwear and illegal to sell on eBay? Maybe just choose different item specifics when you list?
I see Figs compression socks for sale:
https://www.ebay.com/sch/i.html?_from=R40&_trksid=m570.l1313&_nkw=Figs+Compression+Socks&_sacat=0I also see plenty of used socks for sale:
https://www.ebay.com/sch/i.html?_from=R40&_nkw=socks+used&_sacat=0&LH_TitleDesc=0&rt=nc&LH_ItemCondition=3000Anything on the bottom?
And the virus counts are likely much higher since not everyone gets tested: https://www.nytimes.com/2020/06/27/health/coronavirus-antibodies-asymptomatic.html
We are staying in the house indefinitely at this point since our state is apparently going the herd-immunity route right now. Sourcing anywhere is out of the question.
Yeah, its not worth scavenging to get sick. Even in purely monetary terms, getting sick would hurt your business since you’d be offline for a while.
Understood that partnerships are good until they aren’t. I guess if partners fall out, it can only get messy even if there’s a clear contract. Too bad your partners didnt value what you brought to the table.
I share your excitement about running an eBay business. It’s yours to run as you want!
Just because Paypal doesn’t send you a 1099 (after $20k or 100 transactions), doesnt mean you can not claim it as income. No judgement here, but I’ve seen sellers think they’re flying under the $20k radar, not pay taxes, but then do better than they think…and get the 1099 from Paypal. They haven’t kept track of expenses, saved for taxes, lots of drama.
This more a question for an accountant. Or if you do your own taxes, then do you feel you have a handle on your numbers? Do you know your profit vs expenses?
3. Our agreement said payout to be “1/3 of the determined value of an outside evaluation paid for by the partner leaving” or something like that. I would put a number on it as an example “1/3 net profits for previous years for next 3 years” or something like that.
Did you not pay for an outside evaluation that your partners would be legally obligated to pay?
-
AuthorPosts