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simplicio: “Cost of Goods Unsold” – you have used this term a few times – for tax purposes, do you (or maybe Troy) know if this is a relevant term for tax purposes other than if you toss an item? My understanding is you can report an inventory cost in 2 circumstances: 1) you sell it or 2) you declare it a loss and throw it away.
I agree for tracking purposes it makes a lot of sense to track this but your post made me second guess my understanding for tax purposes.
Target should, instead of kicking the re seller out, hire one of them!
Without a doubt they need to fire some people. The share holders should throw them all out.
I STILL have a dream Thursday nights about a weekly sales forecast call i would have to give every Friday AM… at the time i had that gig i don’t think i realized how much it took out of me. I stopped working at that job 2 years ago…
The no re seller policy at target … wow. Look for people buying a lot of your stuff and stop it from happening. If that is really reflective of the state of where Target is as a business i do not know if they will be around in ten years.
That is awesome. I spend so much money on boxes.
Simplico — I actually was missing the point of the New Years thing.
yea that makes sense. Though i suppose the ‘main cost’ will vary between the businesses some — certainly larger operations versus smaller. Your friends 600 dollar storage expense does not apply to me, unless of course, i count my basement and the portion of the mortgage that the basement represents.
Looking at my ‘books’ for December – cog is 301. My “mileage expenses”, which is not actually cash coming out of my business now, but by my accounting, is 91 dollars. I do not track boxes in a way that lets me see Decembers box usage on a cost basis, but i bet adding in to the 91 dollars for me personally my millage expense and shipping supplies may be almost as high as COG. If I look at the percentage of the mortgage (or a 600 dollar storage space) those definitely are more significant than 90 dollars or whatever the boxes would be.
12/23/18 – 12/29/18
Total items in store (beginning of week): 484
Items sold: 17
30 day sell through (rate): 15.70%
Gross Sales: $644.32
Cost Paid for Items sold: $119.09
Shipping Cost: $215.48
Ebay Fee’s: $ $45.49
Paypal Fees: $25.70
Total Costs: $405.76
Net Profit: $ $238.56Profit % Rev: 37%
ROI: 200%Expenses…. boxes, mileage to source and ship… do you guys think it is worth tracking / sharing these kinds of things? I feel traditionally the forum have collectively looked at these things sort of like a standard costs that we kind of don’t talk about… but i know my mileage to source, for example, may be more significant than i have traditionally been fully aware. Same hold true for boxes — its great to get the ones from Ebay – but sometimes i have to spend real money to ship a large item and it turns out to be a significant percentage of the profit from that sale.
I also know the idea has always been not to go too far as to make it too much work sharing… but i do think if you are tracking expenses these are real and maybe worth more emphasis at least for how i do my business.
Happy Holidays!
12/16/18 – 12/22/18
Total items in store (beginning of week): 492
Items sold: 16
30 day sell through (rate): 14.17%
Gross Sales: $449.91
Cost Paid for Items sold: $108.58
Shipping Cost: $83.07
Ebay Fee’s: $35.91
Paypal Fees: $15.73
Total Costs: $243.29
Net Profit: $206.62Profit % Rev: 46%
ROI: 190%I see, very cool story indeed. Amazing to see how your persistence and even keel approach to the business has paid off, and compounded!, over time. I think the lesson can apply broadly in life too.
I really liked this weeks podcast — (like always) —
J&R – do you guys have your 2008 numbers readily accessible on an old forum or anything? No worries obviously if you did not post them back then but it would be really neat to see what your Ebay sales were like when ‘the sky was falling’.
12/9/18 – 12/15/18
Total items in store (beginning of week): 523
Items sold: 8
30 day sell through (rate): 6.74%
Gross Sales: $ $378.28
Cost Paid for Items sold: $ $20.25
Shipping Cost: $ $75.76
Ebay Fee’s: $30.93
Paypal Fees: $15.05
Total Costs: $141.99
Net Profit: $236.29
Profit % Rev: 62%
ROI: 1167%I wish ebay would yank the money out of the buyers account. I suppose that too may discourage new buyers so i guess that’s why i am not in charge : )
