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“This is another ebay Conspiracy I have on STR rate, but I will leave that for another thread.”
that is a dangerous thread… 🙂
Jay: “What is eBay good for?”
Bringing buyers to our items. That’s really all I want them to do at this point. While I REALLY appreciate the work that they have done by making everything possible in just the platform for a new seller (especially shipping and payments), I would rather see them partner with other software providers to handle those areas for them so they can focus on helping keep the platform itself stable.
They are strengthening their partnership with ShipRush. I want them to outsource the whole damn thing. Get it off their plate. Let ShipRush handle it, as they are better. Similar to having Adyen do the payments.
Focus on maintaining the database of listings, keeping it simple, and driving buyers to the site. I like the front end things like using a photo to find it on eBay. Great. But keep the core business stable while doing it!
Let us use other tools to handle the listing, inventory management, shipping, etc. Keep the core of what they do, providing a platform for buyers and sellers to meet, stable and engaging.
Mike: I think you won the forum today! I almost shot coffee out when I read that!
Jay: Amen brother. Knowing your numbers (both business and personal) is crucial. And in knowing those numbers, be realistic. You can go rice and beans for 1.5 to 2 years, but after that, you hate your life.
As Lazarus Long said: Budget the luxuries first!
Meaning, have SOME pleasures in what you budget for. Enjoy life too!
Doubly: Yes, that $500/month covers the whole family.
Glad you are getting the nest egg for living. Try to save a separate bucket for your business capital to purchase inventory.
If you want some help forecasting out what your numbers would look like, hit me up.
ThriftShift: Congrats on the retirement! And I hear you on the workload of a stay-at-home parent. Veronica was INCREDIBLE raising our 2 boys. I only had a little taste of it when I went full time and our youngest was in 8th grade. Planning drop off at school with Post Office drops and Thrift Store runs before pickup. One year and then he was going to high school with our oldest.
I had it waaaaayyyy easy compared to Veronica. I definitely married UP!
08/08/2018 at 7:33 am in reply to: Scavenger Life Episode 371: T-Satt (Troy) Reports on eBay Open #47084Do you track your Sell Thru Rate on books? I like the fact that they are easy to store, but I know we have some books that have been out there for a while and really seem to need the right buyer to get them to sell.
Yeah, I didn’t see anything too scary in the Update overall. I would still like the INAD process to be smoothed out if we are already providing Free Returns. We will see…
And an expanded universe of shipments for the Guaranteed Delivery metric…
That’s right…Coffee is for Listers!
Funny thing…we are just starting to watch “Billions” (great series so far), and two characters are talking, when one says “Good father? Fuxx you! Go home to your wife and kids.”
I paused the movie for about 10 seconds…cause I KNEW that was from a movie somewhere!
And it was… 🙂 Took me a bit though…
PS – Great movie too! Ryanne likes to paraphrase one line from the same movie…said just before the line I referenced above…
Didn’t see anything scary yet…but will really look at later…
Mike: Damn…I know it is Bette Davis…don’t know the movie!
Doubly: And ditto to what Mark S says on the expenses, savings, all that stuff. We have had to dip into the savings more than once when things were lean. And when you make a big change, like ramping up your listing, that means you need to have the capital to ramp up your inventory purchases, and you need to know your STR and ASP to see when those extra listings will start to pay off.
We are at about a 15% STR, and with my forecasting, I figured a 4 month cash flow hole while we paid for more inventory as well as for our photographer before the sales really started to kick in. This is showing to be true. If your STR is lower, then it will take longer to get that return on your investment. This is why knowing your velocity for your business is so key.
Also, make sure that you can readily find enough items each week to back up what you plan to list. We are in the 150 items per week to list range, and we can do that on a good Saturday at 50% off, but if we fall short, I need to know that I can go during the week, pay full price, and still get to our volume. I can, but less to buy, as at full price, some items aren’t worth the time (I don’t list for practice!). Good news is, sourcing during the week is less pressure, and I’m finding some items that probably don’t make it to Saturday (as my competitors are out during the week too).
Really running through the numbers, and the logistics, of your full time plans is key. I can always make numbers in a forecast be what I want (yep, 25% STR with a $50 ASP looks great!), but making sure that they can equate to reality is key. I know our business very well, so my forecasts are solid, so it will be for you when you want to make that jump.
How much can you find?
How much will you pay?
How long until it sells?
How much is left over?
When does it really pay off?This is why it is key to get this part-time gig really rolling before you start, with a good bankroll of capital to not only fund the business when you REALLY start buying and listing, but also to cover any shortfalls on the personal expenses.
You can do it! Just know what your roadmap is, and make sure that when you draw that map…it isn’t with rose colored glasses…
Doublythumbs: “It’s funny how it just takes a few minutes of effort to get the ball rolling on a task before you get going and don’t want to stop. ”
That first step is always the hardest. The adage is true, that the journey of 1,000 steps (listings) begins with the first one. And it is the hardest.
Like I was telling bcfol440, take your set of number and do an honest forecast so that you know how many listings you will need to get a NET profit that will replace your current income. Using STR, ASP, and Average COGS are hugely important, and using % of Revenue for eBay Fees, PayPal fees, and Shipping Cost.
PS – Look into Samaritan Ministries for health care coverage. For your family, should be around $500/month.
Let me know if you have any questions about the full time gig, along with Jay and Ryanne and others on here. It is great, but can be a scary ride sometimes. Gotta know how to ride the waves and climb out from the valleys too…
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