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Thanks for taking the time to reply.
I should have mentioned that I am in Canada, so I have to deal with the CRA. It’s pretty much the same system, though. I should really know all this, working in accounting… I think that’s why it seemed to odd to me to write everything off at the end of the year.
It’s good to know that the IRS/CRA just wants to see that we’re being somewhat honest, and not lying about our items. It’s such a load off to know that I can just average everything out, and just record the number of items that sold, rather than each individual one (A single order could be 20-30 units, at $0.25 a piece)… I was spending more time bookkeeping than sourcing and listing combined!
Things have been a bit stressful lately, so I guess I also just needed to vent. Thanks so much… It means I can no longer keep a weekly summary, but it’s so much less stressful. I’m only doing this part time, so anything to reduce stress and save time!
BTW, love the show 🙂
Total Items In Store: 103
Items Sold: 2
Total Sales: $53.49
Cost of Items Sold: $28.45
Profit: $25.04
Highest Price: $30.69 (Shower radio)
Average Price Sold: $26.75
Items Listed: 20
Cost of Items Purchased: $163.03edit: Added “Profit” line.
Week: Dec 25 – Dec 31
Total Items In Store: 352
Items Sold: 1
Total Sales: $41.77
Highest Price: $41.77 (Lot of 2 Spice Girls Concert Dolls)
Average Price Sold: $41.77
Returns: 0
Cost of Items Sold: $26.70
Total Profit: $15.07Items Listed: 102
Cost of Items Purchased: $91.15Purchased some Wii U Fight pads. Nothing huge but should be able to clear $5-10 on them. Some Disney Infinity figures from the local thrift. Brand new in box. A few more overpriced pieces of clothing. Won’t make huge money, but the sold listings lead me to believe they’ll help me enter the clothing market… and the piece-de-resistance is a video game related statue I got for $45 after tax, which is actively going for $110+.
2017 is the year I’m going to take this super serious. Not full-time by any means, but I’m gonna hope to average at least $100 a week. Still listing my $1-2 items while I clear my deathpile, which is really my number one goal. Clear the death pile of the cheap stuff, scatter some new good stuff in there, and at the end (hopefully tearing through death pile by June), just lot up what doesn’t sell.
Got some goals in place this year. Not sure how depressed I’ll be if I can’t clear them, though.
Week: 12/18/16 – 12/24/16
Total Items in Store: 131
Items Sold: 5
Cost of Items Sold: $15.35
Total Sales: $36.45
Weekly Profit: $21.10 (Goal achieved)
Highest Price Sold: $8.00
Average Price Sold: $5.09
Money Spent on New Inventory This Week: $168.18 (Loaded up on 8 Wii U Fight Pads, and some Star Wars Hot Wheels)
Number of items listed this week: 20Numbers for Week of December 11th to 17th:
Total Items in Store: 242
Items Sold: 2
Cost of Items Sold: $20.96
Total Sales: $35.98
Total Profit: $10.50
Highest Price Sold: $29.99 (TMNT Action Figure)
Average Price Sold: $17.99
Returns: 0
Money Spent on New Inventory This Week: $297.25
Number of items listed this week: 10Still super new, but hey, at least I made my profit quota of $10. Gonna see if I can’t do $15 next week. 🙂
Purchased a bunch of Star Wars Toys I should be able to double my money on (It’ll probably backfire), and some decent clothing this week. Just trying to ramp my inventory up to 450 items.Week: December 4 to December 10 2016
Total Items in Store: 197
Items Sold: 5
Cost of Items Sold: $31.02
Total Sales: $91.23
Profit (After fees): $10.67
Highest Price Sold: $27
Average Price Sold: $18.25
Returns: 0
Money Spent on New Inventory This Week: $86.66
Number of items listed this week: 94I’m just a scrub right now, but I’m starting to make a steady $10-20 per week profit. Getting there, I guess. Was looking at Amazon, but you need a tax number, so I’ll wait until I figure all this out.
