Technically, you're supposed to report any profit, but for small time sellers, they're not going to go after you. I'm just trying to sell shit that's sitting in my closet that I don't even use anymore. If you are selling it for the same or less than you originally paid for it, you do not have to pay any income tax on it, as you technically did not make any money. If you are selling items for more than you paid, then yes, you will have to pay taxes. Any income you make gets taxed. They may not chase you since you are a small time guy, but if you ever get audited, they will make you pay.
The invoice at the end of the month is only covering your ebay fees. It has nothing to do with taxes. It is eBay's commission for allowing you to sell on their site, and giving you access to millions of customers world wide. I am just talking from experience. Cake Day.
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Looks like you're using new Reddit on an old browser. Do I have to pay taxes for stuff I sell on ebay??? They got their money back. Jess and her hubby keep on learning about new product categories. As they learn more about what sells well for them, they become more selective about what they buy. They now have a better sense of what they can flip for the most money.
They moved away from buying storage auctions to more consignments and estate sale picking.
Doing so becomes more lucrative for them. There was a time someone dropped them 5, Beatles record. All of a sudden they researched about it. Recently, they got , Hot Wheels Diecast Cars consignment. They didn't know anything about it and so they did the research. One of Jess favorite categories to sell is Ephemera Paper. She loves rescuing old paper.
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She always gets this weird stuff because people don't think it's worth anything so they gave it away. But there are some people who collect it. They were able to sell a political brochure from the birth of a political party in Canada. The party started in the s and is now defunct. The brochure is from and is rare online. The couple was able to double their revenue every year for the first five years they were operating. But last year, they reached the point where they could not get beyond where they are with just the two of them.
In fact, last year was the first year that they did not double their revenue. So last year, they started hiring people. They hired remote workers as product listers who gives them consistent, new listings. They also hired a local worker who does their product price research. And now, they are already seeing the benefits of having staff around.
The couple has a 2, square foot warehouse. Though it is a bit small for their needs, they make it work.
Everything they have has an SKU. Everything that gets posted has its box with its proper location. Whoever is in the warehouse can find things easily. Now and then, they made some tweaks on their processes to make it more efficient. As they grow and scale their business up, they became more obsessed and passionate about it.
They welcome lots of cool ideas to continue to grow their business. In the process, Jess has become involved with various Facebook forums. She chatted with other sellers for a long time now. She heard a lot of complaints like there are too many sellers on eBay now. There is too much competition that is why nothing sells. She realized that there is a huge gap in entrepreneurship skills and business skills.
Sellers need to be able to fill this gap to be able to scale up and find profitability. She thought that if a seller finds that nothing is selling, the seller needs to learn a skill set. Or there is an attitude that a seller needs to change. It could be a change of mindset at how to look at the eBay business and treat it more of a business. So Jess started to asked seller what they need.
They would talk about things like "I don't understand sourcing. I don't understand marketing. I don't understand cash flow.
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Thus the birth of Hobby Sellers Bootcamp - a pilot course that teaches entrepreneurship and business skills and mindset. It has four modules: The First Module talks about mindset shift. She calls it "You're not a doctor. You're a business owner! This is the simple things that you can do for easy wins.
The Third Module talks about the business skills that you need to sort of scale up and make it a full-time income. A lot of people say, "I'm afraid to quit my job. I'm afraid to take the leap. The Fourth Module talks about scalability and tracking your progress.
This is understanding what you actually need to measure to know how well you are doing. In four weeks, sellers will have the opportunity to ask Jess question in her four live group coaching call. The course is not limited to what Jess has designed. She will adapt to what the sellers need based on their questions and concerns. Through this course, sellers will be able to set up a system that supports through the slower times. Doing so, sellers can amp up when things are getting fast like around November and December.
So the course is paid for itself and then you start to scale your business. It will be open for a few more days.
Check it out before the cart closes - hobbysellersbootcamp. Advice, Tips, and Tricks You can filter the boxes inside the storage unit by looking at how things are packed and at the type of boxes used. Are they using banana boxes from the grocery store? Are they using nice boxes from the storage facility?
If the boxes look really old, that's a good sign. If you see something that looks like Campbell's Soup box from the s, there's likely to be something good inside. Bringing people on as staff is a very scary thing to do. It can be quite intimidating at first. You are forced to put amazing processes and systems in place. Doing so will empower your staff to do their best work. You will see the benefits quickly, plus it is fun! They have a simple setup for their photography.