Up until now, I've done mid-month reports. I thought this made sense because eBay billed me on the 15th of each month so it was an easy way for me to determine how much to deduct from my gross income for eBay fees. But I've discovered two things:
1. There is an easy way to manually check how much my eBay fees are for a chosen time period (ie July 2017 only).
2. The mid-month reports confused people. People thought that they only covered half a month's earnings.
As such, from now on I'm going to do monthly income reports at the end of each calendar month. This is going to screw things up a little for this past month's goals (because I only had 15 days to accomplish them instead of the normal 30), but we'll muddle through this month's report and next month should be a little more concise. So without further ado…
My Goals For July:
1. Get to 1400 Listings– I only got to 1250 but that's because I only had 15 days. I'm happy with this progress.
2. Become Tax Exempt– Accomplished! I'm speaking with a CPA next week to double check my work.
3. Continue To Not Focus on Profit/Numbers – Accomplished! One huge benefit of this is that at the end of the month it's a huge surprise to see how much money I ended up earning. It makes it more of a game for me.
4. Seriously consider forming an LLC – I didn't take this one too seriously these past two weeks. But it is definitely a priority now. I'm going to execute on this this weekend.
The Numbers
Gross Income: $19534
Cash Back: $300
Payments made to suppliers: -$4036.86
HydraLister -$79
eBay Store Fee -$75
Sku Grid -$29.99
VAs -$31.50
PayPal Fees: -$248.72
eBay Fees: -$459.55
Total Profit: $1722.75!!
I'm blown away at these results. I achieved something close to this a couple of months ago but that was because I go the added benefit of a huge credit card sign up bonus. This month the $1700 is pure profit! I'm so excited!
My Purpose
I think I can finally say, I've done it. When I started this eBay journey, I wasn't sure that it was possible for me to earn money online. I was doing this to prove something to myself. I've done that. I've proven to myself that this is possible and that I can (am) doing this.
So my purpose has shifted now. It's not just to prove something to myself. Now my purpose is to use this business to accelerate my financial freedom/retirement. I'm not sure if I even want to retire early, but I want that choice. Right now, this is what is motivating me.
I said in my last income report that every dollar I earned over $1k I would use towards the purchase of a new camera lens. It's not that I don't want a lens anymore, but I realize that I don't need a new one right now. It's a good feeling to let go of those wants and desires.
Instead, I've found a much better use for the money. My husband has really been wanting a new, very special bamboo flute. I ordered it for him last night (shhh it's a surprise). I can't wait to see his face when I give it to him in a couple of weeks (they're custom made so take a few weeks). That, plus the potential for financial freedom in the future, is worth a lot more to me than a new lens 🙂
My Goals
1. 1600 listings
2. Form an LLC and possibly open a company credit card.
3. Hire a VA
4. Don't Worry about profit too much
Final Words
This business is harder than I thought it would be. It can be a lot of work. These past few weeks I've spent many late nights after work catching up on orders. Sometimes I question if it's really worth it. Sure the money is nice, but I've given up a lot of time. Is that really worth it? I'm not sure. These are questions I need to think about. The good news is that I do plan on hiring a team of VAs to at least oversee part or most of the business. Even if I can sustain this income with a team of VAs, I'd be happy.