I’ve been an eBay seller since 1998. Next July 1st will be my 20th eBay Anniversary! Yippee! That is a long time! In that time, I’ve seen so many changes with how to do business on eBay. I have some important advise for fellow eBay sellers for ending the selling year right!
1) Start donating NOW! Today is December 7th, 2017 and that means there are only 24 days left in the year! And only 18 days left until Christmas Day! You will want your inventory to be as low as possible for tax reporting, so if you haven’t started, get donating. That means: donate coats and toys and other stock items that aren’t selling. I’ve never known an eBay seller who couldn’t find new treasures easily and quickly. New stuff sells quickly and you won’t have disdain for the stuff that’s been hogging up shelf space.
2) Buy Business SUPPLIES! I stock up on printer ink, labels, paper, bubble wrap, packing tape and any other necessary supplies NOW! These expenses will be write-offs for this year’s taxes on your Schedule C. Those purchases will help make your bottom line look smaller and that means less tax obligations for you THIS year.
3) Make adjustments and set new business GOALS for the New Year! What worked for you this year? What didn’t sell? To be a smart small business owner you should make evaluations and adjustments to improve your profitability! I am eliminating doing business as an Amazon FBA (Fulfilled by Amazon) Seller. It was not making enough money for me compared to time spent on it! Time to pivot and move on in another direction. In other words, a New Year can give you a fresh start! Make some positive changes and your energy level will soar!
4) Get PAPERWORK in order! One of the reasons many of us procrastinate is that we are not organized. Get those receipts in order. Tax reporting and filing never goes away! Be prepared early! Change passwords and update your record-keeping! How nice to be able to begin the NEW YEAR ready to hit the ground running!
5) Send a THANK-YOU! Were there some important people in your business life? Let them know it! Send a card, a box of candy, a magazine subscription or a charity donation in their name will recognize their hard work in helping you! Everyone loves to be appreciated. Don’t forget people like your UPS driver or mail carrier!
The New Year is close at hand! December flies by before you know it! Do these five action steps NOW and you will be ready for January and beyond! Have a great holiday season! Here’s to your success!
And learn how to sell on eBay from my new course:
