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Buying and Selling on eBay: Tips, Tricks, Problems & Questions - Page 242

post #3616 of 17563
You'd be crazy not to, especially with the bedbug resurgence.
post #3617 of 17563
Quote:
Originally Posted by Snoogz View Post

I like the ideas you guys have shared about the shipping process you guys use.

I'd be interested in hearing how you guys itemize or categorize your items.
Do you use a # system? And how do you keep track of them?
I know some big sellers who deal with consignment (spoo) use a numbering system for each item.

I started with excel, but then switched to writing down the prices I pay for each item in a big binder organized by the type of item. I got rid of my PC and didn't want to buy excel for my mac. I'll probably breakdown and buy it eventually, but honestly I think writing down the price is faster - but that wouldn't be the case if you do really high volume, obviously. I use the Outright app that Ebay offers. It allows you to do everything, you just need to track your cost of goods sold on your own - it takes care of the rest.
post #3618 of 17563
Quote:
Originally Posted by DocHolliday View Post

You'd be crazy not to, especially with the bedbug resurgence.

 

Sorry- I may not have made it clear. This is to sell, not for myself to wear. 

post #3619 of 17563
Quote:
Originally Posted by masernaut View Post

Sorry- I may not have made it clear. This is to sell, not for myself to wear. 

I think his advice still applies. Do you really want feedback claiming you sent bedbugs?
post #3620 of 17563
Quote:
Originally Posted by tben View Post

Safest, easiest, and cheapest way to ship to Poland? First time for me. Thanks!


I do mean to quote myself here. In addition to Poland, how about Australia. I am very new to international shipping and usually don't offer it. But I have two very interested buyers with excellent feedback.

post #3621 of 17563
Quote:
Originally Posted by othertravel View Post


I think his advice still applies. Do you really want feedback claiming you sent bedbugs?

 

Not at all =)

Thanks.

post #3622 of 17563
Quote:
Originally Posted by suited View Post


I started with excel, but then switched to writing down the prices I pay for each item in a big binder organized by the type of item. I got rid of my PC and didn't want to buy excel for my mac. I'll probably breakdown and buy it eventually, but honestly I think writing down the price is faster - but that wouldn't be the case if you do really high volume, obviously. I use the Outright app that Ebay offers. It allows you to do everything, you just need to track your cost of goods sold on your own - it takes care of the rest.

I myself use the outright program, and am looking to upgrade it to allow me to use more of the features included.

I dont understand when you say you need to track your cost of goods sold on your own?  You mean if you were to sell an item outside of ebay? (SF member, BS )?

If that is what you mean, I dont really bother to input those into outright, only because it would then be taxed income.  I assume you just have to delete the original item purchase from outright, if you are not going to input the sale of that item into Outright.

 

 

As far as inventory, I want to dabble a bit with those google spreadsheets and see if one of those templates will work to help categorize different consignors and keep track of who gave me what.

I'm not very pro at excel, but that does also sound promising.

post #3623 of 17563
Quote:
Originally Posted by Snoogz View Post

I myself use the outright program, and am looking to upgrade it to allow me to use more of the features included.
I dont understand when you say you need to track your cost of goods sold on your own?  You mean if you were to sell an item outside of ebay? (SF member, BS )?
If that is what you mean, I dont really bother to input those into outright, only because it would then be taxed income.  I assume you just have to delete the original item purchase from outright, if you are not going to input the sale of that item into Outright.


As far as inventory, I want to dabble a bit with those google spreadsheets and see if one of those templates will work to help categorize different consignors and keep track of who gave me what.
I'm not very pro at excel, but that does also sound promising.

What I meant is that you'd need to manually calculate COGS for the year if you didn't have a paypal debit card. I use my paypal card to buy everything, so COGS is automatically entered into Outright. I just need to know the value of my inventory at the beginning and end of each year for tax purposes, and that's done with the log I keep in which I write down what I pay for each item.
post #3624 of 17563
Quote:
Originally Posted by masernaut View Post

Do you gents ever dry clean/wash your purchases from thrifts/consignments? I've got a Zegna jacket that smells a bit musky- but you have to get your nose in the jacket to smell it.

 

Get a steamer ...

 

1. LINK (1500 Watts)

 

2. LINK (1500 Watts)

post #3625 of 17563
Quote:
Originally Posted by suited View Post


What I meant is that you'd need to manually calculate COGS for the year if you didn't have a paypal debit card. I use my paypal card to buy everything, so COGS is automatically entered into Outright. I just need to know the value of my inventory at the beginning and end of each year for tax purposes, and that's done with the log I keep in which I write down what I pay for each item.


Ya I use the PP DC as well now, which inputs it all!

 

As far as end of the year, are you talking in terms of which items & the costs in which you carry over into the new year?  That I can see why its needed to have an external log for items and costs and then move them into a "sold" category.  This is what I need to work on.

post #3626 of 17563
Quote:
Originally Posted by Snoogz View Post


Ya I use the PP DC as well now, which inputs it all!

As far as end of the year, are you talking in terms of which items & the costs in which you carry over into the new year?  That I can see why its needed to have an external log for items and costs and then move them into a "sold" category.  This is what I need to work on.

Here is what I found:

The cost of goods sold is calculated on Schedule C of your tax return. The IRS illustrates this calculation on its website — see lines 35 through 42 of a sample Schedule C. In summary, the lines are completed as follows:

Line 35. If you are buying and selling merchandise, list the cost to you of the inventory of merchandise on hand at the beginning of the year. Usually this amount is identical to the prior year's closing inventory. If it isn't, you must explain why to the IRS. If this is your first year of operations, beginning inventory would be zero. If you are a manufacturer or producer of goods — for example, you manufacture handmade clothing for sale on eBay — include the total cost of raw materials, work in process, finished goods, and materials and supplies used in manufacturing the goods, but only those that were part of inventory at the beginning of the year. The IRS provides an explanation on valuing inventories at its website.

Line 36. Here you provide the cost of all merchandise you purchased during the year. If you manufactured goods for sale, include the costs of all raw materials you purchased in the year that were necessary to manufacture those goods. Subtract the cost of any items withdrawn for personal use.

Line 37. If you manufacture goods for sale, calculate labor costs: the amounts paid to employees for manufacturing. Do not include any amounts paid to yourself. If you are simply reselling merchandise and not creating new products, you will not have labor costs associated with your inventory. Of course, if you have employees that are not involved in manufacturing items for sale, their labor costs will be deducted elsewhere on the tax return and are not included in the cost of goods sold.

Line 38. If you manufacture goods for sale, list the amount paid for materials and supplies, such as hardware and chemicals, used in manufacturing goods.

Line 39. If you manufacture goods for sale, you can list additional costs such as containers and packages that are part of the manufactured product, costs of freight to bring in supplies, and overhead expenses — for example, rent, heat, light, power, insurance, depreciation, taxes, and maintenance — that are direct and necessary manufacturing expenses.

Line 40. Total lines 35 through 39, which will represent the total cost of inventory your business held in the year.

Line 41. On Line 41, you enter the value of the inventory unsold at the end of the year. Keep in mind that the value of the remaining inventory is not the price you plan to sell it for; it is the amount you paid for it or, if you are a manufacturer, invested in it. This amount will become your beginning inventory for the next year — that is the number you will use on Line 35 of the following year's tax return. Note that most businesses do a "physical" inventory at the end of the year — that is, actually count and record the type and number of each remaining inventory item. The results of this work will provide the basis for the year-end inventory calculation. Physical inventories also allow you to inspect and discard inventory if it is damaged or no value, thereby "writing it off" of year-end inventory and increasing the costs of goods sold deduction. A physical count also will alert you to items missing from your inventory.

Line 42. On Line 42, you subtract the amount listed on line 41 (ending inventory) from line 40 (all inventory costs). The result is the amount you claim as your cost of goods deduction.
Edited by suited - 6/26/13 at 2:59pm
post #3627 of 17563
Quote:
Originally Posted by Snoogz View Post

I like the ideas you guys have shared about the shipping process you guys use. Warning: Spoiler! (Click to show)
I'd be interested in hearing how you guys itemize or categorize your items.
Do you use a # system? And how do you keep track of them?
I know some big sellers who deal with consignment (spoo) use a numbering system for each item.
Quote:
Originally Posted by Brianpore View Post

I have anywhere from 200-300 items at a time and I find it easy enough to just use excel. Warning: Spoiler! (Click to show)
Add items to the bottom of the list when I thrift them or come in on consignment. Put the purchased price or persons name next to the item depending on situation. When it's sold move it to the sold page. Put the org price (or name), sold price, shipping fee, ebay fee, paypal fee = Total

Can't think of a much easier way to do it honestly.

No numbering system. Just a short description. I think this would work up to a certain point, about 700-1000 items give or take then it might be a little hard to find the item on excel in a quick manner but with the search function its not bad as of right now. If that was the case, I would keep the same format but would have separate pages for the inventory all within one document: suits, sport coats, pants, shoes, ties/belts
Should we do a Six Sigma for shipping and inventory? lol8[1].gif

I also track via excel, but I have separate worksheets for item categories -- one for suits, one for shirts, one for shoes, etc. The reason is the measuring systems are all off, and I track measurements right on the item row. I have one column for s (sold) t (traded) k (keeping) or n (not yet sold). I have a color code system for whether things are listed or not, and separate columns for what the item cost, what it sold for with shipping, what shipping cost, what the ebay and paypal fees are, etc. I then have a page where all that gets consolidated to a single view across all worksheets, from a numeric perspective. Someday when I get really fancy, I will do a pivot table to see average selling price by brand label, etc.

Quote:
Originally Posted by othertravel View Post

I think his advice still applies. Do you really want feedback claiming you sent bedbugs?

Have any of you bought something on ebay and NOT brought it immediately to the tailor? How inefficient from a market perspective to incur the dry cleaning costs twice for essentially just a miiddleman transaction.
Quote:
Originally Posted by chiron View Post

Get a steamer ...

Or a freezer. I got one free from my aunt, but it didn't work. When I finally get another, all items will spend 4 days in the deep freeze before ever even being categorized, measured and logged. Problem solved.
post #3628 of 17563

Poland? Australia? Anyone? Perhaps a pm would be more suitable due to answering this question multiple times that I can not find within the thread. Thanks!

post #3629 of 17563

I just do Priority with that 3rd party ship insurance, for pretty much any international package.

post #3630 of 17563
Quote:
Originally Posted by capnwes View Post

I just do Priority with that 3rd party ship insurance, for pretty much any international package.


Yeah...I wouldn't even know where to begin with this.

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