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/biz/ - Business & Finance

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11172679 No.11172679 [Reply] [Original]

I've been selling on ebay for a couple of years on the side of wagecucking. I've been expanding and making more profits every year. Should I formally create a business, get a tax ID, open a business checking account, etc? I'll probably be earning $30k per year from ebay in the near future if I keep expanding at this rate. I'd like to expand as much as possible and maybe start selling on amazon and eventually my own website. What are some advantages of formally forming a business, getting a tax ID, business checking account and so on. I know most wholesalers wont talk to you without a business tax ID, but are there any other benefits?

>> No.11172759

>>11172679
How long did it take you to make $2500 a month?

>> No.11172804
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11172804

I still remember the /ebay/ generals here on /biz/ with that 99.9% guy... good times *sips*

>> No.11172817

>>11172759
I've been selling for 3 years now. I'm not quite at $2500 a month yet. Around the holidays I'll prob do about $2000 a month (Nov + Dec). I'll probably be at 10k-15k this year but have more than tripled my inventory last month so I'm expecting to earn at least double this next year and continue growing.

>> No.11172824

I sell on Amazon. I do around 6-7k profit a month.

I would incorporate if I were you. I think if you're earning 30k a year off this then it's definitely worth it.

>> No.11172846

>>11172824
I thought it was nearly impossible to sell on Amazon especially if you're barelu starting because of their expensive fees

>> No.11172852

>>11172824
Thanks anon. I'm not at 30K a year yet but hopefully will get there in the next few years.

>> No.11172853

Where do you shop to find things that can turn a profit? Goodwill? Yard sales? Ross?

>> No.11172868

>>11172846
Hm, well I'm an engineer and my partner and I produce plastic products in China. They're our own injection molds so there was definitely a barrier for entry but the fees aren't too crazy on AMZ.

>> No.11172874

>>11172824
larp

>> No.11172878

>>11172846
I think their fees are only slightly higher than ebay. I've also heard people are willing to spend more on amazon as it's a more trusted marketplace than ebay

Care to comment Amazon bro? >>11172824

>> No.11172896

>>11172878
I've sold on both Amazon and Ebay and I can tell you the sales on AMZ compared to Ebay aren't even close. It's like 100:1. If I selll 50 items a day on Amazon, I'm lucky if I sell 1-2 per day on Ebay.

>> No.11172969

>>11172896
Interesting. Thanks for the info. Do you use Amazon Fulfillment? I'm curious as to how that works. Do they take a higher fee if you do that?

>> No.11173001

>>11172969
I use Amazon fulfillment for everything. I have a full time job so there's no way I would be able to do this as a side hustle if I had to ship the items individually myself. I usually do a large 500-700 unit shipment to an Amazon fulfllment warehouse once a week.

The fees for athat are a bit silly but again - it's paying for the convenience of not having to ship the items to customers yourself.

>> No.11173102
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11173102

>>11172853
bump for this question