Freebies are Fun and Business is Tricky

I have snipped the last of the daffodil blooms secret thrift shop location. These are a totally different variety from my first batch of purloined blooms a few weeks ago. Those were so fragrant, these - not so much. I did buy the measuring vase at thrift for 99 cents. We are in for another storm so I am sure they would not survive that pummeling. 

Our town had a community-wide garage sale. The participation seemed a little sparse, but one Mary Kay seller gave away discounted product. In addition to some delightful scents, lipsticks, and nail polish, there was this owl pin. Rhinestones all intact! Freebie to me 😍

And ... eBay seller update - in California we are required to remit sales tax on the products we sell. It is collected by eBay according to the county tax table of the seller. Each year I calculate that amount and remit it to the California Department of Tax and Fee Administration. Thankfully, there are online tutorials to aid the business owner.

Here is one tidbit I learned after watching the CDTFA Sales and Tax Return Preparation Seminar, the sales tax for return purposes is calculated on the gross sales minus the sales tax collected. That only makes sense! But I didn't calculate it that way the past three years. Better to make calculation errors while the business is small. Even as my business grows, I will still keep a close eye on the books when I hand over the bookkeeping and taxes part of the business to someone else.  

One advantage to the type of wares that I peddle: sewing patterns, books, needle kits, quilting and crocheted items, I sell year around and am not dependent on the holiday season. 

My average sale last year was $15. Total gross sales July 1, 2021 through June 30, 2022 - $9,700. I am hoping to surpass $12,000 in total gross sales this year. As of this post, I have over 2,200 active listings. The last three months I have averaged $1,000 a month in sales. 

Any business is hard work, there is no doubt. But that hard work pays off, I am debt free. I have been able to use my sales money to travel, and keep up with inflation. 

Until next time,

Tami