hey you BAE friends it’s Susanne a Wells
thank you for coming back for another video and I want to talk to you about
how to transition your part-time or hobby eBay business to a full-time
income stream so you’ll want to stick around for this whole video because all
of these tips are important also if you have recently lost your job and
downsized and didn’t have a choice you were kind of thrown into this these tips
will help you to obviously if you’ve lost your job you haven’t had the luxury
of planning for this but a lot of this information will help you also if you
are transitioning into retirement soon I talked to a lot of people who are in
this position of knowing they’re gonna retire in two or three years and they
want a business set up for them when they retire so that they can have fun
and produce income from home and have it be a business where it can be done on
their time frame their schedule so first of all I’ve got my handy notepad the
very first thing you want to do and you might want to pause this video and get a
pen and paper and write these down because these are kind of an order of
what you need to think through before you go full-time so number one is
evaluate your numbers I have a video that I’ll put a link to above that
explains exactly how to evaluate your numbers and know what you’re making you
really need to know your average profit per item and what your sell through rate
is and that video explains everything but you need to know where you are now
so that you’ll know where you want to go if you you can’t improve what you don’t
measure so it’s really important to know your numbers also if you’ll be able to
survive on this income and how you can scale it up to produce what you need for
your monthly expenses or savings or whatever you want to do with it number
two very important evaluate the benefits you will lose when you leave your
full-time job so that can be insurance it can be vacation time
it can be sick pay you’ve got to evaluate what you’re going to give up
when you make this transition and health insurance is the most difficult thing to
leave behind when I started eBay full time I didn’t have a choice
I was just thrown into this because I lost my jobs so you want to look at
options of what you can do there and it’s very difficult if you have a family
to support if you’ve got two or three kids or more or even one and you’re
gonna have to figure out health insurance so that’s a tough thing right
now but you need to investigate that to figure out what you’re gonna do very
important also number three is you want to get your family on board it’s very
important and that everybody in the household understands what’s going on
that this is gonna be mom or dad’s new full-time job they need the time and the
space to be left alone to do it and everybody needs to be on board so
unfortunately a lot of sellers do have the issue of their spouse is not
supportive of this business and that’s really tough so perhaps if that’s you
work up the numbers and show them you know this this will work I’ve done the
math I know this can work and you know present your case like you’re an
attorney in court that you know here’s what I want to do here’s how the numbers
work and you know try to get them on board a lot of people are resistant to
their spouse doing this full-time because they just don’t understand it
they don’t have the passion for it and they don’t understand how it works and
they just have a hard time believing that you can go out and buy junk and
resell it for a living so I have a lot of success stories on my youtube channel
I have a playlist with other sellers that I’ve interviewed as well as on my
blog so you know reach out do they do the research and present a good case to
your spouse to try to get them on board with this and you know one thing you
might want to say is you know they’ll say something like
well this is not guaranteed income this is too risky well no job is a hundred
percent guaranteed anymore ever you know IBM and coca-cola and Apple and
all these big companies they layoff people all the time nothing is
guaranteed anymore so the beauty of your own business is that the more you work
the more you make and as long as eBay is still there and use items are still
there you can make a living doing this if you do it correctly so that’s
probably a whole another video but you do have to get everybody in the
household on board with what you’re doing
number four is do not plan to use eBay for 100% of your household income that
is a bad idea because eBay is like this throughout the year it’s you know up and
down and some are slow and there’s all kind of things that happen so you want
to have some backup plans for other ways to make money you know look into driving
for uber or lyft you know babysitting keeping other neighbors kids while
they’re at work of course that would cut into your eBay time but you’ve got to
think about you know part-time job waiting tables a few nights a week or
you know what else can you do if things are slow and you need money because
you’re gonna be tip depending on this for a hundred percent of your income and
that can be really scary it’s very anxiety-producing to know that
you can’t pay your electric bill til somebody else buy something on eBay and
that is not a good way to live so if you’re good at writing there’s all kind
of jobs you can do on sites like up work or Fiverr if you’re good at photo
editing or you know photography or there’s all kind of things you can do
through upwork.com or fiber comm to use your other skills to make money from
home at your convenience so you know look into those things don’t expect to
just do eBay 100% and that’s your only income that’s a
very dangerous plan so don’t do that number five is create a support system
this is very important to have moral support and to be with other like-minded
people who also earn their living on eBay I did not have this when I started
which is one reason I have this huge Facebook group is I created a community
for myself because there just wasn’t much around back then to network with
other sellers and it’s really important to keep your morale up and to be able to
interact in person with other people who understand the way you have to earn a
living so there are meetup groups look those up
you know join those go to those just to be around other sellers my mastermind
groups we are loving that you’ve got three or four other sellers in there
with you we meet every week and we discuss the pains of this business our
successes or failures how to move on how to do new things it’s very helpful if
you don’t have a support system YouTube is great you know when you’re commenting
on videos with other people but it’s not the same as meeting somebody or
interacting in person you could do Skype you could do FaceTime zoom all these
ways that you can actually see another person and interact with them it’s
really helpful and it keeps your morale up because we all get discouraged we all
have bad days and if you don’t have a good support
system of people who understand the way you earn a living and the way your life
is this is gonna be very very difficult also there’s coaching if you have a
coach that you meet with once a week to help help you stay on track and keep you
accountable for doing what you’re supposed to be doing that is also very
helpful Facebook my facebook group is great but that’s not the same as an
in-person ebay buddy or ebay group and there can be a lot of drama on these
groups that just you know are huge time-suck and hurt your morale so just
think about what that you can network with other sellers
in person to help keep your morale up and to grow your business okay number
six create a schedule think about what your
day is gonna be like because if you’ve got kids and if they’ve got school and
activities or if you’re a caregiver or you know whatever you’re doing if you’re
on a farm and you’ve got livestock to take care of or if you already have
another part-time job lined up you have to figure out when you’re gonna do your
eBay work and it’s very helpful to have a schedule you don’t want to just go
into this and say I’m gonna work on eBay ten hours a day because that’s not gonna
work you know figure out like when I was selling on eBay full-time and my kids
were in school I would get him up in the morning get him off onto the bus and I
would work on my business either and go to thrift stores during the time before
they got home or I would do my listing I would be there for them when they got
home off the bus we would do homework their activities dinner they would go to
bed around 8:00 and then I would work another three or four hours before I
went to bed I was fortunate enough to where they would go to their dad’s every
other weekend so I had those times to really I would
work 1214 hours a day because I had the time without any distractions or
interruptions to do that so you have to plan out when you’re gonna do your work
also a schedule is very help for helpful for people who aren’t so great at
working at home it sounds wonderful but a lot of people are not cut out for it
they get bored very easily they need to get out and be doing things and if you
are not a work at home person there’s a lot of distractions at home there’s the
pets there’s doing the laundry and getting meals made and the kids and all
that you might want to consider going somewhere else to work you know go to
the library use their computers what I have done before is when I was living
with family a couple years ago when I was in transition I would take all my
pictures and do my measurements on my items and then I would I would have
that all written down and then I would go to the library and just sit there and
input everything and then after a while I got to the point where I just took
stuff to the library with me after I had taken pictures and I would sit there in
one of the study rooms and I would measure and you know list everything and
I would have the items actually with me and that was because where I was living
they had just really crappy internet and it took forever to do anything so the
library was much faster so you want to figure out how you can do your work most
efficiently without being interrupted and you know went what parts of the day
you’re going to use and you want to try to use the parts of the day where you
are at your best mentally to do this because you can get a lot more done in
an hour if you are rested and alert and mentally you know up then you can you
know when you’re dragging along and you’re tired when you’re tired you’re
gonna make mistakes and have to do things over again so you really want to
create a work time around when you are mentally at your best because you will
be the most productive and you will get the most done okay
so number seven is take a trial run if you can by that I mean if you are
considering leaving your job or retiring soon use some of your vacation time to
work full time on your eBay business see if your gonna like it because you may
get into this and it just might be too monotonous too boring not enough variety
you don’t like it you don’t like being at home all day and this isn’t for
everybody I’ve helped a lot of people with their business and it just turns
out that they just didn’t like this business full-time they just only wanted
to do it part-time so if you have the luxury of vacation time or sick time you
can take before you leave your job like a week at a time or even two weeks I
would definitely take a chunk of time and throw yourself into the full-time
eBay business to see if it’s for you if you really want to do it be
cuz if you go through all this and leave your job and then plan to do eBay
full-time and you hate it that’s gonna be a big problem okay number Ruby on
think we’re on number nine somehow my numbers got messed up treat
it like a business this goes back to getting the family on board this is not
a hobby anymore this is how you’re gonna pay your bills so you need to be serious
about what you’re doing and you know creating your schedule keeping up with
your numbers being time efficient and treat it like a business it’s no longer
a hobby so you know you’re gonna have to say no to some things you’re gonna have
to say no when the neighbors invite you over for dinner and you’ve got this
whole pile of stuff to list you know you’re gonna have to say no because your
income is now a hundred percent on you and you know that was the hardest part
for me becoming an entrepreneur it was giving up things you know I get
invitations to do things and I’ll be like no I can’t I have to work I have to
work but you do get the luxury of taking time off when you want to so I didn’t
really ever say no to my kids activities that was one reason I wanted to be
self-employed was so that I could be available to do things with my kids as
much as possible but you know my life did change and I was practically married
to my business for ever still now but that’s what I love doing and so just
realize your life is gonna change because most entrepreneurs put in you
know 80 hours a week to avoid having to work 40 for somebody else and that’s
just the way it is okay and the last one is realize it’s going to take some time
to build this business to what you want you’re gonna have to do what you have to
do till you can do what you want to do and it’s gonna be a little chaotic
one of my favorite sayings is all great changes are preceded by chaos and that’s
true you’ve got to get through the the chaotic part and get everything figured
out and systemized and Jeanne’s setup and schedules to make
this work so it definitely can work but I’d really just want to caution you
before you make the jump to think through all of these things and make
sure that you know this is going to be for you that you’re financially set up
to do this because eBay has slow times and it’s frustrating and there’s nothing
we can do to make people buy only thing we can control is how much we list how
often we list and the kinds of things we list so you know one thing we go over in
my mastermind groups is optimizing what you’re already doing how can we get more
sales with what you’ve already done it’s not about how much can you list in the
day how fast can you list how many things can you get in your store
I don’t approach it that way because you don’t have to I’ve never had more than
500 things in my store and you know I would make between three and four
thousand a month profit so it’s how you do it it’s what you’re selling it’s how
you’re selling it and there’s a lot a lot of in-depth things you can do to
optimize what you’re already doing so you don’t have to just spend your time
being a robot buying as much as you can and listing as fast as you can because
that is not that’s that’s not a life for anybody you want to enjoy what you’re
doing and focus on higher profit items and selling better not necessarily just
more so I hope this was actually ten things that made a lot of different
notes on here so it’s not I’m sorry but we love your comments if you’re trying
to go full time some of the struggles you’re having if you have any questions
about going full time and seriously would like you know you to watch my
mastermind video I’ll put a link to that because we are making great progress it
really helps to have other people helping you with your business and it
can save you a lot of mistakes and a lot of time so ask me any questions below
and I love your input on going full-time have a great day on ebay bye