Tax Preparation Blog

Tax implications of inventory for a Wahm auction business

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If you are interested in becoming an auction Wahm, you might be curious about where to get items to sell on eBay or one of the other popular online auction sites. Actually, there are a wide variety of choices for your auction inventory. Each has different benefits and disadvantages. However, with so many options it is easy to find a method that works well for you and that can help you start a successful Wahm business.

The first, and most simple, method of finding things to sell in online auctions is searching the garage sales in your local area. Many people are not comfortable with selling online, or they don’t want to take the time to do it. You may find a lot of interesting and valuable treasures that can be sold for a nice profit. The benefit of this method is that your inventory can usually be purchased very cheaply. Try going to yard sales as they are ending and see if you can get a bulk deal to buy whatever the person has left for a flat fee. Sometimes there will be items that will double or even triple your initial investment. You also have the benefit of being able to shop locally. You won’t have to travel far to get the items that you need. Another similar option is to look for estate sales and auctions in your area.

On the downside, when you purchase inventory from yard sales, you really have to know what you are looking for. Sometimes this method works better if you are focusing on selling a specific category of items, like pottery or children’s toys. If you have a category of items that you are familiar with, you will know how much you can afford to spend. You will also be able to spot deals when you see them. The other downside is that when you purchase items, you need somewhere in your home to store them before you sell them. If you buy a lot of items and have to sort through them, your garage and spare room will fill up in no time.

Some people prefer to keep the inventory out of their homes and work with a drop shipper. Drop shipping companies have items that you can sell on auctions. You list the items on the auction site, and then once the auction is complete, you arrange shipment with the drop ship company. You never have to have the product in your home, and don’t have to worry about going to the post office a few times a week. As a Wahm, the convenience of working with a drop shipping company can be a huge benefit. However, the profit margins of having the company do the shipping can be very small when compared to some of your other options.

When you obtain a business license you can order wholesale products from a company. Light bulk wholesale is the best option for most Wahms. These wholesale packages include from several hundred to a thousand dollars worth of product. Light bulk wholesale can be delivered to your home and won’t require excessive amounts of storage space. Selling from a wholesale lot means that you are in charge of setting your prices and can have more profit than you would by drop shipping. You are also not at the mercy of a drop shipping company, who may deliver your items late and put your customer service at risk. 

On the other hand, stocking your own inventory can be a bit overwhelming unless you are organized. You can easily get bogged down in getting the right items to the right buyers. You will also be responsible for going to the post office several times a week, and packaging the items yourself.

However, with a bit of preparation, the most successful auction site Wahms find that buying items in wholesale lots gives them the most control over their business and the best profit margins. If you are just getting started, try one of the other methods first and then work up to buying wholesale lots.

Taxes and Online Auctions

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One of the best, and simplest, ways to start a Wahm business online is to become a seller on one of the several online auction sites. Ebay is the most popular, and most widely recognized. However, sellers are also having success on Yahoo auctions, Overstock auctions and many others. Being an online auction seller has many benefits for a Wahm. You can run your business from your home. You can set up auctions to automatically list at certain times of the day, so you don’t always have to be at the computer. Plus, there is guaranteed traffic to the auction website which makes it simple to get new customers.

Before you start an online auction business you should decide whether or not you have the skills or willingness to do so. Although there is a lot of money to be made in auctions, there are also a lot of challenges. As a successful auction Wahm, you need to have the tenacity to try different things to increase you sales. You must also have knowledge of what the market wants so you can provide in demand products that will sell. Money management is a must, since selling on an auction is typically a home-based business. You will be in charge of the finances of the business and need to be responsible for keeping your business and personal finances separate.

Online auction businesses are very simple to start. To start an ebay business, for example, all you need is a registered account with ebay, and a paypal account. The ebay account will allow you to perform transactions on their website. The paypal account will allow you to accept payment for items that you sell, as well as pay for the ebay fees. Although you can technically take payments through check or money order, using paypal makes the process a whole lot faster and more enjoyable for your customers.

The fees involved with running an ebay business are minimal compared to having your own store on a separate website. While hosting for a website can cost upwards of $20 per month, ebay only charges you a small percentage of the items that you sell. There are also some other minimal fees involved, and most sellers work those fees into their listing price.

Before you decide to sell on an auction site as a business, try a buying from the auction site first. Understand the process from the buyer’s point of view. Take note of how you are treated by the seller and ask yourself what you would do differently. Buying before selling is also a good method because you can build feedback in the auction site system. Feedback is left whether you buy or sell, so building some feedback as a buyer is a good idea. A positive feedback record will make you more appealing as a seller.

Finding items to sell is the biggest perceived problem with selling on auction sites. However, you can start with items from around your home. Look in your closets and in your garage for items that can be sold on the auction sites. You will be surprised by what people will buy. Selling from around your home will give you experience with the selling process and will build positive selling feedback.

Familiarize yourself with the auction process before you begin selling. Remember to start your business small and let it develop as you become more confident in your auction selling abilities.

How Heavy Is Their Workload

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Something that should be asked during an interview for

a business consultant is about the workload that the

company or the individual has.

If they are willing to give you some names of former

or present clients as references, it is not a bad idea

to ask them about how attentive the consultant is.

Of course you want to know how well they have helped

their company, but you also want to find out how

quickly they are going to get back to you when you

need to ask a question.

No matter how good a business consultant is, they

won’t be able to do you a bit of good if they are not

there when you need their expertise.

One of the reasons why you want to find out how many

clients they have is because it will give you a good

idea of how attentive they are going to be towards

your company.

If the consultant works for a larger company, make

sure that you ask them how many clients they serve

personally, because otherwise they may seem too busy

when in fact they have plenty of time to help your

company.

Some of the questions that you should ask a possible

consultant, other than their number of clients is how

long does it take to have a phone call returned?

How long will it take to hear an answer from email?

No mater what the problem or question is, you want to

that they will respond promptly and give you the same

attention no matter what the reason is for your phone

call or email.

How Much Will It Cost Me?

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One thing that should be made clear up front when you

are hiring a business consultant is what kind of fee

you will be paying to them.

Once you have decided on a consultant, you will want

to find out what it is that you will be expected to

pay for.

Sometimes people wonder how much a consultant costs.

There is no answer to that question, because each

consultant’s fee is different.

Some work based on the success of the work that they

have accomplished, and it is based on the money that

your company saves or makes because of them.

Others have a set price, still others ask for a fee

plus a bonus once the work is done.

You should be aware that you may have to pay extra

expenses, such as the time and cost for traveling or

other expenses that are miscellaneous.

That is why it is important to find out right up front

about what you should expect to have to pay for a

consultant’s expertise and get it in writing.

Consultants with more experience are likely to be more

expensive than those who are newer to the trade.

The price of the consultant may also depend on what

type of business they are consulting, so there are

many factors which go into a consultant’s price quote.

You want to be sure to get the best consultant for

your money, but the thing to remember is that once you

have hired a business consultant you will have a

wealth of knowledge that you can take with you

throughout your career.

How To Find A Consultant

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When you are thinking about hiring a business

consultant, one of the things that you should remember

is that you shouldn’t go with the first consultant

that you interview.

The person is going to be an employee of yours, and

you conduct several interviews when you are looking to

fill a position.

Hiring a business consultant is no different.

When you are looking for a business consultant,

instead of just going to the phone book, the first

thing that you should do is to talk to others that you

have known that have used business consultants.

Find out what their experiences were with their

consultants and if they were satisfied with what they

did for them.

Before you conduct your interview with your business

consultant, figure out what it is that you are looking

for.

What is it that you will want your business consultant

to accomplish?

Do you want the company to run more efficiently?

Do you want to cut costs?

Do you want your company to make more money?

Knowing what it is that you want to accomplish will

help the business consultants that you interview know

what type of direction you are going in.

Even if your first interview goes well, keep the

appointments that you have made and talk to the other

consultants. You may find someone that you like

better, or someone that has the same vision for your

company that you do.

After you have had all of the appointments, you can

make your choice.