The word ‘inventory’ sometimes conjours up memories of the past, depending on what is on your resume before you left the rat race and became your own boss. I was in retail grocery, so mine is coming to work in the dark, before the store opened. I had massive amounts of caffeine of every form, in each hand. Once there, my handy notebook had last month’s Inventory, a spreadsheet to fill out, my bills for the month, calculator and pen. The picture above is how much inventory I felt I would be counting, when in fact it was much less than that.
Disclaimer -The advise I am giving is from my personal experience. I am not an account nor a financial advisor so please seek one out because what you read in the internet is not always accurate.
I do inventory once a year. I’m not running an Anchor EBay Store, but am spread out on EBay, Etsy, Poshmark and Amazon. I have listed and unlisted inventory. Thankfully, I do not have a storage unit, but I can honestly say that my inventory is in 5 rooms of my 3 bdrm, 1.600sf home. So, my inventory count will take one full day and I am allowing myself a pajama day!
Here are some general tips that will hopefully make your inventory day easier:
- Clear out an entire day in your Happy Planner to do this. This is something you do not want to start, stop and start again.
- If you start Monday morning at 8am, your ending day should be Sunday at midnight. Anything you have sold from midnight and throughout the day should be counted as unsold inventory. This is so you and your accountant are not confused on your count.
- You need to know the amount you paid for the item. As reseller, most of the time we usually can remember where we found the item and what we paid for it.
- The best way to decide how much your items are worth is through sold comps. This is especially true if we have a relationship with the item. Do not romanticize on how much you would love to sell the item for. Force your fingers to do the walking through Google.
- If you decide you are going to throw away the item or donate, you do count this item in your inventory. Remember, what you had at midnight is what you are counting. Just be sure to write down your total of items thrown out or donated so that you can claim that on next year’s taxes.
- Today is NOT the day to change where you put things or change your tracking system. I know it sounds like killing two birds with one stone. The only thing it will kill is you, after you forget if you counted this item or not. Focus on one thing.
- Be prepared to be amazed at the items you find and either forgot you had or realize it isn’t listed for sale. This part never frustrates me as it is like a secret sourced stash that you can list on a rainy day.
I would love to know if any of this helped you to prepare. If so, leave a comment. If you have been enjoying these blogs, just press the subscribe button and you will be notified when I put new content up.
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