New years always get me so excited! I know I’m not the only one. You gets to start fresh. After looking at last years recap and income I’m determined to absolutely crush it this year. We will be having a lot of adjustments with a new baby coming and my husband being home for 3 months while we all get to bond. During that time he’ll be helping me grow MY businesses into OUR family businesses. That’s always been the ultimate goal, for us to all work together and be in control total control of our time and lives.
Main focus for 2018
Although I’ve always had a lot of income streams and projects going I’ve learned that it’s really important to focus on one until you grow it to where you want it to be or else you just end up insanely busy with little to no success. It’s something I’ve struggled with for years! I’ll be spending 80% of my time growing eBay and the rest working on our other income streams.
Ebay is something my husband and I can do together and something I feel really good about because I truly believe in buying second hand to save money and to help out the environment. My husband isnt the most tech savvy, but he’s awesome at pretty much everything else. Right now, while working his full time job, he’s also keeping our inventory organized, helping me with shipping, pulling orders, etc.
The ultimate goal is to grow eBay to sustain our family financially so that he can be home with us and then I can hand it over mostly to my husband and/or an employee or two if he needs the help. I will still be sourcing because I love that part, but everything else will be handed by either him or hired help. Once that happens I plan on focusing on other more location independent sources of income such as YouTube/Blogging/etc.
Financial Business Goals
$100,000 in gross profit
$50,000 net profit
This is leaps and bounds higher than our self employed income in 2017 so it’s going to be a real fight to get there, but I know we can do it. Reselling is pretty brainless once you have the experience. There are ups and downs, changes to algorithms and what not, but for the most part if you’re smart about what you buy, how you price it and your listings look good, you’re going to sell it. So our goal this year is to do $100,000 in gross profit across all of our sources of income (aside from our rental properties). Because of the shipping costs, fees, cost of goods, etc. that come with reselling we’re hoping to have a net profit of about $50,000. Our net profit would be higher with businesses that have less overhead, but since we’re building up our reselling business first we’re hoping for about 50% net profit.
Plans to achieve our goals in 2018
Even though we have our financial goals posted above, I want to get some general plans going. It’s hard to say exactly how the year will pan out, but I want to have some guidelines so that we know where we’re trying to go. If I don’t map it out and just mindlessly work we’re not going to be nearly as effective. So I’ve outlined some goals below for several of our streams of income.
Achieve and maintain $50,000 worth of items listed
$25 average sale price (not including shipping)
Open a second store from scratch and record the entire process
Send in $1,000 worth of inventory to FBA each month
Cross post all vintage to vintage Etsy account
Add 20 new listings to digital downloads Easy store each month
Poshmark & Mercari
Cross post items as time allows
Continue offering small resale lots on Mercari
Grow With Me Box
Grow subscriber count by 10% each month
Hit 100 subscribers by end of 2018
Earn $10,000 in non-resale related income (VA work, YouTube, affiliate income, etc.)
While the above looks like A LOT and like I’m not focused, if you really take a look at what I have posted everything except eBay is pretty manageable either in just a couple hours a month or as I find the time. As the year progresses I might have to make some changes, but for now these are the basic guidelines for our online businesses and I’m pretty confident if I can get organized and stick to them we can achieve and even surpass our goals for the year!
What are your goals this year? Have you given yourself a plan or some guidelines to get there? I’d love to hear in the comments!