MY BUSINESS PLAN FOR 2024!

[@HARI_BALSAC]

Congrats on 2023, hope you smash 2024 also!

[@minmo2288]

Turnover is vanity profit is sanity. 500k turnover is worthless if your cost is £499,999, got to make sure the margins are there.

[@JonLuc]

I know the margins are there. I just don't break each one down as it doesn't serve me

[@stoneislandkirkcaldy]

@@JonLuc If you can operate at say 20% profit after all business expenses, COG and VAT etc etc off 500k then that's two 50k wages but I'd think you will need to be at around the 40% margin on each sale individually before then taking off all other business expenses plus VAT to arrive at that 20%. Nearer 50% initial profit per sale would be better but if you are scaling and having to pay up for the goods it would be harder I'd think.

[@SheSellsCarPartsUK]

Yes turnover is Good! hope you guys smash it this year again, excited to see the journey and to meet you all at the Q4 after party!

[@woofbarkyap]

Happy to see Wiley's still there. I bought one to sell, strapped him in the front seat of the van and he's now a permanent fixture spotting bargains out the window as I drive! Wishing you all the best for this year

[@JonLuc]

Love that!

[@MatthewMills.]

Have you considered a large estate car as a compromise between a car and van? Some are very spacious with the seats down if the seats fold flat.

[@adamwillers6251]

Happy New Year. Hope to see you smash it. Here's to a successful 2024 👌

[@chrisflynn6460]

Hi Jon, If you're +1% each day than you'll be a lot more than +100% better by day 100 compared with day 1. Good Luck👍

[@joshbetts1316]

Goal is to clear my backlog. Always builds up as I have a full time 'normal' job

[@garden4ork]

This!

[@TOMS_TAT]

Yes, everyone needs to come and gets pissed! See you there!

[@liamthomas1499]

Hey Jon, happily come & work for you pal. Although younger than me your an inspiration, been watching since the Attic & since your unit you’ve gone to strength to strength! Also Van wise, consider PCP, have had vans as big as a Vw Crafter / Renault Master (you don’t need that big) unless your doing very large stuff like Stacey

[@centinia12]

Glad you guys loved the items! Thank you for the shoutout 🫶🏼

[@scottiefly6078]

Hey Jon been doing this part time since last year and with these new tax laws I am finding it a bit daunting tax assessment etc can you do a wee video on it maybe? link do you need to prove how much you bought a item for etc

[@liamthomas1499]

You don’t need to “prove” anyhing unless you get audited (unlikely) they are gunning for those who aren’t paying any tax, If you are declaring (even if maybe a little wrong) you’d be very very unlucky for them to audit you

[@strictlysport3624]

Just take a note pad to the boot sales/charity shops with you and note it down, as for proving it? Impossible. As long as you are making a ‘reasonable’ attempt on your tax return even if you did get audited and errors were found, there would be no penalty, other than whatever corrected they deemed.

[@nixxy111]

​@@liamthomas1499 What happens if you are working full time and pay a good whack of tax each month yet do a little bit of Ebay on the side for pocket money? Will they still audit you or be after you? Also would it be profit they tax or is it topline Ebay sales?

[@emmachorley3915]

Following this I would love an answer 😩 worried now

[@gyaldriplikeaknackeredfrid5829]

Its when i see and hear other peoples turnovers, i have 1000 items and cant even make 20k turnover in a year on ebay. Ive been doing it for 3 years nows, i should just give up.

[@AlexResells]

Good luck in the new year! Hopefully another banger :)

[@AlixCroydon]

How do you pay your taxes as an eBay seller do you just pay it at the end of the year and how do you pay the tax do they take it out your account ?

[@Jorjeee]

keep on Jon, you just teach me how to find things and resale it.

[@doctordestiny6177]

Happy to see you guys back. Missed the videos . I hope you had a well deserved break

[@JonLuc]

Thanks! Happy new year

[@disc_traders]

Thank you for the mention 🤟🤟

[@mrblackflash1752]

Nice video, i am thinking of starting Reselling where would you suggest i start sourcing in brimigham ,uk . Like i went to some charity shops but they did not have any electronics. I want somewhere where i can get my hand on second hand electronics

[@ollyharris9438]

Sorry JL but i disagree with you on turnover. Doesnt matter how much you turn over, its all about how much money you make from what you sell. If you can make the same total income from £50k or £500k, why do more? My favourite saying is "turnover is vanity, profit is sanity"

[@JonLuc]

I see what goes in and comes out, I know my percentages I just know my business inside out so when I say if my turnover is high my profits look after themselves as I know the rate buying at. Maybe I worded it a little wrong

[@ShellResells]

I can’t touch my toes either!! I actually can’t remember ever being able to touch my toes!

[@JonLuc]

My legs just don't compute 🤣

[@Snail2]

Being new to reselling and this year being my first Christmas/January, can I ask if it’s normal to experience high sales at the end of December into early January and then see sales drop quickly?

[@JonLuc]

Yeah that's natural! Everyone's skint after Christmas

[@DanGString]

I outsourced my ebay listings to a VA and it's been very worthwhile for having the extra time 👍🏻

[@JonLuc]

Deffo want to do this

[@mountjarvis]

How do i do this?

[@lukosophy]

i just bought a sprinter if you are interested in my old berlingo XTR, everything work on it, you can borrow it for a week or so to test it out before you pay.. 2013 140k £3k

[@JonLuc]

Where you based?

[@Jimbo_resells]

Been waiting all Christmas for new content from you. I find your videos very helpful being new to reselling. Hope you had a good Christmas and happy new year

[@JonLuc]

Thanks! Happy new year!

[@alexspooner8042]

Happy New year

[@JDLB]

i really wanna resell like more but jus tdoing my own tax and such scared me im not thye best at thjat kinds stuff like my misses does all the house bills n stuff i just hand over money lol could you do a video for starting & getting into paying basic tax n such

[@minmo2288]

I’m doing the same, buying slowly and staying under the tax limit until the new tax year starts then I’m going to really go for it, got a full year to work it all out that way 😂 main thing is make sure you keep all the receipts and make notes of all your costs ect.

[@adareilly4754]

How about some videos with tips etc on making eBay work for you as eBay is a crap place at times where sellers don’t get much back up from eBay and how eBay just take items of for counterfeit etc even if you can provide receipts etc

[@charlottewilliams8005]

How to videos will be coming this year

[@paulgilliatt7829]

to me eBay is slowly dying. Full of scammers

[@adareilly4754]

And theres no support for the sellers

[@jameswilson4692]

I try and sell on eBay and get no views on my items

[@edwardmoore8310]

Hey Jon luc, I suggest that you look around to see if there is anything similar to the exter selling hub, like antique centres and other places you could be waiting a long time before you get space. There places may have spaces for you to trade in .

[@MrFrankHovis]

Welcome back! Which courier do you use to ship the paint?

[@FPLaddict]

Happy new year Jon. I’m currently reselling out of my loft and plan to expand this year. Have you got any tips for launching an eBay shop and is it best to go Limited or sole trader in your view? Cheers!

[@scoobdog7655]

Hi Jon I’ve started reselling in September watching your channel has really helped , I used my old stuff at first and have not long started buying things to sell I’m probably on around £1700-£1800 in sales on eBay and have not made much profit as I took a lot of losses on my own stuff , I’m really unsure and clueless with the new tax law what that means as I’ve got a mix of a lot of personal & purchased products sold if you have time could you please give me some advice I do still work full time to but want to start putting a serious effort into eBay and don’t want to get caught out I’ve never been self employed should I register as a sole trader ?

[@liamthomas1499]

If your selling personal belongings you don’t need to pay any tax on that. If you are buying with the intent to resell, you need to declare that if over £1000 a year.

[@scoobdog7655]

@@liamthomas1499 yeah I get that but I’ve done a mixture of both will hmrc take that in consideration do you know ? Appreciate the help

[@RichardArblaster]

Welcome back Jon 😎

[@adrianhensher8902]

My goal is to get bigger 6months in, part time learnt from mistakes so hopefully double my size

[@JonLuc]

Your got this 🙏🏽

[@S-I-M-O-N]

Can you do a video on VAT registration?

[@Jamiedee123]

Good to see you back after your festive break.

[@JonLuc]

Thanks! Happy new year

[@gggggg22322]

50k 90 day total hit yet?

[@tamarajadeallen5116]

My goal is to become a reseller part time and working my head around the laws! And try and source and find different ways to source! And debating whether to set a instagram for reselling as using my book account currently 🙈

[@ollyharris9438]

laws haven't changed. If you are buying things with the intention of making a profit on them, then you need to register yourself as self employed with HMRC (can be done online very easily) and do a tax return once a year. What you've bought, what you've sold, what your expenses were to do that and pay tax on the profit at the end. It's fairly straightforward, especially if you aren't doing it full-time, don't let other bamboozle you!

[@handpickedstuff]

Looking to get my sales to double what they are now :)

[@pmeim9314]

hey i have made around 1k off ebay therefore i need to declare my sales to HMRC do u know any good places for accountants? as i cant get my head around self assessment

[@JonLuc]

I use Boffix 👍🏼

[@pmeim9314]

@@JonLuc thanks

[@JayMeldrum-x5l]

Hey Jon Luc do you have any tips on how to reactivate a deactivated ebay account :)

[@JonLuc]

No sorry!

[@burningsoul1365]

keep the taxman happy

[@alexrigg3143]

HNY, Why do you need a van? You are mainly dealing in clothes and toys, I don't see how having a van whilst might be desirable is needed? Not trying to have a go just trying to understand your thinking!

[@charlottewilliams8005]

Happy new year alex :) We fill the car with the seats down all the way to ceiling of car full of stuff every day. Big orders say 50, then transporting 100 or so items of clothing home for whatnot. As well as laptops printers, bin bags and more. It is jam packed. We’ve had to turn down a lot of deals as we didn’t have the transport room to take volume of stock at carboots (like the printing ink in a previous video) & we’re on the waiting list for a shop where we will sell bulky items!

[@JonLuc]

Yeah the car is not enough now unfortunately!! Happy new year

[@markshepherdson957]

I would like to expand on my small eBay listings to get around the £400-500 mark each week so my wife can give up work and do that as I run my own business as spraying kitchens in situ but am hoping to do less of that as we paid our mortgage off last year and do 3 days a week and work with the Mrs more than working my other business

[@samhunter9244]

Top man

[@paulgilliatt7829]

What is that hat Jon?

[@Aza35617]

Happy new year Jon. Quick question, When did you switch from personal to business account on ebay? I was ready to switch but ebay told me to stay on personal until I hit around 250 active listings, and that I’d lose my selling promos if I switched, they actually said that :) But I hear other KZbinrs say your shop sales pick up massively if you switch from personal to business. Again, ebay have told me that’s not true _ Please give your opinion on the switch ;) Keep up the good work, love the channel

[@JonLuc]

Deffo switch if you plan on being a long term business

[@seanboylan4138]

eBay forced me to go business a few years ago when I hit £29.000 in my first year

[@Aza35617]

@@seanboylan4138 The way ebay is now I’d be happy to earn 9k never mind 29k in my first year lol

[@Aza35617]

@@JonLuc Cheers for the advice Jon, now just waiting for you to upload a video on this new “offsite beta ads programme” that everyone seems to think is a scam :( I welcome your opinion on it before I try it lol

[@93CMJ]

Turnover is vanity profit is sanity

[@kellyrainbow5827]

Hi :)) I’m thinking of starting to resell on eBay and this channel is so helpful! Been following for a while, would you recommend waiting until I have a lot of stock before listing? I’ve noticed you’ve said posting lots is key on eBay. So I guess having more stock before starting so I can list everyday would be beneficial? Thank you 😊

[@jamesscully3956]

Just list what you have because while your waiting you could be selling and using that money to buy more stock. That's what I would do anyway

[@JonLuc]

List what you have :)

[@mattd5073]

Do the click bait thumbnails & titles buddy thats what will draw in a bigger audience & increase your subscribers. So what if you upset afew mard arses, let them whinge. Those who follow & support what you do won't care about click bait. Good luck for 2024 👍

[@JonLuc]

👊🏼💙

[@Babs-991]

You will have to pop in to my place if you come to hub. Happy New Year

[@JonLuc]

Deffo! Happy new year

[@samsellsstuff325]

yuge