Lesson Three - Discipline, Discipline, Discipline

Discipline, Discipline, Discipline

Still determined to go into business?  Okay.  Now you have to learn to discipline yourself.  Just because you are now doing business from your home (or maybe you have rented an office) you have to plan your day like a regular work day.  You can decide your hours of course and when you are going to start and maybe even your days off.  You can also decide what you are going to do each day - photograph, list, do some paperwork, do some bookkeeping - but whatever you decide to do each day, you have to commit to spending at least 7 hours a day at work just like a real job!

The hardest part I went through when I first started was sticking to my work room.  I would alternate between "work related" tasks and "personal" tasks until I realized that I wasn't getting enough "business work" done.  Oh, and in those first few months of trying to earn your own salary, you'll probably have panic attacks and will want to throw up every now and then.  It's normal.  It took me about 1 year to get over the highs (and there will be some) and lows (there will be more than you can count) and all the anxiety that comes with being in business for yourself (2 aspirin does work wonders at times).  

Now I mentioned my schedule in Lessons 1 and 2 and how I plan my work week.  Yours might be a little different but you do have to include time for everything that needs to be done.  The list includes......

Answering E-Mails/Telephone Calls - every day, all day!

Bookkeeping - yep, you have to keep your own books.  The main thing is to keep your bank balance in the black, not in the red.

Buying Stock - don't buy on the weekends unless at an antiques show, a flea market or an estate sale.  Shopping antique malls (or other retails shops) is best done on a Tuesday or Friday when dealers have loaded in the "fresh" merchandise into their booth or case.

Income Tax Prepayments - the IRS wants them but if you can't afford to do them at first just remember that you will pay a penalty when you file your return.

Inventory - an absolutely necessity!  Set up your book with the first item you purchase and assign a number.  Your inventory spreadsheet or book will be the most important thing you put together.  It will tell you if you are doing well or failing to make enough money.  It's also the first item the IRS will ask you for should you ever be audited.  They want to see the day you bought an item, the price you paid, what you sold it for and the date you sold.  This book is the most important part of your business!

Keeping up with SEO - Search Engine Optimization.  If you have your own website you are going to have to know the ins and outs about how the Internet looks for your listings.  You will always be hitting the books on this one as Google changes the rules all the time.  

Mailing - unless you have help, you're the one who will be processing orders and taking packages to the Post Office.

 

Make a Business Plan - some people like to see their "plan of action" in writing so they can stick to it.  Me?  I just dove in.  The only thing that really tells me if I am getting ahead is if (a) all the bills are paid and (b) I have inventory to sell.  So far, with me, so good.

Ordering Supplies - the last thing you want to have happen is running out of toner for the printer while you are processing orders. 

Photos - unless you have a spouse to take them for you, you will be the one responsible for shooting, cropping and adding to a listing.  

Repairing, Cleaning, Mending - you don't always buy "perfect items" so you will be the one to make all the changes to make it perfect.  

Receipts, Receipts, Receipts -  keep every piece of paper for every purchase you make.  By the end of the year, my receipts fit into a shopping bag.  At the beginning of your new venture, you might not have so many but as you grow more successful, the contents of your bag will increase appropriately. 

Tax Returns - if you have an accountant - good for you.  If not, get ready to see more pages on your tax return.

Discipline.  It's not just listing items and selling - it's a lot more.  Is it for you?  Only trying it out will give you your answer.

Till the next time.