WEBVTT 00:00:00.000 --> 00:00:02.160 Welcome back to another episode of the Reseller's 00:00:02.160 --> 00:00:04.559 Mindset Podcast. My name is Mike, also known 00:00:04.559 --> 00:00:06.559 as the Used Book Guy on YouTube, along with my 00:00:06.559 --> 00:00:08.599 friend and fellow full -time reseller, Johnny 00:00:08.599 --> 00:00:11.150 B. We help people start and grow their reselling 00:00:11.150 --> 00:00:13.589 businesses from the ground up. We also have a 00:00:13.589 --> 00:00:15.570 weekly Zoom call and private Discord for all 00:00:15.570 --> 00:00:18.469 YouTube members. Head on over to youtube .com 00:00:18.469 --> 00:00:20.829 backslash usebookguy to join the channel and 00:00:20.829 --> 00:00:23.469 gain access to the full -length podcast, Zoom 00:00:23.469 --> 00:00:26.129 call, and private Discord today. Let's get into 00:00:26.129 --> 00:00:28.289 this week's episode. What is up, everybody? Welcome 00:00:28.289 --> 00:00:30.370 to another episode of Reseller's Mindset Podcast. 00:00:30.530 --> 00:00:33.350 Mike next to Johnny. As always, the things we 00:00:33.350 --> 00:00:36.950 track and things maybe we should track and things 00:00:36.950 --> 00:00:39.740 maybe we think you shouldn't track. I will go 00:00:39.740 --> 00:00:42.560 first here, and Johnny already said the obvious 00:00:42.560 --> 00:00:45.600 one, but it is a big one, and that is your expenses, 00:00:45.820 --> 00:00:50.439 your business expenses, which I guess leans into 00:00:50.439 --> 00:00:54.259 taxes and your overall profitability of your 00:00:54.259 --> 00:00:58.399 business. For me, it's a pain, not as much as 00:00:58.399 --> 00:01:00.179 it used to be because I've gotten good at it. 00:01:00.479 --> 00:01:02.979 And I think there has been advancements in the 00:01:02.979 --> 00:01:05.040 space when it comes to tracking your expenses 00:01:05.040 --> 00:01:07.480 that make it a lot easier. I mean, if you just 00:01:07.480 --> 00:01:10.680 look at the people in the space that are resellers, 00:01:10.680 --> 00:01:12.980 that are tax professionals that exist nowadays, 00:01:13.159 --> 00:01:14.959 and you can just pay them to take a look at your 00:01:14.959 --> 00:01:17.280 taxes and help you along the way, I think that 00:01:17.280 --> 00:01:20.120 is a huge benefit that probably didn't always 00:01:20.120 --> 00:01:22.159 exist. And I know for a fact it didn't always 00:01:22.159 --> 00:01:25.239 exist, but it sucks dealing with it. But you 00:01:25.239 --> 00:01:28.420 have to track these things. It's a non -negotiable 00:01:28.420 --> 00:01:31.980 to track your taxes and your expenses and your 00:01:31.980 --> 00:01:35.319 write -offs and things like that. I totally disagree 00:01:35.319 --> 00:01:37.560 with Mike. You shouldn't track taxes or expenses. 00:01:37.780 --> 00:01:40.439 It's fine. It'll work itself. No, people, you 00:01:40.439 --> 00:01:43.219 should absolutely track these things. Unless 00:01:43.219 --> 00:01:45.879 you like being a reseller from the jail and your 00:01:45.879 --> 00:01:48.640 roommate's name is Bubba. If you're cool with 00:01:48.640 --> 00:01:51.500 that, don't track your expenses and taxes. It's 00:01:51.500 --> 00:01:56.680 fine. Yeah, I mean, things worth tracking. You 00:01:56.680 --> 00:01:59.459 should be tracking also your profit. What's going 00:01:59.459 --> 00:02:03.019 into my bank account? And is my number, however 00:02:03.019 --> 00:02:05.019 you're getting paid out daily, weekly, monthly, 00:02:05.260 --> 00:02:08.659 whatever. Are those payouts getting bigger or 00:02:08.659 --> 00:02:11.300 smaller or are they maintaining the same? And 00:02:11.300 --> 00:02:14.060 if they're not growing and either you're maintaining 00:02:14.060 --> 00:02:16.840 or they're going down, you need to make a business 00:02:16.840 --> 00:02:21.120 adjustment. Unless you were one of those rare 00:02:21.120 --> 00:02:23.389 individuals like... I get paid Social Security. 00:02:23.590 --> 00:02:25.469 I can only make X amount of dollars, excluding 00:02:25.469 --> 00:02:27.629 you people. Don't care about you people. I'm 00:02:27.629 --> 00:02:29.270 talking to everybody else who doesn't play that 00:02:29.270 --> 00:02:32.849 special little game. Or the pension thing, which 00:02:32.849 --> 00:02:34.610 is the same as Social Security. Your benefits 00:02:34.610 --> 00:02:36.629 are going to get penalized. I get that. I get 00:02:36.629 --> 00:02:40.000 why you can't go over a certain number. But for 00:02:40.000 --> 00:02:42.719 maintaining or going down, you should make a 00:02:42.719 --> 00:02:45.500 correctable decision in your business. And it 00:02:45.500 --> 00:02:48.080 may mean experimenting and some experiments won't 00:02:48.080 --> 00:02:49.919 work out and you're making less money. Well, 00:02:50.000 --> 00:02:52.099 you need to try a newer one because what you 00:02:52.099 --> 00:02:55.039 were doing that was working, and I'm not saying 00:02:55.039 --> 00:02:59.000 don't do what does work. I'm saying if you're 00:02:59.000 --> 00:03:01.120 wanting to make more money, your goal isn't met. 00:03:01.199 --> 00:03:03.340 So you need to figure that out, whether that's 00:03:03.340 --> 00:03:06.379 adding in a different category. Or that's doing 00:03:06.379 --> 00:03:09.340 more listings or sending in more boxes or something. 00:03:09.620 --> 00:03:12.080 Those are usually the go -to experiments on eBay 00:03:12.080 --> 00:03:15.400 and Amazon. I want to throw some shade out there 00:03:15.400 --> 00:03:19.099 just because it came to my head. The things I 00:03:19.099 --> 00:03:22.400 don't track, the weather, because I don't believe 00:03:22.400 --> 00:03:24.639 that. Just because it's hotter outside, people 00:03:24.639 --> 00:03:28.000 are buying less online. I think the summer slowdown 00:03:28.000 --> 00:03:29.919 is like... They're all at the beach, Mike. They 00:03:29.919 --> 00:03:32.120 don't got time to be on their cell phones and 00:03:32.120 --> 00:03:35.340 computers. They're in the pool. Meanwhile, there's 00:03:35.340 --> 00:03:37.800 people doing six figures plus, growing their 00:03:37.800 --> 00:03:40.639 business year over year, and summer is just another 00:03:40.639 --> 00:03:45.680 season. If you're the coat seller or the swimwear 00:03:45.680 --> 00:03:48.919 seller in winter, yeah, you got some seasonality 00:03:48.919 --> 00:03:53.039 in your business. But we're DVDs, books, and 00:03:53.039 --> 00:03:56.699 CDs, and video games here. It's all season around 00:03:56.699 --> 00:04:00.000 all the time, folks. Yeah, I mean, and most people 00:04:00.000 --> 00:04:01.560 that complain about it, it's funny because they're 00:04:01.560 --> 00:04:03.979 everything sellers. So, like, don't track the 00:04:03.979 --> 00:04:06.860 weather. Don't track the seasons. Just get out 00:04:06.860 --> 00:04:09.919 there and get it done. Things that I used to 00:04:09.919 --> 00:04:12.319 track that I no longer track, I used to track, 00:04:12.439 --> 00:04:16.500 like, my sources down to how many items I was 00:04:16.500 --> 00:04:19.540 finding, right? So, like, I think you still should 00:04:19.540 --> 00:04:21.899 do this if you are a newer seller. But I think 00:04:21.899 --> 00:04:24.220 when you've been going to the same stores for 00:04:24.220 --> 00:04:26.850 years, like I have. it's no longer necessary, 00:04:27.230 --> 00:04:31.850 right? So like, I know that the goodwill in Harrisburg 00:04:31.850 --> 00:04:34.930 is terrible, right? Like, I know it's one of 00:04:34.930 --> 00:04:38.910 my worst spots. That's just, I go there and it 00:04:38.910 --> 00:04:41.269 sucks every single time I go. I know, but for 00:04:41.269 --> 00:04:42.769 somebody that's new and you're trying to figure 00:04:42.769 --> 00:04:44.709 out routes and what sources are going to produce 00:04:44.709 --> 00:04:47.730 what, it is important to track. But I think as 00:04:47.730 --> 00:04:50.449 you develop business sense and your routes more 00:04:50.449 --> 00:04:53.329 and you go to the same stores more often, I don't 00:04:53.329 --> 00:04:55.730 think you have to track. how many items you're 00:04:55.730 --> 00:04:58.290 pulling out at each store, how much time you're 00:04:58.290 --> 00:05:00.569 spending at each store, because you already know 00:05:00.569 --> 00:05:02.769 these things because it's just repetition at 00:05:02.769 --> 00:05:04.810 this point. You just get reps in. So there's 00:05:04.810 --> 00:05:08.149 no need to write everything down. It's all up 00:05:08.149 --> 00:05:11.029 here at that point. So I don't track it personally 00:05:11.029 --> 00:05:13.110 anymore. And I don't recommend anybody kind of 00:05:13.110 --> 00:05:15.689 tracking it down to that nitty gritty that's 00:05:15.689 --> 00:05:18.589 been doing this for longer than six months or 00:05:18.589 --> 00:05:20.709 a year. And you're going to the same sources 00:05:20.709 --> 00:05:24.490 every single time. I will make a caveat to that. 00:05:24.800 --> 00:05:26.819 Unless you've never done it before, then you 00:05:26.819 --> 00:05:30.959 may or may not realize how much extra time you're 00:05:30.959 --> 00:05:34.319 spending needlessly. Now, for people that have 00:05:34.319 --> 00:05:36.560 already done this exercise, Mike's perfectly 00:05:36.560 --> 00:05:40.019 correct. Like if you've dialed it in and you've 00:05:40.019 --> 00:05:43.480 done the tracking and you've gotten down, shaved 00:05:43.480 --> 00:05:47.180 off minutes per item or minutes per listing or 00:05:47.180 --> 00:05:49.660 minutes per box, and it can't go down any lower 00:05:49.660 --> 00:05:53.000 without maybe some huge expense coming on, like 00:05:53.000 --> 00:05:56.529 you hire an employee. It is necessary to track 00:05:56.529 --> 00:06:00.170 it after a period of time. But early on, you 00:06:00.170 --> 00:06:01.769 don't know what you're doing. It's going to take 00:06:01.769 --> 00:06:03.870 you longer than somebody who's been doing this 00:06:03.870 --> 00:06:06.529 a while. And you need to make your life easier. 00:06:06.649 --> 00:06:08.009 And the only way to do it is to put a little 00:06:08.009 --> 00:06:10.089 bit of pressure on you, which requires you to 00:06:10.089 --> 00:06:13.389 track your time. Yeah, I used to have a little, 00:06:13.490 --> 00:06:16.050 I remember Deb got me when I first started a 00:06:16.050 --> 00:06:18.699 little pocket calendar. And I would keep it right 00:06:18.699 --> 00:06:20.800 in my car door. I would go to a store. I'd write 00:06:20.800 --> 00:06:22.920 down where it was, how many items I got, how 00:06:22.920 --> 00:06:25.720 long I was there for. But after, you know, six 00:06:25.720 --> 00:06:27.620 months a year doing this, I no longer need to 00:06:27.620 --> 00:06:30.480 do that. I got more efficient. I know what it's 00:06:30.480 --> 00:06:34.699 not like magically one day that I go to the Harrisburg 00:06:34.699 --> 00:06:38.060 Goodwill and I make I find a thousand items like 00:06:38.060 --> 00:06:41.040 that place is a guaranteed suck hole. You're 00:06:41.040 --> 00:06:43.220 going to get one or two items if you're lucky. 00:06:43.279 --> 00:06:46.870 Right. So the idea of. continually tracking things 00:06:46.870 --> 00:06:48.629 like that it gets to a point where no longer 00:06:48.629 --> 00:06:51.310 makes sense but as your business grows and as 00:06:51.310 --> 00:06:53.870 you grow as a reseller you're going to come across 00:06:53.870 --> 00:06:56.209 these things and that's why some of the items 00:06:56.209 --> 00:06:58.449 i don't track anymore some of you probably still 00:06:58.449 --> 00:07:01.089 do and you could argue like you know both sides 00:07:01.089 --> 00:07:04.769 of the coin here i just believe in uh just focusing 00:07:04.769 --> 00:07:07.269 on getting as much thing out the door that i 00:07:07.269 --> 00:07:08.829 can so i can make the most amount of money because 00:07:08.829 --> 00:07:10.550 that's all that really matters and amazon is 00:07:10.550 --> 00:07:13.230 just quantity right quality means nothing to 00:07:13.230 --> 00:07:15.649 an extent if we're just talking about the actual 00:07:15.649 --> 00:07:19.329 quality of the book um so yeah for me i don't 00:07:19.329 --> 00:07:21.829 track that down to that level uh you got something 00:07:21.829 --> 00:07:25.389 that we should track or not track anymore yeah 00:07:25.389 --> 00:07:28.269 and it's for people merchant or fulfilling for 00:07:28.269 --> 00:07:31.910 ebay um Or anybody who stores items that they 00:07:31.910 --> 00:07:34.870 then have to mail off that's not Amazon. Your 00:07:34.870 --> 00:07:37.689 space is probably your most precious resource. 00:07:37.750 --> 00:07:41.129 So doing an audit of how much capacity can you 00:07:41.129 --> 00:07:44.029 hold that you have left. I mean, you've probably 00:07:44.029 --> 00:07:46.129 filled up something, at least a bookcase or now. 00:07:46.269 --> 00:07:50.910 How many more can you do? And that'll change 00:07:50.910 --> 00:07:53.029 a whole lot of things in your business. Like, 00:07:53.110 --> 00:07:55.839 oh. I'm going to run out of space in a month. 00:07:55.980 --> 00:07:58.339 Maybe I should change the quality of items I'm 00:07:58.339 --> 00:08:01.339 picking up. Yeah, I'll bring home less, but I'm 00:08:01.339 --> 00:08:03.980 able to store more efficiently. And the amount 00:08:03.980 --> 00:08:07.339 of dollars I bring and store are worth more when 00:08:07.339 --> 00:08:10.300 they sell. Because trying to be a volume seller, 00:08:10.399 --> 00:08:13.800 like out of your home or even a storage unit. 00:08:13.959 --> 00:08:16.620 I mean, once you go into storage units, you're 00:08:16.620 --> 00:08:21.139 going to have an added expense. You probably 00:08:21.139 --> 00:08:22.899 don't want to grow out of that single storage 00:08:22.899 --> 00:08:25.240 unit for a while, so you also need to do the 00:08:25.240 --> 00:08:27.759 same kind of thing. I want to be putting things 00:08:27.759 --> 00:08:30.759 that either sell through or that sell for a good 00:08:30.759 --> 00:08:34.720 chunk of money when they do sell off. What's 00:08:34.720 --> 00:08:36.500 up, Amazon sellers? We wanted to take a second 00:08:36.500 --> 00:08:38.779 to talk about GoToLister, the software me and 00:08:38.779 --> 00:08:41.100 Johnny both use to list and manage our inventory 00:08:41.100 --> 00:08:44.179 and grow our businesses. With the fastest listing 00:08:44.179 --> 00:08:46.120 speeds out there and built -in profit analytics, 00:08:46.659 --> 00:08:49.779 it's a no -brainer. Easily and quickly have items 00:08:49.779 --> 00:08:52.779 available for sale using 2D barcodes and get 00:08:52.779 --> 00:08:54.720 more for your items with its built -in smart 00:08:54.720 --> 00:08:57.360 pricing. Make sure to check out the 30 -day free 00:08:57.360 --> 00:09:00.879 trial at gotolister .com backslash Mike or using 00:09:00.879 --> 00:09:04.039 the link in the description below. Auditing your 00:09:04.039 --> 00:09:07.720 space and your capacity limits and your intake 00:09:07.720 --> 00:09:10.220 and outbound, I think are important metrics for 00:09:10.220 --> 00:09:13.960 anybody storing items. who then sell them individually 00:09:13.960 --> 00:09:16.820 to then mail off. I think it's very crucial in 00:09:16.820 --> 00:09:20.259 that kind of business. That's super important. 00:09:20.320 --> 00:09:22.100 It's going to tie right into this one that I 00:09:22.100 --> 00:09:26.009 have. is tracking the age of your active inventory 00:09:26.009 --> 00:09:29.850 that you are selling. eBay, Amazon. So eBay, 00:09:30.049 --> 00:09:31.970 I think it's even more important because like 00:09:31.970 --> 00:09:33.889 Johnny said, you got to look at the stuff every 00:09:33.889 --> 00:09:36.090 single day, right? Like it's sitting there staring 00:09:36.090 --> 00:09:39.029 you in the face. And Amazon, it's just as important 00:09:39.029 --> 00:09:41.549 because the fees start piling up after six months. 00:09:41.750 --> 00:09:44.970 The removal fees are super high. So for me and 00:09:44.970 --> 00:09:48.049 Amazon, how do I track this? I just have software, 00:09:48.110 --> 00:09:50.210 right? I got a repricer that automatically does 00:09:50.210 --> 00:09:52.909 this. So at the six month mark, Everything is 00:09:52.909 --> 00:09:55.970 just blow it out the door prices. And if I had 00:09:55.970 --> 00:09:59.389 an eBay store, I would probably do the same exact 00:09:59.389 --> 00:10:02.909 thing, if not be more aggressive because the 00:10:02.909 --> 00:10:05.549 stuff is just sitting there. It literally costs 00:10:05.549 --> 00:10:07.870 you money. It costs you mental real estate. It 00:10:07.870 --> 00:10:10.610 costs you time listing those items. Like we got 00:10:10.610 --> 00:10:14.169 to sell the items we're listing. And for some 00:10:14.169 --> 00:10:17.889 reason, we don't care. It's cool to have 50 million 00:10:17.889 --> 00:10:20.750 listings on eBay, 50 million listings on Amazon. 00:10:21.190 --> 00:10:23.529 And I want people to sell their stuff. And I 00:10:23.529 --> 00:10:25.590 know because I used to be the same way when I 00:10:25.590 --> 00:10:28.610 was an everything eBay seller. You have that 00:10:28.610 --> 00:10:31.529 one item you buy, you list and you see it every 00:10:31.529 --> 00:10:33.250 single time you go to pick something. Right. 00:10:33.309 --> 00:10:36.950 So like you'll you'll list the can of Dr. Pepper 00:10:36.950 --> 00:10:39.730 here and it'll sell right away. But to get your 00:10:39.730 --> 00:10:42.370 Dr. Pepper, it's in the bin. along with the phone 00:10:42.370 --> 00:10:44.929 that you've had listed for 25 years that's still 00:10:44.929 --> 00:10:47.610 not sold, right? It's just like, it just smacks 00:10:47.610 --> 00:10:49.490 you upside the head. Nobody wants your BlackBerry, 00:10:49.490 --> 00:10:53.590 Mike. Nobody. And you got it. You have to track 00:10:53.590 --> 00:10:56.610 the age of your inventory, no matter what platform 00:10:56.610 --> 00:10:59.470 you are selling on. Because if it hasn't sold 00:10:59.470 --> 00:11:03.110 in X amount of days, and for me, that's 180 days, 00:11:03.330 --> 00:11:06.070 then there's a reason why it hasn't sold. And 00:11:06.070 --> 00:11:08.350 most likely it's the price. And if it's not the 00:11:08.350 --> 00:11:11.820 price, it's the desirability. Most of the times, 00:11:11.879 --> 00:11:14.580 it's both. It's a sucky item and the price is 00:11:14.580 --> 00:11:16.860 too high. So what do we got to do? Sometimes 00:11:16.860 --> 00:11:19.840 you got to say goodbye. Got to say goodbye, BlackBerry. 00:11:19.919 --> 00:11:21.940 It's been nice. I'm tired of looking at you. 00:11:22.279 --> 00:11:24.519 I'm moving on. It's going to go to the donation 00:11:24.519 --> 00:11:27.139 pile or I'm going to have a yard sale to clear 00:11:27.139 --> 00:11:29.659 out inventory. And you recently had like kind 00:11:29.659 --> 00:11:31.720 of like a yard sale to clear out a lot of beer. 00:11:31.720 --> 00:11:34.059 It was a giveaway, but I had a donation jar. 00:11:36.440 --> 00:11:38.820 But dude, that's the thing. You recognize it, 00:11:38.860 --> 00:11:41.230 right? Like you say, hey. all right i got way 00:11:41.230 --> 00:11:43.950 too much shit piling up here like something we 00:11:43.950 --> 00:11:45.990 got we got to free up some space here this stuff 00:11:45.990 --> 00:11:48.830 just isn't working yeah because i accumulate 00:11:48.830 --> 00:11:52.230 trash and it was literally paid to have it disposed 00:11:52.230 --> 00:11:54.470 of or go around town to the small dumpsters and 00:11:54.470 --> 00:11:58.110 do like one box per dumpster kind of deal and 00:11:58.110 --> 00:12:00.090 it was just much simpler just to do a giveaway 00:12:00.090 --> 00:12:03.519 and i cleared a few bucks out of that um it got 00:12:03.519 --> 00:12:06.659 terribly sunburnt and it was horrible work but 00:12:06.659 --> 00:12:08.279 you know what it gets done the community feels 00:12:08.279 --> 00:12:11.179 good um actually make a couple network deals 00:12:11.179 --> 00:12:13.399 out of that too so that worked out yeah that 00:12:13.399 --> 00:12:14.899 was more valuable than everything else i did 00:12:14.899 --> 00:12:19.779 with that thing um now here's one i do track 00:12:19.779 --> 00:12:22.559 and i do monitor and it's probably the one of 00:12:22.559 --> 00:12:27.600 the few things i go i ignore the no cost low 00:12:27.600 --> 00:12:31.159 cost route shipping supplies i gotta have my 00:12:31.159 --> 00:12:34.100 thermal labels i gotta have my stay flat mailers 00:12:34.100 --> 00:12:37.059 i gotta have my pre -made boxes and my polys 00:12:37.059 --> 00:12:40.899 um i never worry about dunnage anymore because 00:12:40.899 --> 00:12:43.840 i'm always getting it from amazon but shipping 00:12:43.840 --> 00:12:47.080 supplies if i were around shipping labels well 00:12:47.080 --> 00:12:49.500 now i gotta print printer paper and there's another 00:12:49.500 --> 00:12:52.100 thing i track is it's a shipping supplies printing 00:12:52.100 --> 00:12:57.370 paper or the little skews i put in my books that 00:12:57.370 --> 00:13:00.669 that requires uh stock grade paper so i need 00:13:00.669 --> 00:13:03.070 to have these things or it shuts down my business 00:13:03.070 --> 00:13:06.429 and me taking an hour well it'd be two hours 00:13:06.429 --> 00:13:11.039 really uh with commute to uh I don't know, Staples 00:13:11.039 --> 00:13:13.480 or any kind of Office Depot, any kind of those 00:13:13.480 --> 00:13:16.620 places just to pick something simple up because 00:13:16.620 --> 00:13:18.700 I live out in a rural area, right? It's going 00:13:18.700 --> 00:13:20.799 to be an hour, hour and a half commute, no matter 00:13:20.799 --> 00:13:23.259 which way I slice it. So for me, keeping track 00:13:23.259 --> 00:13:25.879 of shipping supplies is very important. Your 00:13:25.879 --> 00:13:28.220 Amazon boxes, how many you got left? You bought 00:13:28.220 --> 00:13:30.279 a 20 pack, you're down to five, right? Well, 00:13:30.320 --> 00:13:33.779 maybe it's time you got another pack. You got 00:13:33.779 --> 00:13:35.679 to monitor this stuff because it's going to... 00:13:36.339 --> 00:13:37.940 especially for you part -time people, because 00:13:37.940 --> 00:13:39.639 it's going to throw your whole business off. 00:13:39.860 --> 00:13:42.720 You come to the day of, it's your work day for 00:13:42.720 --> 00:13:44.399 your part -time people. Let's say it's Saturday. 00:13:44.799 --> 00:13:47.259 You're out of boxes. You can't ship your Amazon 00:13:47.259 --> 00:13:50.759 boxes. Now you've got to waste an hour and a 00:13:50.759 --> 00:13:53.200 half of your very, in my opinion, your very vital 00:13:53.200 --> 00:13:56.980 time, because it's part -time, going out, spending 00:13:56.980 --> 00:13:59.639 half an hour to buy shipping boxes. That's silly. 00:14:00.159 --> 00:14:02.980 Yeah, I agree. It's happened to me before. I 00:14:02.980 --> 00:14:06.980 ran out of the... the little skew labels i wasn't 00:14:06.980 --> 00:14:09.220 paying attention because i got like my box buried 00:14:09.220 --> 00:14:11.399 underneath my desk and i was like oh let me go 00:14:11.399 --> 00:14:15.379 grab a roll well there's no roll no rolls then 00:14:15.379 --> 00:14:17.899 you got to order them on amazon for me and it's 00:14:17.899 --> 00:14:19.679 going to take thankfully they get there the next 00:14:19.679 --> 00:14:22.039 they got here the next day but like that stuff 00:14:22.039 --> 00:14:24.179 you know especially if you're part -time like 00:14:24.179 --> 00:14:26.039 you said it's gonna it's gonna screw you over 00:14:26.039 --> 00:14:27.600 big time right because you're expecting to get 00:14:27.600 --> 00:14:30.220 all this work done and now you sit down and you 00:14:30.220 --> 00:14:33.350 ain't even got the basic to even come close to 00:14:33.350 --> 00:14:36.190 getting the job done. One that I want to talk 00:14:36.190 --> 00:14:41.049 about here is tracking your buy costs on every 00:14:41.049 --> 00:14:44.610 single item in Amazon land. I no longer do that. 00:14:44.730 --> 00:14:48.649 So I used to say, okay, well, I got two books, 00:14:48.830 --> 00:14:50.909 right? Like this one from the Goodwill cost me 00:14:50.909 --> 00:14:54.929 $3. This one from the Salvation Army cost me 00:14:54.929 --> 00:14:58.139 $2, right? And I used to track down to... Hey, 00:14:58.299 --> 00:15:00.139 all right. I want to know exactly how much I'm 00:15:00.139 --> 00:15:03.000 making, you know, profitability wise. I no longer 00:15:03.000 --> 00:15:06.879 do that. My business has evolved to where if 00:15:06.879 --> 00:15:12.379 I had to track the 500 plus items, exact prices 00:15:12.379 --> 00:15:15.679 every single week, there's not enough time. There's 00:15:15.679 --> 00:15:17.759 not enough time in my life to sit here and say, 00:15:17.840 --> 00:15:20.240 well, I went to 12 different thrift stores. They 00:15:20.240 --> 00:15:22.440 all die. So I'm dealing with 12 different prices. 00:15:22.519 --> 00:15:25.419 Is it a paperback? Is it a hardback? I now do 00:15:25.419 --> 00:15:29.399 a rolling average. buy costs right i think it's 00:15:29.399 --> 00:15:33.100 just a lot easier i know a lot of resellers are 00:15:33.100 --> 00:15:35.639 like ocd and they want to track everything right 00:15:35.639 --> 00:15:38.279 and i i get it right it's just it's just how 00:15:38.279 --> 00:15:40.399 you're programmed you're just programmed to be 00:15:40.399 --> 00:15:44.299 so concise and analytical with everything but 00:15:44.299 --> 00:15:47.860 i promise you you're not going to lose money 00:15:47.860 --> 00:15:51.039 or time by kind of taking an overall look at 00:15:51.039 --> 00:15:53.710 your business and saying okay Here's my expenses 00:15:53.710 --> 00:15:56.090 over the last six months. How many items did 00:15:56.090 --> 00:15:59.049 I buy? How much did I spend? Here's my average 00:15:59.049 --> 00:16:01.350 buy cost. Use that going forward, right? So when 00:16:01.350 --> 00:16:04.909 I list these books, you know, my buy cost is 00:16:04.909 --> 00:16:06.830 a dollar because on average, I pay a dollar. 00:16:06.970 --> 00:16:09.649 Some of these books. I pay a quarter for this 00:16:09.649 --> 00:16:12.830 little paperback, right? So I'm selling myself 00:16:12.830 --> 00:16:14.789 short by saying it's a dollar. So when it sells 00:16:14.789 --> 00:16:17.509 and I see the profitability, theoretically, it's 00:16:17.509 --> 00:16:20.750 75 cents less than it actually is. But then like 00:16:20.750 --> 00:16:23.570 the hardback, maybe that's a $2 hardback. It 00:16:23.570 --> 00:16:27.070 all balances itself out. And tracking these things 00:16:27.070 --> 00:16:30.409 down to that level, you will go insane. And there 00:16:30.409 --> 00:16:32.750 is not enough time as you scale this business. 00:16:32.769 --> 00:16:34.269 Sure, if you're super part -time, you're doing 00:16:34.269 --> 00:16:36.370 one box a week and you're the person that wants 00:16:36.370 --> 00:16:39.139 to know exactly. down to the penny, how much 00:16:39.139 --> 00:16:41.519 you make on every single item, knock your socks 00:16:41.519 --> 00:16:43.639 off. But I still would argue as part -time, it's 00:16:43.639 --> 00:16:45.440 even more of a reason for you not to track it 00:16:45.440 --> 00:16:48.460 down to that level. But I know I deal with so 00:16:48.460 --> 00:16:52.019 many people that find it so hard to just be like, 00:16:52.200 --> 00:16:54.580 all right, I'm just going to do the average because 00:16:54.580 --> 00:16:57.460 people just want it. It's just part of the human 00:16:57.460 --> 00:17:03.000 nature for some people. Right. Now, here's one 00:17:03.000 --> 00:17:06.559 that I'm iffy on, I'm a little bit more anal 00:17:06.559 --> 00:17:11.400 when it comes to this, but I would suggest, asterisk, 00:17:11.599 --> 00:17:16.799 that you track your marginability of, okay, my 00:17:16.799 --> 00:17:21.240 fees are X, my leftover net profit that goes 00:17:21.240 --> 00:17:24.420 into my bank is this. How much of a percentage 00:17:24.420 --> 00:17:28.019 is that? So I sell something for a dollar, and 00:17:28.019 --> 00:17:29.799 I'm getting 50 cents back to my bank account. 00:17:29.960 --> 00:17:32.599 Well, I have 50 % margin. Oh, wait, buy cost. 00:17:32.799 --> 00:17:35.190 Oh, wait. taxes it's not really 50 at that point 00:17:35.190 --> 00:17:38.970 right but okay now i'm at we'll just ballpark 00:17:38.970 --> 00:17:43.349 it here 30 margin still pretty good um oh wait 00:17:43.349 --> 00:17:45.549 i didn't account for my tool cost i mean that's 00:17:45.549 --> 00:17:47.750 a little more granular of course so maybe i'm 00:17:47.750 --> 00:17:51.710 down at 25 margin ability but i think knowing 00:17:51.710 --> 00:17:54.349 that helps your business grow as a whole because 00:17:54.349 --> 00:17:57.109 then you start thinking in terms of percent points 00:17:57.109 --> 00:18:00.279 versus an extra hundred dollars i find tracking 00:18:00.279 --> 00:18:03.579 dollars versus percent of margins harder so i 00:18:03.579 --> 00:18:07.599 like knowing my margins um in all things so if 00:18:07.599 --> 00:18:10.599 i have a line column that's costing me like we 00:18:10.599 --> 00:18:12.480 just mentioned shipping supplies it's costing 00:18:12.480 --> 00:18:17.000 me two percent of my revenue and two or and then 00:18:17.000 --> 00:18:21.279 my net comes into that um how can i cut that 00:18:21.279 --> 00:18:24.299 in half so cutting expenses and the way i calculate 00:18:24.299 --> 00:18:27.740 that myself is with margins but If you're bad 00:18:27.740 --> 00:18:30.099 with math and not everybody's great with math, 00:18:30.220 --> 00:18:32.359 I'll acknowledge that. Well, that's what Excel's 00:18:32.359 --> 00:18:34.940 for, or knowing a buddy with Excel that can help 00:18:34.940 --> 00:18:37.579 you comes into play. Maybe you take an Excel 00:18:37.579 --> 00:18:40.500 course at the local community college. They're 00:18:40.500 --> 00:18:43.880 not expensive. Everybody offers computer classes 00:18:43.880 --> 00:18:46.079 these days. And if you don't even know where 00:18:46.079 --> 00:18:49.140 to begin, reach out to somebody. Go to YouTube, 00:18:49.420 --> 00:18:51.680 dude. Go to YouTube. There we go. YouTube, the 00:18:51.680 --> 00:18:55.779 free land of learning. Yeah, I think you're right. 00:18:56.730 --> 00:19:00.410 Tracking sales, right? Oh, it's nice. My sales 00:19:00.410 --> 00:19:02.789 are up. But that really isn't an indicator of 00:19:02.789 --> 00:19:05.349 whether or not you're a profitable reseller. 00:19:05.369 --> 00:19:07.569 It's your actual bank account, your bottom line. 00:19:07.650 --> 00:19:10.349 So I do agree. And in Amazon land, we try to 00:19:10.349 --> 00:19:12.769 be close to 50 -50 when it comes to selling media. 00:19:12.950 --> 00:19:16.950 So whenever you hear some hotshot YouTuber talking 00:19:16.950 --> 00:19:21.519 about they sold a book on Amazon for $100. theoretically, 00:19:21.740 --> 00:19:24.119 at the end of the day, it's a 50 -50 split. Now, 00:19:24.140 --> 00:19:26.059 that will be a little bit higher because the 00:19:26.059 --> 00:19:28.759 fees skew less as the price of an item goes up. 00:19:29.000 --> 00:19:31.779 But overall, you're going to be looking for 40 00:19:31.779 --> 00:19:35.220 % to 50 % coming back to you in Amazon land. 00:19:35.519 --> 00:19:38.440 And you can easily go in and check this. I've 00:19:38.440 --> 00:19:40.019 covered it. You just go to your payments tab, 00:19:40.059 --> 00:19:41.980 take a look at your overall fees, like Johnny's 00:19:41.980 --> 00:19:44.660 saying, and then your overall sales. So you know 00:19:44.660 --> 00:19:47.799 your overall sales should be basically double 00:19:47.799 --> 00:19:50.900 what your overall fees are. It is important to 00:19:50.900 --> 00:19:53.779 track that stuff because if you're just spinning 00:19:53.779 --> 00:19:55.720 your tires, I don't want nobody to waste their 00:19:55.720 --> 00:19:57.380 time reselling because there's so many different 00:19:57.380 --> 00:19:59.420 ways you can make money nowadays. We're not just 00:19:59.420 --> 00:20:01.960 going to do this just to do this. I mean, maybe 00:20:01.960 --> 00:20:04.740 you're the reseller that just operates as a charity, 00:20:04.799 --> 00:20:07.539 but to me and this guy, we are not charity. We 00:20:07.539 --> 00:20:10.720 got bills to pay. We got cats to feed. Johnny's 00:20:10.720 --> 00:20:13.839 got dinosaurs to feed, right? You're starting 00:20:13.839 --> 00:20:16.660 Jurassic Park down there in Texas, right? Yeah, 00:20:16.740 --> 00:20:18.619 and mutant dinosaurs because that's the way Jurassic 00:20:18.619 --> 00:20:22.390 Park's going. mutant dinosaurs. But these things 00:20:22.390 --> 00:20:25.450 we're talking about here, you can, I see both 00:20:25.450 --> 00:20:27.490 sides of the spectrum, right? Some people, they 00:20:27.490 --> 00:20:29.910 don't want to sit down and look at it. And some 00:20:29.910 --> 00:20:32.269 people, all they want to do is sit down and look 00:20:32.269 --> 00:20:34.069 at it. I think you have to find the balance of 00:20:34.069 --> 00:20:36.390 tracking these things and not tracking these 00:20:36.390 --> 00:20:38.609 things. And a lot of it just comes with experience 00:20:38.609 --> 00:20:41.609 and you realize, okay, maybe I'm wasting my time, 00:20:41.630 --> 00:20:44.180 right? Maybe I'm wasting my time doing, you know, 00:20:44.180 --> 00:20:46.900 tracking down to the actual buy cost of every 00:20:46.900 --> 00:20:50.660 single item or the actual, you know, source producing. 00:20:50.720 --> 00:20:53.519 How much am I getting from each source? Or there's 00:20:53.519 --> 00:20:55.779 so many things we can easily get lost in when 00:20:55.779 --> 00:20:58.460 it comes to tracking. And you just have to figure 00:20:58.460 --> 00:21:00.400 out what works best for you. Right. Just because 00:21:00.400 --> 00:21:02.480 I say don't track it or Johnny says track it 00:21:02.480 --> 00:21:04.400 doesn't mean you should do either or. Right. 00:21:04.460 --> 00:21:07.880 Like it's what works for you. And like some people 00:21:07.880 --> 00:21:11.940 have a hard time not. you know tracking or not 00:21:11.940 --> 00:21:15.079 doing the conditions or and that's a -okay as 00:21:15.079 --> 00:21:16.799 long as you're still productive at the end of 00:21:16.799 --> 00:21:20.140 the day uh for me i know you track this i know 00:21:20.140 --> 00:21:23.319 basically every reseller tracks this is how many 00:21:23.319 --> 00:21:25.440 items are we getting listed or sent out in a 00:21:25.440 --> 00:21:29.579 week right uh like what is what is usually it's 00:21:29.579 --> 00:21:31.859 hard for me to sit here and say i want to send 00:21:31.859 --> 00:21:34.599 x amount of books every single week because can 00:21:34.599 --> 00:21:37.339 i really control that no because i might go into 00:21:37.339 --> 00:21:41.109 a thrift store like i did uh And they had a ton 00:21:41.109 --> 00:21:43.930 of books. The video will probably be out by the 00:21:43.930 --> 00:21:46.029 time this gets out. So I don't care that I actually 00:21:46.029 --> 00:21:49.250 show it. You can't really see it here, but there's 00:21:49.250 --> 00:21:52.910 this little D and it's a publisher. It's a religious 00:21:52.910 --> 00:21:55.509 publisher. So I walk into a thrift store and 00:21:55.509 --> 00:21:57.970 they got boxes and boxes of them. Well, don't 00:21:57.970 --> 00:22:01.029 you know, it's like 75 % accept rate. So that 00:22:01.029 --> 00:22:04.430 was way better than it ever was prior. So I can't 00:22:04.430 --> 00:22:07.980 really have a quota. say because i don't know 00:22:07.980 --> 00:22:09.480 what the thrift stores are going to give me every 00:22:09.480 --> 00:22:12.480 single week but i do track how many pieces of 00:22:12.480 --> 00:22:14.799 inventory i'm sending on a weekly basis i don't 00:22:14.799 --> 00:22:17.099 do boxes because some people are like i'll send 00:22:17.099 --> 00:22:19.200 a box a week send two boxes a week well that 00:22:19.200 --> 00:22:20.740 could be very different because if you're selling 00:22:20.740 --> 00:22:24.099 dvds you're talking 80 plus dvds in a box versus 00:22:24.099 --> 00:22:26.519 books i got a box this week that's going out 00:22:26.519 --> 00:22:28.980 it's only like 28 books because it's all the 00:22:28.980 --> 00:22:31.039 big books right that and that basically weighs 00:22:31.039 --> 00:22:33.619 50 pounds and that's what they limit you so i 00:22:33.619 --> 00:22:37.099 do think tracking your overall You know, I mean, 00:22:37.119 --> 00:22:38.579 it's different for you. You can talk about it 00:22:38.579 --> 00:22:40.160 on the eBay side, especially now that you're 00:22:40.160 --> 00:22:43.539 doing consignment, like tracking how many items 00:22:43.539 --> 00:22:45.759 you're getting up on a daily basis, your draft 00:22:45.759 --> 00:22:48.859 banks and things like that. Yeah, I mean, those 00:22:48.859 --> 00:22:52.140 are very vital. I mean, especially we've talked 00:22:52.140 --> 00:22:55.059 about this in a previous podcast of when my day 00:22:55.059 --> 00:22:57.019 gets thrown off. Well, you know what? I could 00:22:57.019 --> 00:22:59.440 still make my eBay quota. I'll just use some 00:22:59.440 --> 00:23:01.920 of my draft bank. And that's why every day I 00:23:01.920 --> 00:23:04.579 have to do a little extra. to put stuff in my 00:23:04.579 --> 00:23:08.700 Jack Bank in order to provide me the security 00:23:08.700 --> 00:23:10.619 blanket of, you know what, my listings are going 00:23:10.619 --> 00:23:14.079 to go up every day no matter what, barring I'm 00:23:14.079 --> 00:23:18.799 in a coma and can't press the button. But that 00:23:18.799 --> 00:23:22.680 notwithstanding, it's very important. And here's 00:23:22.680 --> 00:23:26.599 another one. Most people don't think about it. 00:23:26.640 --> 00:23:31.200 I have because... If you're doing baby bulk or 00:23:31.200 --> 00:23:33.519 any kind of bulk, waste management's a thing, 00:23:33.619 --> 00:23:35.960 right? Like cardboard cutting, and if you're 00:23:35.960 --> 00:23:39.079 doing CDs and DVDs, case replacements, throwing 00:23:39.079 --> 00:23:41.559 out the junk, right? How much of your time is 00:23:41.559 --> 00:23:43.740 being eaten away by doing that simple, simple 00:23:43.740 --> 00:23:46.240 task? You know what? I don't do it anymore. My 00:23:46.240 --> 00:23:47.859 employee does, because that's too much time. 00:23:47.940 --> 00:23:50.960 And it's a non -making -money -producing task, 00:23:51.099 --> 00:23:54.099 but that crap, and it's crap because it's going 00:23:54.099 --> 00:23:58.099 to be thrown away, gets to be a gigantic pile 00:23:58.099 --> 00:24:01.779 at some point. So auditing how much your time 00:24:01.779 --> 00:24:06.220 is being put there. And should I do it on a daily 00:24:06.220 --> 00:24:08.220 basis? Should I pile it up for the week and do 00:24:08.220 --> 00:24:11.960 it on a weekly basis? Or should I outsource that 00:24:11.960 --> 00:24:14.720 if I have an employee? Knowing the answers to 00:24:14.720 --> 00:24:16.579 those questions can only be done with a time 00:24:16.579 --> 00:24:18.500 audit. How much of your time are you actually 00:24:18.500 --> 00:24:20.660 putting into waste management? The garbage, right? 00:24:20.900 --> 00:24:23.500 You're literally talking about janitorial duties. 00:24:23.940 --> 00:24:28.069 Or if you're in a warehouse space. Same deal, 00:24:28.210 --> 00:24:30.730 or maybe you got the thing of, because you're 00:24:30.730 --> 00:24:33.809 opening the door every day, right? So you're 00:24:33.809 --> 00:24:37.170 putting in foot traffic. Do you sweep your space? 00:24:38.369 --> 00:24:41.289 I sweep my space, or I have my employee do it 00:24:41.289 --> 00:24:43.630 when he's with me. Because that's a much needed 00:24:43.630 --> 00:24:46.009 thing, because that dirt and debris gets blown 00:24:46.009 --> 00:24:48.109 in the books and all of that, especially on eBay, 00:24:48.210 --> 00:24:49.970 right? So they got to maintain the same condition 00:24:49.970 --> 00:24:52.829 I took the photos in. So sweeping it out is a 00:24:52.829 --> 00:25:00.289 thing. I used to be it. Huge waste of timer until 00:25:00.289 --> 00:25:03.450 I started realizing, wait a minute. And I think 00:25:03.450 --> 00:25:06.210 this goes for everybody. If you are taking your 00:25:06.210 --> 00:25:08.589 item to the store to donate, you are wasting 00:25:08.589 --> 00:25:10.210 your damn time. Because all you got to do is 00:25:10.210 --> 00:25:12.329 put it for free on any marketplace and somebody 00:25:12.329 --> 00:25:14.109 will come pick it up directly from where you're 00:25:14.109 --> 00:25:16.490 at. I don't care how much of it it is. The thrift 00:25:16.490 --> 00:25:19.509 stores even now, I've seen it, dude. Local thrift 00:25:19.509 --> 00:25:21.650 stores and even the Goodwills, they got box trucks. 00:25:21.950 --> 00:25:25.369 Just call them up. Hey, I got 20 ,000 books. 00:25:25.930 --> 00:25:28.430 And they will send out some poor soul in his 00:25:28.430 --> 00:25:31.369 box truck. And they will load your 20 ,000 books. 00:25:31.529 --> 00:25:34.950 And you can sit inside, not lift a finger. And 00:25:34.950 --> 00:25:36.890 I do that exact. I used to take them to the book 00:25:36.890 --> 00:25:38.809 donation bins. I used to have book donation bins 00:25:38.809 --> 00:25:42.390 all around me. So I would load up the car, unload 00:25:42.390 --> 00:25:44.950 the car, scan it, reload the car, then unload 00:25:44.950 --> 00:25:47.289 the car at the book bin. It used to be the biggest. 00:25:47.390 --> 00:25:49.279 And now I just put on Facebook. free carload 00:25:49.279 --> 00:25:51.660 of books. Guess what? Within 10 minutes, I got 00:25:51.660 --> 00:25:54.440 six people clamoring to come pick them up. And 00:25:54.440 --> 00:25:56.440 all I got to do is lift up the storage unit door, 00:25:56.559 --> 00:26:00.039 say, there you go. So tracking that is super 00:26:00.039 --> 00:26:03.460 important. It's like tracking the garbage, like 00:26:03.460 --> 00:26:06.400 the waste of your business and how you're getting 00:26:06.400 --> 00:26:08.779 rid of it. Like how much waste are you dealing 00:26:08.779 --> 00:26:11.240 with? Like the boxes, like that's another thing. 00:26:11.339 --> 00:26:14.599 I can't, my recycling is limited, right? Like 00:26:14.599 --> 00:26:16.779 the storage unit, don't let you recycle. My storage 00:26:16.779 --> 00:26:18.660 facility don't have a dumpster or anything. So 00:26:18.660 --> 00:26:21.460 I got to take my boxes down to the recycling 00:26:21.460 --> 00:26:24.019 center, which means I can't do, I'm not doing 00:26:24.019 --> 00:26:26.720 it for one box, right? I let it pile up. It's 00:26:26.720 --> 00:26:28.660 the same with like, when do I get rid of this 00:26:28.660 --> 00:26:30.559 stuff? Well, that stuff will sit on my storage 00:26:30.559 --> 00:26:33.259 unit until my next library is like, hey, we need 00:26:33.259 --> 00:26:34.859 to pick up this week. And then I put it on Facebook 00:26:34.859 --> 00:26:37.039 and it's going within the same day. So like, 00:26:37.099 --> 00:26:39.720 I could even get better at doing that. But honestly, 00:26:39.900 --> 00:26:43.759 I just, I don't want no parts of it. Yeah, and 00:26:43.759 --> 00:26:46.660 same for me. I let the junk books pile up or 00:26:46.660 --> 00:26:49.220 the damaged books pile up, and then I do, I guess, 00:26:49.220 --> 00:26:54.019 a giveaway. Would it have been simple? Well, 00:26:54.019 --> 00:26:56.700 no, because I couldn't even fill up my dumpsters 00:26:56.700 --> 00:26:59.480 because they'd fill up too fast. So it got kind 00:26:59.480 --> 00:27:00.779 of like you in the box. You got to let the books 00:27:00.779 --> 00:27:03.279 pile up. You got to let the boxes pile up. I 00:27:03.279 --> 00:27:05.680 think it's a lot easier to do one gigantic task 00:27:05.680 --> 00:27:10.690 than a micro task every day. It's a give and 00:27:10.690 --> 00:27:13.309 take. I mean, one may seem simpler than the other, 00:27:13.349 --> 00:27:16.430 but I'm telling you for efficiency, doing it 00:27:16.430 --> 00:27:19.289 once in a while versus all the time for me has 00:27:19.289 --> 00:27:22.670 worked out better or outsourcing it as well. 00:27:23.210 --> 00:27:29.049 Here's another one for you. How much time are 00:27:29.049 --> 00:27:32.829 you spending at the, and you might kind of touched 00:27:32.829 --> 00:27:38.130 on this, the post office or scheduling or. going 00:27:38.130 --> 00:27:41.369 to your drop -off point, right? Versus scheduling 00:27:41.369 --> 00:27:46.029 a pickup time or a porch pickup or some means 00:27:46.029 --> 00:27:48.509 of doing it quicker. Analyzing how much these 00:27:48.509 --> 00:27:51.230 little micro minutes that compound over the week 00:27:51.230 --> 00:27:53.210 and the month and the year are you actually spending? 00:27:53.390 --> 00:27:56.490 Oh, this is eating up 30 hours of my business 00:27:56.490 --> 00:27:59.470 per year. How can I eliminate this or get this 00:27:59.470 --> 00:28:02.599 down to like one hour? Things like that that 00:28:02.599 --> 00:28:05.960 save you time to pump those extra hours into 00:28:05.960 --> 00:28:08.000 more money -making tasks I think are crucial 00:28:08.000 --> 00:28:10.980 in tracking. Like if you go to the post office, 00:28:11.099 --> 00:28:13.240 no matter which hour you go, it's guaranteed 00:28:13.240 --> 00:28:15.640 a 15 -minute line. Well, maybe you start thinking 00:28:15.640 --> 00:28:19.180 about pickups. I know there's horror stories 00:28:19.180 --> 00:28:21.019 with that. Like, oh, what if there's a temp and 00:28:21.019 --> 00:28:24.099 they don't scan my stuff? Well, yeah, you run 00:28:24.099 --> 00:28:27.579 that risk, but time. How much of your time do 00:28:27.579 --> 00:28:30.559 you get back? The UPS driver didn't pick up my 00:28:30.559 --> 00:28:34.200 Amazon boxes. Well, I guess you got to deliver 00:28:34.200 --> 00:28:36.859 them that day. But 99 % of the times out of 100, 00:28:37.079 --> 00:28:41.000 he'll pick them up. I agree. I think you have 00:28:41.000 --> 00:28:45.519 to track your time in a way where you can audit 00:28:45.519 --> 00:28:47.680 yourself and see where you are wasting time. 00:28:47.759 --> 00:28:49.720 Because every single one of us, we waste time, 00:28:49.839 --> 00:28:51.359 right? Because we're resellers. We're our own 00:28:51.359 --> 00:28:53.279 boss. We don't necessarily have to get things 00:28:53.279 --> 00:28:56.140 done within a certain time frame. And we all 00:28:56.140 --> 00:28:58.799 have the ability to. not work today if we don't 00:28:58.799 --> 00:29:00.740 want to work today that's just a reality of being 00:29:00.740 --> 00:29:05.640 a reseller so tracking your time not like like 00:29:05.640 --> 00:29:08.019 for me i'm not super crazy with it but i will 00:29:08.019 --> 00:29:11.250 say i have audited my time and realized where 00:29:11.250 --> 00:29:13.990 i was wasting a lot of time and you know tried 00:29:13.990 --> 00:29:16.809 and got back a lot of my time by doing little 00:29:16.809 --> 00:29:19.109 things like saying oh no i'm no longer taking 00:29:19.109 --> 00:29:20.990 things that have book donation but i'm no longer 00:29:20.990 --> 00:29:24.029 pricing individual items based on what i actually 00:29:24.029 --> 00:29:25.970 paid for i'm just going to take an average but 00:29:25.970 --> 00:29:30.549 i do think uh the two big things is tracking 00:29:30.549 --> 00:29:33.009 your overall profitability after all your expenses 00:29:33.009 --> 00:29:37.079 and taxes and tracking your processes So you 00:29:37.079 --> 00:29:40.519 can be efficient as possible. I think our goal 00:29:40.519 --> 00:29:42.819 should be to make the most amount of money and 00:29:42.819 --> 00:29:44.980 the least amount of time. And everything we talked 00:29:44.980 --> 00:29:47.880 about today correlate to both of those things. 00:29:48.039 --> 00:29:50.319 And you have to be in line across the board with 00:29:50.319 --> 00:29:53.000 tracking some things. And then some things it's 00:29:53.000 --> 00:29:56.900 okay to not be as, I don't know, I guess, nitty 00:29:56.900 --> 00:30:00.519 gritty down to the exact penny on some things 00:30:00.519 --> 00:30:02.420 because they really don't have an overall effect 00:30:02.420 --> 00:30:04.579 in our business. Sure, they might make you feel 00:30:04.579 --> 00:30:06.210 better. And I think that's what it comes down 00:30:06.210 --> 00:30:08.569 to, right? Does it make you feel better or is 00:30:08.569 --> 00:30:10.730 it an actual need in the business? And I think 00:30:10.730 --> 00:30:12.789 there is a balance between them both. But if 00:30:12.789 --> 00:30:14.809 you're wasting too much time on doing things 00:30:14.809 --> 00:30:16.569 that make you feel better and have no impact 00:30:16.569 --> 00:30:19.029 on your business, then you can't complain when 00:30:19.029 --> 00:30:21.150 the business is getting results because you know 00:30:21.150 --> 00:30:23.470 yourself that you're doing things that make you 00:30:23.470 --> 00:30:25.609 feel better, but maybe necessarily don't make 00:30:25.609 --> 00:30:27.609 the business feel better. You got any final thoughts 00:30:27.609 --> 00:30:30.910 here before I wrap it up? Yeah, one more. Maybe 00:30:30.910 --> 00:30:32.630 you should track, maybe you should not track 00:30:32.630 --> 00:30:35.880 one. I'm kind of indifferent on it, is people 00:30:35.880 --> 00:30:39.539 love to track their sources, right? To me, it's 00:30:39.539 --> 00:30:42.480 like, okay, how many units did you pull? Because 00:30:42.480 --> 00:30:44.519 you're going to know repeatedly after a while, 00:30:44.700 --> 00:30:48.859 this source I don't pull from a lot anymore for 00:30:48.859 --> 00:30:50.740 reasons. It used to produce, now it doesn't, 00:30:50.740 --> 00:30:54.119 so it's off the list. Do I necessarily need to 00:30:54.119 --> 00:30:57.960 track that source unit production per week or 00:30:57.960 --> 00:31:00.400 however often you source from it? I don't know. 00:31:00.539 --> 00:31:03.259 Because to me, you're the one doing it. So you 00:31:03.259 --> 00:31:05.900 know already, but if you need to see a finite 00:31:05.900 --> 00:31:09.599 number justification, like if I don't bring in 00:31:09.599 --> 00:31:12.059 X amount per month from this source, it's off 00:31:12.059 --> 00:31:14.519 the list. If you're that kind of person, I guess 00:31:14.519 --> 00:31:16.920 you need to track it. But for me, it's just I 00:31:16.920 --> 00:31:19.160 would remember that personally. Now, if you got 00:31:19.160 --> 00:31:21.920 a bad memory, okay, then maybe you do need to 00:31:21.920 --> 00:31:24.259 track it. But I'm kind of indifferent on that 00:31:24.259 --> 00:31:26.700 one. But my personal stance is you don't need 00:31:26.700 --> 00:31:29.220 to track on a per unit basis. You're just going 00:31:29.220 --> 00:31:32.710 to know. Yeah, especially, you know, I'm out 00:31:32.710 --> 00:31:34.609 and I think of it all the time. I know what sources 00:31:34.609 --> 00:31:36.910 are good. I know kind of how much I can expect 00:31:36.910 --> 00:31:40.430 to get from each source. The last one for comedy 00:31:40.430 --> 00:31:43.890 reasons. besides actually tracking your expenses 00:31:43.890 --> 00:31:45.950 and your profitability. I should have tracked 00:31:45.950 --> 00:31:48.750 my hairline when I worked at CVS because I would 00:31:48.750 --> 00:31:51.430 have quit sooner and I would not have been as 00:31:51.430 --> 00:31:54.069 bald as I am today. So that's going to do it 00:31:54.069 --> 00:31:57.009 for this week. Get a hat, man. It helps. Then 00:31:57.009 --> 00:31:59.789 I get even more bald if I start wearing a hat. 00:32:00.349 --> 00:32:02.470 We'll talk to you all in next week's episode. 00:32:03.529 --> 00:32:05.509 Thanks for listening to another episode of the 00:32:05.509 --> 00:32:08.329 Reseller's Mindset Podcast. Today's full episode 00:32:08.329 --> 00:32:10.690 and all previous episodes are available to all 00:32:10.690 --> 00:32:13.210 YouTube members along with the weekly Zoom call 00:32:13.210 --> 00:32:15.690 and private Discord. Head on over to youtube 00:32:15.690 --> 00:32:18.630 .com backslash to use book guy and consider joining 00:32:18.630 --> 00:32:20.230 for as little as $2 .99 a month.