Monday, July 7

Starting a new business

So after all is said and done my paycheck covers all of our bills and debt right now to the dime, literally we have a negative $-0.10 monthly income with my job. Now this varies from month to month because of certain non-uniform utility bills like water and electricity, but on average this is what my check covers, not including any spending money for my wife and I.

Luckily my wife works part time and brings home about $700 a month extra that we use for all of our extraneous expenditures. She doesn't always work the same amount of hours though so this varies a little as well, but you get the idea.

I decided I needed extra income to pay my debts off as fast as I could! I want out from under them as fast as I can possibly manage it, gazelle intensity (to borrow from Dave Ramsey). So I needed to do something, and this is what I decided on!

I tell you all of that to premise my decision to start a business. Starting a business is always something I've wanted to do, so I thought I'd jump in feet first and give it a try. I live in Arizona so I filled out their forms to because a licensed reseller, paid my $17, and hopefully within two weeks I'll have my business license. Now the catch here is that I still have my normal 9-5 job that pays the bills, and I need to keep it, at least for now while I build the business up.

The Business
so one of my personal stipulations for making some extra money to get out of debt was that I didn't want it to take away from my time with my wife. We've only been married 6 months so this is a very important time in our lives to spend together (not that it isn't always important). I decided the best way to make a little extra money was to work from home so that I can still be around for my wife and we can still spend it together even if I'm "working".

I decided on an eBay business. I'm going to sell things on eBay, and hopefully make 20% profit (about 10% after eBay and Paypal fees) reselling through a wholesale dropshipper. I also plan to supplement this with items I pick up at yard sales, and being in a large metro area there are always sales. I plan to make 100% profit or more on things I buy at yard sales if I can find the right items, this is my goal anyways. I haven't gotten all the details worked out, and even if I only make $50 a month thats fine with me. I just needed something to do to make a little more income.

My first items are going up on ebay soon! So i'll occasionally report back how the business is shaping up. If it completely flops I'm out like $17 for my business license and it is a lesson learned.

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