Ensuring Profitability Within Your Business

Welcome to the Ultimate Sports Cards Playbook!

Andrew here, your guide in making your sports card business a lucrative venture.

On this week's hole in one:

• Discussing the recent drop in eBay listing impressions

• Monitoring profitability within a business

Understanding the Recent Drop in eBay Impressions

Many of you may have noticed a significant drop in listing impressions on eBay recently, a change that has sparked significant online chatter. Listing impressions, or the number of times your listing appears to customers on eBay searches, are a key indicator of your item's visibility on the platform.

While this decline might seem alarming, it's not a cause for immediate concern. This could simply be a reporting error on eBay's part, or perhaps they've adjusted how they tally impressions.

There's also a possibility that eBay has tweaked their algorithm, leading to fewer listing pushes. However, my personal observation shows consistent listing views and sales, so there's no need for drastic changes in our selling strategies just yet.

In this shifting landscape, the best course of action is to monitor your individual sales and views, and adjust your strategy as necessary, rather than reacting immediately to overall market trends. I’m taking a wait and see approach. If my sales significantly change, I will make adjustments to my selling strategy. Stay tuned for updates on this issue as more information becomes available.

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Understanding Your Financials: The Core of a Successful Card Selling Business

Running a successful card selling business is an aspiration for many. Yet, it's far too common for people to misjudge their profitability due to hidden or overlooked expenses. A robust understanding of your financials is paramount to avoiding this pitfall.

Step one: Familiarize yourself with your numbers. Be certain about the average cost per card, the average sale price, and the total shipping costs. A meticulous record down to the expense of penny sleeves, toploaders, envelopes, selling fees, and all other shipping charges, allows for precise computation of your profit per sale.

Adopting an average-focused approach offers a simplified yet effective representation of your business. You don't need to keep track of every single card; instead, concentrate on your total cost of goods and sale prices. Inevitably, you'll have some cards that are more expensive or cheaper, but they won't significantly skew your averages.

To illustrate this, let's assume you list 10 cards a day, each costing you $1. After deducting fees and expenses, you make a profit of $5 per card, selling on average 5 cards daily. Therefore, your daily expenditure on cost of goods is $10, while you make a profit of $20. This yields a daily net profit of $10, which you can use to pay yourself, save for unexpected expenses, or reinvest in business necessities, like storage boxes or shelves.

Applying this understanding of profitability and spending can help manage your purchases. For instance, if you only make $10 a day and need a new scanner or computer, you'll know exactly how many days you need to save to make that purchase. It's important to resist the temptation to overspend on inventory. If you're making $10 a day, a $500 inventory purchase is counterproductive. It's crucial to practice patience, manage your spending, and progressively grow your sales to sustain and expand your business.

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What you learned today:

• eBay’s change to listing impressions

• Managing profit within your business

Navigating eBay's complexities can be overwhelming for many. My years of success in building businesses provides me with the knowledge and expertise to guide you. By working together, we can grow your business, leading to increased profitability.

Andrew

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