Newbie setting up an ebay business.

[renatus]

Hi, i'm a 19 year old student setting up my own business for the first time on ebay.

At the minute, i'm making a business plan for myself. But the part that has bogged me down is the finance part. I'm finding it hard to organise a system which i can easily keep a record of and plan my strategies with.


I'm doing a cash flow forecast, however the problem is i'm having a hard time keeping track of all the outgoings i will have. Is there a way you suggest in which i can effectively record all my outgoings in one place?

The main thing which is troubling me really is keeping tabs of the exact ebay fee's, paypal fee;s and records for taxes every april i will need to organise.

Other than those, my only real outgoings will be the purchases i intend to resell, delivery charges, delivery material (envelopes etc)

Obviously, i also have to factor in my startup costs:

-A one off payment to a site template designer i want to use.
-Business registration fee's
-Possibly licensing fee's to brands i want to stock
-Starting inventory



But other than that, is there anything else i'm missing or should be thinking of?

[elainec100@cheapaccounting]

have a look at this for hints on costs:

http://www.franklyaccounts.co.uk/glossarycosts.php

[MyAccountantOnline]

When it comes to bookkeeping (to keep track of income and expenses) you could either use an accountant to deal with this for you, or look at using an accounting package to do so.

I am one of a number of accountants on this forum who provide an all in one service giving clients bookkeeping, accounts and tax returns for a monthly paid fee.

If you want to look at dealing with your own bookkeeping a package which has impressed me is Accounts Portal - http://www.accountsportal.com/

Dont forget to register with HM Revenue & Customs when you start and make sure you set aside funds for your tax bill (an accountant can help with all of this).

Good luck:)