Business Building Blocks

Have you ever day dreamed about expanding your business? Have you dreamed of quitting your day job and doing vintage full time? Have you looked at other businesses and thought to yourself, I think I could do that!?

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I have. A lot. So I've been spending a lot of time studying successful businesses and learning how they got there. I've learned a few simple things that have given me the confidence to take my own business to the next level.

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1. Everyone started small. I found that the businesses I most admired were rooted in the hard work of one or two people. Some had savings to help them, but many got an idea and began with no source of funds. They came up with creative ways to handle challenges, didn't give up and put in the hours.

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2. All had a business plan. I found this fascinating, since many new business owners I've spoken to lately haven't bothered with writing a plan. Having a plan helps you map out the route you want your business to take. Without a map, you can get lost really quickly. The plan maps out your goals for the business, helps you outline the structure to meet those goals and brings order to a lot of data.

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3. Each business had a strong vision. They didn't all necessarily know how to execute it, but they knew they loved antiques and wanted to establish a certain level of business. Having this kind of passion is a cornerstone in every successful company.

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4. All the businesses took longer to be successful than they anticipated. Most thought it would be profitable in 6 months. Most learned that it takes at least a year and often two before a profit can be realized. During that time they were learning, making mistakes, making improvements and learning how to handle crises. Great use of that time of growth.

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I've been researching, studying, planning and writing out my business plan for months. I'm now taking the leap! I'm opening a premium auction house in my California Sierra foothills area.

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Am I waking up in a cold sweat at night dreaming of an auction house filled with 3 customers (all of them my children)? Yep. Am I determined to not let that little kernel of fear blossom into a paralyzing terror? Yep. I can do this. After learning about all these other successful businesses began, I realized I don't need to master it all the first go around. I can learn.

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Whether you want to reach thousands of customers via an expanded website, open a brick & mortar vintage bookshop or reach more customers abroad, using the time and tried methods used by successful businesses is always a wise idea. Follow your dreams and see where they lead you!

The Nuts & Bolts of Owning a Business

Is selling on Etsy just a hobby or is it your business? Do you do it for enjoyment with little regard to year end profits or are you concerned about boosting revenue? Are you keeping records that will help out in case of an audit? 

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These questions matter, especially at tax time. Unless you're trying to keep your business under the table and operate on a cash only basis (Which I highly discourage), you'll need to keep records. Keep in mind that Paypal will report their records if you're audited. 

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The first question is hobby or business? It's an important distinction. If you are planning on calling your Etsy shop a hobby, read up on the restrictions. Let's assume for the sake of this discussion that you're a business. 

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Are you keeping track of your expenses? Are you keeping records? Here's a few of things I keep track of: 


A. Receipts from thrift stores, estate sales, etc. 
B. Mileage to estates, thrift stores, etc. 
C. Excel Spreadsheets of what it is, what it cost, where I got it, what it sold for, and any shipping losses. 
D. Excel Spreadsheets of all my consignment sales.
E. Costs of business insurance.


That's all I worry about. I could get into deducting costs associated with my home office, but I've heard those kind of gray area deductions can trigger further investigations. 

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Some ways in which I practice sound business management: 


I keep a separate bank account for my business. It's a business account, not a personal one. 


I keep records about each consignment client and keep them up to date on their sales for their own tax records.


I keep detailed inventory lists to stay organized, to know who owns what and in order to find things quickly once they've sold. 


I keep track of all my in state customers for sales tax. Check with your state and see what your requirements are. 


I keep track of the rules surrounding Self Employment tax & Social Security and pay accordingly. 

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While I'd prefer to just focus on finding the next cool item, I've found that taking a little time each day to maintain records saves me a lot of wailing and gnashing later on. Now while this is what I do, please know I'm not a tax expert, I don't claim to be and I'm just sharing my personal experience.