How Much Does It Cost To Run My Shop
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- Опубліковано 21 лип 2024
- This is not a charity it is a real business with real bills and expanses.
Visit my shop Trading Post in Crystal Lake IL.
My email deepinthecity7@gmail.com
My website www.tradingpostcrystallake.com/
My Ebay www.ebay.com/usr/pajatek1
Fan Mail or Visit my Shop
Trading Post
7100 Teckler Blvd
Crystal Lake IL 60014 - Розваги
Pete I’m so glad you like the cookies I dropped off on Saturday. I sold a couple of KISS items to your shop. Thank you for the videos that you share! Best regards, Jerry Downing
Please don’t send cookies, they could be poisoned so they were not eaten. Best Regards, Pete’s security guard.
@@houdinihir9549poisoned for what? 🙄
@houdinihir9549 lol whatba dumass you are, yeah they could be poisoned something she made her self
This guy is just so wholesome. It’d be awesome to meet this man one day and shake his hand. Man the stories he could share!
Very well said!
We have had the pleasure to meet Pete. He is the same down to Earth, straightforward person on and off camera.
I wouldn't have the patience to do what you do. You are a master of customer service, dealing with the most difficult people, some who seem to be "off", to be kind.
I used to have a shop, have my pawn license, run online auctions every week, etc etc - have been 25 years and all I can say is if you are buying stuff at .50 on the dollar you will get crushed. I’m sure Pete has many buys not filmed that are pennies on the dollar - heck eBay is taking a huge chunk too before these fixed costs he is discussing… tough tough business… even w/out the UA-cam $. Best wishes to the Trading Post in the future - I love watching without the worries of working retail hours, theft and liability in the shop, and of course the cops showing up for stolen goods….Pete does it as smooth as any I’ve seen!
I have wondered that too 50cent on the dollar,there would need to be a massive amount out items coming into the shop to make money
Agree on .50 cents on dollar issues. My rule of thumb is .13 cents on the dollar. Very good video In sharing this breakdown, thanks.
yeah, if he buys it @ 50% and his costs are $25,000, he needs to sell $50,000 every single month just to break even. is that feasible?
well he buys .50 cent on the dollar but pleasantly gets surprised lots of times. .50 cent on the dollar is the LEAST at which the item can sell, he always bases it on the least the item sold for. not to mention tons of times he doesn't even know how much an item will fetch but has a good understanding and likely gets much more than what he anticipated. id say blended its probably closer to .30 cents. maybe even less, even though in essence he does buy for .50 cents, that number is much less, even on filmed items.
I had a shop for a bit that I ran solo. I repaired jewelry, made new, bought and sold. However, after 4 years, I found I didn't like sitting in the shop and dealing with scammers. I found I was more of a hunter/gatherer. I now go to 2nd hand shops buying collectibles, precious metals, art, musical instruments and reselling them. With my jewelry making background, I can spot precious metal easily. It works for me.
As a small business owner I can certainly relate to cost and overhead. While I enjoy running my own business, and Im not complaining, it does look easier from the outside looking in. Only another business owner truly understands the weight we carry to manage all the aspects of day to day operations.
Wow! I was blown away by the Monthly Total of expenses!!
Thanks for Giving us some insight on the Financial Part of the business.
It take an *Extremely Brave, Intelligent and Confident Person* to run this type of Business! Not knowing what's gonna sell and for how much & Not knowing what's gonna come in this month, There's some many variables to contend with!
Very informative for people who never ran a business. Employing a staff is supporting them them and the community. Small local businesses help a community thrive.
Having been watching Pete (& company) for years and besides his business acumen is the trove of knowledge (& connections) he's build over time. He's a true / classic example of what the 'American Dream' is all about & Kudos to him! Think the most fascinating thing to me is that Ruby (the Macaw) might outlast us all .
Love your photo of Honey and Ruby your Macaw. I'm a new viewer, but noticed straight away, your honesty and integrity. I think this video cements my observations. I'm staggered by your costs, one slip up and its curtains for you. I do hope you keep doing well Pete.
I don't understand how you survive with such expensive outgoings but I'm glad you do !! I'm guessing you must sell lots of things online! Very few people understand how difficult it is to run a decent size business and it takes courage too !!!
Pete, You didn't want to offer "consulting" but this video should be required viewing for anyone thinking of starting up about any kind of business. Great basic info and stuff some folks don't think about enough before jumping in.
I bet it takes a few years to get up to flight speed and inventory volume.
I have mentioned before, I grew up at my friend's father's antique shop.
It was called " Super's Junkin'" . It was not a resale shop, nor a fancy shop. But he had some really neat old stuff, always new old stuff coming in. He would often do buy outs of items in old barns and homes, where the owners were moving or deceased.
Learned a lot as a kid at that shop . A great memory. Thanks for bringing that vibe back Pete
Hi Peter been watching you a while now and love the channel. For me the one thing you said that tells me you are a good businessman (both for yourself and your employees) is describing your staff not only as your biggest expense but also as your biggest ASSET! So many employers forget that their staff are crucial to the success of the business. LOVE IT!! and keep doing what you do.
Gr8 video and content Pete.. The new paint looks fantastic and you really did a good job.. Thanks for sharing this about costs of running your business..🤔 It's really expensive to operate..😲 Love the birds and Honey of course they're all so cool..😍😉 Take care..👍💕🔥👊
Thanks for sharing Peter. I agree 100 % about the employees. Hopefully one day I’ll be able to come out and visit your store and say hello.
Absolutely perfect explanation of Business 101. I have been watching since 2015. I think you stated in 2013 or 14. Keep up the good video's and give us an update on that new property you purchased. Love your honest and true to life stories and heartfelt enthusiasm.
Peter you gave good advice and you take good care of your people. It shows especially in their loyalty.
Sweet Mrs Walter's backing away while still gripping your hand. The gray looks nice!
Fascinating!
I don’t think I would ever have the stomach to have people depending on me for their livelihood.
Takes a lot of guts to do this type of business.
Thanks for the great information over the years. Keep up the great videos! Jay
Had the pleasure of stopping into the Trading Post today. The staff was very friendly and helpful. I will definitely be going back!
I own a liquor store and it costs about $75k a month to run my place. There are so many angles you have to look at as an owner. Nice video thanks
Loved it Pete! Great episode... So many people have no real idea of the hard cost to have a storefront operation and that doesn't even touch the number of hours you put in per month.
Even without a bricks-and-mortar operation, the overhead costs in most businesses is a concept utterly foreign to most people.
It is always amazing how certain business can run with all the behind the seen expenses. Good video..
Enjoy the videos really enjoy when ppl try to pull a fast one on you and you call them out on it..and some of the stories ppl come up with is priceless...
Enjoyed this episode though it was a bit different than usual! Thanks for the insight of running a business like yours! God bless you and your family and Your business!👍
wow pete. i never would have thought it cost you so much a month to run that business and thats before profit. well im so glad are are still in business and still doing good enough to stay in business. I love your video’s
Thank you for doing this.....very few people really understand that there are truly significant costs to running a succesful business.
Milo was a sweet boy , always good to everybody who came into the shop. Definitely missed by your viewers!!
Honey walks over everything... Friendly cat as well.
I think it's great that you are open and transparent about running a small business, some people think it might not cost a lot or that it's relatively easy if you just work hard! It's not easy, and YOU need to make a living!
Thank you for sharing such personal information with us. I truly appreciate it!!
Beautiful cat 😻 and love the bird too! 👍 Definitely a cool and interesting business 💥
I really appreciate you sharing this with us, Pete! That new wall color looks great! :)
It's great you shared some numbers Pete to really show how you manage your business. The one thing you didn't speak about is your bookkeeping. Do you handle all that and taxes yourself of do you hire an accountant? Also, do you turn in paperwork monthly, quarterly or yearly? Thank you for being so open and honest with us viewers.
Very interesting video. Thanks for sharing some of the numbers involved. I love it!!!
I remember last year you were trying to buy the building. I guess the owner ended up wanting too much money? Seems like you take great care of the place considering it's a lease.
Super interesting. Thanks. Loved the bonus bird too.
All the best to you and yours. Good luck in all your endeavors!
Super interesting. Thanks! Like the gray wall!
Thanks for being so open about those numbers. Far and few between are the people willing to share their actual numbers.
Hats off you sir! Great shirt btw in this video...if only she had a little green bay G on it somewhere....nonetheless great wisconsin sweatshirt! You are just like my pops...no hoodies, and his sweatshirts are all like 10+ years old and still look new...😂😂 I need a new Hoodia monthly not to look like a grub 😅😅😊
Thank you so much for this information. Love you Peter.
Love your show. Thanks for all you do.
The one part you didn't cover was your idea for margin when it comes to things you buy, but after a few years of watching it's double on in store items and 1/3 Ebay's price, both work to 50% margin before your monthly expense because ebay has fees and extra employee time to list, deal with things. Having grown up with my mother being an antique and glassware dealer it's interesting to see where it's at 30 years later.
Always wanted this video...Thank you! Gives so much context now.I mean you have to make over 1k a day just to break even.Meaning over 2k on sales average a day as most stuff you buy on average at 50%.
Love the new color, looks great! Makes it look more modern IMO.
It almost sounded like you said “I hope it shits some light” even though I know you said “sheds” it made me laugh out loud!! Might have to start saying that from now on! Hahaha cheers!!
Great video, Pete. I always wondered this. Thank. You for sharing
I can tell that you're a good boss... I think a cool video for you to do would be info on your experience with UA-cam. Ad revenue, tips, unexpected issues along the way, etc.
What you do is not easy!😊 love the natural light!
Good video. Let’s see those UA-cam numbers next!
I've been watching for years, when you mentioned new subscribers I noticed that I wasn't subscribed. I quickly fixed that.
I assume the editors expense is through youtube money? Love the video, youre the man!
I've always wanted to have a shop like Pete's. Businesses like his are so important for people looking for cash and for people who don't have the funds for something new. I would imagine that ecommerce has helped a bunch in this space like on ebay, etc.
ebay is DEAD! Has been for years!
@@sofadream6165 lol no
Thanks for the video. Yes we all know running a business with several employees in a store environment is very expensive. We see allot of the customers in the videos that bring items in to sell to you, but we never see customers buying items in the store. Which like you said it is like a roller coaster on how many customers come a week either buying and try to sell items. This kind of resell business is tough to make profits for the store-always doing negotiations with customers. Not like a regular retail store with set prices by the manufacturer.
Take care.
Thanks for sharing,I don’t think people realise how much it cost just to be open,👏👏👏👍🏻🇬🇧
It has to be the coolest feeling being able to Employ 5 people! That’s incredible Pete! You are a true inspiration!😊
I enjoyed this! Gods speed to you and Ur employees!
Been listening for years now. Think it’s time to send Pete and the team some more biscuits from the U.K. 🇬🇧
You have a very unique business here. Something that not many have even thought about opening.
thanks for the behind the scenes video. i never realized you had that many expenses 💵
Of course the cookies tasted good…. THC. 😂
You need to paint the roof white to decrease the A/C electricity load in Summer and you need to put up a Winter Vestibule on front door for colder months to significantly decrease the heat loss in winter etc. Also cover all the windows with curtains or clear vinyl in Winter to help prevent heat loss and lower your heating costs. You could easily save $400-$600 a month in energy costs with these simple additions. You should consider investing in solar panels to help with energy costs, but you can work out the numbers on that, try and get the landlord to chip in on that.
Appreciate the transparency Pete 👍☘️
Great info. I'm gonna open up my new shop tomorrow 😂😂😂Maybe not tomorrow but it sounds exciting.
I like the paint color it really shows it's a bigger room. I didn't ask about the cost but always knew it cost money to run the business.. I already know this isn't a charity shop, it gets me when people beg and beg for money. You know Pete have bills to pay. I've seen how Pete finally said I can't help you this is my offer take it or leave it. Insurance expense will always go up. I know it sucks sometimes. Thanks for the rare video.
Love your channel. I’ve been wondering how much it takes to run your business. Wow it’s amazing that you can stay in business. Yup, booming economy, isn’t it?
Love this one. Great content!
Thank you, Pete.
Seriously been considering opening a shop just like yours in my area. Ive wanted to ask these questions on this video. After reselling for 6 years now I'm ready to take the next step. $24k a month and that doesn't even include working capital for items
I think the biggest factor in any business success is.....location, location, location.
Thank you, it's really nice to know how much is costs to run a business.
Yeah, fixed expenses are real and the income statement and balance sheet are important but your cash flow statement in my opinion is the most important thing. Owning a business is hard, sometimes I feel like I wouldn't recommend entrepreneurship even to my worst enemy. Over 20 years in over here. Thanks for the video and now maybe people will stop haggling so much lol... yeah right. Good luck! Keep it small! My business got stuck at $2mm in revenue with over $50k/mo in fixed expenses for about a decade and then crashed. Back then I had the mentality to get to $50mm in revenue... now... I've learned to keep it small and optimize it then you can turn down sales that may be problematic and really get that cash flow perfected and focus on your numbers and really enjoy the business. You seem pretty happy, congrats!
Peter, how the heck do you keep up with that? I would Epically fail doing that. Wish I could be your video guy though. Dream job for me. Anyways keep up the good videos. You are the most fair guy I've seen in that business. Probably why you are so successful.
Thanks for sharing. People generally don’t understand how much it cost to operate a business.
always nice to hear the behind the scenes reality
I would love to see a breakdown on how much you make in the store and how much you make on eBay and what your UA-cam channel makes you. Love the videos
That's info for taxes.
@@ilj1259 no shit but he can still disclose it if he wants to. U never seen a UA-camr show how much they make off UA-cam??
When you make upgrades and the maintenance to the building. Why not the owner pay for that? You are the renter.
Thank you for this video. Very interesting. 🥇😍
Love your shirt I’m from San Diego lol love your channel!!
Hi! The upgrade of the counter area looks great! Just a small thought, u should offer consulting for a fee. Also as consultant for business degree at colleges, high schools, community education. Your real life knowledge is beyound a text book. U could present so many seminar topics. So many. Just a thought, u would do great!,extra income and not that much prep because of your acquired knowledge. Just a thought. Great video. Thank u.
* Great Information ~ Especially ~ Start Small & build Up.. ~ Amazed at the Numbers. That is a Huge bottom line.. Turning a profit must be hard. Glad you have the Online selling to help.
As a business owner myself " different business" I'll tell anyone looking to work for themselves. It's a lot of work and it's on you. A day off as a owner vs a worker means something different. You don't get a guarantee check like you would working for someone.
Interesting video Pete. Of course, if the economy goes really bad and you face depression conditions, you may be able to buy an enormous amount of cheap stock, but you’ll have virtually no people buying the stuff. It’s a fine line to tread.
I'm surprised the payroll is only 15k. I guess uncle Sam doesn't need to know all$$$ lol.
You are a great person/boss/business owner.
I love your hoodie. I’m from Wisconsin and love fishing.
i dont usually ever comment but i just wanted to tell you Pete your cat is BEAUTIFUL!
As a small business owner I 100% agree my employees are the most important part of the business, they are also a big part of the our culture as well. I wouldn’t be in business without my staff
People always seem to nag at us resellers when we want to negotiate lower prices. We don’t know for sure when an item is going to sell or exactly how much it will sell for. There are so many expenses that some don’t think about. When an item is returned its hard to recover those shipping costs. Anyway, thanks for the breakdown Pete.
Your birds are awesome.
Awesome job Pete!!!
No price can be put on being a great and experienced salesman. You cannot buy that even with a college degree. Invaluable and crucial.
Interesting video, thank you for the insight
Love the chocolate chick cookies!
You should look to cut your cost maybe a heat pump or solar panels , new here but love your channel ,all the best from your Canadian friend .
Very informative ! Great video!!
Great episode, informative!
It takes a special person like Pete for this kind of operation.
Thanks for sharing Pete
Everyone complaining about ebay charging ~13% in fees needs to watch this cost breakdown over and over again. They will hopefully realize how much of a great deal they are getting on the platform - especially those who are constantly threatening to leave ebay and open their own brick and mortor (as to not pay fees on ebay). Hopefully it will serve as a real eye opener for them on what running a real business can cost.
Also... $5k/mo for that size building is a steal. I've been searching for a warehouse and the cheapest I can find for 1500sf is $6500 - nothing included but water. Your space looks to at least 2x that.
Cool video, I can’t believe how long I have been watching I thought Milo the cat passed just a year ago…
i live in the UK & i traded in my £200 speakers one year old for a pair of smaller ones i got £50 for them & a few days later the shop was selling my used speakers as new £200 shop was called Wilkinson's HI FI, i knew they were my speakers because the front grill had a very small mark on them,, i bought a airgun from my local gun shop for £250 a few weeks later i sold it back to them for £75 a few days later my gun was for sale as new for £250 the gun had a very small mark on the grip, i always put a very small mark on anything i buy so i know items did belong to me..
This has been happening for years, 90% of shops & sellers are Scammers, Pete you seem 100% Honest guy & i like watching you deal with 90% of Scammers that try & sell you worthless Junk
Pete you doing great job..also that property up north will be fun when completed .