I appreciate you 🙏 I fell into the same trap with not putting money aside, and it almost ended me, which is why I created the pots for my business finance. At least we learned our lesson now and you are very inspiring coming on here and being honest and admitting your mistakes. A lot of people hide the reality, and to see someone be so open and honest in the community is so refreshing!
Love the transparency in this video mate, very brave of you, we all make mistakes and that’s part of growing up, the important part is that we learn and grow from them, you are doing a cracking job so keep it up! 👍🏻
Your not young and stupid! You're doing well, keep going. Refreshing how transparent you are. Should be proud of how you're doing. VW tourans are worth looking at, reliable can get loads in them
Thanks for sharing Jak! I feel similar…. Lots of money coming in and lots of money going out but money never really growing inside the business. I have been doing the pots for a few years now and they definitely help! X
Enjoy your videos you are a rare breed of honest UA-cam reseller. As a successful business man I would suggest scrapping the credit card and Amazon idea for now. Use the proceeds of the car sale to start smashing eBay again. Remember there are wolves out there that seek the vulnerable to make money for themselves.
This was super informative, thank you. I'm looking forward to seeing how things go with Amazon. You're doing great Jak, keep your head up and keep listing man 🤗
Hi, thanks for pouring your heart out on here, can’t have been easy. There are a couple of conflicting business mantras. I used to like speculate to accumulate but now I subscribe to move at the speed of cash. You say don’t grow too quickly, grow safe, but you are considering borrowing to buy your Amazon stock. The safer option would be to stockpile cash and invest that in Amazon, keeping your business debt free. You have an awareness of the mistake you made with the car, could the credit card be the next mistake? I don’t mean to sound negative or anything, I love your content and your business, you have inspired me to take my business to the next level and I wish nothing but success for you. However, when I hear you talk about financing with a credit card it hurts my soul because I have made the same mistakes as you throughout my 20s and 30s and now finally understand that the key to building wealth is to always ALWAYS be debt free. I genuinely wish you well. By the way, I bought a copy of Arkham origins for cheap following your tip and have it listed for top eBay price.. fingers crossed 🤞🏻 😂
I understand what you mean but I feel they're 2 completely different businesses. As with amazon and the way I wish to pursue it, the credit card has 24 months 0% interest and I don't plan to use the credit card for anything other than amazon. No way I will use the credit card to fund amazon for the whole 24 months, only temporarily (max 6 months) while amazon kicks off and the whole time I'll use the profits of amazon to pay off the credit card and most likely after that 6 months the credit card won't be used for amazon as hopefully there will be enough cash flow to support itself. Thank you for the concern, it was a big concern for myself and after talking to lots of people about it I feel it is the correct way to move forward in a separate direction from ebay and use the other mentality for ebay. Thanks for watching
Hi Jak, Your honesty is very refreshing. I feel strongly that you should stick to what you know and are obviously extremely good at, and totally avoid Amazon. It would sap your time and your money, and affect the core business. You will very likely be asked to delete this message and if you are asked, question yourself why they want it removed. One of the difficult things we all need to learn in business is when to say no, and this is the perfect moment. Keep up the good work!
NLR have no affiliation with me, this video isn't being sponsored by them. It won't affect the core business as with NLR I will spend next to no time needing to think about it and it diversifies my business in case the worse happens (which it has happened to a lot of people). I have talked to a lot of people (people not in NLR as well) and I feel this is the right way to go. Thank you for watching and for you thought, it has been taken onboard
Commend the transparency, we’ve all been there. It’s simply part of the journey and learning experience. However biggest advice I would give, don’t take financial advice from the UA-cam Comments or Forums.Take advice from your Accountant. So ironically here’s my advice 😂 I’ve seen comment such as put 30% a way for tax. That will seriously limit growth if you’re running a limited company. Putting 20% away for VAT is fine, if you simply can’t claim any VAT back from purchases. However Corp Tax is based on Profits, 10% of every sale on I think you said 200k turnover is 20k locked away, I doubt out of the 200k you made 100k~ in profit so locking 20k away may restrict you to much. Chat with your accountant, get visibility into your finances and meet with them at a minimum every quarter. You’ve got this!
Videos are really good jack with a good variety of stuff shown and talked about.if not familiar with chase after the right price’s channel,those lads have knocked eBay on the head for now and are solely concentrating on Amazon and whatnot as they want to buy larger sets of inventory and a quick flip or turnaround.he does stress in his last vid how clean your stuff has to be for amazon fba and how strict their rules can be.a lot of work does go into sourcing and processing on eBay as chase says so I’d say go with your gut and best of luck buddy👍🏽
I totally understand. I've not had the issue but i get how easy it is to fall into the cashflow trap. I went through a period of big tax bills when i was growing the business but lucky i was working a PAYE job at the same time so wasn't to bad. But it opened my eyes into putting cash in a separate account to save for such big bills. Now im solely full time on ebay I'm more clued up on the cashflow and how easy it is with restraints of course
Whatnot could be good for cashflow, super fast flipping and in bulk. Yes you sell things for less than ebay but it certainly improved my cashflow no end. Good luck sure youll get back on track soon.
I feel like your overheads is costing more then what your making, ive ran business under limited company there is so much you can claim back but even then with what you say 190k turnover between 22-23. 7k tax is nothing. I know you said you spent money on the car but u said you still have 7k to pay off which i take it you finance it most prob put like 2 or 5k deposit on car so what did you spend the rest of your money on? Did you throw it back in your current business? .. Honesty before you look into other businesses like amazon fba or trying to get more capital for more stock maybe shoud just sit down and go over your figures and overheads with your current business. Your better off sort out your current problems before you create more. Im just saying this from experience by the way. Good luck tho bro hope you get out of it.
Have you considered a government backed business loan? I got a loan of £15k at a cost of around £1k in interest repaid over 2 and a half years. Skyrocketed my business.
I did question a loan, but that's why I got a 0% interest credit card as I never fully intend to hold a balance beyond the 24 months grace period. As mentioned in other comments, I only plan to use it for 6 months for amazon. And then the car sale will allow to a lot of cash to be freed up
What is your backup plan or contingency if your left with a 5g credit card debt and no income (for any reason) and the rhe car doesn't sell (again for any reason ) , risk vs reward . Think it through dude .
I have 24 months to pay of the credit card with 0% interest, I fully intend to not use the whole time to build the amazon business. Max 6 months using the credit card to build the business. And the car will sell within 24 months, I could go to a instant cash website today and get £12,000 for it now. Once the car sells then as mentioned in I will use the money from the car to buy a cheaper car, and the rest for an emergency fund which would be more than the credit card limit which I fully intend to stray away from reaching. Thanks for your concern though
I appreciate you 🙏 I fell into the same trap with not putting money aside, and it almost ended me, which is why I created the pots for my business finance. At least we learned our lesson now and you are very inspiring coming on here and being honest and admitting your mistakes. A lot of people hide the reality, and to see someone be so open and honest in the community is so refreshing!
Love the transparency in this video mate, very brave of you, we all make mistakes and that’s part of growing up, the important part is that we learn and grow from them, you are doing a cracking job so keep it up! 👍🏻
Your not young and stupid! You're doing well, keep going. Refreshing how transparent you are. Should be proud of how you're doing. VW tourans are worth looking at, reliable can get loads in them
Good for you for putting this out there and talking about it. Hope everything works out for you.
Thanks for sharing Jak! I feel similar…. Lots of money coming in and lots of money going out but money never really growing inside the business. I have been doing the pots for a few years now and they definitely help! X
Enjoy your videos you are a rare breed of honest UA-cam reseller.
As a successful business man I would suggest scrapping the credit card and Amazon idea for now. Use the proceeds of the car sale to start smashing eBay again.
Remember there are wolves out there that seek the vulnerable to make money for themselves.
This was super informative, thank you. I'm looking forward to seeing how things go with Amazon. You're doing great Jak, keep your head up and keep listing man 🤗
Hi, thanks for pouring your heart out on here, can’t have been easy. There are a couple of conflicting business mantras. I used to like speculate to accumulate but now I subscribe to move at the speed of cash. You say don’t grow too quickly, grow safe, but you are considering borrowing to buy your Amazon stock. The safer option would be to stockpile cash and invest that in Amazon, keeping your business debt free. You have an awareness of the mistake you made with the car, could the credit card be the next mistake? I don’t mean to sound negative or anything, I love your content and your business, you have inspired me to take my business to the next level and I wish nothing but success for you. However, when I hear you talk about financing with a credit card it hurts my soul because I have made the same mistakes as you throughout my 20s and 30s and now finally understand that the key to building wealth is to always ALWAYS be debt free. I genuinely wish you well. By the way, I bought a copy of Arkham origins for cheap following your tip and have it listed for top eBay price.. fingers crossed 🤞🏻 😂
I understand what you mean but I feel they're 2 completely different businesses. As with amazon and the way I wish to pursue it, the credit card has 24 months 0% interest and I don't plan to use the credit card for anything other than amazon. No way I will use the credit card to fund amazon for the whole 24 months, only temporarily (max 6 months) while amazon kicks off and the whole time I'll use the profits of amazon to pay off the credit card and most likely after that 6 months the credit card won't be used for amazon as hopefully there will be enough cash flow to support itself. Thank you for the concern, it was a big concern for myself and after talking to lots of people about it I feel it is the correct way to move forward in a separate direction from ebay and use the other mentality for ebay. Thanks for watching
Hi Jak, Your honesty is very refreshing. I feel strongly that you should stick to what you know and are obviously extremely good at, and totally avoid Amazon. It would sap your time and your money, and affect the core business. You will very likely be asked to delete this message and if you are asked, question yourself why they want it removed. One of the difficult things we all need to learn in business is when to say no, and this is the perfect moment. Keep up the good work!
NLR have no affiliation with me, this video isn't being sponsored by them. It won't affect the core business as with NLR I will spend next to no time needing to think about it and it diversifies my business in case the worse happens (which it has happened to a lot of people). I have talked to a lot of people (people not in NLR as well) and I feel this is the right way to go.
Thank you for watching and for you thought, it has been taken onboard
@@disc_traders I think it's amazing what you achieved so far at your age. Wishing you the very best of luck.
Fair play with this video mate. A very important topic that not many people seem to talk about. Thanks for sharing.
Commend the transparency, we’ve all been there. It’s simply part of the journey and learning experience. However biggest advice I would give, don’t take financial advice from the UA-cam Comments or Forums.Take advice from your Accountant.
So ironically here’s my advice 😂
I’ve seen comment such as put 30% a way for tax. That will seriously limit growth if you’re running a limited company.
Putting 20% away for VAT is fine, if you simply can’t claim any VAT back from purchases.
However Corp Tax is based on Profits, 10% of every sale on I think you said 200k turnover is 20k locked away, I doubt out of the 200k you made 100k~ in profit so locking 20k away may restrict you to much.
Chat with your accountant, get visibility into your finances and meet with them at a minimum every quarter.
You’ve got this!
Videos are really good jack with a good variety of stuff shown and talked about.if not familiar with chase after the right price’s channel,those lads have knocked eBay on the head for now and are solely concentrating on Amazon and whatnot as they want to buy larger sets of inventory and a quick flip or turnaround.he does stress in his last vid how clean your stuff has to be for amazon fba and how strict their rules can be.a lot of work does go into sourcing and processing on eBay as chase says so I’d say go with your gut and best of luck buddy👍🏽
I totally understand. I've not had the issue but i get how easy it is to fall into the cashflow trap. I went through a period of big tax bills when i was growing the business but lucky i was working a PAYE job at the same time so wasn't to bad. But it opened my eyes into putting cash in a separate account to save for such big bills. Now im solely full time on ebay I'm more clued up on the cashflow and how easy it is with restraints of course
Whatnot could be good for cashflow, super fast flipping and in bulk. Yes you sell things for less than ebay but it certainly improved my cashflow no end. Good luck sure youll get back on track soon.
Great video Jak but Amazon and the credit card are a mistake in my humble opinion
Are you cross listing your ebay games on Amazon?
Once amazon is up and rolling I will trial it
I feel like your overheads is costing more then what your making, ive ran business under limited company there is so much you can claim back but even then with what you say 190k turnover between 22-23. 7k tax is nothing. I know you said you spent money on the car but u said you still have 7k to pay off which i take it you finance it most prob put like 2 or 5k deposit on car so what did you spend the rest of your money on? Did you throw it back in your current business? .. Honesty before you look into other businesses like amazon fba or trying to get more capital for more stock maybe shoud just sit down and go over your figures and overheads with your current business. Your better off sort out your current problems before you create more. Im just saying this from experience by the way.
Good luck tho bro hope you get out of it.
To be consistent on ebay is very difficult. I have been full time and every day us hard.
Never ever touch your tax money. You have to think of it as not your money anymore. Its very difficult to do when a great deal comes along
Food for thought mate
Do u find the quick books easy to use I’ve started using it fairly recently what do u so with the cash and hand bought stuff
Look at Aaron - Quickbooks Chap as I got all my information from there
Great video. And I agree cars are a mistake. If you don't have the money don't buy it. Finance is a scam.
Have you considered a government backed business loan?
I got a loan of £15k at a cost of around £1k in interest repaid over 2 and a half years.
Skyrocketed my business.
I did question a loan, but that's why I got a 0% interest credit card as I never fully intend to hold a balance beyond the 24 months grace period. As mentioned in other comments, I only plan to use it for 6 months for amazon. And then the car sale will allow to a lot of cash to be freed up
Put 30% of all your sales into a separate bank account (you can set it up automatically) then you know your covered for the dreaded tax bill
What is your backup plan or contingency if your left with a 5g credit card debt and no income (for any reason) and the rhe car doesn't sell (again for any reason ) , risk vs reward . Think it through dude .
I have 24 months to pay of the credit card with 0% interest, I fully intend to not use the whole time to build the amazon business. Max 6 months using the credit card to build the business. And the car will sell within 24 months, I could go to a instant cash website today and get £12,000 for it now. Once the car sells then as mentioned in I will use the money from the car to buy a cheaper car, and the rest for an emergency fund which would be more than the credit card limit which I fully intend to stray away from reaching.
Thanks for your concern though
Ask your accountant about the new global vat margin scheme