Selling Lego a part time job?

[brickelements]

For those in the community that have a regular job/kids/other responisibilities how do you schedule time to keep the wheels of your hobby turning.

 

Lego in Lego out. 

 

Do  you schedule to sell one set per day, two sets?  Only list on Sundays?  Write up your listings during the week  and Schedule listings for Sundays.

 

Who hosts your images?  Brickpicker or another resource?

Looking for what has worked for others in this wonderful world of Lego.  From the input I will generate my own Standard Operating Procedures.

 

I have been buying buying buying.

My inventory has been expanding and my little room is overflowing.

 

Typically I sell a few sets here and there as needed to pay off debt accrued from buying.

 

I do not have any kind of rhythm or method - S.O.P., like setting a specific percentage price target.

Say once I can clear 30-50-100% or a specific CARG on a set it is time to sell.  Setting standards may help take the emotion out of the decision.

 

What can I say...I really like Lego.

[legoman12323123]

For those in the community that have a regular job/kids/other responisibilities how do you schedule time to keep the wheels of your hobby turning.

 

Lego in Lego out. 

 

Do  you schedule to sell one set per day, two sets?  Only list on Sundays?  Write up your listings during the week  and Schedule listings for Sundays.

 

Who hosts your images?  Brickpicker or another resource?

Looking for what has worked for others in this wonderful world of Lego.  From the input I will generate my own Standard Operating Procedures.

 

I have been buying buying buying.

My inventory has been expanding and my little room is overflowing.

 

Typically I sell a few sets here and there as needed to pay off debt accrued from buying.

 

I do not have any kind of rhythm or method - S.O.P., like setting a specific percentage price target.

Say once I can clear 30-50-100% or a specific CARG on a set it is time to sell.  Setting standards may help take the emotion out of the decision.

 

What can I say...I really like Lego.

Sell full time .. you can thank me later.

[iahawks550]

This will be my full time retirement job in 9 years. Assuming any of this is profitable by then.

[knarrff]

Typically I sell a few sets here and there as needed to pay off debt accrued from buying.

I might be atypical here that I am more just interested in Lego to build and not to sell (still interested in deals obviously), but never, never ever get into debt because you buy.

[Ciglione]

I agree. Do not go into debt to buy lego or anything else.

 

I am also still trying to find the balance between my family, work, household duties and the lego mania. I manage lately to go to sleep normal times. That is all I archieved for now. It can really suck you up. But with time I notice some improvements.

[StarCityBrickCompany]

 

I might be atypical here that I am more just interested in Lego to build and not to sell (still interested in deals obviously), but never, never ever get into debt because you buy.

 

 

Agree - This is a very dangerous way to play.

 

Can it work? sure. But it can also create just about the only real way to lose - selling out of desperation.

[Guest TabbyBoy]

Due to the amount of packing involved, massive post office queues and headaches with nasty buyers of late, I'm barely on minimum wage.  Even though sales are

[iahawks550]

Agree - This is a very dangerous way to play.

 

Can it work? sure. But it can also create just about the only real way to lose - selling out of desperation.

This would work best for short term flips, if one has the dedication and bookkeeping ability to be disciplined. Taking on debt for long term holds would be a disaster.

 

People in this country are incredibly undisciplined with debt management. I have no doubts it's carried over into this genre also.

[chinothegeeko]

For those in the community that have a regular job/kids/other responisibilities how do you schedule time to keep the wheels of your hobby turning.

You gotta make time just like anything else. I have 2 young kids (7 & 5, 1 who has a disability), avg. 50+ hours a week at real job, don't get more than 5-6 hours sleep a night

Lego in Lego out. 

 

Do  you schedule to sell one set per day, two sets?  Only list on Sundays?  Write up your listings during the week  and Schedule listings for Sundays.

I list when I can, you will figure out a system what is best for you but I recommend having all shipping supplies on hand 

 

Who hosts your images?  Brickpicker or another resource?

Looking for what has worked for others in this wonderful world of Lego.  From the input I will generate my own Standard Operating Procedures.

Ebay hosts my images and so does bricklink if I decide to upload my own

 

I have been buying buying buying.

My inventory has been expanding and my little room is overflowing.

 

Typically I sell a few sets here and there as needed to pay off debt accrued from buying.

 

I do not have any kind of rhythm or method - S.O.P., like setting a specific percentage price target.

Say once I can clear 30-50-100% or a specific CARG on a set it is time to sell.  Setting standards may help take the emotion out of the decision.

 

What can I say...I really like Lego.

[naf]

I'm investing in Lego mainly to pay for my own and my kid's collections.  Right now I couldn't go further with it even if I wanted to because of space limitations.  Having a full time job and kids, I usually have maybe an hour or two in the evening a few times a week in order to do any hobbies, including Lego.  I'm finding that instead of having fun and building during this time, I'm inventorying, storing, listing, etc.  But I'm willing to sacrifice some of my fun time in order to (hopefully) reduce the cost of this expensive  hobby.

[brickelements]

Maybe I should clarify.  When good deals abound I may take on a little debt.  I do use CC for all Lego purchases.

It is rare to carry a balance. 

 

When the deals abound I may have to sell a set or two to offset the extra debt load, otherwise CC are paid off regularly.

Carrying debt does nothing but eat into your margins.

 

I am aware, but I also know some of the deals to be had like the recent Technic sale at  Meijer's is nothing but money in the bank.

So I may purchase a bit more and then unload sets that have already appreciated.

 

Backwards...a little.  Unload first buy second when more funds are available.

I get it.  But there are times when cash flow is tight and credit allows for faster expansion.

 

When used properly it is a great tool.  Alternately when abused, you seriously each into your profits.

Thank you for the great responses.

[Migration]

I guess I'm one of the oddballs on here, I buy and flip bulk lots and use a portion of the proceeds to fund my small stash of boxed sets, although I will also flip or part out newer sets if a good opportunity arises, Architecture Studio last Christmas or the recent Rancor and At-Te Target clearance. I do consider it a part time job, if the money isn't there than neither am I. I am mostly self employed and my work is very seasonal in nature so I have about 4 months where I play with a bunch of Lego and then will be too busy the rest of the year. I will still buy the occasional lot, but they usually sit in my garage until I have time to deal with them. The only time I use a CC is at Target to get the 5%, and even then it is paid off each month.

[brickelements]

Sell full time .. you can thank me later.

I can thank you now if you are willing to expand your statement a bit?  How do you accomplish it?  Do you have a cash flow goal (other than as much as I can generate)?  What is your inventory turnover like?  How much of gets sold each year 10-20-50%?  How long have you been in the game?

Obviously the older your collection is the easier it will be to generate income from it.

None of us need specific numbers but about your inventory but...I seriously doubt mine is large enough to sustain my current (from full time job) cash flow.

 

Assume a person has 100K in lego inventory.  Not all can be sold for profit at any given time.  Maybe 25% has appreciated (estimate could be off in either direction).

So if you only have 25K of profitable Lego that is not much of a paycheck when broken down weekly/montly.

 

I also assume most full-timers are selling enough to either maintain current inventories or are still expanding.

With that said...Say I want to have my take home Lego pay at 50,000.00 (modest, I want more) annually after taxes.

Wouldn't I need to sell  95-100K in Lego to sustain 50K cash flow after taxes and still expand/sustain the business.

Assuming I will need to pay my own retirement, health care, reinvest, and allow for other business expenses?

 

I am sure my numbers are off, be kind, but I am not even close to those levels of inventory yet.  I might reach the ability to go full time late 2015 early 2016 at my current expansion rate if the equation doesn't change.

 

I love this game and I am trying to improve at it as quickly as I can.

 

I have near zero business experience (a detriment for sure).  I am a builder of things (went to school for studio art, ceramics, woodworking, painting etc and oh yeah graphics)

 

I am reading what I can about running a small business before I incorporate and become "legit".

I will need lots of help from an experienced accountant on the challenges of running a small business.

Professionally I am labeled a web designer.  My coding skills are terrible, but I can improve just about any website I see.  I have practical experience in Visual design, wireframing, building clickable mock-ups and User Interface/interaction design.  Been working on Portals, Public websites and internal business apps for more than 15 yrs.

[brickelements]

I guess I'm one of the oddballs on here, I buy and flip bulk lots and use a portion of the proceeds to fund my small stash of boxed sets, although I will also flip or part out newer sets if a good opportunity arises, Architecture Studio last Christmas or the recent Rancor and At-Te Target clearance. I do consider it a part time job, if the money isn't there than neither am I. I am mostly self employed and my work is very seasonal in nature so I have about 4 months where I play with a bunch of Lego and then will be too busy the rest of the year. I will still buy the occasional lot, but they usually sit in my garage until I have time to deal with them. The only time I use a CC is at Target to get the 5%, and even then it is paid off each month.

Bulk lots are an important part of my model for now.  While time consuming, this area of the hobby allows to be buy large lots and take part in set building that I might not otherwise get to experience.

Most recent was a 9 set LOTR lot. 

http://www.ebay.com/itm/Lot-Of-9-Lord-Of-The-Rings-Hobbit-Lego-Sets-Pirate-Ship-Ambush-Orc-Forge-/281307955287

I think there are about a dozen pieces missing.  All figs are accounted for.

 

Pieces like carrots, cherries (red and lime), bread and a few Roman Swords.  Nothing detrimental to the build. Paid $150, I expect to get close to double that when sold in the future (brickpicker current used value is $258+). 

 

Worth the time?  Not sure about that.  It took two evenings to inventory it.  When the new parts arrive it will take 3-4 more nights to build everything for pictures.

Then listing time, Packing, transport etc...so all that work for $150?  No it probably isn't worth it.  But... I am getting a return on time I might not otherwise make any money at.  Take that ~$300 and buy a PS and keep the $150 to find another lot to buy.  Rinse and Repeat.

 

I do like the bonus builds.  While inventorying everything I noticed a few new pieces I didn't even know about.  Never built anything in the LOTR theme.

[Migration]

Bulk lots are an important part of my model for now.  While time consuming, this area of the hobby allows to be buy large lots and take part in set building that I might not otherwise get to experience.

Most recent was a 9 set LOTR lot. 

http://www.ebay.com/itm/Lot-Of-9-Lord-Of-The-Rings-Hobbit-Lego-Sets-Pirate-Ship-Ambush-Orc-Forge-/281307955287

I think there are about a dozen pieces missing.  All figs are accounted for.

 

Pieces like carrots, cherries (red and lime), bread and a few Roman Swords.  Nothing detrimental to the build. Paid $150, I expect to get close to double that when sold in the future (brickpicker current used value is $258+). 

 

Worth the time?  Not sure about that.  It took two evenings to inventory it.  When the new parts arrive it will take 3-4 more nights to build everything for pictures.

Then listing time, Packing, transport etc...so all that work for $150?  No it probably isn't worth it.  But... I am getting a return on time I might not otherwise make any money at.  Take that ~$300 and buy a PS and keep the $150 to find another lot to buy.  Rinse and Repeat.

 

I do like the bonus builds.  While inventorying everything I noticed a few new pieces I didn't even know about.  Never built anything in the LOTR theme.

Depending on how you acquire sets bulk lots don't take much more time than other types of Lego investing. Instead of driving all over town and having to store a bunch of big boxes, I hang out in my garage and play with Lego while drinking a beer. Often times my kids help, so it's not really even time lost away from family.

[brickelements]

I have some time to wait before my new son will be able to help me build.  Many who have read my responses now know I am a proud pappa.

I have wanted a child more specifically a son for mor ethan a decade.  We were blessed with a son to adopt just 10 weeks ago.

 

I left this house this morning with a warm heart....When I said goodbye to him this morning he gave me a heart melting smile.

Teary eyed just typing it.  Go ahead poke fun...I am cream puff and wear my emotions proudly.

[justafrog]

 

 

I do not have any kind of rhythm or method - S.O.P., like setting a specific percentage price target.

Say once I can clear 30-50-100% or a specific CARG on a set it is time to sell.  Setting standards may help take the emotion out of the decision.

 

What can I say...I really like Lego.

 

If you aim at nothing, you'll hit it every time.

 

Stop buying for a little bit (the deals will always be there, you'll survive missing a few while you get organized better than you'll survive disorganized buying and selling).

 

"Almost always" getting paid off isn't a good plan with debt, especially when you're not being methodical or intentional about how and when you're going to sell for your best profit and/or the profit that you want (not always the same thing).

 

So, sit down and devise a business plan. There are online tutorials for this, or you could buy a book, or go talk to the best businessman who likes you or owes you a favor and get his/her help. Then take that business plan to your accountant (or get an accountant if you don't have one - they'll be back from vacation and ready to see clients again within the next few weeks) and get their advice on how to keep your books and what you need to do about taxes this year (the ones that will be filed next year) based on your business plan's projections.

 

Then, with your investment money in hand and/or a very rigid set of rules of how and when you will use debt and how and when you will pay off that debt, you are ready to move forward.

 

There's no difference between full time and part time eCommerce except the number of hours and the other career you may or may not have while doing it. You can still do it well or poorly, smart or dumb, successfully or not.

 

Good luck.

[chinothegeeko]

I have some time to wait before my new son will be able to help me build. Many who have read my responses now know I am a proud pappa.

I have wanted a child more specifically a son for mor ethan a decade. We were blessed with a son to adopt just 10 weeks ago.

I left this house this morning with a warm heart....When I said goodbye to him this morning he gave me a heart melting smile.

Teary eyed just typing it. Go ahead poke fun...I am cream puff and wear my emotions proudly.

What a sissy!

Haha just messin

Nothing better than your own child's smile. Congratulations.

[Migration]

I have some time to wait before my new son will be able to help me build.  Many who have read my responses now know I am a proud pappa.

I have wanted a child more specifically a son for mor ethan a decade.  We were blessed with a son to adopt just 10 weeks ago.

 

I left this house this morning with a warm heart....When I said goodbye to him this morning he gave me a heart melting smile.

Teary eyed just typing it.  Go ahead poke fun...I am cream puff and wear my emotions proudly.

Congrats! My oldest is seven.

[binici]

If you don't have patience and don't understand the concept of investing then don't bother.

Try to set goals and plans for accumulating your products and understanding supply and demand or at least the basics of it.

I'm sure 50% of us on here will give up within the first year...

[brickelements]

If you don't have patience and don't understand the concept of investing then don't bother.

Try to set goals and plans for accumulating your products and understanding supply and demand or at least the basics of it.

I'm sure 50% of us on here will give up within the first year...

Thank you for the input.  Patience in Lego is far from any of my issues.  This game is certainly easier than the Stock Market.

Although, buying the market from the moment the FED annouced asset purchases was as close to free money as you could get (just buying the SPY).

As the printing presses slow it is only a matter of time till the selling accelerates.  Just about everything except basic materials (coal, steel, copper all are on a decline since mid 2011) is inflated.  Been playing the Lego game since late 2011, out of the dark ages in 2010.

 

Congrats! My oldest is seven.

Thank You

 

What a sissy!

Haha just messin

Nothing better than your own child's smile. Congratulations.

Thanks

[wilandirene]

I don't sell much on eBay (except smaller parcels, hardly any boxed sets).  I do the majority of my selling locally on CL (both boxed sets and occasionally bulk or used sets that I have no need for).  Since I basically wait for business and meet at a nearby mall it doesn't take up as much time as some of you.  But then again, I'm hardly making anything, just enough to help fund other sets I want to keep for myself and my kids.

[markr3681]

What sites are people Using to sell Lego? Not ebay tho is there any other good sites out there with cheap fees 

 

thanks 

[Guest TabbyBoy]

What sites are people Using to sell Lego? Not ebay tho is there any other good sites out there with cheap fees 

 

thanks 

 

I now sell most of my sets on Gumtree and when someone calls, I say... "Yes, it's still for sale!"  eBayer buyers are just too demanding and are beginning to do my head in.  eBay's day's are numbered dut to too many anal buyers and very high fees.  Charging FVF on postage is just a piss-take.  Gumtree is good as I bought 67x 41999s from a guy that was getting divorced for

[brickelements]

Sell full time .. you can thank me later.

How much do you sell monthly, annually?  No specific dollar amounts needed, maybe describe the number of sets sold.