I am so absolutely amped up right now. I feel like I am just floating on clouds, the world is my oyster and for the first time I am doing something about it, I am not waiting for the magical solution to fall in my lap. The funny part? I have not even actually done anything physical yet, all I have done is lay some foundation stones. Doesn’t matter though, I am taking my life in to my own hands and I am doing something!
The start of my story can be found in my introduction thread here: https://www.thefastlaneforum.com/introductions-networking/43347-hello-eh-great-white-north.html
After reading Vigilantes excellent thread on his tactic I have been completely inspired. You can find his handy work here: https://www.thefastlaneforum.com/fastlane/35694-addicted-passive-income-deposits.html
Here are the steps I have taken and my progress so far. I initially started out reading Vig’s thread and going to the Government of Canada import websites to learn as much information as I can. For those of you in Canada here are some links to start your reading with.
Importing Goods Into Canada
Canada Border Services Agency - Small and Medium Enterprise Centre - Importing Guide
From there I realized that I need an importing licence number from the government, I am still not completely sure where this comes in to play with my orders and importing, but I have one anyways.
I spent a few hours each night looking through alibaba, eBay and Amazon to try and locate a product. BAM! I found one, it hit me in the face like a ton of bricks. I did some serious googling and found the direct contacts for the company and have been emailing them steady for about a week and a half now. As of this morning I am all in place to send my payment to the manufacturer for a sample shipment of a few products to test out.
I decided that if I am doing this I might as well go all the way, and go through all the correct legal channels. I incorporated a business last week which set me back $450, small potatoes in the larger scheme of things. Using my incorporation number I set up an importing licence which I am still waiting to hear from the government on. They provided me with the number online but it says not to use it until I receive my official letter in the mail (it should come this week).
Using my business papers I went to the bank and set up a business account, now I can keep my business expenses completely separate from my personal expenses. I also want to figure out how to transfer my internet account and my cell phone to my business in order to have that all written off. If this all works out I will be tracking down a CPA in 2013 to help me maximize everything I can write off and to make sure I am getting the maximum benefit out of being incorporated.
Using my business bank account I set up a new PayPal address for that, as well as a new eBay account. I already have an existing eBay account with 280+ original feedback and over 1000 positive feedback comments, but I decided that I want to start fresh with a business one and keep my personal one separate in case I ever want to abandon the business one.
If the items have a market I will be setting up my own website to promote and sell the items as well. With every eBay sale I will be sending a thank-you note and information on my website and other products that I sell. Perhaps a coupon as well to encourage more future sales.
I took a “loan†out against myself on a Whole Life Insurance policy that I hold and this is going straight into the business account, the funds should arrive this week. With that money I will be sending a portion for the test run of products and I will be paying myself back for the incorporation licence. After my first test-run of sales I will use another portion of my “loan†to fund a larger order of products, with the proceeds of that I will either continue to grow the business or pay my loan back.
So in summary I have done the following
Once I receive my loan money I will be putting in my sample order this week. I am beyond excited! My only reservations so far are that the items I picked are slightly larger and heavier and are fairly high priced. I do not think that they will sell huge quantities. The up side is that they have a large mark up and so I will not need to move a large number of products. Shipping in Canada may be murderous though.
My next goal is to find another product in the next while that is small and has an even larger audience. My foundation is already set up so none of that will have to be done again.
I will keep you all posted on my progress as it comes along. Oh, and the best part about all this is that I am having fun. I have spent several hours every single day doing this for at least 3 weeks and it doesn't even feel like I have done any "work", it has all been enjoyable. If only my day job was like this!
The start of my story can be found in my introduction thread here: https://www.thefastlaneforum.com/introductions-networking/43347-hello-eh-great-white-north.html
After reading Vigilantes excellent thread on his tactic I have been completely inspired. You can find his handy work here: https://www.thefastlaneforum.com/fastlane/35694-addicted-passive-income-deposits.html
Here are the steps I have taken and my progress so far. I initially started out reading Vig’s thread and going to the Government of Canada import websites to learn as much information as I can. For those of you in Canada here are some links to start your reading with.
Importing Goods Into Canada
Canada Border Services Agency - Small and Medium Enterprise Centre - Importing Guide
From there I realized that I need an importing licence number from the government, I am still not completely sure where this comes in to play with my orders and importing, but I have one anyways.
I spent a few hours each night looking through alibaba, eBay and Amazon to try and locate a product. BAM! I found one, it hit me in the face like a ton of bricks. I did some serious googling and found the direct contacts for the company and have been emailing them steady for about a week and a half now. As of this morning I am all in place to send my payment to the manufacturer for a sample shipment of a few products to test out.
I decided that if I am doing this I might as well go all the way, and go through all the correct legal channels. I incorporated a business last week which set me back $450, small potatoes in the larger scheme of things. Using my incorporation number I set up an importing licence which I am still waiting to hear from the government on. They provided me with the number online but it says not to use it until I receive my official letter in the mail (it should come this week).
Using my business papers I went to the bank and set up a business account, now I can keep my business expenses completely separate from my personal expenses. I also want to figure out how to transfer my internet account and my cell phone to my business in order to have that all written off. If this all works out I will be tracking down a CPA in 2013 to help me maximize everything I can write off and to make sure I am getting the maximum benefit out of being incorporated.
Using my business bank account I set up a new PayPal address for that, as well as a new eBay account. I already have an existing eBay account with 280+ original feedback and over 1000 positive feedback comments, but I decided that I want to start fresh with a business one and keep my personal one separate in case I ever want to abandon the business one.
If the items have a market I will be setting up my own website to promote and sell the items as well. With every eBay sale I will be sending a thank-you note and information on my website and other products that I sell. Perhaps a coupon as well to encourage more future sales.
I took a “loan†out against myself on a Whole Life Insurance policy that I hold and this is going straight into the business account, the funds should arrive this week. With that money I will be sending a portion for the test run of products and I will be paying myself back for the incorporation licence. After my first test-run of sales I will use another portion of my “loan†to fund a larger order of products, with the proceeds of that I will either continue to grow the business or pay my loan back.
So in summary I have done the following
- Found a product and manufacturer
- Incorporated a business
- Set up an importing account and Business Number
- Set up business banking, eBay and PayPal
Once I receive my loan money I will be putting in my sample order this week. I am beyond excited! My only reservations so far are that the items I picked are slightly larger and heavier and are fairly high priced. I do not think that they will sell huge quantities. The up side is that they have a large mark up and so I will not need to move a large number of products. Shipping in Canada may be murderous though.
My next goal is to find another product in the next while that is small and has an even larger audience. My foundation is already set up so none of that will have to be done again.
I will keep you all posted on my progress as it comes along. Oh, and the best part about all this is that I am having fun. I have spent several hours every single day doing this for at least 3 weeks and it doesn't even feel like I have done any "work", it has all been enjoyable. If only my day job was like this!
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