Starting a book selling business

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Permalink Reply by Steven Deaton on January 31, 2012 at 12:54pm

Marcus,

I recommend you check out Jim Cockrum's training on selling on Amazon, www.provenamazoncourse.com. Jim is the most trusted Internet Marketer as rated by IMReportCard.com and his latest book, Free Marketing, is endorsed by Dan Miller and Dave Ramsey.

All the best,
Steven
www.deatonmedia.com 

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Permalink Reply by Marcus Kusi on February 17, 2012 at 9:51am

Thanks Steven, will look into that.

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Permalink Reply by Raphael Husbands on February 15, 2012 at 2:06pm

If you seriously want to make steady income every single month then you need to treat it like a real business. This means not to get it mixed in with your personal accounts. Think of a catchy name that still sounds professional and register the name as a DBA(Doing Business As) with your county clerk or state. You can then use this DBA to open a business account at your local small bank. Nothing fancy, no credit cards or merchant account needed, just a simple checking account and maybe a (free) savings account to stash your quarterly taxes. Running all your business expenses through this account.

Find out if you actually need a business license of some kind in your state.

Definitely get a Resale Certificate, Reseller's License or whatever they call it in your particular state. This way you don't have to pay taxes when you buy inventory.

Research how often you have to file taxes and how. Set aside 25-30% of profits in the savings account to pay those taxes.

Oh, and be sure to get a book or some type of program like Steven suggested to learn how to make money on Amazon. Choosing the right product and proper pricing is crucial.

Recap: Choose a name(doesn't have to have "books" in it). Get a DBA. Open a business account. Get a Resale License. START SELLING. Pay your taxes.

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Permalink Reply by Jim woods on February 16, 2012 at 1:24pm

That's great advice Raphael. 

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Permalink Reply by Marcus Kusi on February 17, 2012 at 10:10am

Thanks Ralph, l have a few questions though.

1. l buy and sell all my stuff from Ebay, and Amazon. Do l still need a DBA, Resellers license, and business license?

2. If l name the business as an LLC, sole proprietorship etc do l still have to pay quarterly taxes? l prefer paying taxes when l file my taxes at the end of the year. Thanks

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Permalink Reply by Marcus Kusi on February 17, 2012 at 10:22am

Thanks Ralph, l have a few questions though.

1. l buy and sell all my stuff from Ebay, and Amazon. Do l still need a DBA, Resellers license, and business license?

2. If l name the business as an LLC, sole proprietorship etc do l still have to pay quarterly taxes? l prefer paying taxes when l file my taxes at the end of the year. Thanks

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Permalink Reply by Raphael Husbands on February 17, 2012 at 10:49pm

If you set up your business as an LLC or corporation then you're giving yourself extra work to do as far as taxes are concerned. This only makes sense if you're making decent money every single month.

If you're just selling books occasionally, then you don't need any kind of license or anything. I sold several books on Amazon last year without creating any kind of business entity. I just choose a name and started selling, but I only sold a handful of books that I found. I made less than 50 bucks. If that's your plan then you don't need to worry too much, you can report that income with your regular taxes.

On the other hand, if you're trying to establish a steady second income that will actually impact your life then you need to at least get a DBA and a Reseller's License.

The DBA is so you can open a separate business account with a bank. You don't want to mix your biz money with your personal finances.

The Reseller's License is so you can buy inventory without paying taxes. This will save you money and if you're buying several copies of a book from another copy they might not sell to you unless you have a Resale license.

All this advice is only if you plan to make steady money on a regular basis.

There should be a book at your local library on doing exactly what you want to do.

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