Forums: Discussions for entrepreneurs and small business.

Hello everyone - new to the forum but am excited to be here.

I am converting my hobby (collecting books) to a business (selling books). How do I `convert` my collection of books into my start-up inventory? I do not have receipts for all the books and some were gifts or free. I`m just not sure how to translate this all into a start-up inventory. Do I assign a value and based on what? Does my business `buy` the inventory from me? As you can tell, I have no idea where to start so any help would be truly appreciated.

Marjon

Hi Marjon,  glad to have you here.

I am new too and your question about converting inventory really hit home.  I am starting a business  that will turn my hobbies (gemstone collecting and creating sterling silver and gold wire-wrap jewelry) into an online business.

Just how do we convert inventory from personal to business assets??  Will be very interested in all of the advice and answers.

Good luck to you,
Patty



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You need to know what inventory software & tagging systems stores are using before you start running your own store. It's good to be an apprentice when you are being paid to learn isn't it.

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To start with, you should be visiting second hand book stores in your area and note the following information:

1. Pricing.  This involves more than just the price on the book.  For instance, how does the price differ for different copies of the same book?  How much more is the store charging for a copy that is in better condition so to speak?
2. Categories.  Are books grouped according to category such as Mysteries, travel, etc.? You might want to set up your inventory by category and then list each book that fits into that category.
3. Buy a book and see how the sales receipt is generated.  Is it hand written or computer generated?
4. Do the stores use barcoding on the books or use some other means to identify the books in their inventory system?
5. Then you need to think about the type of inventory software you will want to buy before you set up your inventory.  Very bad idea to set up an inventory system and then have to change over to another system because your first system didn’t meet your needs.

You can contact me at culshaw@spcfreelance.com for additional information.

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The older we get, the more excuses we make for not chasing after our dreams. But truth is, goals are attainable at any age.

I think you are trying to over think your business.  You can run your business just as you have your hobby.

Start small and generate receipts for your sales by hand - then as you grow, grow your system.

If your business is a sole proprietorship - then you are your business and don't need to sell yourself anything.  As a LLC (partnership) or corporation you might think about selling your personal goods to the business but it is really not neccessary.

I fyou value the books (and you should value them) you would offset that on you Balance sheet with your equity account.

When you sell them - reduce your sales receipt by the cost (your value) called cost of good sold.

But, i think you are trying to over think this - just get out there and sell.

bby (collecting books) to a business (selling books). How do I `convert` my collection of books into my start-up inventory? I do not have receipts for all the books and some were gifts or free. I`m just not sure how to translate this all into a start-up inventory. Do I assign a value and based on what? Does my business `buy` the invento

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ry from me? As

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