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On-line "Shop" closing



 
 
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  #1  
Old December 29th 03, 05:47 PM
Kaytee
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Default On-line "Shop" closing

I'll be closing my Ruby Lane shop Dec 31-- several of the items that had been
listed there for quite awhile (a couple of them since I opened the shop) sold
at a Gallery sale earlier this month-- to me, that says that the on-line venue
has something "wrong" with it. All these "sold" items are still pictured on the
last page of my listings-- all moderately priced, and the "economy" here in San
Diego is no better than most places (especially after our recent firestorm), so
I don't think it's the prices that discouraged sales.

It has cost me "167%" of gross sales to be there for the 15 months since I
joined-- this in spite of the "free" months they used to give every 6th month
(which will now be once/year), and the "free listing days". I can no longer
afford the "vanity", nor the "convienience" so will concentrate on my Eclectic
Beadery shop (which has been sadly neglected), and perhaps look into another
co-op and/or a personal website.

Kaytee
"Simplexities" on
www.eclecticbeadery.com
http://www.rubylane.com/shops/simplexities

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  #2  
Old December 29th 03, 06:08 PM
Sjpolyclay
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Default

It has cost me "167%" of gross sales to be there for the 15 months since I
joined--


Kaytee, remembert o right off EVERY CENT on your tax schedule C. Even losses
and high costs can be a positive thing at tax time, if it saves you on the Self
Employment tax bill.
Sarajane

Sarajane's Polymer Clay Gallery
http://www.polyclay.com


  #4  
Old December 30th 03, 02:13 AM
Cheri2Star
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Oh, I plan to.... Would be nice to show a little profit after all the
deductions, though. Can't have too many years operating at a loss or break
even....



Oh sure you can. Most small businesses operate that way forever. First DH and
I had a business with 20 employees. We never showed a profit. My brother owns
a gas station. If he can manage it, he never shows a profit either. Believe
me, it's not an IRS flag to show no profit or small losses - it's run of the
mill.

Cheri
Cheri
(Bubbee to Emily and Nathan)
  #6  
Old December 30th 03, 03:38 AM
Kyla
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Default

I was told it was 3 years by a personal accountant, and 2 H & R Block
associates. I was once a nanny for a woman that made a living with small
businesses; she ALWAYS closed down after three years, because of this (I
don't remember the details exactly, but she made a lot of money this way).

--
Kyla
"Just remember...if the world didn't suck, we'd all fall off."



Beg to differ. If you go 5 straight years *without* showing at least some

small
profit, the IRS reclassifies your business as a HOBBY -- and you're liable

for
back taxes on all the other years as well, after those deductions are
disallowed and your returns re-calculated. You don't have to show a *lot*

of
profit, but there must be some within a reasonable period of time. This is

to
prevent people from using a "business" which never makes any profit as a
tax-evasion scheme.

Celine



  #7  
Old December 30th 03, 04:08 AM
Carol in SLC
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Believe me, it's not an IRS flag to show no profit or small losses - it's run
of the mill.

If you are self-employed, it really is a red flag if you haven't made a profit
in five years. You apparently lucked out, Cheri.

Carol in SLC
My newest creation (12/5): http://members.aol.com/CarolinSLC/gwen1.jpg
  #9  
Old December 30th 03, 07:01 AM
Paula C. Hunter
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That is a damn shame! You have some really really lovely pieces at very
reasonable prices.

Paula


"Kaytee" wrote in message
...
I'll be closing my Ruby Lane shop Dec 31-- several of the items that had

been
listed there for quite awhile (a couple of them since I opened the shop)

sold
at a Gallery sale earlier this month-- to me, that says that the on-line

venue
has something "wrong" with it. All these "sold" items are still pictured

on the
last page of my listings-- all moderately priced, and the "economy" here

in San
Diego is no better than most places (especially after our recent

firestorm), so
I don't think it's the prices that discouraged sales.

It has cost me "167%" of gross sales to be there for the 15 months since I
joined-- this in spite of the "free" months they used to give every 6th

month
(which will now be once/year), and the "free listing days". I can no

longer
afford the "vanity", nor the "convienience" so will concentrate on my

Eclectic
Beadery shop (which has been sadly neglected), and perhaps look into

another
co-op and/or a personal website.

Kaytee
"Simplexities" on
www.eclecticbeadery.com
http://www.rubylane.com/shops/simplexities




  #10  
Old December 30th 03, 08:54 AM
BeckiBead
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Default

Kaytee -- I appreciate the report. It is good to know what is working and what
is not.


Becki
"In between the moon and you, the angels have a better view of the crumbling
difference between wrong and right." -- Counting Crows
 




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