Now that my husband and I have made the decision that I should quit work after baby #3 is born even though he does not yet have his Ph.D., I must ramp up my side line income possibilities. Here are my goals for 2009.
eBayPay Down Business Credit Card Debt
I have been running an eBay store since 2006. Unfortunately, when I started, I didn’t take it slowly; I wanted to build up my inventory overnight. I did, but I also built up quite a bit of credit card debt. That debt is keeping me from drawing an income from the business. My first financial goal is to pay off 50% of the debt sometime between April and June of this year. Then, I would like to have the debt entirely paid off by December, 2011.
I have a lot of inventory sitting around my study that has not been listed on eBay yet. I would like to have it all listed by the time the baby comes in April; I am not sure yet if that is possible. I will have to see how busy I am at my day job in the next few months. Certainly I want it all listed by December.
I have trouble resisting a good sale. I must seriously curb spending this year both to pay off debt and get my inventory all listed. I am going to set a goal of no more than $4000 purchased for reinvestment in the business this year.
Keep Up with the Accounting & Learn to Do More of It Myself
I am lucky that my cousin is an accountant and is willing to do my books pro-bono. The problem is that she lives 3 hours away. We always seem to scramble to get everything done by tax time. This year, I would like to do more of the accounting myself and try to keep up with it on a month by month basis.
Set & Maintain a Schedule
When I returned back to work in August, things were crazy and I let many of my business responsibilities slide (such as keeping up with the books). In the end, this makes more work, so I plan to implement a schedule to keep things on track.
By the summer, draw an income from the business
Tomorrow I will list the rest of my business goals (not related to eBay).