Really great video, love the transparency! Great to see you are feeling and looking heaps better from last week!

@BrickArena

Жыл бұрын

Thanks! Glad you enjoyed. It. Yeah much better than last week.

thank you so much for anwering my question and showing off your spreadsheet! i can totally work of that and get ideas on how to set up my spreadsheet better! thanks so much

@BrickArena

Жыл бұрын

No problem! - Glad you found it useful.

Thanks Keith.all very interesting

Great information and look forward to your videos on buying another store, ke y considerations, how to "value" it and other information.

@BrickArena

Жыл бұрын

You got it!

Thanks so much for answering my questions. My guitar teacher got me in to Dream Theater way back in the 90's when I was a teen. He played me "Under a glass moon" and played the solo on his guitar flawlessly (on his Steve Via signature Ibanez). The next day I went in to my local record shop to buy Images and Words and got a nod of appreciation from the guy at the till. Thanks so much for all your hard work with the channel.

@BrickArena

Жыл бұрын

No problem! They were my number one band for a good while and was even a member of the fan club early on, but have to admit I haven't even listened to the last album or two.

Hi Keith, thank you for all your videos and in particular this one as I found it reassuring to know income and expenditure can be logged in a simple way. This will be useful for my small store that I'm in the process of growing. I've just purchased your tracker and have sent a virtual ☕ 😃

@BrickArena

Жыл бұрын

Glad you're finding the content useful. Thanks for the coffee and for purchasing the tracker. Hope you find it easy to use.

Thanks for the vlogs and this QnA. Q: How fast does inventory turn over? So say you want to make x Pounds/yr in turnover (not profit), how much inventory would you need? 5x? 10x? 50x? Assuming you have a normal mix of parts (some hardly sell, some sell quickly etc.).

@BrickArena

Жыл бұрын

Not so sure about the turnover but I estimate that for every 100K parts would equal £15K - Of course this will vary depending on your balance on new vs used and the number of minifigs your selling

A great Q&A video, as always very helpful

@BrickArena

Жыл бұрын

Glad you enjoyed it

Thanks for your efforts, Keith! I'm a Bricklink/Brickowl seller myself and I've been watching your videos for a very long time. I'm subscribed to other channels, but your videos are second to none. Your transparency sets you apart from the rest! 🇦🇹 Greetings from Austria 🇦🇹 Chris

@BrickArena

Жыл бұрын

Hi Christian, Thanks so much for the super thanks and for your compliments about the channel. I always try and be open and transparent in the information provided so am really pleased that that is recognised and in this case, rewarded. Best wishes for you and your stores success

@andisteslonoks2011

Жыл бұрын

I could not agree more. Great guy, seems honest and clearly explains his point. Also, i have to mention, its just pleasure to listen to him. Something about his voice and the way he talks. Could listen to him for hours

@BrickArena

Жыл бұрын

Haha - Thanks

Did not know about the Dream Theatre connection, more of a Threshold fan 😁 but they are still an epic band (and Spocks Beard too). Enjoyed the video and if you are planning a second Q&A my question would be: do you still build sets / Mocs or has the buying / selling taken over completely?

@BrickArena

Жыл бұрын

You learn something everyday :) I actually prefer Vanden Plas these days in terms of prog metal. Spocks Beard havn't been the same since Neal Morse left. But I like all sorts and I'm even on more of a country vibe of late just to show the diversity :) - Regarding the question, I won't keep you waiting. Definitely just a seller now. I had to give Lego up as a hobby when I went full time otherwise I would have just kept everything.

Great Q&A

@BrickArena

Жыл бұрын

Thank you!

As I see rebrickable gives you the option to buy the parts from either brickowl or bricklink.

@BrickArena

Жыл бұрын

Yeas you can but from either platform or even some independent stores.

Hey Keith, great vlogs, I searched amongst your videos and can't find a vlog on this topic yet. Can you consider covering how to pull sales data from Bricklink/brickfreedom in to your excel sheet. I think I think I heard in one of your videos, you were selling your excel format spreadsheet, is that the case or am I mistaken? And also maybe covering what we need to look out for or forms we need to complete if we want to sell aborad, thanks

@BrickArena

Жыл бұрын

I will try and do something in a future vlog. I do sell my excel sheet as a starter for anyone looking for something to get off the ground with. There is a link to it in any of my videos descriptions. You do need to populate it with your data though (obviously). These are obtained via the download order options in both Bricklink and Brickowl.

@unicorntoyparty4929

Жыл бұрын

@@BrickArena thanks. I'll have another look on the descriptions. I'm happy to buy as it will save me time on having to format the excel file. I found BL includes a lot of columns which I don't need or use so just wanted to see how an experienced hand does it👍

Inserts are available for the regular RUP storage towers as well, you just have to scroll down to 'storage tower components' and there are two types.

@BrickArena

Жыл бұрын

They are completely different. They are very shallow and don't fill the drawer in the way that mine do.

@raresnspares8661

Жыл бұрын

@@BrickArena hmm my earlier reply disappeared, probably because of a link. Take a look at Weston Boxes business card holders - they're made of softer plastic than Lego so won't scratch or scuff the parts, and exactly 18 of them fit into each scrapbook drawer. They're the perfect height as well so no space is lost. This means of course you can put more lots in those drawers, and take one lot out at a time, and pour rather than grab the items within. And the business card holder lids are great for parting out the little parts from the small Lego bags.

@BrickArena

Жыл бұрын

@@raresnspares8661 Weird how that happens. I have seen comments randomly disappear on occasion. Thanks for the suggestion on the Weston Boxes. I've not seen those before. May have a look at picking some up to trial

Hi Keith, How do you label those black ‘wham’ boxes behind you? I find self adhesive labels don’t adhere well to the grainy plastic.

@BrickArena

Жыл бұрын

Hi Peter, I use adhesive labels like you and agree that they can peel off as you may see on some of mine, but in the main they have held firm. I am going to try the other labels that my NIMBOT makes.

Also I found that a lot of bookkeeping software will not convert foreign currency to you regular currency. For example if I received an order and the seller paid 14 euros. The book keeping software will put that in as $14 USD because thats what I use. So it was a headache accepting other currencies. I only to USD as paypal can convert anything to USD.

@BrickArena

Жыл бұрын

Yeah that was another issue but only in the early days. Since I went to GBP only that wasn't an issue fore me, but just too many inconsistencies to deal with. Shame cause I loved the way I could categorise expenses.

Hi thanks for your Q&A. About allocating cost to your inventory, don’t you need to record closing inventory in order to calculate profit? And how much you get taxed ? Tax rules generally requires you to record closing inventory using accruals method even though you use cash basis to do your taxes ? Appreciate your response. Cheers

@BrickArena

Жыл бұрын

Nope, I do not record closing inventory. This will likely depend on how you set your business up. I am simply set up as a sole trader and only need to declare my calculated profit. In the UK you can use cash basis upto a turnover of £150K I believe. If your setup as a LTD company you would need to use standard accounting practices and would need to submit full accounts each year (which I presume would include starting and closing balances). - It really depends which country your in, and the type of business structure being used. Where are you based?

@hellothere9889

Жыл бұрын

@@BrickArena Thanks for your detailed response. I'm In Australia. I think we use pretty much the same principles. My accountant requires closing inventory to calculate profit. [Opening inventory (last years closing inventory] + purchases [for the current year] - closing inventory ] = Cost of goods sold for the year. Sales - Cost of goods sold = Gross profit then deduct allowable expenses = taxable profit. I was always curious about how bricklink sellers calculate the cost of the inventory. Because once you open the lego set I don't think you can just allocate the cost of the set to the parts included in the set. I think once you open the set the value of the set depreciates significantly. Thanks anyway. Cheers.

Limited companies cannot use the cash basis. I mention this as you spoke about directors loans. HMRC also frown on the self employed using it when valuable stock is involved, as it's easy to reduce profit to nil by strategically timing a large purchase of stock. I think, though, that they can only legally challenge its use if your turnover is six-figures.

@BrickArena

Жыл бұрын

Yep totally appreciate that regarding cash basis. I know some have setup Ltd companies but would have thought that sole traders would be the largest proportion. For me, a LTD company is so much more hassle. I should have mentioned in the video that I am in no way offering financial advise, just being transparent about what I do.

@raresnspares8661

Жыл бұрын

@@BrickArena absolutely, it differs in every country as well of course and people don't always realise you're talking about the UK.

What does "going up" mean with your football club?

@BrickArena

Жыл бұрын

My club is in whats called "The Championship" which is our 2nd tier. If we go up we'll be back in "The Premiership" - Top flight

This was a great video. I'm really interested in using a spreadsheet tracker like the one you use. I'm rubbish at setting up spreadsheets and wondered if you've considered selling the template? I'd certainly be happy to pay for this 👍

@BrickArena

Жыл бұрын

This is something I did consider and thought about having it ready for the video. Give me a day or two to set it up and I'll make it available via my KO-FI page.

@barryconnolly4534

Жыл бұрын

@@BrickArena very interested in this

@BrickArena

Жыл бұрын

I have now made the spreadsheet available if you're still interested. - ko-fi.com/s/c69470c9e1

@BrickArena

Жыл бұрын

I have now made the spreadsheet available if you're still interested. - ko-fi.com/s/c69470c9e1

@barryconnolly4534

Жыл бұрын

@@BrickArena star. Will sort it and donate a coffee also.

Great Video - Yes you are correct. Biggest day of Hastings United FC History. 3rd round of the FA Cup. #BringBackBenny

@BrickArena

Жыл бұрын

Thanks! Had to look it up but wasn't hard to find. Hats off to you for making the journey.

@markdixon7376

Жыл бұрын

@@BrickArena Well done for finding it out, 1st time I have seen my club play a "League" team. Your ground was OK ;-) Thinking about it I should have kept to asking questions about LEGO oh well! Plus looking for work place for my "proper" job as well but see what happens. I extra question which if you wanted you could keep till next Q&A or for your VLOG. Would it have been a lot easier just sticking to investing in LEGO Sets, just buying them at the right price then selling, you seem to do very well out of your old sets and would be less work! #BringBackBenny

@BrickArena

Жыл бұрын

Thanks for the extra question. I might hold that one over for another Q&A in the future, but if you want a quick answer reach out to me on separately. What's your proper job?

@markdixon7376

Жыл бұрын

@@BrickArena My main job is On-line sales CD/DVD etc. I have a business partner who has a record shop that also deals with CDs / DVD / Blu Ray etc. Anything of value I sell on-line. So I have boxes of CDs all around the house as well as the packing etc. Now with all the LEGO as well the house is about to start look like one of the homes you see on the TV Programme about hoarders. I nice work place I could work from and store the CD / DVD would be great. Plus have some space to store some of the LEGO boxes (do hold a few sets for investment now. If I have 4 sets to part out I'll keep 1 for a rainy day!)

@BrickArena

Жыл бұрын

Cool! Always interesting to know what others do. I have a ton of CD's and vinyl to move at some point, probably in retirement :)

Seen those coloured drawers in B&M £40 each

@BrickArena

Жыл бұрын

Thanks! - Suspect these are the smaller-size drawers rather than the scrapbook-size ones I use. I think the question was more about the dividers which don't come with the drawers and have to be purchased direct, and the guy was in Australia.

@arturborkowski4602

Жыл бұрын

Paid approx £103 for tower with 7-drawers and dividers for each. Pricey but 100% worth it !!!

@BrickArena

Жыл бұрын

Yeah gets kinda expensive I guess. I have 158 drawers - mostly with dividers :)

@arturborkowski4602

Жыл бұрын

@@BrickArena wow, that is a lot of money just in those towers 😅 love your channel so keep me entertained every sunday and not only 😅 Artur (Brick Mine 2020)

@BrickArena

Жыл бұрын

Yeah, thankfully they came with the store acquisition.

How much is Royal Mail Cyber attack affecting your business

@BrickArena

Жыл бұрын

At the moment, not much thankfully. I have only had 1 order cancelled due to the wait. Most people have turned off international shipping till it blows over whereas I haven't. I have just kept customers informed and given them an option. BUT wouldn't want it going on much longer.

I don't know about you but Lego sales are great at least here in the USA eBay is great wouldn't sell anywhere else... brick link the sales aren't that great... I don't sell out of the USA

@BrickArena

Жыл бұрын

I'm confused, you say sales are great in the USA but that you don't sell out of the USA? Sales have been OK so far this year, but I think we are just seeing the start of the tailor into the quieter months of the year.