Help please. From Hobby to Business. How do I handle Inventory?

MarjonMarjon subscriber Posts: 1
edited December 2012 in Business Planning
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

Comments

  • bchwlkr56bchwlkr56 subscriber Posts: 0
    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
  • infinique1infinique1 subscriber Posts: 0 Member
    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.
  • slavweylinslavweylin subscriber Posts: 0
    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
    Abiballkleider
    ry from me? As
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