Ok, so I currently run an eBay / Craigslist business on the side (I've been doing this since the Sophomore year of college).
I buy and sell electronics (Ipods, Laptops, Software) to people on eBay and in my local area. Many people who live in my local area are immigrants. Because of tariffs, these electronics are more expensive in their country than they are in the US, so they are getting a good deal from me, and I am making some money. It was hard at first, but over time, I've developed some good business relationships with people in my area and have consistent buyers. I also get these things heavily discounted (See post: http://www.wallstreetoasis.com/forums/should-i-ge…) so that helps as well.
I bring in about ~$20K of revenue a year, and about half of that is pure profit. I spend about 5-10 hours a week running this. This is all me, I don't have anyone else helping me on this.
How do I go about representing this on my resume for my business school application? I have no idea as to what to put for "company name" and "title"
I suggest picking a company name and saying your title is founder/CEO. For the description say that you are repurchasing electronic equipment at steep discounts and using contact with in community to re-sell to immigrants who do not have to pay tariffs. Since its founding, said company has grown to revenues of 20,000 with a 50% gross profit margin. Or something to that effect. Don't mention how many hours you work unless they ask, because that could backfire with questions like "oh, you only do it for 5 hours a week" or if your making so much only working 10 hours, why don't you expand and make it a full time position.
I would make this the number one/number two depending on what work you are doing now on you resume.
Any suggestions on company name? Does it matter? Something like Elijah Price Electronics, or anything that used my real name would seem very fishy IMO.
Is it an actual company? Do you pay taxes?
Why would it seem fishy to use your real name? I would keep it simple, something like "Prince Electronics"
Also, I would be pretty hesitant to call myself a CEO.
Google some of your competitiors and find out how theyre structured.
how can i start something like this? sounds interesting!
I would just write "Online electronic store, sole proprietorship" and make a website if possible or else just describe the business thereafter.
I agree with GutShot, making up a name can get you in trouble... Stay with "online electronic store" or "web based retail startup"
Why do the immigrants buy them from you? How can purchasing electronics from you be cheaper than buying them from Best Buy?
Why do the immigrants buy them from you? How can purchasing electronics from you be cheaper than buying them from Best Buy?
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