Start Your Sports Card Business or Side Hustle the Right Way

Start Your Sports Card Business the Right Way with These 3 Proven Steps

Starting a sports card business or side hustle can be exciting, but if you want to make real profits and avoid IRS headaches, you need to set up your business correctly from the start. In this video, you’ll learn the three essential steps every card seller and collector must follow to operate as a legitimate business, covering your business model, separating funds, and tracking profitability through bookkeeping.

🔹 Discover the most common sports card business models, from eBay flipping and Whatnot streaming to vending and high-end selling.
🔹 Understand the difference between a hobby and a business and why it matters for your IRS deductions.
🔹 Learn how to separate your personal and business funds to protect yourself and stay compliant.
🔹 Set up your business bank account and credit card using your EIN for cleaner, trackable transactions.
🔹 Explore the benefits of forming an LLC and how it simplifies your accounting.
🔹 Connect your accounts to QuickBooks or use custom Google Sheets to track income, expenses, and profit margins.
🔹 Get a breakdown of key bookkeeping terms like “chart of accounts” and why categorizing expenses matters.
🔹 See how tracking your sales and costs monthly helps you understand your profit and prepare for tax time.

Video Links:
Why Bookkeeping Matters for Your Sports Card Business?
   • Why Bookkeeping Matters for Your Sports Ca...  

Hobby vs. Business: How Sports Card Sellers Can Save Thousands on Taxes
   • Hobby vs. Business: How Sports Card Seller...  

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📞 Need help with your taxes or bookkeeping?
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Chapters:
00:00 Intro – Starting Your Sports Card Business
00:21 Why Profitability & IRS Rules Matter
00:48 Meet Jonny Petrucco, Sports Card Accountant
01:00 Who This Video Is For
00:54 Step 1 – Define Your Business Model
01:03 Different Ways to Make Money in Sports Cards
01:57 Understanding Margins & Operations
02:16 Step 2 – Separate Personal and Business Funds
02:50 Hobby vs Business – Key Distinction
03:00 How to Open a Business Bank Account & EIN
03:40 Avoid IRS Audits – Keep Accounts Separate
03:52 Step 3 – Set Up a Bookkeeping System
04:08 Using QuickBooks or Google Sheets
04:38 Setting Up Categories & Tracking Costs
04:54 Monitoring Profitability Each Month
05:01 Recap – 3 Steps to Build a Strong Sports Card Business
05:26 Outro – Trade IRS Stress for Financial Success

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