People sometimes get very excited when they make a few sales on eBay. Earning extra money from items that have been around the house is great for paying for birthday gifts, a new TV, or even paying for a vacation.

But what if you want to take things to the next level in your financial life? What if you hate your job and you want out of it so badly that you just want to go away for a few days and never come back? You think about it, but then financial reality hits you like a ton of bricks and you grit your teeth and go right back to what you were doing.

Selling online is a great way to go from working for someone else to working full time for yourself because every auction you’ve listed is like having your own salespeople working for you while you do other things (this is one of the key to get rich). Set up multiple auctions and you’ll have your own team working for you and making money while you work, sleep or walk your dog.

It all sounds good, but there’s a catch… there are a few things you’ll need to do before you make your wad of cash and tell your boss to push it. These are easy and will only take a few minutes of your time, but they are critical to the long-term success of your new business.

The first is to obtain a business license. This is a very simple process where you will come up with a name that you will use to do business as (or what is commonly known as a DBA). I won’t go into the different types of business structures, but the easiest to set up is sole proprietorship, although you may want to change this later.

Do an online search for your state department of revenue and go to their website. You will most likely be able to download a master trading app from there (they may call it something else, but it should have a name something like this). If you’re unsure about something on the form, the site should have their phone number listed and just give them a call. They want to help you get established because more business means more tax revenue for them.

You may also need your revenue department to check if the name you have chosen is available to your DBA. If someone else already has it, then you’ll have to think of something else.

Once you have your business license, you will also need a reseller certificate or license. Sometimes your tax ID will suffice, but legitimate wholesalers will usually require you to have this simply because if they ever get audited, they’ll need to be able to show the auditor why they didn’t collect sales tax on the items they shipped to people. Like you and me. The reseller certificate will do this. Basically what it means is that the wholesaler is no longer responsible for collecting sales tax on those particular items that they have shipped to you.

In order to obtain a reseller certificate, you will first need to have your business license. In many cases, you may be able to download this form from the revenue department’s website. Print it out and fill in the required information and then fax it to your wholesaler. Then you will be able to start shopping at prices that will make you more complete than other people who don’t get their products from legitimate wholesalers.

The last thing you’ll need to do is set up an accounting system to keep track of all your expenses (product, shipping, and auction costs) and of course your profits. This can be a simple spreadsheet or you can use something like QuickBooks. Whatever you choose, make sure you use it from the start. Your life will be much, much easier.