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Submitted by: Travis Lane
Although many of the professionals you might see at storage auctions might own their own secondhand stores or other major businesses, you don’t have to have a premises in order to make a full-time business from resale. In fact, a home-based resale business is easier to start and can be more profitable because there is no overhead. It takes some logistical planning to ensure everything goes smoothly, but once you have a plan in motion, running a business out of your home is a great way to start making real money from storage auctions.
The first thing you’ll need to decide is who is going to be buying your merchandise and how to sell it to them. Craigslist and eBay are two great places to start selling things. You can also expand to local flea markets and rummage sales, or find collectors and niche buyers for certain types of items. The key is to network with interested buyers and try to keep enough merchandise on hand that you always have something to offer.
The other important thing to decide is how and where you’ll store your goods once you’ve bought them at auction. You’ll need enough space to process and store them until you’re able to sell them. This is easiest if you have a shed, barn, garage or other large space that can hold lots of items. If not, you’ll have to be creative. Some people opt to store the items they win in storage units of their own, but this can be a hassle.
First, you increase your overhead by needing to pay a monthly storage fee, and you run the risk of losing your own unit to an auction if you neglect your rent. Second, you have to deal with the inconvenience of driving to the unit every time you need to take a photograph or pick up an item for sale. Whenever possible, it’s much smarter to keep items stored on your own property, even if that means carrying smaller amounts of goods at a time.
You’ll also need to keep track of business expenses. If you’re only selling a few things a year, you don’t need to worry too much about taxes, but if you’re moving a lot of merchandise you’ll need to treat the business properly. This means dealing with a business license, sales tax, permits and any other taxes and fees required for your business. You may also need to assess your needs and buy an insurance policy to protect your merchandise.
The best part of running a home-based resale business is that it’s easy to quit if you get in over your head. Since the start-up costs are so low, you won’t need to worry about going into debt to lease a premises or pay a lot of employees. If you find that you really enjoy the business, you can always expand later. Taking it slow will protect you from getting in over your head and give you plenty of chances to practice buying and selling used items.
About the Author: Travis Lane is the owner and editor at Texas Storage Auction Schedules and News and a former professional storage auction buyer. For more information on
storage auctions
, visit our website at
auctionstx.com/
. Be sure to visit our blog which contains hundreds of articles on storage auctions.
Source:
isnare.com
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