From Storage to Store: Turning a Hobby Into a Business

self storage auctions online

Storage auction bidders generally try to move the items they win. A lot of people with this hobby value eco-consciousness and helping those in need, but profit motivates seasoned unit-flippers. Many sellers turn to eCommerce to monetize storage unit finds. The old standby, eBay, is a popular choice. Yet eCommerce, while a booming segment of the economy, isn’t for everyone. Some people prefer to sell in a physical space.

A brick and mortar store has its advantages. Unless you pair your store with a website, you can cross shipping and fulfillment off your to-do list. You can meet people in your community and really connect with shoppers. You can use your space for community drives and bulletin boards. You might prefer the capital structure and tax implications of owning a shop versus owning an online store or profile. Whatever the reason, here are some tips before opening up your second-hand store:

  • Do your market research to determine the ideal location and hours.
  • Know your competition and carve out a niche. What makes you different from the local Goodwill?
  • Decide which types of products to offer. Will you focus on antiques, clothing, memorabilia, books? Or will you have a little bit of everything?
  • Decide on a target market. Will you be selling upscale items in your storefront, or kitsch?
  • Figure out where to store excess inventory. Will the back room suffice, will you need your own storage unit, or does your stock warrant a warehouse? This will help with your inventory management overall.
  • Once you have a location, figure out a floor plan. Where can you put displays that catch customers’ eyes? Will you have bargain bins or seasonal items? Will you allow consignment, or let local arts and crafts vendors rent space? Doing so can diversify your product.

Before you open up your store, you need to build up your inventory and Storage Treasures, Self Storage Auctions can help you with that.


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