Storage Auctions

Advice for a noobie?

Advice for a noobie?
« on: April 06, 2012, 09:41:30 AM »
A friend of mine has been into doing storage auctions for a few months now, and he was starting to get overwhelmed with the case load, and wanted to advance his circle and finances- so he came to me and introduced me into this whole world.  Iíve seen the shows occasionally and whatnot but I never became a real fan until actually experiencing it for myself.  We made an agreement to just do this on a trial basis, and split everything 50/50.

I am an artist and a pretty resourceful person, I would say Iím a ďjack of all trade, and master of nothingĒ :P  Which I must say is a pretty good trait to have in this business Iíve come to realize, I know a little about a lot, and can do most of anything.  Also the fact that I am an artist I can see potential profit in just about anything.  With a few bucks of supplies and couple hours of work I can turn junk into art and sell it. However, this is where our conflict lies.  Iím willing to do whatever it takes to make a profit- my partner doesnít see things the same as I do.  For example, I have been begging for his cooperation to organize our stuff so I can sell it at our local flea market.  I see this as a good way to get rid of junk, and misc items as well as put ourselves out there and make some money so we can expand.  Also he doesnít like my ideas of refinishing, or recycling items into art- he pretty much sees it as a waste of time, and doesnít wanna bother with it or give me a chance. I feel like he thinks its beneath him to do things like this, and he only wants to sell ďhigh quality itemsĒ- possibly even he is ashamed to be a noobie.  Iím not, I know we all start someplace, and I can swallow my ego just fine and sit at the flea market with my junk and try to sell it.

So I come here, and seek advice.  Do you think this is a good plan and starting point for making this business?  Do I have the right mindset?  Should we stop?  After all it doesnít seem we have the same views.  Like I said, Iím a total storage auction noob, so I would appreciate any advice I can get.  Thank you!  ;)

Offline alloro

  • *****
  • 2345
    • View Profile
Re: Advice for a noobie?
« Reply #1 on: April 06, 2012, 10:09:39 AM »
Business partnerships are no different than any other relationship, both sides had to be willing to compromise. Neither side can have everything their way. If your partner isn't willing to bend, then you both have different goals and you should politely bow out before you end up hating each other.

Re: Advice for a noobie?
« Reply #2 on: April 06, 2012, 11:51:18 AM »
Me and my sister do this together, we each know what the other is sopposed to do and vice versa.    I am the financer, buy the units and I also handle ebay and other computer work, provide the truck, and most of the research.  She does a lot of cleaning, organizing, painting, fixing, clothes washing, and keeping up our antique mall, and she also does some crafts and changing things we find into art.

I just think you each should figure out what your rolls are, and anything extra is just that extra. If it doesn't work out soon for you too maybe you should go your seperate ways.

Re: Advice for a noobie?
« Reply #3 on: April 06, 2012, 12:35:56 PM »
Sounds like each of you have the same goal make money, but want to get there very different ways.  I think you should just go your seperate ways on the business before it damages your friendship.  Just as you said it was a trial tell him that it is not working out like you thought it would.

Re: Advice for a noobie?
« Reply #4 on: April 06, 2012, 01:54:56 PM »
 Do I have the right mindset?

I believe YOU have the right mindset~

It's a rough way to make a buck and most of us have to eke out a living in the beginning.  I really like how your conducting your side of the business.  I love to repurpose items too and often something that was destined for the dump is now a piece of art in a garden somewhere.

I couldn't handle a partnership (well except for the marriage one) in this business.  Just too many ways to end a perfectly good friendship.

Best of luck to you~

Offline money4nothing

  • *****
  • 925
  • I'm hidding
    • View Profile
Re: Advice for a noobie?
« Reply #5 on: April 06, 2012, 05:14:01 PM »
As everyone else has mentioned sounds like you have different ideas.

I feel that you MissTAKE have more for this biz than your partner. Selling at the Fleas / yard sales is a big part of this.

And like Movieman & Rockin like to re-purpose things and create art. But finding the time and then getting what it is worth are both challenges in this biz.

I will do a quick fix or touch up for some things. Took a dresser someone had painted black ripped off the peeling pieces slapped some more black paint bought cheap wooden knobs and it looked country when I got done.. SOLD.   

Instead of calling it quits with your partner.....

What does he do with the stuff you want to sell at Flea?  If donates/ throws away.. Take it sell it and only give him 20% if any. 

On the creative side start small with what you want to keep and repurpose and see if you can make a profit from it and then proof in the pudding.
On the down side of the repurpose before you know it you will be over run with stuff. I have cleaned out my creative room 5 times.  ::) With few creative things coming out of it.  ;D

Could back out and ask if you can come get some of the stuff he is going to have to get rid of for the creative thing.

Wish you luck and let us know what happens and post your finds at the auctions and what you create.  ;)

Re: Advice for a noobie?
« Reply #6 on: April 07, 2012, 01:30:54 PM »
my 2 cents (no offense intended)

1 if you 2 cant come to an understanding on how your getting rid of the stuff your done before you start

2 if you cant get rid of the little crap for a profit your also done before you start

3a I LOVE recycled artsy type stuff , but have you checked out your local flea market to see if this stuff will sell there?
its hard to convince people that your stuff is good period without having to explain what it is and was

3b if your buying lockers to get stuff to repurpose  you would just be better off picking

good luck and welcome to the forum

Offline Alias

  • ***
  • 200
    • View Profile
Re: Advice for a noobie?
« Reply #7 on: April 07, 2012, 05:12:59 PM »
Also, at some point your going to look at something as a good base to an art project while your partner see's it as sell item on it's own.

I've run into this with going in with someone in parting out a car.
'75 Porsche. My plan from start was to part out cheap for some quick cash,
Suddenly 'partner' see's how much they sell for restored and wants to go that route.
I didn't want to invest another few grand and couple months work, he wanted the higher profit.

Point is, in a partnership you need a clear cut business plan from the start and I see to many variables in your situation.

I personally would go it alone.  You two could always buy/trade/barter your inventory to esch other based on what your goals are.  If he doesn't want the "junk" maybe you can get it in return for cleaning it all out of the locker.  He can sell your good items for a commission.

Hi Everyone. Need advice

Started by thepokey1

4 Replies
Last post November 30, 2010, 08:50:03 PM
by Drew
Need a little advice

Started by terrorbow

5 Replies
Last post October 09, 2011, 11:00:52 PM
by jrossjr79
Need some advice

Started by AuctionFace

2 Replies
Last post July 21, 2011, 07:39:57 PM
by monkeybusiness
Noobie, introducing myself!

Started by Steve1578

3 Replies
Last post September 18, 2011, 05:30:41 PM
by monkeybusiness