Storage Auctions
The Storage Locker => General Storage Auction Talk => Topic started by: Cobia on February 04, 2013, 11:20:29 AM
-
Those involved in storage auctions, picking & re-selling as a business; what do you think is the greatest obstacle to overcome so you can grow/upscale your business?
Personally I think it's the risk of inventory shrinkage (theft/damage) by adding employees or more employees to your operations.
Your "eyes" can't be everywhere, so if you hire people to clean out the units, load and unload the inventory, sort inventory, work at your store, etc. There is a high risk of the best items dissapearing before you ever knew you had them. Add in carelessness, lack of work ethic; and you get damaged furniture, electronics, broken glassware, antiques, collectibles, etc.
Not only that your gross sales must overcome the compensation you are paying your employees/contractors as well.
-
Those involved in storage auctions, picking & re-selling as a business; what do you think is the greatest obstacle to overcome so you can grow/upscale your business?
Taxes and Obamacare.
-
Those involved in storage auctions, picking & re-selling as a business; what do you think is the greatest obstacle to overcome so you can grow/upscale your business?
Personally I think it's the risk of inventory shrinkage (theft/damage) by adding employees or more employees to your operations.
Your "eyes" can't be everywhere, so if you hire people to clean out the units, load and unload the inventory, sort inventory, work at your store, etc. There is a high risk of the best items dissapearing before you ever knew you had them. Add in carelessness, lack of work ethic; and you get damaged furniture, electronics, broken glassware, antiques, collectibles, etc.
Not only that your gross sales must overcome the compensation you are paying your employees/contractors as well.
that would be my worry as well with other businesses you buy specific inventory and have inventory controls. with this you hire someone you dont know and you dont know what merchandise you have very easy for a gold necklace, coins, cash to slip into someones pocket
-
Loss Prevention
This has been my concern all along; the one Glendon would not comment on. Not because he was ever at a loss of words, but because this concern is almost impossible to quantify.
The only parallel I can draw, is the one night a week Auction Business, where every item that comes through gets a number attached to paperwork. The system now has software, that is reasonable for those just beginning, but in the case of theft or people moving lots to beat the system, you are still at risk. Housing the merchandise in a warehouse (Like Glendon suggests) is great unless you have a meaningful way to separate the high from the low value items. Then you could have 2 warehouses.... which is more costs.
-
I think the biggest challenge will be to remain more consistent because I will have more overhead.. storefront, advertising, employees. The thought of it makes my logical side want to be more conservative and make sure I'm getting a good deal. No more gambles. However my personality wants to go for the mysterious units... hmm..