Participating in storage auctions will allow you to work at your own pace. If you have lots of free time one week, you can attend more storage auctions. But if you’re busy doing other stuff, you can postpone this activity until a later date. The ability to work at your own pace is just one of the many reasons why storage auctions have become a popular entrepreneurial venture in recent years.
#2) Well… It’s Not Really ‘Work’
You really can’t call participating in storage auctions “work,” because most people thoroughly enjoy the process. It’s a fun pastime that introduces you to new environments on a regular basis. In fact, no two storage auctions are the same, so you never know what to expect. The bottom line is that storage auctions are more of a leisure activity that happens to be quite lucrative, as opposed to actual work.
#3) You’ll Meet New People
Attending and participating in storage auctions will also allow you to meet new people. Crowd sizes vary depending on the location of the storage auction, day of week (Saturdays are busiest) and time of year. However, you can usually expect around a dozen other individuals bidding on units. Assuming you are polite and friendly, you’ll probably develop some lasting relationships simply by attending storage auctions. And furthermore, these relationships may open the doors to other opportunities, such as retail storefronts and e-commerce.
#4) Limitless Earnings Potential
Of course, one of the greatest benefits of storage auctions is the near-limitless earnings potential that it offers. With most entrepreneurial ventures, there’s at least some cap on how much you earn — but not with storage auctions. Granted, some units may have little more than empty boxes. But others may contain high-end electronics, antique furniture, jewelry or event cash. These storage auctions are really where you’ll earn the most money.
#5) Minimal Upfront Investment
A fifth reason why you should participate in storage auctions is its minimal upfront investment. If you plan to open a retail store, you’ll have to generate a substantial amount of capital to cover the cost of store leasing, product inventory, employee payroll, advertising and more. With storage auctions, however, there’s very little investment needed. You only need the initial cash for bidding/buying the unit, as well as a van or truck and some basic supplies like a padlock, gloves and flashlight. Once you’ve acquired these items, you’re all set and ready to bid.