Defining a 'Niche' For Your Storage Auction Biz
Still struggling to turn a profit from buying and selling the contents of abandoned storage units? TV shows like Auction Hunters can make this industry seem like a profit-making machine. But like any job, it requires hard work, experience and dedication to succeed. However, one helpful tip to increase your chances of success is to define a niche. If you're scratching your head trying to understand what exactly this means, keep reading to learn more about the different niches in the storage auction business.
What Is a Niche?
The Merriam-Websters Dictionary defines a "niche" as being "a job, activity, etc., that is very suitable for someone." When used in the context of storage auction businesses, it can be described as a narrow category of products or items. Rather than trying to purchase storage units containing general items, for instance, you can focus on specific items. If you see an item in your specific niche within the unit, you'll want to bid higher. If you don't see any item in your niche, you'll probably want to pass.
Benefits of Targeting Niche
Why should you create a niche for your storage auction business? In most cases, you'll have an easier time selling an item if you are an expert/authority figure in the niche. Customers will begin to associate your name as being the leading place or source for locating products within your niche. So the next time they want to purchase a product, they will come to you. This means you'll have more sales, as well as more returning customers, both of which will increase your chances of establishing a profitable, lasting buy-sell storage auction business.
Choosing a Niche
Now for the million-dollar question: which niche should I choose? There's really no easy answer to this question, as it depends on your expertise, interests, and what's available in the self-storage units being auctioned off in your area. With that said, there are some general niches that seem to work well in the buy-sell storage business.
One niche to consider is washing machines and dryers. Many people store these in self-storage units because they have nowhere else to place them. Furthermore, consumers are always in need of washing machines and dryers, making this an excellent niche. Other niches that work well include musical instruments, coins, vintage dolls and sports memorabilia.