As with any profit venture, it takes money to make money. And the worst thing an inexperienced storage auction bidder can do is expect to get rich quick their first time. Be reasonable!
When you’re just starting out in the storage auction industry it is best to treat it as a hobby until you become comfortable with the whole process and develop a sense for the business. Of course, there are entire companies that base their inventory on storage auction finds, and with reliable methods of reselling and a few lucky draws, they do pretty well for themselves. Real storage auction professionals do exist, but most of us need a little more practice, so keep your 9-5 and focus on weekend auctions for now. Many of our subscribers that we’ve talked with still have “the other job”, and regularly do auctions on the weekends. This is a great method to start off with, and for some people, it’s what they’ve happily been doing for years.
It all depends on how strongly you want to make this your career. Rome wasn’t built in a day, as they say, but with time, patience, and a lot of work, you can make a living off of doing this. Sometimes you’ll be pulling 14 hour work days, you’ll eventually have to pay business taxes, and sometimes you’ll simply end up wasting your earnings on a dud of a unit, but this is what some people live for: the thrill of the hunt, and the satisfaction of working for themselves.
So when you’re first starting out, like we said, do it as a hobby. But always ask yourself, “Can I see myself doing this five years from now? Do I really love doing this?”. If you find yourself answering “yes” to these questions, and you find yourself making good money, well, then maybe it’s time to take the plunge! Just remember that like with all business ventures, it’s certainly a risk, and you will have your ups and downs. But don’t worry; that’s to be expected.
It all boils down to a matter of being smart and financially secure in your new business before leaving your current job. You’ll find some great storage auction tips right here on our blog, as well as interviews from some of our subscribers, who range from full time professionals to weekend hobbyists. And, if you’re not a member yet, you’re missing out on thousands of listed auctions, the one thing that sets our subscribers apart from the rest of the game … so sign up today!