So, you want to get started in the buy-sell storage auction business? It’s an undeniably fun and lucrative venture that will allow you to set your own hours and be your own boss. Unfortunately, though, many people who wish to enter this business don’t know where to start. If this sounds like a familiar scenario, keep reading for some helpful tips on how to get started in the storage auction biz.
Choose a Legal Entity
Like all businesses, you should decide what type of legal entity you wish to use when running a buy-sell storage auction biz. I recommend talking to a professional CPA for more information, but there are a few basic options available: you can choose a Limited Liability Corporation (LLC), S-Corp, or you can avoid using a legal entity by running the business under your personal name. Without a legal entity, however, your personal assets are vulnerable to lawsuits.
Gather Your Tools and Equipment
No, that’s not a typo. You’ll need a few basic tools and equipment to get started in the storage auction business, one of which is a truck or van to haul off any items you acquire. Unfortunately, a “spacious” car isn’t going to suffice. Sure, you can use it to haul away small items, but furniture, antiques, televisions, musical instruments and other large items won’t fit inside the backseat of a typical car. This is why it’s recommended that you invest in either truck or van for your storage auction venture. The good news is that you should be able to write it off as a business expense, assuming it’s used strictly for storage auctions and not personal reasons.
Here are some other tools that you’ll need:
- A pair of thick gloves.
- Cash (most self-storage facilities only accept cash)
- Broom and dustpan
Find Storage Auctions in Your Area
Now comes the fun part: locating storage auctions in your area. Most jurisdictions in the US have laws requiring self-storage facilities to publish a public notice of upcoming auctions. You can use this to your advantage by searching for new storage auctions in the local newspaper.
But unless you want to spend countless hours scouring the newspapers for storage auctions, it’s recommended that you use a listing service such as the one here at StorageAuctionList.com. We’ll bring you the most complete, up-to-date schedule for storage auctions.