Making New Year’s Resolutions is a time-honored tradition dating back to ancient cultures. Every year we vow to lose weight, volunteer more, improve our careers, get out of debt, or to learn something new. Barring that pesky Mayan prophecy about December 21st, this year why not make some resolutions specifically for your storage auction buying business? Here are three resolutions that we hope will help to make your business more organized and profitable in 2013:
1. Subscribe to StorageUnitAuctionList.com
2. Organize Yourself
3. Spend Less to Make More
Subscribe to StorageUnitAuctionList.com
“But Teresa,” you may say, “We can read the blog without subscribing. So what’s with all the self promotion?”
Well I know that you all LOVE the blog, but did you know that we’re paired with over 50,000 facilities nationwide? Those 50,000 facilities hold auctions each month, and that likens to thousands of auctions to choose from. Not only that, but we offer heaps of exclusive listings that can only be found on our website, which puts you one step ahead of the other guy. Our staff is constantly working to make sure all our data is accurate and up to date for you.
We also offer tools to make your life easier and more organized. Our toolbar offers features such as the auction calendar and auction map, and the export auction list tool. This allows you to download the auctions in your area into a Microsoft Excel spreadsheet. You can save it to your computer, or print it off for access on the road to your next auction!
Sign up now for our free one week trial and use our tools to help you in as you grow your business!
Organize Your Business
Don’t you just envy people who are born with the ‘Type A’ organization gene? Personally, I organize in piles. If somebody moves my pile the filing system is ruined and I can’t find anything! To spare yourself from this dilemma, I’d suggest foregoing the piles and getting organized.
To begin with you’ll need to set up an office space for yourself. Just like a traditional office you’ll need a desk, computer, filing cabinets, and a bookcase. You’ll use your office to do your taxes, research, and preparation for all the auctions you visit.
Once you’re set up you’ll want to keep lists of all the units you buy, and how much you spent. (This will also help you out for Resolution #3 because you’ll be able to keep a record of how many units you are losing on, how many you make a profit on, and how many you break even on.) Keep a record of all expenses you’ve accrued including gas, buyer’s fees, and new locks.
You’ll also want to keep a list of all inventory you buy. Include a description of the item, when and where you sold it and for how much. This will allow you to calculate how much you are earning on each unit you buy. Also keep a list of items that you donate; donations are tax deductible, so make sure you always ask for a receipt at the donation center. Finally you’ll want to keep a list of potential contacts whom you can sell to as well as appraisers who you may need to call to value inventory.
Each time you buy a unit you’ll want to organize your new inventory into four piles, the dumpster pile, the donation pile, the keep pile, and the sell pile. Everything you keep should be shelved in storage containers and neatly labeled unless you have a specific place you plan to display your treasure! You’ll also want to store items you intend to sell in the same way.
Spend Less to Make More
The ultimate goal of any auction hunter is to make a profit. With that in mind, here a few tips for budgeting yourself so that you can get the maximum return on each unit that you buy.
Create a travel budget. You may decide that you only want to spend enough money to fill up a tank of gas; if that’s the case you’ll only want to select auctions within a distance that one tank can get you to and back from.
Another way to help budget yourself is to set a limit on your spending for each unit before each auction starts. Once that cap is reached, you may have to sit on your own hands to keep from overspending, but fight the urge! Also remember that with each unit there are fees and include that into your overall budget. If you only want to spend $500 and there are fees of $100 then you can only bid to $400. Also try bidding on units where you can specifically see items that you can at least break even on. By setting these budgetary restrictions each time you attend an auction hopefully you will see an overall increase in your yearly earnings!