I'm considering an interesting business idea, and I'd like your opinion on it, if you have a few minutes to spare for me.
I recently started to build a business, but I had to put it on the back burner until I can raise enough spare cash to buy business liability insurance for it (I posted the story about it here in this thread).
I came across this other idea by reading through some unique business ideas. (It really appeals to me because my startup capital is extremely limited.) Also...I want to go where the money is; I currently live in a very rural area, but I see auction listings here in this part of northwest Illinois all the time, so I'm thinking there must be a lot of money changing hands at those venues!
So anyway, the idea is for...
Here's the skeleton for a possible business plan:
(1. Since I'm unfamiliar/inexperienced with local auctions, I'll attend at least 6 auctions, and take copious notes on what items are commonly bought there (market research).
(2. Also, I'll check with the auctioneers to learn what the rules/procedures are, and what commissions and/or fees he charges.
(3. I'll acquire those items from any number of sources: around the house, "curbside alerts," in local & online classifieds, friends/others who are moving, yard sales, flea markets, garage sales, closeout sales, etc.
(4. I'll clean them up, and make minor (NOT major) repairs.
(5. Then, I'll take them to local auctions and have them sold, and collect the money minus commissions.
Of course, this is not limited to just local auctions. I can be selling things in different venues, including (but not limited to) Craigslist, Ebay...and maybe even on my ad board, too!
Plus, I could scale this up by hiring somebody part-time to help me acquire & prep. more items each week.
Also, I mentioned closeouts; I could eventually acquire entire closeout and liquidation lots, reselling them to area retailers.
So...
What do you think?
Are there any holes in this idea?
I'd appreciate any questions, or advice you might want to share with me!
I recently started to build a business, but I had to put it on the back burner until I can raise enough spare cash to buy business liability insurance for it (I posted the story about it here in this thread).
I came across this other idea by reading through some unique business ideas. (It really appeals to me because my startup capital is extremely limited.) Also...I want to go where the money is; I currently live in a very rural area, but I see auction listings here in this part of northwest Illinois all the time, so I'm thinking there must be a lot of money changing hands at those venues!
So anyway, the idea is for...
--Making Money with Local Auction Sales--
Here's the skeleton for a possible business plan:
(1. Since I'm unfamiliar/inexperienced with local auctions, I'll attend at least 6 auctions, and take copious notes on what items are commonly bought there (market research).
(2. Also, I'll check with the auctioneers to learn what the rules/procedures are, and what commissions and/or fees he charges.
(3. I'll acquire those items from any number of sources: around the house, "curbside alerts," in local & online classifieds, friends/others who are moving, yard sales, flea markets, garage sales, closeout sales, etc.
(4. I'll clean them up, and make minor (NOT major) repairs.
(5. Then, I'll take them to local auctions and have them sold, and collect the money minus commissions.
Of course, this is not limited to just local auctions. I can be selling things in different venues, including (but not limited to) Craigslist, Ebay...and maybe even on my ad board, too!
Plus, I could scale this up by hiring somebody part-time to help me acquire & prep. more items each week.
Also, I mentioned closeouts; I could eventually acquire entire closeout and liquidation lots, reselling them to area retailers.
So...
What do you think?
Are there any holes in this idea?
I'd appreciate any questions, or advice you might want to share with me!
via Small-Business-Forum.net http://ift.tt/1fHhsUE
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