If you know anything at all about the self storage auction business, then you know that it is impossible to even think about getting into it without having some “seed” money. After all it isn’t going to do you any good to go to an auction unless you have some cash to bid with – right? So you want to get started, but can’t even get out of the gate because you haven’t got any cash.
Here are some Ideas that might be able to get you unique silent auction basket ideas into that first unit and maybe turn your financial life around in the process. I put these in the order of my preference, but you should make your decision based on where you feel comfortable.
· Sell Some Stuff – Your new business is going to be about selling peoples personal items anyway so why not start off with your own. Don’t be so attached to your “things”. You will be better off using the cash value of items that have been stored away or collecting dust to buy other valuables that can be worth more money. If you can develop an inventory of valuable items that are “always” for sale, you will never worry about money. As long as you keep replenishing your stockpile of goods, your wealth will always be there. Most people who don’t think they have any money don’t realize that they could have money available to them if they would be willing to give up some things. I recently went through my garage and sold a bunch of valuable tools and items that I haven’t used in years. Part of me didn’t want to do it because I was attached to some of it and I wasn’t sure when I might need to use it again. But the money I made gave me the buying power to purchase other items and resell them for a profit. I realized that if I can get myself to a point where I am making enough money then I can go re-buy the things I got rid of if I need one of them down the road.
· Save Up Some Cash – This can be a good for your soul as well as your wallet. If you really want to get into this business, then prove it to yourself by changing your spending habits and saving some cash in your sock drawer until you have enough to get started. The main reason why people don’t save money is because they don’t give themselves a reason to. Well, this can be your reason. You will have a tremendous feeling of accomplishment if you can save up even $1000 and that is a great mindset to have as you begin your new venture. Besides you can spend the time it takes to save up the money to go check out some auctions, gain some experience, and be ready when you have the cash.
· Take On A Partner – This is my last option simply because I think partnerships can cause a lot of problems. However if you have a friend or family member that is willing to “bankroll” you, then you may want to take advantage of it. Another benefit is that teamwork can pay huge dividends in this business in terms of splitting up all of the work that needs to be done. The only problem is that the profits get split up too. If you’re not looking to have to answer to someone else, then you may want to see if they will become a silent partner. In this type of arrangement you agree to do all of the work and give them a percentage if they will just let you use their money to purchase the Units. Once you have made enough money to go out on your own, you can pay back your investor plus a nice return. Everybody wins.