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How to Find Products for Your Work at Home Auction Business

July 31st, 2017

If you’re currently researching work at home businesses, you’ve probably come across the idea of an auction company. However, how do you get the inventory in order to sell and make a profit in the first place? In truth, there are actually a number of ways to build your inventory with each offering pros and cons. Today, we have some tips so you can be confident in your new business idea.

Local Garage Sales – Have you ever attended a garage sale in your neighborhood? If not, you might just be surprised at the quality of items on show. Since the owners normally just want to get rid of the items, you’ll also pick up some real bargains. If you manage to get to a yard sale just as it’s ending, you also have the potential of buying multiple items in a bulk deal.

Although you won’t find hidden treasures at every garage sale, there will certainly be items you can double or even triple your money on. In addition to the benefits we’ve already mentioned, the only cost to you (aside from the amount you pay for the items) will be your gas money. If you get lucky on a particular day, you might find four or five garage sales all on at the same time; you can just drive to each in turn.

If we were to provide you with a negative for this method, you have to be really careful not to get overexcited and just buy pointless items. If you have a particular niche to fulfil, such as toys or electronics, you shouldn’t have a problem. If you visit a yard sale with no plan, it can be easy to walk away with a box full of junk. Furthermore, you also need a place to store all these items once you return home. If you’re visiting multiple yard sales every weekend your spare room is quickly going to look a little messy.

Dropshipping – If you would rather keep your home free from stock, the next suggestion would be to dropship your items. Essentially, this means you sell items for a company on their behalf whilst retaining a portion of the selling price as commission. Whether on your own website or an auction site, you put the item up for sale and the manufacturer will send it to the customer after being sold which means you never need the product in your possession.

All things considered, this is one of the most convenient options because you also remove the need to visit the post office every other day and the worry of shipping fees is taken care of. Depending on what market you wish to enter, you could try to sell affordable items all the way up to expensive luxury items; of course, this means you either need to sell lots of products or just one to make big amounts of money. Before starting, you will need to do research to see who offers the biggest profit margins.

Wholesale Products – Once you get a business license, there’s nothing to stop you ordering from a wholesaler and the lighter loads can be delivered to your home. As opposed to dropshipping where everything is decided for you, buying from a wholesaler allows you to set your own prices. If you do it correctly, there’s more opportunities to make a profit here because you aren’t under the thumb of the dropshipping company.

As a negative, you will have to stock a certain amount of products at your home once again. If you have the space, this won’t be an issue but we aren’t all lucky enough to boast this luxury. Additionally, you will have to ship the items yourself which means getting to know the workers at your local post office.

Summary – There we have it, three ideas for building your inventory in the coming weeks and months. If you aren’t sure which one to choose, consider the aims of your business and perhaps even a combination of the three!