Continuing on my article “Small Home Based Side Business Idea Part I“, I would like to demonstrate some ways to convert your newly acquired inventory to cash. Ok, so once you have cleaned out the unit, and concluded your business with the storage unit, then there are four ways I have for you to make money on the unit. These are options that have various time line for recapturing your investment, but the general rule of thumb is that if you can wait a little longer to get your money, you should be able to make more of it. So let’s look at some of these techniques:
- Running a Garage Sale
Quick, simple. This is the easiest way to turn around your money quickly. If you price the items low, and focus on larger, more expensive items selling, you should be able to sell most of the unit on a typical Saturday. One Saturday that I did this, I was able to do effectively triple my money spent, and I still had items left over to be able to sell elsewhere.
- Using Ebay
If you want to make a little more money, and take a little extra time, you can utilize the internet and local advertising to sell the items. Getting an account with Ebay and listing the items for sale through its online auction system can be a great way to drive up the price you get on a particular item.
- Utilizing Craig’s List and Local Papers
Craig’s list and local papers can give you good exposure at a low or no cost base. I would limit my use of these services to larger items that you can get a good price for. Things like lawn mowers, furniture, etc. would be a good fit for these items. Craig’s list is a free service and is available for many, many areas across the country. Check with your local paper for advertising costs and dates.
- Pawning the Items
If all else fails, consider just pawning the items at your local pawn shop. This is a great way to sharpen your negotiating skills, as pawn shops are expert negotiators. The easiest way to learn – watch what they do, and mimic it. Always been pessimistic and reluctant to sell your items, as you worst case scenario is going across the street and selling the items to the competition. “No” is the best negotiating word.
So if you take these methods and put them into practice, you should be looking at a few hundred dollars in additional income each month. These auctions happen all the time, especially in bigger cities, thereby providing you a continual stream of inventory to sell. And if you hold a garage sale continually, you should be able to build up a client base, that will check out your garage sale week in and week out. So go out there and make some money, and let me know how you do.