Starting an Estate Sale Business
If you want to start an estate sale business, you should know the basics of starting this endeavor. You should learn to identify things of value and how to price them right.
Attending network functions will allow you to establish connections with professionals. Use the best advertising methods to enhance estate sale visibility.
Most of today’s household budget is strained because of the tough economic times. However, did you know that the estate industry is continuously booming? This can be the perfect time to start your own estate sales business. This is a lucrative venture that can generate wealth if you make use of the right strategies. A yard sale is very much different from estate sales; you should know some basics to get you started. It is important that you love antiques and similar items. You should know the factors that make a certain thing valuable. If you want to run the business smoothly, you should know how to price items appropriately.
How to Start an Estate Sale Business?
There is a need to register your business with the state or country where you live. Once you have the certificate of business registration, you will also be issued a certificate of authorization so that you can collect sales tax. For a business that employs one or more personnel, it is important that you secure EIN or you can always use your Social Security if you’re operating the business alone. You have to establish connections with reputed antique collectors and experts. Just in case you’re not sure about the certain item’s value, you can always consult with the professionals.
In some places, special permits are required although there are exemptions to the rule. You must follow the rules and regulations to avoid potential problems in the future. A sample contract should be prepared and this is what you will use whenever you’re entering into a transaction. All details about the sales should be stated on the contract. If you’re going to represent someone, you can earn commissions. The contract should show the rates for commissions (e.g. 10% or 20%). When all aspects of the sale are legal, you can get paid with ease and you can establish credibility.
You can use the local newspaper and radio to advertise the estate sale business. Using the classifieds section is not expensive. You can also make use of signage. Try to inquire from the government office is you can place a visible sign on your yard. It is important that you organize the estate sale in advance. You have to check all the items that you’re selling and their corresponding prices. You can conduct this activity for around three days and on the fourth day, you can always do a quick sale with special discounts. Know when to drop the prices. The strategies of people tend to vary, so use the right ones.
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