Business
Type: Selling Products Bought at Auction
Starting
the Business:
This type of business can be great fun and very
profitable when done properly. First you will
need to find an auction house that you are able
to travel to, most cities have at least one
or two reputable auction houses, London most
notably has the greatest number of them. Many
websites out there try to make money by offering
to sell you access to the auction houses that
run the infamous ‘police auctions’
for £10-£20. Police auctions are
just one of many types of auctions that give
you access to unbeatable bargains, and our resource
area below lists a selection of these auction
houses offering such events completely free
of charge. Visit their websites to view the
online sales catalogues for upcoming events.
Try
to stay away from the antique auctions ideally
unless you have a good knowledge of antiques,
as it can be quite difficult to know the right
price of any given item and what the resale
price will then be that will make you the profit.
Instead aim for auction houses that are selling
off more usual items like unclaimed luggage,
business assets such as office furniture, repossessed
stock, clearance products and liquidated products.
When
a business is forced to close, a liquidator
is brought in to retrieve the assets of the
company and sends them to auction to fetch whatever
they make. They then use that money towards
paying the company creditors, so they don’t
really care too much what they sell for at auction
which is why many don’t even have reserves
set – they simply sell to the highest
bidder on the day.
As
such, there are some great bargains to be had
at auctions. Aim to get a copy of the catalogue
that details what is due to be auctioned at
the next event, you will see there is a wide
range of products so try and pick the ones you
feel would be easiest to resell via ebay. Household
goods, etc are very often auctioned from bailiff
companies who have repossessed them from private
individuals who owed companies money and never
paid them. If you can bid on those types of
items (TV’s, DVD players, etc) you should
be able to pick them up cheaply enough to resell
for a healthy profit.
Click
NEXT for free public auction house information
/ police auction information, contact details,
plus how much you could make from buying and
reselling from auctions.
<
LAST
- START
- NEXT
>
