Estate sale business owners are a special group. In my time as a coach and liquidator, there have been a number of times I have seen new estate sale companies open and close again within about a year. Or open and just languish without booking any sales. Or even worse - booking the wrong sales, the ones that lose money and leave their owners in the red instead of earning income for their owner.
Five things I have noticed about people who don't make it as estate sale business owners
1. They have no plan
Without a plan there is no destination. Without a destination, your business quickly gets off track. Write a business plan, determine where you will find leads, how many leads you have to find each day, week and month, and then map out exactly how you will convert those leads into clients. How many clients do you need each month and what do you need to earn at each estate sale in order to succeed as an estate seller?
2. They don’t have a mentor
Estate sellers who fail often worked for a successful company and saw what looked like a lucrative and easy business. When done well, cash floods into estate sale events. Many people don't realize how much capital it takes to operate an estate sale company. Some sellers who worked for others for a short time and had little real involvement with the management, expenses and other aspects of running the business set out on their own and get a quick reality check. The business owner they worked for was not mentoring them or helping them with becoming an estate liquidator, they had a boss and employee relationship.
Investing in coaching or finding a mentor to help when you are new can be the key factor that sets you up for success. Training and mentoring sets the people who thrive apart from people who languish month after month with no direction and few profitable sales. There are many benefits to getting a business coach.
3. They aren’t driven
Being in business for yourself requires a great deal of discipline. Being self employed is an amazing thing, but you must act every day on very detailed tasks in your plan that will generate leads, create a loyal following and grow your estate sale business.
4. They don’t market their strengths
Estate sellers who succeed know how to brand and market themselves. There is not one way to run a liquidation business. There are many ways and many kinds of clients that need help. Finding the right clients for your core strengths is essential to succeed. Without defining and marketing what sets you apart, you are going to have trouble finding your ideal clients.
5. They don’t know their stuff
An estate sale business run as a hobby or on the side to help friends and neighbors clearing out clutter with no understanding of the current fair market values of the different objects being liquidated are doomed to fail. Running a garage sale where you sell items for 25 cents just for the sake of getting the home emptied out is nothing like being an estate liquidation professional. You have to know what you are selling, and if you are not sure of something, you have to have a good eye so that you can recognize quality items in all categories of inventory. This goes both ways, assuming you can sell a glass ring as a ruby, or a topaz as an aquamarine will eventually come back to you in a bad way. You have to know how to find out the answers. Being an expert in all things is impossible, but having a good eye and knowing where to go to find out what you are selling is key.
Don't Flounder, Set Yourself Up for Success
- ditch the overwhelming feeling of sorting out what to do next
- figure out where to focus their efforts
- build their own highly profitable and rewarding liquidation empire.
Let's get started.