Should I Have a Partner in the Storage Auction Business?

There's a reason why most of the bidders on auction shows work in teams, and it's not just to boost ratings with witty banter. Having a partner can make the business much easier. There are several reasons why you might want to consider bringing a partner with you during your auction hunting:

  • You'll have someone to help you load and unload merchandise. This increases your efficiency and reduces the amount of hard labor you'll need to do. It's also helpful to have someone help you clean out the unit and haul trash, especially if you're working on a tight deadline.
  • Splitting the cost with someone can help you mitigate some of the risk of bidding. You don't have to worry about losing as much money if you're making a smaller investment, which enables you to take more chances.
  • An extra set of eyes can help spot valuables. Your partner may also have expertise that can prove invaluable in terms of deciding whether something is worth bidding on.

On the other hand, there are a few drawbacks to working with a partner in the storage auction business. Before bringing someone into your business, you'll want to consider a few of the cons:

  • You'll have to split profits. In a business with narrow profit margins, splitting those profits even further can make it hard to break even. You'll have to decide whether it's worth it to share your income with a partner.
  • The other party might set limits on what you can buy or how you can spend your money. While having a second opinion for purchases can be a good thing, it can also be stifling, and it can lead to a lot of stress and arguments.
  • If you're running a business, you need to consider the other person's role. If auction-hunting is more of a hobby, it won't matter, but you might consider drafting up some paperwork for a business partnership if things get heavy.

Ultimately, the most important thing is to choose a partner who you can trust and will make the job easier. Picking the right partner makes a big difference when it comes to a successful business, and it's not something that should be entered into lightly. Whether you choose to operate as a husband-wife team, team up with your son or recruit your best friend for help, considering the pros and cons of a partnership before entering into one can help save you a lot of hassles in the long run.

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