In the earlier blog, we considered the questions that prospective business owners should consider as they think through the possibility of starting a business. Before we answer the questions, let’s create a profile of this possible business owner and the business that they are considering.

For this experiment, let’s say that the prospective business owner (Sam) is an experienced sales manager  who is based out of Western North Carolina and has a personal interest in yard sales, estate sales, auctions and general antiquing. Sam also enjoys refinishing furniture and sometimes, reselling the pieces. Sam does not have any professional experience in estate sale management. Sam has a MBA and values overall work-life balance. Sam has a personal interest that he/she would like to turn into a profession.

Estate Sales are similar to garage sales in that they are selling people’s items, however, an estate sale is different from a garage sale in that a professional group typically runs the sale. The profits are split in a previously agreed upon percentage between the estate owners and the professional sellers. Keys to success in this business is the ability to organize and be organized, recognizing  possibly rare or valuable items, strong advertising and selling skills and a good rapport with people. This is a quick overview just to give us a foundation for this project. There would, of course, be greater detail if this were an actual market research project.

Now onto the overview questions. The first draft of these answers can be formatted in any fashion that is easiest for the prospective business owner. For this experiment, I’ve initially formatted them into a word doc. Take some time to look then over and assess what you can surmise from these answers and we will discuss further early next week.
CASE STUDY_Estate Sale Management_online

 

Advertisements