Business Opportunities Weblog

August 28, 2006 by Rich Whittle | 2 Comments

While researching a story on yard sales I came across an astounding statistic.

Gretchen Herrmann, an economic anthropologist who has studied garage and yard sales for decades, estimates that $4 billion is exchanged in nine to 10 million garage sales EACH year.

$4 billion a year! 10 milion yard sales. Do the math. That works out to an average take of $400. Depending on how much you have to sell, you could realistically make $1,000 or more in a weekend.

Here’s Some Tips To Have a Successful Yard/Garage Sale:

1. Check with your city or homeowner’s association and obtain a permit if one is required. Many cities place restrictions details such as placement of signage, hours of operation & etc. It’s better to take the time to do your research and pay the $5-$20 for a permit than risk losing more money than you made in fines.

2. Inventory each item on a sheet of paper as you identify it for sale. A lot of people skip this step, but it can make your sale go a lot smoother. Price tags have a strange way of getting lost at garage sales, and it’s hard to come up with a fair price on the spot, especially if you’ve got other people asking you questions.

3. Attach a clearly written price label to each item. Using brightly colored labels will make it easier for your customers to find the price and will save you time on the day of the sale.

4. Advertise in free weekly community shopping papers, such as Pennysavers or Thrifty Nickels, and on community bulletin boards in grocery stores and laundromats. Don’t overlook the internet, either. A good, free place to start if you’re in a metropolitan area is Craigslist.

5. Get plenty of change and petty cash. Unless you’ve got a lot of change at home, chances are you’ll need to visit the bank the day before the sale to get some rolls of quarters and plenty of dollar bills. You’re going to be making change for a lot of customers.

6. Keep your display visually attractive. Many potential customers will drive by first, and you want to make your sale look intriguing and well-organized so that they stop. Place premium items like nearly-new merchandise, antiques, large tools, etc. close to the street.

7. Hold a free after-sale. Once you’re done selling, place an ad on Craigslist or your local Freecycle.org and advertise the remaining stuff for free.

8. Buy a couple cases of 16 ounce bottled water and toss them in a cooler with some ice. Sell to thirsty shoppers at $1 each for an extra $30 - $40 profit!

Photo by Houstonian.

In Ideas, Marketing, Planning, Public Relations, Sales, Strategy, Work at Home | 2 Comments