Before holding any kind of auction, whether that’s onsite or simply online, you need to know a few important things about the biz. You may be attracted by the huge paycheck and the interesting life that an auctioneer lives but you have to be willing to work really hard to get to a point in your life that you’re earning 7 figures each month.
These days, a good way to do that is to start your own online auction business from scratch. So for all auctioneer wannabes, read on to find out how you can do just that.
Do your research
You can’t enter any industry without first researching everything you can learn about it. You can start by attending online or offline auctions, noting the kind of sales they are making, and how much they are selling stuff for. You can also look at advertisements and observe their manners and other industry standards to get a better picture of what an auctioneer is all about.
This means you also have to consider your target market, the items you want to sell, and your possible competitors in a specific niche. Starting as a general auctioneer might not be best for someone who’s just starting out. So think about it really well before making any sudden moves.
Become a licensed auctioneer
You don’t technically need to be a college graduate to become a licensed auctioneer. However, you do need to get an official Auctioneer’s license to establish your credibility. By becoming a licensed auctioneer, you increase your value and allow you to manage the sale of bigger ticket items like real estate properties.
Again, you must do your due diligence when it comes to getting licensed because different states have varying regulations.
Perfect your sales talk
Of course, every auctioneer is a salesperson at the very core. So your goal is to be able to sell your piece to the highest bidder. But you won’t be able to do that if you only know how to pitch like any regular salesman. You need to build rapport and be empathetic even to those coming to your auction. You should master winning sales pitches that get you a successful sale every time. Don’t worry if you won’t get it immediately. All you need is practice and a healthy dose of self-confidence in your skills and knowledge.
Launch your website
No online auctioneer will truly make it big without launching his or her first website. For online auctioneers, this is the only marketplace that matters so you need to partner with a good web hosting site and have a catchy domain name that’s easy to remember and hard to forget. It also should look good and be easy to navigate for all new and potential clients. It should also have all relevant information about the products you’re selling and always indicate if the item is already sold.
Setup reliable payment options
No online auction house is complete without setting up flexible payment channels for your clients. You should only partner with reliable brands like Visa and Mastercard and other established digital payment services to ensure your profits and to avoid lawsuits. In fact, you may also opt to collect fees via Bitcoin and other cryptocurrencies if you’re interested in utilizing the full capacity of the fintech industry in your business.
Maintain a good social media presence
Your website alone won’t be enough to stage successful auctions. That’s why you need to do a little bit of marketing to attract prospective customers. This is where digital marketing like social media campaigns would come into play. You need to get a solid following to advertise your business to the different social media platforms. This ensures that the right people hear about your auction and possibly buy from it.
Starting an auction business is a difficult but worthwhile industry. Just keep at it and you’ll be earning a good buck in no time! Keep your head in the game and be careful about choosing your clients and you’ll definitely be on the path to success.