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Discussion Board - Starting a small Used Equipment Business

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Ryan GA

08-19-2012 21:12:44

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I have been thinking of opening up a small side business dealing with used equipment. I have always enjoyed dealing with farm equipment.I have bought/sold/traded numerous peices of equipment the last few years. I would like to be able to buy equipment and do a little work on them and then sell them. Im not looking to get rich quick, just wanting to find a better use of spare time. What would be the best way to go about this? Would it be better to buy and sell outright or consign equipment and recieve a percentage on each piece? Eventually one day I would like to expand this side business into a central loacation where I could service equipment and sell general everyday farm products, such as sprayer pumps,tips, etc. Hyd hose and fittings, grease/ oil. Just general things that get used on the farm. Im in my early 20s and working on my Agri-Business degree. Any suggestions on which direction I should go.
Thanks in advance!
Ryan GA

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nick girgen

08-21-2012 13:24:14

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 Re: Starting a small Used Equipment Business in reply to Ryan GA, 08-19-2012 21:12:44  
what about selling it at like a flea market or tractor shows ? just an idea...

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08-20-2012 10:54:33

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 Re: Starting a small Used Equipment Business in reply to Ryan GA, 08-19-2012 21:12:44  
i was thinking of just the same thing this last weekend. was hauling some equipment to the farm 100 miles away and every place i stopped someone asked me if it were for sale. If it were myself,i would watch for auctions fairly distant from any major city or large size equipment on the farm and haul it nearer where could get some road traffic. ive went to sales as far away as,kansas city mo from here south of oklahoma city.saw a couple of guys there that were buying old equipment and hauling it even farther north to resale.So theres guys out there that does it. one of the neighbors here has all his two row ,three point equipment lined up beside his house.he finally had to put up a sign with letters 2 ft tall saying it wasnt for sale,so the market is out there.

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Jim SC

08-20-2012 05:46:45

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 Re: Starting a small Used Equipment Business in reply to Ryan GA, 08-19-2012 21:12:44  
A local fellow has done that here in SC. He started a good bit later in life than you and he started slow and part time. Now he sells several lines of trailers, brush hogs, tillers, etc, plus used equipment that he buys or takes in trade. He even has a part time helper. I suggest you find a person in a similar business that is willing to discuss starting and growing that business.

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08-20-2012 00:26:21

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 Re: Starting a small Used Equipment Business in reply to Ryan GA, 08-19-2012 21:12:44  
It sounds to me like you are already doing it, buying, fixing, and selling. Best way I see is to just keep doing it, a few pieces and then a few more at a time. Worst way I see is going all in all at once on someone elses money. Then it gets to a point you have to do volume to meet payments. Id be careful with consignments, you get all the headaches, bill backs, and unhappy customers for a relatively low profit. I know several places here that do just that business, and more than one that"s folded the past few years. It takes money to make money, but using someone elses can cost you everything.

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Larry NEIL

08-20-2012 13:05:37

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 Re: Starting a small Used Equipment Business in reply to kyhayman, 08-20-2012 00:26:21  
I would do both...and then some! Spent most of my adult life self employed and you just have to remember that you are in the money makin" business, just the same as the local drugstore or grocery business.
Consignments can be a tad touchy, just KNOW what you are doing and always protect yourself.
A feller told me one time; "The trouble with not knowin" what yer doin is that you never know when yer done!"
If you really like what you are doing, then you are inclined to be good at it. The reward of being good is that the money will follow.
Good luck.....
Larry NEIL

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