A home inventory business is one of the easiest businesses to start. This business can be run both part-time and full-time, though it is more advisable to run it as a part-time business. It involves making an inventory of all the valuable items owned by a house owner, and assigning a price to each item. These include art, furniture, jewelry, utensils, electronic goods, consumer durables, carpets, etc. Insurance companies use the inventory to settle claims in case the goods are destroyed by a fire or are stolen or damaged by floods or earthquake.
Qualifications: You need to have a license or certification to run a home inventory business in most American states. Also, most insurance companies insist on proper certification before they accept a valuation done by an individual. The best place to learn about the state’s certification rules is the office of the state Insurance Commissioner. You can also undertake inventory courses run by local or community colleges, and by online schools. These courses teach you how to value a product. You can also buy home inventory software to keep track of the goods owned by your clients.
Aptitude: Home inventory business is not everyone’s cup of tea. There are many people who feel uncomfortable entering homes of other people, examining their goods and asking searching questions. If you are one of them then you should stay away from this business.
Taking inventory: At one time, the best way to make an inventory was to describe each product. Many agents used to photograph big-ticket items to show their condition. Today, a video recording is considered the best way to carry out an inventory. It is fast, captures the condition of the products, and makes appraisal easier. You can walk through a house videotaping and describing the goods simultaneously.
Fees: You can easily charge a fee of $25 an hour, with a two-hour minimum. A good idea for an individual wanting to run the home inventory business is to sign up with a couple of insurance agents. They are the ones who need copies of inventories, and can provide a steady stream of business. It makes your task easier. You don’t have to knock on doors to find who wants to get a home inventory done.
Equipment: You’ll surely need to buy a camcorder if you want to run the home inventory business in a professional manner. Otherwise, you will need a camera with a wide angle lens. You will also need good-quality blank videocassettes, a hand-held microphone and audio cables, and a portable light, ideally with a stand.
You will need to take full shots of the room, as also close ups of important items. The close ups should be taken from different angles, and should be backed with running commentary. The commentary should state the cost of the product, the year when it was bought etc. Remember to have the owner on the videotape. This establishes the authenticity of the tape.
Promotion and publicity: You need to put up some fliers at the office of the insurance companies, and at the homes/offices of insurance agents. You can also consider placing once-a-month advertisements in local newspapers. This will increase awareness of your business, and bring in clients. But the best way to get clients is to set up relationships with insurance agents. They are the ones who will provide you with a regular stream of clients, if they are satisfied with your work.
Funding: This is not an expensive business to set up. You can avoid going in for commercial funding, and use your own resources to launch the business.
