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The Business Shrink

http://www.bizshrinkonline.com


Country: United States

Language: English


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The Business Shrink  

The Business Shrink is a talk show featuring 30-year real estate and business success, Peter Morris. Graduating summa cum laude from Princeton, cum laude from Harvard Law, and over $10 billion dollars in real estate transactions under his belt, Peter Morris is your essential guide to understanding business and money from a psychological point of view. From every walk of life, The Business Shrink interviews guests by stripping away the numbers and getting to the socio-emotional aspect of dealing with business and life. Guests include professionals, celebrities and subject matter experts from every facet of life and a wide variety of industries. Listen daily! The Business Shrink. Understanding the psychology of business and money. Visit our web-site at www.bizshrinkonline.com

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    The million dollar business of unclaimed baggage

    The million dollar business of unclaimed baggage

    Where is your luggageThe latest and most publicly provided statistics from the Bureau of Transportation on the airline industries number of passengers was in 2005. Those numbers can be studied in depth by clicking here. The stated number of passengers for 2005 was 660,480,345 total domestic passengers in the United States. It is important to see how large this number is when you take a look at the following number of lost baggage for around 2 - 3 million people in the United States. So although two million lost bags is quite a large number it is a very small percentage of the total amount of baggage going through airlines. It is reported that around 99.5% of baggage makes it to the passenger eventually.

    These days, unclaimed baggage is a million dollar business for one lucky company in the United States. It is surprising to find out that there is only one unclaimed baggage facility for all of the airlines in the entire country. This idea was started from very small beginnings in 1970 when the founder, Doyle Owens, took $300 dollars and an old truck to purchase some unclaimed baggage and hauled it away.

    Unclaimed baggageFrom such a small start, the Unclaimed Baggage Center has grown to a 40,000 square foot facility in Scottsboro, Alabama. The state of Alabama can't complain as the store brings in millions of visitors a year flocking to the store for lost treasures and unheard of bargains. Every day nearly 7,000 new items are added to the stores shelves. You can view the Unclaimed Baggage Center's website at www.unclaimedbaggage.com to get more information how you can score your next treasure from the sea of unclaimed baggage.

    If the baggage is simply left unclaimed it might be assumed that what is left is mostly heaps of worthless junk that no one wanted in the first place. Surprising enough very valuable things have been found and resold to bargain hunters for amazing prices. Unclaimed Baggage 40 carat emeraldTreasures like an antique 1770 violin, diamond rings, silver, wedding dresses, hidden money, Egyptian artifacts and just about anything you could ever imagine. In terms of jewelry, the record for the Unclaimed Baggage Center so far is a 40.95-carat natural emerald was found tucked away in a small plastic bag.

    With a long list of jaw dropping treasure troves finding their way out of forgotten luggage there is also the downside of the business. Dirty laundry, toiletries and junk galore of stuff that really was easily forgotten once the airlines paid passengers their lost baggage bounty. Dirty laundry keeps the Unclaimed Baggage Center washing and dry cleaning laundry more than any location in Scottsboro, Alabama. So it seems even such a lucrative no brainer business is still a dirty business that could grace the featured spots of the tv show Dirty Jobs.

    All of the unclaimed baggage is analyzed by professionals that know specific markets and generally have a good idea of retail market value. From that point they price the products anywhere from 20-80% off the retail value giving patrons exciting values. The number one seller seems to hold a solid spot with electronics being the most sought after products on store sheiPods unclaimed baggagelves from iPods, cellphones, camcorders and guitars. One item that seems to be in abundance and priced the most competitive isn't very surprising since it's actually the actual bags that contain all the treasures. If toothpaste ever became valuable the Unclaimed Baggage Center would be in an enviable position.

    Even though the percentage is very low of unclaimed baggage it still could happen to you any time you fly. There are some simple things you can do to ensure that your luggage will always make it back to you. The number one thing is to put identification tags in multiple locations inside of your luggage detailing your home address and possibly even including a copy of your itinerary to help locate you while you're on vacation. Luggage NametagsOther tips that are suggested are taking photos of your luggage and an inventory of its contents so that when you do file a claim that you have proof. The other most important thing is to never leave if you don't get your baggage, always file a claim immediately before you leave.

    When on your next road trip passing through Alabama don't forget to make a quick detour to the Unclaimed Baggage Center and hunt around for you next treasure find or bargains on your next luggage set. You just may surprise yourself with a 40.95-carat emerald, new wedding dress or even a luggage full of cash as one man did. If you feel this business practice is a little unfortunate or not fair, it's most likely not going anywhere since it's been running successfully since 1970. If you have a lost luggage story drop us a comment and let us know about it. Have you visited the Unclaimed Baggage Center and found a treasure, we want to know about that too!

    Biz Shrink Online

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