If you’ve ever been to a few consignment or second hand stores then you will know their basic concept. Some offer a broad range of goods whilst others specialize, be it clothing, antiques, books or any number of things.
Before you even get started, think it through and decide if running a consignment store is for you. Just like with any business there are a number of risks that should be taken into account, so it’s best to thoroughly research before making any decisions.
Getting started:
- You will need to obtain a business license.
- Scope out the local area and find out what other consignment and second hand stores are around. Find out what kind of store would best suit the area.
- Location, location, location. Vitally important to how well your business will do, location is everything.
- Buy everything you will need to furnish your shop, if you are lucky enough to find a location which has pre-built shelves etc then half your work is done for you.
Once your store is well on its way, you will need to start looking for consigners. It would be best to have a contract and pay rate worked out for each item. Be clear and open with your dealings with your consigners. Depending on what you are planning to sell in your store, there are many different ways you could locate stock, sometimes it will even walk right in your door.
To be successful you will have to pay attention to your consumers wants and needs, make sure if they ask for it once they won’t have to ask for it twice.
Advertise, word of mouth doesn’t always get you the amount of customers you need.