How to Start a Thrift Store
Thrift shops have become a favorite destination for savvy shoppers. Proof positive that this industry has grown in leaps over time. Read this article if you want to join in on the action and open your own thrift shop.
The thrift shop business offers an exciting and fun way to earn money.
This industry has increased in popularity over the years thus making it a nearly fool proof business endeavor. The market pull of thrift shops stems from the simple and undeniable fact that people love bargains.
There are several aspects to focus on when starting a thrift shop business. What follows is a set of question every person wishing to go on board this industry should ask one’s self.
What to sell?
Decide whether you want to specialize on a particular range of products or you would rather sell a little bit of everything. If you opt for the former, make sure your merchandise is in accord with your interest. If you are fond of clothing then specialize in clothes, if you are into furniture and home essentials then specialize in those, etc.
Once you know what you want to sell then you go on to the next step which is stocking up on your inventory. This is the fun part. You get to hunt around for items that you feel will sell and earn you a profit. There are several places you can explore. You can visit garage, clearance, or estate sales. You can also go directly to the manufacturers and see if they have overruns they want to get rid of. While you’re there, check out when is their next warehouse/inventory sale. If you would rather have your fingers do the walking, you can surf the internet. There are quite a number of online auction sites on the web where you can bid on goods by the bulk.
Where to sell?
You should give ample time in looking for the perfect spot to open your shop. This task should not be taken lightly because location can make or break your business. Choose an area that is highly visible and has a high percentage of foot and vehicular traffic. The rule of thumb to be followed here is “be where your customers are.”
Another consideration is the size of the space. Your floor area must accommodate not only your stock but also your display units, racks, showcase, and counter etc. as well. Make sure you get just the right size of space. Getting too big a place will be tough on your operating budget since it follows that the bigger the space, the higher the rent. On the other hand, if you select a space that is too small then you won’t be able to showcase your goods properly and it is highly likely that your customers might get put off because of the crammed space.
Whom to sell to?
You need to identify and create a profile sketch of your target market. Find out what they want and what they’re not getting. Immerse yourself in the locale to get a feel of what your consumers prefer. Also, check out the competition. Determine what their fast moving items are and how much their goods go for. This is another way for you to get an idea as to what your market like and don’t like.
Of course, you must first put your name out there before you can tap into the local market. To do this, you need to instigate an advertising and promotional drive. For your campaign to be more effective, keep your target customers in mind when you strategize.
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