Second Hand Store
Now that people are bent on saving to counter bad times, second hand shops are a hit. It's a business that can be started with little capital.
That is, if you have a lot of entrepreneurial spirit to go with it. Learn the basics of starting this business from our basic guide.
Due to the downturn in the economy, people are now trying their best to save on their purchases. This has made second hand stores the alternative shopping destinations for those who have thrift spending on their minds. For some people, cost is not the only reason why they go to flea markets, and garage sales. They are looking for unique styles at less the usual cost. If you are a bargain hunter yourself, or just someone wanting to start a business that cost less to put up, a second hand store is for you.
Starting a store could mean constructing your own storefront and buying items for resale, or it could mean getting a franchise. Yet, it could also mean selling items on consignment. Consignment selling seems to be the trend among second hand retailers nowadays. It has the advantage of being low cost to put up since you don’t have to shell out cash to make purchases. It also saves you from being left with unsold items. In consigning, people bring you stuffs. When their things are sold, you get a percentage of the proceeds. You don’t pay until the merchandise is sold.
One question second hand retailers would have to face is whether to sell an assortment of items or specialize in goods like women’s dresses and baby clothing. Generally, retailers specialize. It saves them from being put into uncertainty of whether or not they’ll get a supply of various items from people. Specializing can create a strong image both for suppliers and shoppers. People who have specific items to sell will know that they can go to you to dispose of their still usable excesses. In the same way, people who are looking for specific items like vintage or branded clothes and bags will also know that they can go to you to find such things. Some of the items you can sell are clothes, bags, books, kitchen utensils, electronic items, furniture, antique, CDs and DVDs, computers, sporting goods, house ware, and toys.
In starting a second hand store, you’d need fixtures like display shelves and racks, shopping bags, a computer (with software to manage inventory), and cash register. Even though it is a second hand store, you need to be sophisticated in your display by coming up with attractive displays and good lighting (the one thing that helped upgrade the image of second hand retail stores). You will also need working capital for at least three months.
For help in starting a resale shop, visit the National Association of Resale & Thrift Shops .
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