Start Your Own Dorm Stuff Rentals/Sales/Pawn/Re-sales Business
Owning a business that rents, sells, pawns, or resells dorm items doesn't have to be complicated and starting it doesn't have to be troublesome. We will provide you with tips and guides on how to start this profitable "dorm stuff" rentals/sales/pawn/re-sales business.
This venture takes advantage of the regular move-ins and move-outs of transient residents. These essential guides of starting the business will help you jumpstart your career.
Dormers and boarders are now trying to save up on living expenses while wanting convenience when filling up their nooks since furnishing the pad can be cumbersome. Those moving opt for rented or used items over new acquisitions while those moving out look for ways to dispose their belongings. This is where your business steps in.
Starting the Right Way
How do you start the right way? Make your business operation legal by obtaining the applicable licenses, permits, and employer tax ID if you hire staff, aside from getting a trade name. Every city, county, and state collects varying amounts/percentages of license, permit and tax fees. Check for the applicable sales taxes in your state, county or municipality. Sales tax ranges from 3% of purchase price to more than 7%. Where do you put up the business? Look for extra spaces in your house where you can stack dorm stuff and manage inventory. A good option for you is to make your "dorm stuff" rentals/sales/pawn/re-sales business home-based. Otherwise, you may have to rent a storage space. You could put up a Web site where you display items for sale online and their corresponding specs and prices.
Keeping a Keen Eye
Not all inventories are to be collected or bought from moving-out residents, though. Like any smart dormer or boarder, hunt for items sold at bargains or given for free. Hand-me-downs and items from "too good to throw out" at landfills are costless, while items from thrift shops and garage/church/yard sales can be bought for as low as $1 or less. Also check for auctions at storage houses and online sites. Find good bargains that make up for favorable re-sales/rentals later. Keep a keen eye on affordable but trendy and stylish items. These are usually the most sellable or rentable. Closely check items pawned to you. Make sure they’re in good condition and can be re-sold later when the chance arises.
Imposing Effective Pricing Schemes
Your profit centers mostly on how well your products and services are priced. Prices of items depend on their condition, usability, and value. The usual custom dictates that a pawned 5-year old appliance fetches at least 25% of its original purchase amount. Each state regulates the interest rate (4% to 10% per month) pawnshops charged on the loaned amount. For re-sold items, a 5% mark-up price is acceptable. For rented items, consider their life-span and value. For example, a used television can be rented out for $50 to $200 a year.
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