Me and a friend are thinking about opening a pawn shop, is this free money??
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Been in the business since I was a kid, great business, I would go for it if you have the bankroll. Good luck to you and your friend.
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All you degenerate gamblers on here and nobody has an opinion?Comment -
You will be taking in a bunch of stolen itemsComment -
You're going to get robbed a lot.Comment -
you going to need a load of cash to start up. i highly doubt banks will open their pockets to the idea of a pawn shopComment -
Not bad but long hrs, seedy people
You need to be in a rundown area to make it workComment -
Have you looked into getting a license?
Not as easy as you think, and pretty corrupt industry.[B][B]They key isn't getting rich quick. The key is getting rich slowly, and enjoying it.
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We've looked into everything, my buddy has worked at one for the last 8 months. He's gonna quit soon because he only makes about 600 a week gross while working 55 + hours. Yeah I figure Im gonna be there close to 60 hours a week, because we will be open 80 -90 hours a week.... My friend is thinking about bringing in a 3rd partner, I guess this kid can fix anthing tvs, xbox, and electronics, what you guys think about a 3rd partner??Comment -
hey i can be ur chumlee, i need a jobComment -
3somes are akward...1 person is always unsure of what they are suppose to be doingComment -
I was in the biz for over 10years. It takes someone with a lot of liquid assets to get the licence. It's not as easy as it used to be. To many other markets for $$ now open to the avg broke dicks title loans, payday loans etc. I guess a lot depends if you want a legit business or just a hock shop. From what I remember to get the license to lend money you had to have a bond of $250,000 of liquid assets. It was a great business if you have a lot of knowledge of everything from gold and diamonds to guns to tools to electronics. But the most important thing is how well you can read people. One other thing...be ready for the police to be in your shop at least once a week to pick up your pawn tickets and a couple of times a year you will be audited by the state.
BOL!Comment -
pawn shop is good business. do itComment -
Basically know everything but diamonds. This area is a small city but almost rural. People have no clue he's currently paying about 45% to 50% on gold. Basically everything is a 50% markup. For example he buys used Wii's for about $40 and they sell on ebay for almost $100.Comment -
If you have no conscience and are ok with taking advantage of desperate people.... go for itComment -
Great idea. I think if your smart and do your research about items you buy you will be fine.Comment -
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pal you need at least 100k. dont you think if you only need 15k a lot of people would own there own business.Comment -
you'll need a chum lee.Comment -
if your in the hood i'd say do it...ppl want that next high and are willing to sell nice stuff for cheap...Comment -
Good luck chuck. I always wondered - who thinks of starting their own pawn shop. all the best though.Comment -
Worked at a pawn shop for 5 years back in the day. My friends father owns one and we always talking about taking over when he passes on. Alot of ideas I can give you if do indeed do it. Tools, guitars and electronics are the best money makers. But sell it on ebay, not in store because really the scum of the earth comes in sometimes and will always try to low ball you. Do not over pay for things, people are desperate for money and will sell anything for any price most of the times.Comment -
How big of a space are you looking at? Shelf space is very valuableComment
