Opening a pawn shop

[helicopter23]

keep the comments coming landers

Yeah he sells tools, guitars, video games, tvs, etc...
He also has a clientele base where hes not in and people won't even deal with other kid. Believe me I'm no idiot

[landers781]

Atleast 1200 sf He already bought dvd shelfs for $40 each from a business that was closing buy for .75 sell for $2. display cases $50 each. My bubby is at this place for 60 hours a week and another kid (not the owner) is there for 20

Thats good. Try to make a contact with a goldsmith as well so you can meltdown unsold gold you had for a while and sell it by the pound. Gold will be a big money maker for you. Hire a young kid part time to do the ebay stuff, it will take a lot of your time. Put all or most of your premium items on there to make a fortune. Even though the fees suck, it will still fetch more profit than if you sold in store. Alot of people come to pawn shops for dvds, etc. Buy them for .50 cents sell for 2.50 or 5 for 10 special. Thats my ideas anyway

[THE PROFIT]

make sure you run book outta the backroom

[TWEETS]

But daddy it looks so easy on TV!

[jbrent95]

I would not recommend running a book out of the back room. Do it from home.

[trixtrix]

does pawn shop offer any type of warrantees?

[ngates815]

Get wifi in the building and make and have a buddy in the back with an ebay page or a webpage setup...SO when someone brings in a guitar or necklace or busted TV, your buddy in the back can hustle and make a ebay ad for the same thing with a buy it now price of 15 bucks.

Show the customer the page, and tell him that they sell on ebay for 15 bucks, then resell that motherfuckker for 50-100

[jjgold]

It takes a lot of work to make money, you need to know what your buying too and what market value is

Location is critical, if it is in a nice area your going to go fukkin bankrupt

[Rio DiNero]

It takes a lot of work to make money, you need to know what your buying too and what market value is

Location is critical, if it is in a nice area your going to go fukkin bankrupt

Good advice JJ, my number one rule is:"It is not what something is worth, it is what you can sell it for. If something is worth $500,000 and you don't have a buyer, it is worth $0 to you."

Rio

[obamaismyuncle]

yep you'd make a killing running a pawn shop. I mean look at all these losers who are borrowing hundreds of points

[UntilTheNDofTimE]

There are much better business ideas. I agree that this tupe of business to be successfull will cost you about 75k to start up. You can open a sports bar for the same price. For 180k you can start a poker room that will yield you 2 million a year after the first 2 years if u have a clue. Me n my best friend are currently getting all the info we need and want to open one up in around 5 years. Opening process will take about 12 months.

With a pawn shop you need atleast a 65% markup on everythig. 30% of what you buy will be stolen and you have a 30 day hold on items you purchase before they can be sold. So the fbi can dictate if the items were stolen and then theyll confiscate them. This is why youll need 50k+ the first month in cash of youll go broke

[helicopter23]

Thats good. Try to make a contact with a goldsmith as well so you can meltdown unsold gold you had for a while and sell it by the pound. Gold will be a big money maker for you. Hire a young kid part time to do the ebay stuff, it will take a lot of your time. Put all or most of your premium items on there to make a fortune. Even though the fees suck, it will still fetch more profit than if you sold in store. Alot of people come to pawn shops for dvds, etc. Buy them for .50 cents sell for 2.50 or 5 for 10 special. Thats my ideas anyway

Like I said you can atleast double your money when you buy gold. This shop MADE almost 40k in gold in 7 months. Me and my buddy have been selling things on ebay now for close to ten years, he currently gives about 35% of ebay prices. The biggest problem is gonna be the pawn shop he currently works at now, but we think were going to beat them because he won't be able to find a good replacement for my friend that's going into business with me.

Also my friend is thinking about bringing another partner into the mix. I guess this kid can fix anything xboxs, phones, tv's, etc... What you think about a 3rd partner??

[marcoloco]

seems like it is a tough biz

[Styles]

I think you should look into it a bit more before you decide to invest your money and time.

[cankid]

gl on the new venture, make sure u do your homework

[tkim8404]

This is the perfect time to do it. Good luck to you on that.

[coloradobuff]

give it a shot.