Would like to start a second hand shop

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Msf04

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Hi everyone

I'm looking at starting a second hand shop/pawn shop and would just like to know if someone can advise on me how much I would need to start this type of business and run it successfully
 
The answer will never be that easy, think about what you'll need and phone around for quotes.
 
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You will first need a premises to operate from.. how much is rent..?
You will need shelves for your stock..
How much are shelves..?
You will need POS equipment..
how much is POS equipment..?
You will need a bank account..
How much is a bank account..?
You may want to get business insurance..
How much is business insurance..?

This is obviously not an exhaustive list, but some of the most obvious costs you would incur..
 
WAslayer said:
You will first need a premises to operate from.. how much is rent..?
You will need shelves for your stock..
How much are shelves..?
You will need POS equipment..
how much is POS equipment..?
You will need a bank account..
How much is a bank account..?
You may want to get business insurance..
How much is business insurance..?

This is obviously not an exhaustive list, but some of the most obvious costs you would incur..
Click to expand...
Luckily you can get most of this stuff 2nd hand....
 
Second hand phones are for example quite a bit cheaper than second hand aircraft. Also, your rental, storage and insurance will be a bit less if you deal in second hand stationary as opposed to dealing in second hand yachts.
 
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WAslayer said:
You will first need a premises to operate from.. how much is rent..?
You will need shelves for your stock..
How much are shelves..?
You will need POS equipment..
how much is POS equipment..?
You will need a bank account..
How much is a bank account..?
You may want to get business insurance..
How much is business insurance..?

This is obviously not an exhaustive list, but some of the most obvious costs you would incur..
Click to expand...
and u need stuff to sell
very important
and an awesome coffee maker, very important
 
GhostSixFour said:
Second hand phones are for example quite a bit cheaper than second hand aircraft. Also, your rental, storage and insurance will be a bit less if you deal in second hand stationary as opposed to dealing in second hand yachts.
Click to expand...
Very few insurers insure second hand or pawn shops.
 
Had a friend that did this. Unless you have massive cashflow so you can operate like cash converters you are going to have some issues. First issue is stolen goods - how will you make sure the goods people are trying to sell you aren't stolen? Second issue is do you money to pay for second hand goods - you're going to have all types of people with personal money issues coming in and out. Can you tell if that chain is really gold? Do you know what it's worth and can you hedge your bets on how much to pay for it vs what you can resell for. Hope your security is up to scratch - second hand stores have a tendency to have massive amounts of items that are small and worth a decent amount - this means people are going to try break in and steal those things to go sell elsewhere. Insurance is a problem.
 
Msf04 said:
Hi everyone

I'm looking at starting a second hand shop/pawn shop and would just like to know if someone can advise on me how much I would need to start this type of business and run it successfully
Click to expand...
and a second hand goods licence, or else the police will come and tear you a new one ( dont forget the said register you need to keep of all your clients as well)
 
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