Would like to start a second hand shop

Msf04

New Member
Joined
May 22, 2019
Messages
1
#1
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
 

gamer16

Executive Member
Joined
Nov 3, 2013
Messages
6,632
#3
The answer will never be that easy, think about what you'll need and phone around for quotes.
 

WAslayer

Expert Member
Joined
May 13, 2011
Messages
2,954
#9
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..
 

ekske1

Executive Member
Joined
Apr 22, 2017
Messages
5,064
#10
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
What hands are you going to sell?

white, black, left, right ?
 

MightyQuin

Honorary Master
Joined
Oct 6, 2010
Messages
12,789
#12
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..
Luckily you can get most of this stuff 2nd hand....
 

GhostSixFour

Mafia Addict
Joined
Nov 9, 2009
Messages
12,353
#14
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.
 

Chuckmyster

Honorary Master
Joined
Aug 2, 2016
Messages
12,103
#15
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..
and u need stuff to sell
very important
and an awesome coffee maker, very important
 

Hemi300c

Honorary Master
Joined
Dec 15, 2009
Messages
19,598
#16
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.
Very few insurers insure second hand or pawn shops.
 

^^vampire^^

Expert Member
Joined
Feb 17, 2009
Messages
3,360
#18
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.
 

ijacobs3

Expert Member
Joined
Oct 15, 2009
Messages
2,094
#20
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
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)
 
Top