The holiday season presents itself every year at the same time and with the same expectations. However, all too often many of us are still unprepared to capture all the revenue opportunities. This article, Best Practices for Your Shop This Holiday Season, is an excellent one to bookmark for next year (set a reminder to come back again in early November) but there are a few things that can still help you make the most of this year.
Whether you’re in the market to start or buy a pawn shop, or have owned one for years, the demands of your business will always revolve around the customers walking into your doors. Long have we been in the digital age, but figuring out how to position your business through online channels to attract that foot traffic remains a constant struggle for many business owners. There’s no such thing as a magic pill, but there are some methods you can take to give yourself the best performance possible! It all starts with finding your audiences, learning what they need, and then reverse engineering the competition.
When it comes to opening a pawn shop, there’s a lot to think about and many mistakes you can make. As there’s no formal degree you can get or official courses you can take to become a knowledgeable pawnbroker, there’s a lot of independent research to do and individual classes to take to feel prepared.
When it comes to starting a pawn shop, many people think it’s much more difficult than it needs to be. As long as you plan ahead of time and prepare adequately, it can be a smooth and relatively straightforward process. Software like PawnMaster also comes in handy to help you organize various daily processes.
Pawnbrokers must follow strict regulations when it comes to buying and selling firearms. No matter your stance on firearms, it’s crucial that you follow all federal laws, such as holding an active Federal Firearms License from the ATF (Bureau of Alcohol, Tobacco, Firearms, and Explosives), or face the consequences. Keep reading to understand more about buying and selling firearms as a pawnbroker.
Although becoming a pawnbroker may be less challenging than many people would assume, there are certain obstacles you may encounter along the way. While you don’t need to complete a specific pawnbroking course, you do need to meet certain standards. For those with a criminal history or record, these standards may be much more difficult to meet.
In some ways, being a pawnbroker isn’t as complicated as you may expect. However, you might start to realize that there is a lot of knowledge about products that you need to know about. The primary skill a pawnbroker needs to possess is the ability to evaluate a wide range of merchandise from jewelry, diamonds, watches as well as tools and anything of value. Proper evaluation is essential in maintaining a healthy loan balance and establishing a solid retail profit center if an item forfeits. (more…)
If you’re thinking about starting a pawnshop and becoming a licensed pawnbroker, then you’re probably aware of the many laws and regulations you’ll have to comply with before you can even open your shop. One of the requirements for getting started as a pawnbroker, whether surprising or not, is a certain amount of money. (more…)
There are a few essential things to understand about the pawnbroker industry. Like every type of business, there are legal requirements and limits that you need to be aware of. In fact, the pawn business is a heavily regulated business model for most states, making the pawn contract a legal contract in that state. (more…)
When I began my career as a young(er) broker, I quickly discovered how much I didn’t know.