Looking to Grow Your Pawn Shop?




If you’re looking to grow, I think the most important thing you need to do is have a plan. Why do you believe that second location you’re going to open or buy is going to be more successful, or as successful as the first one? You need to have a plan to do that. More importantly you need to have your processes and systems in place.

If you have five pawnbrokers in your one location, do all five of them qualify that same item the exact same way? Are they going to give out the same dollar amount to the same exact customer in the same manner? Are they going to sell the item at the same discount or the same price as everybody else? This is what I mean by, “Do you have to have those processes and systems in place?” How do you take the item into the back to be stored for a while and then how do you clean it up to put it out to merchandise? If that process isn’t uniform and systematic with every employee and you go to open another location or you go to add more staff, that problem actually gets bigger, it doesn’t get better. So, you have to make sure you have processes and systems in place within your first operation before you decide to grow.