In any community there are people who prefer to shop at thrift shops. Some people enjoy the challenge of finding unique items that a thrift shop might carry. Others are interested in saving money. Whatever the reason, if a thrift shop is set up with a sound business plan it can succeed in almost any locality. Setting up a thrift shop involves some basic business skills and knowledge. More than that though, a thrift shop will succeed with a creative manager who knows how to maximize the unique assets of a second-hand shop.
Stock the store. Inventory at a second-hand shop can come from a variety of sources including resales of other thrift store merchandise (at the beginning to get started) and garage sales. Many people are happy to bring their old items to a thrift shop so in the months and weeks leading up to the store's opening advertise that the thrift store is accepting items for resale. People may start bringing their used items in even before the store opens.
Accept items to sell on consignment. People who bring their consignment items in often bring other old items that they're getting rid of as well.
Find a good location. Look for a location that has a lot of foot traffic so that walk-ins will be plentiful. Thrift stores tend to get a lot of customers who wander in from the street so make sure that the store is in a good place for wanderers.
Organize the shop. It will need a sign as well as shelves, racks, hangers, a cash register, a changing room area and price tags.
Take a business course. Many community colleges offer business courses which allow interaction with other individuals who are also establishing businesses as well as an interactive atmosphere with opportunities for questions, answers and exchange of ideas. If there is no time to attend a course investigate the many online business courses that are available. Many are free.
There are so many intricacies involved in starting and running a business that it is important to get a professional overview of the laws, licensing requirements, zoning laws, banking requirements, tax issues, and accounting and inventory systems needed.
Prepare a marketing plan. Advertise the store's opening. Continue to maintain a presence in local papers and neighborhood websites. Offer sales and deals. Place some of the merchandise outside the store's door to attract attention.
Consider installing a small washer/dryer in the back of the store. Thrift stores often receive shipments of questionable-smelling items. A quick wash and dry can quickly make smelly clothes desirable again.
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