Starting a retail business is an exciting proposition, but it can be expensive. Opening a thrift store business, on the other hand, will be much less expensive for you. The beauty of a thrift store business is that you can make it into any kind of thrift store you like, selling used books, clothing or furniture. Or, if you are so inclined, you can sell a little bit of everything in your secondhand store.
Instructions
1. Obtain a business license. You can get one through your city or county courthouse.
2. Write a business plan. This plan should list your expenses to run the business and the money you will need to earn to make a profit. Your business plan should also determine if there is a market for what you will be selling, what people are willing to pay for the items you will be selling and what, if any, your competition is.
3. Open a business checking account to keep your business monies separate from your personal account.
4. Set up an inventory system. You need to keep track of what you have and what you are selling.
5. Get a store. Location and cost are your biggest concerns. Do not necessarily pick the least expensive store. If you get no traffic, then you won’t make any money.
6. Obtain your supplies. For a thrift store business, you need to have a cash register, pricing tools, display racks and/or shelves and hangers if you sell clothes. You will also need staplers, paperclips and cleaning supplies.
7. Have signage made. You need an exterior sign so that people will know what kind of store you have. You also need signs inside the store that highlight different areas or sale prices.
8. Obtain the goods that you will sell. A good way to get items for your store is through garage and estate sales, people you know who want to get rid of some things or even through other thrift stores.
9. Hire an employee. One person needs to run the store while the other person searches for inventory.
10. Start networking with local business groups to help get the word out about your store. You can also advertise in the local section of your newspaper, and engage in public relations activities such as helping to sponsor a children’s sports team.
Tips & Warnings
1. Developing a good eye for a bargain and studying the market to know what something is really worth will help you tremendously in this business.
2. Consider selling some items on consignment, meaning that you are selling items for other people in your store, and each of you takes a percentage of the sale price.
3. Good customer service skills are important to make sales.
4. This job requires long hours on your feet. If you have never worked retail before, consider taking a part-time job in a retail store prior to opening your own store to see if you can physically handle it.
5. During your start-up phase, plan on six months before you begin to make a profit. You should have six months worth of capital set aside to get you through those first six months.
