How to Start a Second Hand Store 1-2-3

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At a time when people are trying to save money, second hand stores are becoming a popular shopping outlet. Consignment shops can offer higher-end clothing and not only attract shoppers who want to save money, but those who want to sell their clothes for extra cash. This can be a win-win situation, especially for the second hand store owner.

Start-up cost for a second hand business doesn't have to expensive, since donations are free and clothing sold on consignment does not require payment up front. In the beginning, you will be putting your money mainly in a storefront lease plus the cost to fix up your space, store fixtures and supplies, etc.

It is important to select a location that will attract the right buyers. This will depend on the items you are selling, of course, but having significant foot traffic and other shopping establishments in the vicinity will help bring in shoppers. If your second hand business is in an area with the right traffic and has good signage, this is also likely to save you money on advertising.

To increase your success potential, be selective about the clothes you choose to sell. You want to known for carrying quality items that offer a good value to customers. Make sure clothing is clean, as well as your shop. If you treat your establishment as an upscale boutique, shoppers will view it as such. Some second hand businesses attract clients by targeting specific niches, like children's clothing.

You can exclusively sell merchandise that is donated or brought in by consignment sellers, but you also have the option to shop garage sales, estate sales and thrift stores to find items that may appeal to your shoppers. If you choose to spend a significant amount of time finding clothes to sell, you may need to hire an employee to occupy your store (and you can use an easy online payroll service), or you can simply have your shop open part-time.

Start by registering your business name with your county clerk and applying for a business license (and seller's permit if applicable to your shop). Open a business bank account, obtain financing if necessary and get quotes on business insurance.

Hire a bookkeeper or purchase some inexpensive accounting software that will track your business income and expenses. Get set up to accept credit card payments from customers, and you can instantly increase the number of items you sell.

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How to Start a Second Hand Business

The easiest way to start a second hand business is to learn from someone who has already owned one. The good news is that you don't have to take a time-consuming course or pay for an expensive seminar to get this information.

Bargain Shopper Lori Soard has interviewed over 100 second hand business owners to find out what it takes to start and run a successful consignment business. Not only can you get one person's advice - you can get several in one guide.

See what you get >>

• Location: how to find the right location, plus tips on permits, leases and signage
• Getting Merchandise: Several key strategies, including how to get discounts on new items
• How to Set Prices: pricing formula for maximum sales and profit, how to get rid of unsold items
• How to Increase Sales with simple interior design and display strategies
• Marketing: multiple ways to get clients, including free publicity, websites and advertising
• Free Samples Included: floor plan, business plan template, consignment policy, press release, supplies checklist and more

 

Start a Second Hand Store Business

 

How to Advertise Your Second Hand Shop

Get Free Publicity
You can get free in your local newspaper by writing a short press release about a newsworthy even that is going on with your consignment business.

Announce the opening of your shop, along with an interesting story of how you got started, an event that you're holding, a special discount that you're offering or how you are involved in the community. Editors want to print stories that people are going to want to read about - so make it interesting.

Your press release doesn't have to be long, and you can find press release samples here: How to Get Free Press.

Set up a simple website for under $50/year to advertise your second hand shop. Help people find you in the search engines: get listed in 20 search engines for free or in 300 search engines for $4.

Local Search is becoming more and more popular. People are many times using online search instead of the traditional yellow pages to find local businesses. Local Search sources that are affordable and receive substantial traffic include: Google Local, Yelp, Super Pages and Insider Pages.

Offer coupons in neighborhood mailers or local newspapers to attract new customers to try out your service. You can use mailing services or design your own coupons using online coupon creators.