Our Target Market It cannot be denied that the pawn shop industry has a vast range of customers. Read books on the industry in order to acquire additional knowledge of what takes place in the business.
Just as we wrote in our executive summary, Fidelity Pawn shop will be very much engaged in pawn brokering. In order to assess the exact amount, first establish your anticipated expenses and expected annual gross revenue. Secure a business name and register your business as a limited liability company.
Design the front room of the shop to look like a typical variety store that has a homey feel to it. Again, just keep in mind the customers you wish to attract, hopefully within your radius, and make sure their experience when dealing with your company is not boring. That is why we at Fidelity Pawn shop understand the various needs of various individuals.
Smaller items pledged together can easily be stored in Ziploc bags, and your computer system should be able to accommodate you for tags or labels on all pledged merchandise.
You can place advertisements in the paper or online to get workers for your pawn shop. There is room for networking in the pawn shop business because we have to source for goods for our business from different sources.
You can hire a part time staff if the occasion arises where you need to get a trainee manager to give your staff in-house training especially where they do not have previous pawnshop work experience.
From this, when writing your business plan, make sure to highlight and discuss each service offered. In the midst of all this designing, keep security and traffic patterns in mind.
Bad customer service therefore constitutes a major reason that makes business lose customers. Pawn shops are expected to adhere to minimum distance requirements from certain establishments such as schools and so on. January July and August are usually the most prevalent.
Look to provide a legitimate and profound reason why your customers should do business with you. The research identifies competitors, target demography, customer base, interests and wants. Try to secure long term loans with low fixed interest rates. Our target market at Fidelity Pawn shop will move across businesses of different sizes and individuals.
Working capital entails staff wages, rent, maintenance and purchase or loans. It would be wise to choose your preferred software and mention it in your business plan. The Performance appraisals of the shop will be done regularly to find out if our staff are following the standard operating procedure of the shopthe results obtained will then be used to correct any errors found.
Learn Goods Valuation The most important aspect of being a pawnbroker is mastering the art of valuation. There are several insurance companies who specialize in writing policies for the pawnshop industry. Establish the shop as a limited liability company and register it with your secretary of state.
You shop should be easily accessibly, visible and centrally located. You can also consider occupying an old pawn shop in a safe neighborhood to reduce the need for additional permits and zoning approval.Most pawn shops are licensed at a state level while some are licensed only at a local level, and many are licensed at both levels.
There is no such thing as becoming a pawnbroker without some sort of business licensing, and usually this involves multiple licenses. Will Improve Your Business Strategy and Allow You to Raise Funding!Types: Launch/Grow Your Business, Raise Funding, Dominate Your Competitors.
The retail business plan template is fully geared towards the pawn shop retail business. Easily add project plans, phasing diagrams, floor plans, specific plans and more as is needed. Easily insert financial data from the financial application.
Tips for Opening a Pawn Shop By Steve Krupnik. Should I be a pawnbroker? I've had many entrepreneurs contact me who state they are planning to open a pawnshop and are seeking my assistance.
In talking to them I discover they are most interested in out your business plan, and you should also propose additional revenue streams to get.
Sample Pawn Shop Business Plan Template PDF PAWN SHOP BUSINESS PLAN SAMPLE TEMPLATE [ PDF / DOC ] This article is solely written to show how a pawn shop business plan should look like, what its component parts should be like and how to organized one to.
To start your pawn shop business you need to determine the business structure. Are you going to pawn and sell only items offered by customers?
You also need a good business plan, start-up estimate, permits and licenses. Other requirements are sales tax, business registration and location. Hire competent staff, purchase inventory and promote.Download