Increasing Our Pawn Shop Revenue
One of the biggest lessons that I learned about being a pawn shop owner is that I need to make sure that I am selling the items that people bring into the store as quickly as possible. Unfortunately our store is only so big, and if we didn’t sell everything as quickly as possible, we just wouldn’t have much room at all.
I would have to say that the most important reason for selling our items quickly is to ensure that the cash keeps flowing into the business. I find that many things (such as stoves and televisions) can sit on the shelves for months and it takes us awhile to recover our money. In these tough economic times we can’t really afford to wait that long or we might find ourselves out of business.
So, I have been taking some of our items in our store and selling them in other venues. A good example would be when I sell jewelry online: I can reach a bigger audience than the people in our city, and usually I can get a better price than I would selling it at the store. In fact, except for one gold buyer that frequents our store once in awhile, the jewelry we have isn’t selling.
Through thinking outside of the traditional “store centered” mentality, we have been able to increase our pawn shop revenue steadily even during these times of economic crisis. Though our income level is not where we would like it to be, it is encouraging to see this growth while other businesses are faltering.
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