We all have a bunch of junk just resting in our house. Accumulate all the worthy items and sell them on online platforms like eBay and Olx.
What you’ll do:
a) Sell your old products online
b) Sell someone else’s old products online for a commission
Your earning as a second-hand goods seller depends on what items you sell. Items like cars and electronics hold larger margins than clothes and accessories.
Things to Consider When Opening a Second Hand Shop
Choose the Kind of Store You Want to Run
There are second hand shops with a special niche — records shops, bookstores, clothing stores, furniture studios. Then there are second hand stores that will sell just about anything.
You’ll need to figure out what type of second hand business you’re thinking of starting. That decision could be based on a variety of factors, including availability of merchandise, shop location and your overall knowledge of a product. Consider your market, too. A college town, for example, may not be the best location for an antique shop but a used furniture shop or used bookstore could be a big hit.
Have a Plan for Sourcing Your Merchandise
You may be sitting on what you think is a lot of merchandise ripe for a quality second hand shop. And that may be true.
But what happens if you have a mad rush of customers one day and your shelves and racks are left bare? What’s the plan to get more merchandise in a hurry.
Be Sure to Get the Proper Business Licenses
When starting any business, especially a local brick-and-mortar operation, it’s critical that you comply with all local laws and acquire all appropriate licenses. If you plan to buy merchandise from private citizens, it’s also important to ensure all procedures are in place to prevent buying stolen goods and that you work with authorities if hot merchandise does come through your doors.
Hire a Mr. or Mrs. Fix-It
If you’re running a second hand furniture or appliance shop, there may come a time when you buy something — with the intent of selling it — that needs a little work. You’ll be far too consumed with running other aspects of your business to have the time to devote to handiwork.
Forget Firm Pricing and Learn to Negotiate
Few, if any, second hand shops have firm prices on their merchandise. And your goal running a second hand shop should be to move merchandise in an effort to bring in new stuff as quickly as possible. To do this, you’re going to have to learn how to make deals that keep you in the black and let your customers feel like they’re getting a good deal.