Start a Consignment Store
Consignment stores are hotter than ever. People love to get a bargain and shopping for gently used clothing is a great way to score one. If you've ever considered running your own business, start a consignment store. It could be the perfect business for you. Here's how to open a consignment shop of your very own.
Steps
- Search out a location for your consignment shop. Look around town for storefronts that are for rent.
- Contact a real estate agent to help you secure a location if you're having trouble finding a good one. Make sure it's one that's easily seen from the road with good parking.
- Read up on what it takes to run a consignment business. A good place to start is http://www.startaconsignmentstore.com/. There are many websites that can give you information on the business of running a consignment store.
- Create a name for your business and order business cards and promotional flyers.
- Check online for a service that will print these for you at a fir price. Also check with local print shops or office supply stores.
- Check with your local Small Business Association for information on getting a tax ID number and registering your business. Open a checking account for the business.
- Open a checking account for the business.
- Get the word out to family, friends, neighbors and anyone you know that you're seeking clothing for your new consignment shop.
- When you start a consignment store, you need lots of merchandise, so as long as it's in good condition, take it.
- Purchase a cash register, price gun, size tags and a credit card machine. You can find these all online by typing "merchant supplies" or "take credit cards" into your favorite search engine such as Google, Bing, etc.
- Prepare your location once you've secured it by installing racks, shelves and a counter for your cash register and check out area.
- Buy hangers from a wholesaler online. You'll need lots of them and you want them all to match so your shop will look well organized.
- Start setting up the clean, well-pressed clothes by size.
- When your shop is all set up, have your policies (customers get 50% of sale, store gets 50%, etc.) to hand out and open your doors.
Tips
- Plan on having a grand opening party where you can offer a discount.
- Be friendly with all your customers. They will bring in the clothing items that will make you money. You'll need their repeat business.
- Don't expect people to know you've opened. Run ads in local papers and even on the Internet on local sites.
