Owning a thrift store?

Question

My mom and I decided we wanted to own a thrift store. The good thing is that my step dad has the space for the store and it is already paid off (free rent). However, we are unsure about how to get this business started. The only thing we have managed to do is find a catchy name for the store, " A touch of 2nd class."

Answer 1

Have you prepared a written business plan yet? That would be the first thing to do. Free rent is good, but there will be other expenses, and other details to attend to.

You'd need to get set up with the state so you can collect and remit sales tax.

You'd need to get items to sell. This might be a little tricky, since your competition like Salvation Army and Goodwill are organizations that would typically get their items free as donations, and since you aren't a 501(c)3 organization, you'll have to find other sources and probably pay for the items since if anyone donates items to you, they won't be tax deductible to them.

Advertise - get the word out that you are there.

I like the name you've chosen.

Good luck.

Answer 2

Inventory is the key once you acquire a place to keep your shelves constantly filled that will be very pertinent, well for a second-hand store that should not be too difficult but it can be something you need to work on. Pricing of merchandise, have someone study the supply and demand of each item you are to sell and price it accordingly, have someone do some price comparisons and constantly be on top of pricing trends.And it sounds as if it is to be a family business, but staffing is important to be sure to hire people you can trust fully running the store and around the merchandise...good luck