Starting a Thrift Store – Sample Business Plan Template
1. Study about thrift Stores
It wouldn’t make any sense if you decided to start a thrift store and you embarked on it without a thorough foundation. One of those foundational steps would be taking research seriously. This means that you have got to study all that you could possibly lay your hands on about thrift stores. You would be able to find loads of information on the internet. All you have to do is to type in questions you want answers about in the various search engines like; Google and plenty other types. You may also consider spreading your tentacles by reading books on thrift store business and how they are run.
2. See Things for Yourself
If you already know someone who is in this line of business, then you may want to ask that you go to the shop to see things for yourself. This would be a good step that would help you make an informed decision about your thrift store business in the long run. Here you would have the opportunity to get hands- on details on how much you can start your thrift store with, where you can look to start the business in, the kind of people who may be in need of this used merchandise and so on.
3. Register Your Business
If you are looking to start this business on a small note for now, then you may want to consider just starting from the comfort of your house. On the other hand, if you are starting away from home and hope to get some used merchandise from the corporate world, then it is important that you go to the chamber of commerce or the corporate affairs authority office in your country to get all paper work done. If your thrift store would be run for and by a charity, rather than for profit, the licensing and registration may differ. In this case, the store may need to obtain a license which is called a sales privilege license as the case may be in some countries.
4. Get a Space
As earlier mentioned, you can look to start from your house. That means you would need to create a space in a room or the front space in your house. If on the other hand you choose to start away from home then a shop would do. Look for a big enough space that can accommodate the type of merchandize you want to deal in. Do ensure that your thrift store is located in a busy place where you can attract all and sundry.
5. Decide On the Type of Merchandize
Most thrift stores can offer all sorts of products from baby clothing, adult clothing, to baby furniture. A thrift store could specialize on one kind of products- which may be used electronics for instance. It is important that you look around you to know what your competitors are dealing in before drawing an inference from that and then arriving at what to sell.
6. Seek For Merchandise
There are several ways through which you can seek the various merchandise to deal in. This merchandise could be through donations, online auction sales, garage sales, amongst others. You would need to adopt one or more means that can help you make enough profit. You are dealing with used merchandise and as such care must be taken so that you do not make too much profit when you over price.
7. Advertise Your Business
With thrift store, advertising is sure a big deal. This is because like other business, you would need to let potential customers into what you do. You may consider advertising in the local newspaper, the social networking sites like; twitter, facebook, LinkedIn and instagram. Also, to a very large extent, you would need a website where you can as well blog of issues and the business you do.
8. Decide How to Receive Payment
It is okay to receive payment via cash, but you also have to note that you have to consider credit and debit cards. This is because some folks may not carry cash about, and also some folks may prefer to pay with their credit cards. So, you have to figure out what works best for you so that you do miss out on the deals your clients has to offer.
Now, you see that starting a thrift store is no big deal as such. But it is important that you stay focused on the type of merchandise you want to deal in so that you are not distracted by others.
0 Comments