Every store has a sale from time to time. Even in resale, sales are often necessary to generate interest in your store, sell items you have an excess of and to increase your income. Be clear about the terms of the sale, use proper signage in the store and decide what forms of advertising to use. A clearance sale is another useful way of getting rid of seasonal items quickly and making way for new arrivals.
Staff
You will either be the owner/operator of your resale shop or you will need to hire staff to run it. Even if you decide to run the store yourself, you never know when you will have the need for extra help, even on a part-time basis. It is a good idea to have plans in place for your pay scale and what your training procedures will encompass. If you enable employees to accept and reject consignments, clear acceptance and pricing rules need to be put in writing.
Capital
Unfortunately, a resale shop doesn’t become successful overnight. It takes time to establish a new business and develop returning clientele. Even more so in the resale business than most because it is a business built on reputation. If the customer feels they got a good deal, they will be back. Until the business does develop a large clientele, however, it cannot be counted on as a source of income. In fact, it will most likely cost a good deal to run for a least the first year of business, and that isn’t including the planning stages.
For the person with the right retail experience, business savvy, capital and passion for finding and offering good deals, opening a resale shop could be a great investment. It can be a very rewarding career path with the right business plan and a lot of preparation.