A business of antiques and collectibles could provide a wide variety of furniture to choose from, from china figurines to tools. Generally, dealers would tell you that for a piece to be called “antique”, it should be 100 years old at least. Collectibles, on the other hand, can be less than a century old. This distinction, however, is not set in stone because there are collectibles that could command a higher price compared to valuable and older antiques. If you are considering starting a business that deals with collectibles and antiques, you must possess product knowledge, innovative marketing techniques, and understand what customers generally look for.
Document Your Company
Before you start a business, document its structure. Business formats include $ corporations, sole proprietorships, limited liability companies, and general corporations. Learn each format’s pros and cons in relation to your business.
Lease a Location
After you are done zeroing in on a structure, obtaining a license, and finishing other formalities, lease a location. It should be visible and spacious. Get a storefront that has huge glass windows to showcase your offerings. Make sure your shop is easily accessible and has loads of parking spaces for customers. Look for a property that’s located close to businesses that attract the kind of shoppers you’d like to target. These businesses could be furniture stores, bedding and drapery stores, gourmet kitchen supply stores, etc.
Learn More About Your Products
Improve your existing knowledge about antiques and collectibles. Become an expert in a particular type of collectible and antique goods. Go through existing valuation guidebooks and constantly be in the know about Internet auctions so that you could learn how much does the merchandise goes for on average. Also, seek expert opinions from antique dealers who are not your competition.
Purchase or Consign
Buy or consign your collectibles and antiques. Decide on the merchandise mix of your store and how you would procure the items. Consider buying goods from local auctions and estate sales. However, this route could necessitate buying the entire merchandise lot. Put ads online and offline seeking merchandise. If you opt to not purchase merchandise but consign it, put down the consignment arrangement on paper to legalize things.
Open your collectibles and antiques store grandly. Host a special event, such as antique appraisal day, to grab more eyeballs. Encourage people to bring in their goods for informal opinions. Create a promotional flier that describes your services and merchandise mix. Promote the event in city magazines and regional newspapers. Get a graphics designer onboard to make attention-grabbing adverts.