Businesses for Boomers: Consignment Sales
Sarah Palin confesses she shops at consignment stores. And many other smart shoppers are doing the same. With the downturn in the economy, consignment shops are booming. Lots of people are looking for bargains in clothing, furniture, toys, you-name-it.
What is the difference between a consignment store, a resale store, and a thrift shop? According to the National Association of Retail and Thrift Shops (NARTS), a retail store buys outright and resells, while a consignment shop takes merchandise and only pays the consignor when the merchandise sells. A thrift shop is usually a non-profit that accepts donations and re-sells them.
What does it take to start a consignment shop? You will need to find a location, do some advertising and promotion to get people to bring in things, select carefully, and get software to keep track of your inventory. Oh, yes, and you will need to decide if you want to be re-sale or consigment. Re-sale leaves you with inventory you might have to mark down to get rid of, but consignment has more paperwork to it, and consigners usually want a bigger share of the sales price. Oh, yes, and setting up a website. Check out some NARTS member websites to get ideas.
If you are a savvy shopper, and know pretty well how much what will sell and how much it will sell for, you can do well in the consignment business.
Tags: baby boomer businesses, consignment shops, NARTSRelated Stories
POSTED IN: Boomer Businesses in Difficult Financial Times, Business Plan, Businesses for Boomers
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