Q: I’m 28 years old. I have been considering the idea of opening a consignment shop. I am doing research on the Internet, and I have spoken with a couple of business owners in my area. I am working on a business plan now. Where should I start?
– J. Capehart, Via the Internet
A: Running a profitable consignment shop is an attractive business choice for many entrepreneurs. According to the National Association of Resale & Thrift Shops (NARTS), consignment is a multibillion-dollar business with excellent growth potential.
Now that you’ve decided a consignment shop is a feasible venture, you should start by figuring out what it takes to operate a successful store. Continue your research to help you develop key strategies, such as finding the right location, planning your consignment policies, defining your target market, and managing your inventory. Visit NARTS at www.narts.org to learn more.
Owning a franchise is another option worth considering. For example, Once Upon a Child is a resale franchise that buys and sells gently used and new high-quality, brand-name children’s clothing, toys, equipment, and furniture.
There are fees and startup costs associated with opening a Once Upon a Child franchise. You will need to have access to $38,000 to $66,000 in cash or liquid assets, either individually or with the assistance of a financial partner. For more information, go to www.ouac.com and click on the link to “Own Your Own Store.”