Looking to open a second hand shop need advices

[Rob 2014]

I'm looking at starting up a second hand shop as well as selling new goods I'm looking along the lines of the ones that can make interest of the good like a loan ( If you get what I mean ) do I need any licenses to do this. Any advices would be good.

Thanks Rob.

 

[Swisaw]

You don't need license to sell second hand or new goods.

 

[Rob 2014]

What about the bit if I wanted to make interest off the items like running a shop cash converters.

 

[IanG]

How do you propose to make interest? The item appreciates in price the longer the seller doesn't buy it back?

 

[Rob 2014]

As I said in my first post as a loan on the item like cash converters just want to know what I need.

 

[Root 66 Woodshop]

Personally, I'd forget about that loan style (cash converters) shop and stick with just being a second hand/discount store.

Competition for the cash converters is too high to even consider taking it on and you won't make anywhere near as much as you think you will.

Second hand store - consider what you're taking on, i.e. furniture, electrical's etc. - Make sure everything electrical is tested correctly, works and most importantly not stolen.

 

[Rob 2014]

Ok do I need someone with electrical qualifications to test the goods to sell on and is there a way to check to see if its stolen or not.

 

[10032012]

I am not sure if its true, but I read that Cash Converters are not doing too well with their traditional pawn business. Its the Pay Day loans etc. which is making them profitable.

 

[10032012]

Ok do I need someone with electrical qualifications to test the goods to sell on and is there a way to check to see if its stolen or not.

I don't mean to be offensive (and it might get established members backs up too) but you sound completely clueless about everything.

You cannot start this venture and succeed if:-

• You do not know anything about the industry
• You have no previous experience in the industry
• You have no business acumen
• You have no business common sense

There are many businesses I would like to have started in the past but I never walked out of college expecting people within those industries to teach me the ropes for free fully in the knowledge so I can compete directly against them.

 

[Rob 2014]

I do know what I'm doing I'm just making sure about things the last thing I want is to be wrong about something and have to pay for it that's why people are here as they need some info or there helping people out. If you got northing to say then don't say anything at all don't act like a kid.

 

[10032012]

I do know what I'm doing I'm just making sure about things the last thing I want is to be wrong about something and have to pay for it that's why people are here as they need some info or there helping people out. If you got northing to say then don't say anything at all don't act like a kid.

You are not asking for some advice or information.

You are basically wanting:-

• A business plan
• A mentor
• A financial advisor
• A business partner

Poor spelling aside, I have got loads to say.

How can you open a pawn shop of electrical goods if you do not know about licensing, checking stolen goods or PAT testing?

If you are a kid and worked 2 weeks in cash converters, or did some online research, you would know the answers to this already.

 

[GarethShaw]

If you are opening any form of business providing loans then you will need a consumer credit license.

In terms of help why not ask your local business association as they normally have members who will help out a new business.

 

[Swisaw]

Ok do I need someone with electrical qualifications to test the goods to sell on and is there a way to check to see if its stolen or not.

For the start until you learn all nuts and bolts of business, check all electrical goods by yourself to ensure at least they don't cause fire. After that sell them on the condition if didn't work the customer has to bring it back to get back refund. When you buy your second hand electrical merchandises get full ID of the seller to avoid stolen goods. Good luck.

 

[draelectricals]

If you are planning to sell on electrical goods then you need to get them PAT Tested first; if there is an accident and you haven't checked they are safe you will be liable. Every other business of this type gets the equipment tested before selling it.

 

[Root 66 Woodshop]

I'd like to point out that not all electrical products "have to be tested".

 

[Excel Expert]

Its not an easy business for a start up business. The pawn side will need a credit license, most of your electrical goods will need PAT testing to ensure they are safe to sell and then you will need to meet several requirements for the Police.

In most second hand shops that buys stock from the public they have to see proof of identity and record it against the purchase. I'm not sure if it is a legal requirement or not but you could end up in a lot of hot water if someone sells you stolen goods and you cant prove you had any measures in place.