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So how do you start a pawnshop business, it's kind of like GameStop how when you go and try to trade in your games it's literally worth 1$ but you bought last week for $60. Well pawn shops use the same concepts but they buy a lot more which means a lot more profit

And that’s why in this video im going to break down, how to start a pawn shop, the start cost, expenses and on top of that also the profits you can expect.

How to Start a Pawn Shop Business

Start-up Cost: I have a free video on doing LLC

License: if you plan on doing this Legally, you need a license
Beg: It’s called a pawnbroker license and it cost different depending on your state
Climax: However in new York, you’ll need a $75 procession fee, and 10k surety bond. But… you really only need 1-15% of that if you to a surety bond agency.
Ending: You might want to do it off the books, I don’t recommend it. You’ll have no legal leverage, and you could get fined or go to jail.

Location: this can vary: New York Rent 3k-4k per month
Story:
Beg: This is going to sound messed up
Climax: but if you noticed a lot of pawn jobs are set up in low-income neighborhoods because those people are more likely to pawn and lose their goods.
Ending: How do I know, because I live a low-income neighborhood, and they have 3 within a 3-mile radios

Money: This is your start-up capital to do deals
Story:
Beg: You might think the more money the better, but not always.
Climax: too much money and you’ll invest in items that have a difficult sale.
Ending: So start small with 1-10k and build up the business and reinvest the profits.

Tip: if you get a massive opportunity then ask for help.

Education on Niche: If you don’t have this you will get scammed
Story:
Beg: You can’t be an expert at everything, let's be honest.
Climax: So educated yourself on certain items and then hire or outsource other items
Ending: Example, people will bring cars, electronics, collector items and so.

Tip: Just eBay and see how it sells for

Expenses:

Security: You don’t need a bodybuilder but you do need some cameras
Cost: Cameras 160 bucks
Bulletproof Glass: $1000 - $5,000 bucks ( however depending on your open and close and your location you might not need them)

Insurance: $50 plus per month
Robbery or damage: keeps you covered:
Story:
Beg: I have seen people fight
Climax: and lose more than items if you know what I mean
Ending: so if you have insurance, you don’t need to fight.

Computer system: 50-60% per month
Story:
Beg: In the beg, you can use a book and excel
Climax: as you keep growing you can upgrade and make things easier
Ending: efficiency is key

Initial Inventory ( go shopping and get some products to catch the eye, to business rolling )

Profits ( the money you make)

Two ways:

By offering collateral Loans:
Story:
Beg: When someone gives you an iPhone and has to pay you back in one month
Climax: The industry standard is 10 – 240% depending on if your state regulates rates
Ending: So even at 10% a month, in one year that’s 120% ( almost 4 times what a credit charges)
Plus you can keep the item if they fail midway

The second way is by selling items they got
Beg: The same guy with the 1000 iPhone, is only going to get maybe 500 or 400 bucks
Climax: If he stops paying you can keep the item, and resell in your store or eBay.
Ending: Mark up is usually between 15-45% ( and sometimes a lot more)
Pawnshops are missing: modernization
Example: imagine a website, that you can send your stuff to, free shipping of course and they’ll verify your product. Send you the money, and give you 1-12 months to pay it off. ( if you don’t, then they keep it )
Of course, you'll have experts to verify everything.

Oh and please be careful

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Disclosure & Educational Disclaimer:
Some links in this video may be affiliate links, and I may earn a commission. Content is educational and accurate as of posting; offers may change. I’m an accountant but not your accountant; always consult your own accountant/CPA or financial advisor. No income or results are guaranteed.