What Do I Need to Open a Thrift Store?
Thrift stores can be run as non-profits, but they can also be for-profit businesses that cater to the needs of their community. Starting a thrift store takes planning and business know-how.
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Getting Started
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You'll need some business basics. A business license, tax ID number, and a business bank account are the minimum requirements. You might also consider writing a business plan.
Setting Up Shop
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You'll need racks, shelves, and other display hardware for your shop. A good supply of shopping bags, office supplies, and other business essentials are also important. Second-hand wares may also require cleaning supplies and special equipment.
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Getting the Word Out
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Signage is one of the easiest ways to let the community know about you. Also consider advertising in the local phone book and making fliers to post around town. Choose your location well. People who shop at thrift stores often like to make the rounds, so making yourself convenient can't hurt.
Finding Stock
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It will be important to have a steady influx of product. Advertising that a percentage of your profits go to charity may encourage donations. Garage sales, other thrift stores, and estate sales are also sources. You could offer a trade-in program, giving store credit for top-notch trade-ins from your customers.
Specializing
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When planning your new business, make sure that you consider what kind of store you want. Non-profit thrift stores often pack in whatever people donate. For-profit thrift stores have the opportunity to be more specialized. Perhaps your dream is a children's thrift, or a vintage store. There are lots of options.
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References
- Photo Credit Image by Flickr.com, courtesy of Gordana Adamovic-Mladenovic
