Things You'll Need:
- Business license
- Store front
- Sign
- Cash register
- Shelving and hanging rods
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Step 1
Visit other consignment stores. Get ideas and learn what you like and don't like within a store. Note why some stores seem busier than others.
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Step 2
Contact your city hall to inquire about a business license. Obtain the appropriate paperwork required to operate a business.
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Step 3
Meet with an accountant who can handle your finances. Hire someone knowledgeable in small businesses, since there are many tax responsibilities and also many tax reprieves for small businesses.
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Step 4
Develop a startup budget and an operating budget. If you plan to purchase a storefront, meet with a loan officer regarding a mortgage. If you plan to rent, you need a security deposit, first month's rent and last month's rent.
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Step 5
Call a realtor to visit storefronts that are for sale or lease. Note the building, location and if the facilities are what you need. Is there ample traffic and parking? Is it a popular area? Is the building itself highly visible? These questions determine a lot about whether a retail operation succeeds or not.
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Step 6
Start collecting items to sell. Obtain items yourself and through advertising your consignment shop. Determine how long you will hold onto an item for someone, and what percentage of the sale price you will keep.
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Step 7
Set up your store. Install a counter area for the cash register, bags and other supplies. Determine the placement of shelves and hanging rods. Keep the store neat, tidy and organized to gain repeat customers. Many people make first impressions within 30 seconds of entering a store. Set up a highly visible sign so customers can find the store with ease and to attract passersby.
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Step 8
Hold a grand opening. Advertise and promote to make your grand opening special. Many children's consignment stores fail to thrive, so promoting your store is critical. Have hot dogs, pizza, or other food and beverage on hand for shoppers. Ensure your store is welcoming to keep visitors wanting to come back.
