Do you have a passion for finding and identifying treasures from the past? If so, than you might find running your own antique store to be an enjoyable and financially rewarding experience. It gives you the opportunity to see and hold some unique, one of a kind items with tons of history behind them. Of course, you’ll also be able to talk with customers who come into your antique store about certain items, which is just another benefit associated with the industry. If this sounds like something you are interested in, keep reading for some businesses tips on how to open and run an antique store.
Understand Price Valuation
One of the biggest mistakes newcomers to the antique store business make is not understanding the current market valuation for certain items. Just because an item looks old and important doesn’t mean it’s worth thousands or even hundreds of dollars. To ensure your business is a profitable success, you must educate and familiarize yourself with the current prices on antiques. The problem, however, is thatÂ it’s oftentimes difficult to determine how much an antique is worth since they aren’t readily available for sale.
So, how are you supposed to come up with a selling price for your antiques? There are a couple of different ways to value your antiques, but one of the easiest and most effective methods is to look at prices on eBay. You don’t have to necessarily sell your antiques here, but instead look to see what similar items are going for. This will give you a working point to base your store’s prices around. As you may already know, eBay is the world’s largest online auction site with hundreds of millions of users from across the world.
Because of its enormous reach, many people prefer to use it for selling rare antiques and goods; therefore, you’ll likely find antiques similar to yours here.
Focus on Your Customers
Running an antique store is all about generating a direct relationship with your customers. After all, that’s where your store’s revenue is going to come from. You simply can’t expect customers to keep coming back to your store if you ignore them while they are shopping. Take the time to introduce yourself to new customers so they can know a little bit more about you and your business. Once you’ve developed a relationship, customers will keep coming back to your store.
Maintaining good customer service also means that you should treat them with respect. Don’t try to rip them off by marking up some common antique for ten times its original value. Sure, you might end up making some extra money initially, but you’ll lose customers in the long run. A better approach is to keep your business honest and always let your customers know of any discriminates or uncertainties you have about certain products. Your honesty alone will set you apart from competitors in the antique business by showing customers that you care.