Many people dream of owning their own business, but then balk when they find out how much of an investment in time and money it can be. This is especially true of retail (storefront) businesses. It’s a common dream to have your own store, a dream as old as America, and it doesn’t have to be as expensive as many believe.
The consignment business is considered “recession proof” and, in fact, it can thrive when the economy is down. At the same time, it requires much less up-front cost to establish and operate than most other retail endeavors.
Of course, that’s not to say that it’s easy. Like anything worth doing well, it requires diligent planning, work, and a solid investment of time and money to get started. But even part-time, a consignment store can make very good income.
There are hundreds of reasons to get into the consignment business. Some people have a love for antiques and collectibles, others love fine clothing and furniture, still others just enjoy the thrill of the “garage sale find” and want to pass it on to others. Whatever your reason, there is money to be made is consignments.
Most consignment information focuses on clothing. It’s a huge part of the consignment business market, but is not the only item sold on consignment. Furniture, hats, collectibles, and even automobiles can be a part of this business as well. Many successful consignment shops sell only furniture, specialize in collector car parts, or focus on one type of clothing such as shoes, hats, or dresses.
The consignment business is relatively easy to understand, requires little in startup capital compared to most other retail, and is both profitable and comparatively low-risk since inventory costs next to nothing (or absolutely nothing). A consignment store can be run full time, part time, or any combination of the two.
Once established, a consignment store will usually grow as quickly as the owner would like it to and when you’re ready to retire or move on, they are some of the easiest businesses to resale to other interested entrepreneurs.No tags for this post.