An Ancient Store Owner : Our guide on starting an Ancient store covers all the essential information to help you decide if this business is a good match for you.
Learn about the day-to-day activities of An Ancient Store Owner,
the typical target market, growth potential, startup costs, legal considerations, and more!
Antique Store Owner Polishing Old … gettyimages.com
See also: 20 Top Christmas Business
Opportunities
An Ancient Store Owner
1. Get The Business Background
Your ancient store may sell items online.
In a booth at an antique mall, at craft fairs or flea markets.
Or in your own stand alone store front–or in a combination of all of those places.
You will constantly procure new items for your store and work to resell quickly and at a profit.
Most ancient dealers specialize in a specific segment of ancient.
Such as furniture, vintage jewelry, printed media, or even commercial signs.
An Ancient Store Owner
2. Know The Right Person For The Business
If you have a passion for a beautifully crafted table or marvel at the function of an old butter churn.
You have the first requirement of a successful antiques dealer.
You must also have a burning desire to turn a profit.
And be able to let go of your carefully selected inventory quickly and without any sense of loss.
This is above all else a means to make money.
An Ancient Store Owner
3. Know The Business Activities
Whether you operate a large antiques store or maintain a small booth in a mall, on a daily basis you will:
- Shop for new pieces at other antique stores, visit flea markets, estate sales, and second-hand stores
- Build an extensive knowledge of your specialty area such as toys, art, fine furniture, and curiosities
- Market your wares according to what is popular and desirable as trends change
- Price your product such that it moves quickly while turning a profit over your purchase price
- Develop your displays to attract shoppers
- Maintain ledgers/spreadsheets to track incoming and outgoing items
- Mark down inventory that has lingered on your shelves for too long
- Bargain with interested customers in order to make the sale
- Barter with other dealers to ensure you always have fresh inventory for returning shoppers
See through: 15 Top Art Leather Binding Business
An Ancient Store Owner
4. Know The Targeted Market
Your most valued customer is the individual or designer who appreciates your eye for unique.
And quality items such that they return to your store for another piece to work into their home.
Customers who regularly purchase from antique stores value quality construction
And elegance over a fancy showroom with over solicitous sales staff.
They desire to strike a bargain and feel that they own a piece of history that nobody else can have.
An Ancient Store Owner
5. Know How To Make Money
As the owner/operator you will constantly be shopping for new items for your booth.
Or online store and will turn a profit by re-selling them at a higher price.
You are more successful if you turn your inventory quickly and often.
Large expensive items can linger,
slowing your income stream and leaving the impression with shoppers that you never have anything new.
An Ancient Store Owner
6. What Is The Growth Potential For An Antique Store?
The antique boutique capable of expanding will be run by a person who has a talent.
For building relationships in the business.
As you accumulate the names, numbers,
and preferences of your clients and competitors,
you can start buying items with certain customers in mind.
When you become a personal shopper,
you can charge a premium for your items and service.
Over time, you may expand into a larger storefront as you begin to hire other dealers.
Ready to further expand your customer base.
When clients begin to call you looking for a specific item,
you are on the road to expanding your business.
An Ancient Store Owner
7. Get The Needed Skills And Experiences
An antique store is run by an individual with a unique set of skills including:
- Encyclopedic knowledge of your specialty area including known manufacturers, dates of production, and what constitutes a rare and valuable piece
- Has a finger on the pulse of popular items in the antiques market and adjusts inventory accordingly
- Able to create stunning and attractive displays that highlight your most profitable items
- Basic accounting skills
- Friendly and approachable demeanor, ability to chat with all your customers
- Places minimal sentimental value on inventory, yet appreciates the beauty of each item
- Innate ability to create lasting relationships with other dealers to obtain the lowest price for new product
- Willing to utilize the internet to extend reach and increase sales
- Know how to pack and ship valuables to ensure they reach their new home in one piece
See more: 29 Tips to Become Warehouse Sales Agent
An Ancient Store Owner
8. Know The Costs Involved
If you are looking at becoming a dealer on a part-time basis and enjoy trading relatively inexpensive items,
this can be a low-cost business to start.
You will need at the very least an online store through ebay or Etsy,
some starting inventory, and an ability to receive payments.
You could operate this as a weekend endeavor using only.
A few thousand dollars for your initial investment.
Should you consider opening a large antique storefront in an old mill or warehouse,
you could spend up to $500,000 buying or leasing the property,
installing display areas, and purchasing enough inventory to open your doors.
An Ancient Store Owner
9. Get The Needed Steps
Once you’re ready to start your antique store,
follow these steps to ensure that your business is legally compliant.
And avoid wasting time and money as your business grows:
- Plan your business. A clear plan is essential for success as an entrepreneur. A few important topics to consider are your initial costs, your target market, and how long it will take you to break even.
- Form a legal entity. Establishing a legal business entity prevents you from being personally liable if your antique store is sued.
- Register for taxes. You will need to register for a variety of state and federal taxes before you can open for business.
- Open a business bank account. A dedicated checking account for your antique store keeps your finances organized and makes your business appear more professional to your customers.
- Set up business accounting. Recording your various expenses and sources of income is critical to understanding the financial performance of your business. Keeping accurate and detailed accounts also greatly simplifies your annual tax filing.
- Obtain necessary permits and licenses. Failure to acquire necessary permits and licenses can result in hefty fines, or even cause your business to be shut down.
- Get business insurance. Insurance is highly recommended for all business owners. If you hire employees, workers compensation insurance may be a legal requirement in your state.
- Define your brand. Your brand is what your company stands for, as well as how your business is perceived by the public. A strong brand will help your business stand out from competitors.
- Establish a web presence. A business website allows customers to learn more about your company and the products or services you offer. You can also use social media to attract new clients or customers.
Read also: 9 How To Start A Grocery Business
An Ancient Store Owner
10. Look For A Business Mentor
One of the greatest resources an entrepreneur can have is quality mentorship.
As you start planning your business, connect with a free business resource near you to get the help you need.
Having a support network in place to turn to during tough times.
Is a major factor of success for new business owners.
An Ancient Store Owner
11. Get Some Insider Tips
Know your stuff! You will enjoy long-term success when you are able.
To identify a knock-off collectible from the real deal,
protecting your customers from massive disappointment and even financial loss.
Focus on one or two types of items you particularly enjoy as it builds a brand for you–
your booth will become known as the Teddy Bear booth or the one with the really nice furniture.
Always be willing to bargain and sell fast at a lower profit rather than holding out for the big sale.
An Ancient Store Owner
12. Know How To Promote & Market The Business
Choose your location wisely.
Renting a cheap booth at a mall with no foot traffic will net zero sales.
Learn the value of creating descriptions for your online shops.
Using popular search words to raise your visibility.
Become a regular at flea markets or craft fairs where you will build a devoted fan base.
An Ancient Store Owner
13. Learn How To Keep Customers Coming Back
Your customers will buy and return to your shop when you have what they desire.
Follow trends in the antique business.
And pop culture to create displays that appeal to current shoppers.
Always price reasonably and be willing to bargain.
An Ancient Store Owner
14. Learn On How And When To Build A Team
You may wish to have a partner who can help move large and heavy items,
but in general your antique boutique will probably be a one-person show.
If you operate a mall, you may need to hire additional clerks.
And staff to maintain your business hours during busy seasons.
Must see: 17 Top Warehouse Managerial Factors
An Ancient Store Owner
15. Know How Much Can You Charge Customers
It all depends on your products.
You might sell vintage Hot Wheels for $2 each or a massive mirror designed for a courthouse for $5,000.
Market trends will always determine your pricing structure.
An Ancient Store Owner
16. Know The Ongoing Expenses For The Business
You are always buying and selling,
so you should have a good line of credit able to withstand a spending spree.
You will need reliable transportation and possibly need to maintain an online store.
Your display space or store comes with some maintenance costs.
An Ancient Store Owner
17. Learn On How To Make Profit
A standard profit margin for many dealers is about 30%,
but keep in mind that you will be taking out listing fees,
consignment fees, and other expenses.
A successful antiques business owner can see an income of between $45,000 and $60,000 a year.
It is not a means to become a millionaire.
An Ancient Store Owner
18. Learn To Make Your Business More Profitable
Be willing to get rid of merchandise that is sitting on your shelves.
If you paid for it and it just collects dust, it is not providing you any kind of income.
Always keep in mind you are not the collector, your customer is!