Pawn/Gun shop advice

[Rougarou]

Hello we are about to open a new pawn and gun shop and trying to figure out what and how to get our resources pricing and testing equipment for jewelry and precious metals testing as well as any needed paper work, computer programs ect any information would be greatly appreciated, if anyone would be willing to sit down and talk about the business would also be very helpful.

 

[GAgunLAWbooklet]

1-- screen your employees carefully. Bad help can kill your business and dishonest employees can rob you blind.
2-- Made your store visible and attractive from the road. Good signs. Bright color paint. Eye-catching. And of course have a strong online presence, easy to remember (and spell) name and website.
3--Buy low, sell high. Over my lifetime the gun stores and pawn shops that always had the lowest prices (and lowest profit margins) didn't last too long, and others I suspect are being kept in business by the owners subsidizing them with money from other investments or other businesses. If you offer good products with good service in a clean and friendly store, people will pay full retail prices for new stuff, and fairly good prices for used items.
4-- See #1 again about bad help, including "bad attitude" staff. This can't be over-emphasized.

As to the computers and equipment for testing and appraising jewelry, I can't help ya.

 

[Rougarou]

1-- screen your employees carefully. Bad help can kill your business and dishonest employees can rob you blind.
2-- Made your store visible and attractive from the road. Good signs. Bright color paint. Eye-catching. And of course have a strong online presence, easy to remember (and spell) name and website.
3--Buy low, sell high. Over my lifetime the gun stores and pawn shops that always had the lowest prices (and lowest profit margins) didn't last too long, and others I suspect are being kept in business by the owners subsidizing them with money from other investments or other businesses. If you offer good products with good service in a clean and friendly store, people will pay full retail prices for new stuff, and fairly good prices for used items.
4-- See #1 again about bad help, including "bad attitude" staff. This can't be over-emphasized.

As to the computers and equipment for testing and appraising jewelry, I can't help ya.

Thank you so much for replying we are going to be well lit, bright and colorful with a little something for everyone our vision is Pawn, Guns, Knives and old fashioned general store, a place that will leave a impression and people will fill good and safe visiting.

 

[ne ga pappy]

there are trade groups that you can join that will be a gold mine of information about the pawn industry. I looked at setting up a pawn shop years ago, and researched the industry for quite a while, talked with pawn shops not in my area to glean some knowledge and in the end decided it wasn't worth the time and effort I would have to put into it, and the distraction from the other 3 businesses I was running at the time. I have since closed 2 of those businesses, and the one I still have open has flourished and is taking all my available time, so the pawn shop is not in my horizon.

If you are down to searching for testing equipment and such, it would seem you have covered the other bases, such as a FFL license, liability insurance, theft insurance and such. I still think those trade groups could provide a lot of information that you will find very, very useful

 

[patches]

Hello we are about to open a new pawn and gun shop and trying to figure out what and how to get our resources pricing and testing equipment for jewelry and precious metals testing as well as any needed paper work, computer programs ect any information would be greatly appreciated, if anyone would be willing to sit down and talk about the business would also be very helpful.

C, good luck with your venture. Where are you planning on having your shop? A good pawn shop is like a treasure hunt. You pop in full of hope, and, once in a while you find a treasure. A general store is also a fun stop. Happy trails and may God bless America.

 

[User170512]

In to find out where. Also recommend an association. Loved the GAgunLAWbooklet advice. Here's hoping you worked in/for a shop in the past and can ask them too.

 

[John Moses Browning]

In to find out where. Also recommend an association. Loved the GAgunLAWbooklet advice. Here's hoping you worked in/for a shop in the past and can ask them too.

Me too...sounds like a place I want to check out.

 

[edindah]

When you open your doors, post here so we can visit!

 

[Gun Parts & Accessories]

ECOM is the wave

 

[DAHLONEGA GOLD AND PAWN]

Inexpensive pawn software that works good: Hi-Tech Pawn

Get a good quality Jewelry loop

Get gold and silver testing acid: Goes bad after 6 months of manufacture - Keep fresh testing acid

Get a Sigma Metallitics tester with the extra wands for gold and silver coins/bullion - Expensive but worth it

Get a legal for trade scale - you must have one to legally purchase gold and silver items from the public

Must be approved for pawn shop by the Sheriff in your county

Don't buy poor quality items - good customers want quality products

We pay 80% of spot price for Gold scrap, 75% of spot for Silver scrap - Most dealers are paying less than 50% of spot - see what your market will support

We pay for diamonds in customers' jewelry

There is no or minimal market for colored gemstones

Get an account with Elemetal in Atlanta for taking your scrap gold, silver, diamonds, and coins

Get a rare earth magnet as a secondary check for precious metals

Watch a ton of Youtube videos - educate yourself - the fastest way to lose money is buying something you know nothing about.

Check eBay sold listings for the price you should be asking - remember there are substantial selling fees on eBay and PayPal that have to be accounted for to set your price

Get setup with the following firearm wholesalers: RSR group, Sports South, Davidsons, Lipsey's, Iron Valley, Zanders, Hicks Inc, Bill Hicks, MGE wholesale, and Chattanooga Shooting to start.

The firearm business is a very low-margin business with new firearms - check gun.deals, wikiarms, dealers on ODT, and your local gun dealers for pricing - it is a draw for customers to your store and you can make money on used guns - you need to buy and pawn used guns to make some decent margin.

You can call me if you have questions. Ken, Dahlonega Gold and Pawn 706-300-4876