I've been kicking it around for awhile now... But I'm thinking of opening a pawn shop in my home town.

I'm in my Mid 20's have a good job as an accountant but I feel very bored.

I have access to money for start up.


Any advice?

 

Why that bis ? if you do not mind my asking , I shop at them some times & have heard they have multi level of regs. , banking , FFL [ if you are taking in firearms ] , & more .
From what I see its an other bis being taken over by franchises , not where I like to spend my money .

 

I'm familiar with finance, lending and such. I'm also familiar with peddling stuff. Seems like it would be a nice direction to go into and branch out of.

I think if you ran one right it would be an easy money maker.

 

personally i like to buy things i want w/ a warranty. i have never been to a pawn shop but if you already have a good career, why take a chance like that. if your bored, look for a job at another company...put your degree to work

brett

 

You'll need a big parking lot for all the Cummins / Rams & parts .

 

I've put my degree to work and found how boring it is... I'm taking a vacation here soon (edit, next week) and will do some brain storming on what I should do.

 

I'd love to own a car dealership... Thinking if I start off as a pawn broker I could branch into other things.

 

Also, little mis-nomer here.. Pawn shops loan you money, they aren't a market place. So that stuff sitting up front is more like debt recovery.

 

would you be able to be competitive with places that do payday advances and stuff? it seems to me if you loan money to people there is a good chance it will bite you in the rump. i cant imagine what the percentages are of people that default. are you willing to go bust some kneecaps for repayment of the debts...if you cant stomach the thought, ill do it for you!

dont take this the wrong way, but with your education it seems you could do alot more with a business...but what do i know, im just a fireman

brett

 

Yeah, you do both payday advance and pawn loans. I'm good with finance so i think I could calculate in the default risks.

 

you could always add a bit of nowadays touch to it, pawn shop/ all items ya get post right for sale on ebay...... set yourself up to accept paypal as payment, just be ready for the idiots that do not read item descriptions very well. Also , never leave the money in your paypal account, take it out immediately and deposit into another account, that way if they try to claim it is not right, paypal has nothing to seize.