04 May How to Make Money Buying and Selling Antiques
Antique stores have a warm, comfortable atmosphere that can create a sense of nostalgia that takes you back in time. If you enjoy collecting and learning about antiques so much that you would like to turn that passion into a money-making opportunity, then becoming an antique dealer might be a great option for you.
How to Open an Antique Store
Antique dealers can sell items at flea markets, craft fairs, antique malls, or stand-alone storefronts. Choose your space carefully. If you decide to rent a booth in an antique mall, look for antique malls that are large and full of items, have a lot of foot traffic, and are open on the weekend.
To reduce your start-up costs, consider starting small by selling items online on sites such as ebay or Etsy. You should also do some research to find sources for your merchandise. Antique dealers often shop at flea markets, second-hand stores, and estate sales to find items to sell.
Some antique dealers focus on a specialty, such as toys, furniture, or art. You should decide if you would like to do this or stick with a broader range of merchandise. To build a successful business, learn everything you can about specialty items, including manufacturers and production dates. Learn how to determine which items are rare or more valuable than others.
Make sure your inventory includes items that are currently selling. Monitor trends to learn what people are looking for. One way to do this is to watch home improvement shows on television. If you see patterns in the types of items designers are using, then you should consider stocking similar items. Other good places to keep up on trends include Pinterest, home decorating magazines, and stores that carry home decor items.
Starting Your Store Step-by-Step
There are certain steps that you have to take care of before starting any business to make sure you are operating legally and protecting yourself. Below are some important things to include on your to-do list.
Create a business plan, which should include a market analysis, legal structure, financial information, marketing strategy, and lease or booth rental information.
Form a legal entity to protect you and your business. You should talk with an attorney to discuss your options and determine what is best for you.
Register your business with the federal and state governments.
Get federal and state tax IDs. An accountant can help you with this.
Apply for any necessary licenses or permits.
Open a business bank account.
How Much Do Antique Stores Make?
The standard profit margin for antique sales is approximately 30%. A successful antique dealer can make a decent living. The median annual income for antique dealers is around $45,000.
As an antique dealer, you will shop for new items on a regular basis and resell them at a higher price in your store. To maximize your moneymaking potential, stock a few large items, several mid-priced items, and lots of smaller, inexpensive items. Big-ticket items, such as a large, Victorian dresser, may take a long time to sell, but lower priced items tend to sell quicker. It’s important to keep this in mind when you are making decisions about what items to include in your inventory.
Appreciating the unique beauty and value of antiques helps us to better appreciate our history. Each piece has come from somewhere else, and each piece has a story. For those who enjoy antiques, either for sentimental reasons or for their financial value, starting an antique business can be a great way to make a living. It requires a lot of research and hard work, but the rewards can be tremendous for those who choose to start their own antique business.
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