How to Open a Pawnshop
<!-- Text Article - Author -->By eHow Business Editor
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<!-- Text Article - Introduction -->Pawnshops, or pawnbrokers, give out loans for various items that they keep for a contracted period of time. The person who pawned the item then pays the pawnshop owner back after a certain amount of time, with interest. If the person can't pay the pawnshop back in time, the pawnbroker offers the collateral item for sale. Open a pawnshop to get a piece of the action. <SCRIPT type=text/javascript> digg_skin = 'compact'; digg_window = 'new'; digg_title = 'Open a Pawnshop'; digg_bodytext = 'Pawnshops, or pawnbrokers, give out loans for various items that they keep for a contracted period of time. The person who pawned the item then pays the pawnshop owner back after a certain amount of time, with interest. If the person can\'t pay the pawnshop back in time, the pawnbroker offers the collateral item for sale. Open a pawnshop to get a piece of the action.'; </SCRIPT><SCRIPT src="http://digg.com/tools/diggthis.js" type=text/javascript></SCRIPT>
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Instructions
<!-- Article Difficulty -->Difficulty: Moderate
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Step1
Check state laws before you decide to open a pawn shop. Every state has slightly different laws about pawn shop practices and procedures. Go to the National Pawnbrokers Association website for links to more information. Pawnbrokers require a state license and certain items, such as firearms, come under federal regulations.
Step2
Acquire sufficient capital to open your shop. Since a pawnshop lends money to people, it abides by strict laws like financial institutions. A beginning pawnbroker needs to show the state and customers who offer their collateral for loans that they have sufficient capital.
Step3
Open your pawn shop on friendly terms with the other stores and businesses on the street. Pawnshops have gotten a bad reputation over the years, but that's changing, as many pawnbrokers now open up shop in better neighborhoods and attract middle-class clientèle. Keep your storefront clean and clear of derelicts and loiterers.
Step4
Verify the identity of people pawning goods to guard against stolen items being passed off to your shop. In California, all pawned item have to be checked with the National Crime Information Computer (NCIC).
Step5
Utilize the Blue Book and other price guides to set rates for pawned items. Keep in mind that you'll receive a multitude of different items, so study up on the market value of musical instruments, coins, jewelry and electronic items like DVD players and iPods.
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<!-- Text Article - Introduction -->Pawnshops, or pawnbrokers, give out loans for various items that they keep for a contracted period of time. The person who pawned the item then pays the pawnshop owner back after a certain amount of time, with interest. If the person can't pay the pawnshop back in time, the pawnbroker offers the collateral item for sale. Open a pawnshop to get a piece of the action. <SCRIPT type=text/javascript> digg_skin = 'compact'; digg_window = 'new'; digg_title = 'Open a Pawnshop'; digg_bodytext = 'Pawnshops, or pawnbrokers, give out loans for various items that they keep for a contracted period of time. The person who pawned the item then pays the pawnshop owner back after a certain amount of time, with interest. If the person can\'t pay the pawnshop back in time, the pawnbroker offers the collateral item for sale. Open a pawnshop to get a piece of the action.'; </SCRIPT><SCRIPT src="http://digg.com/tools/diggthis.js" type=text/javascript></SCRIPT>
<!-- clear floats -->
Instructions
<!-- Article Difficulty -->Difficulty: Moderate
<!-- clear floats -->
<!-- Text Article Step (List Item) : START -->
Step1
Check state laws before you decide to open a pawn shop. Every state has slightly different laws about pawn shop practices and procedures. Go to the National Pawnbrokers Association website for links to more information. Pawnbrokers require a state license and certain items, such as firearms, come under federal regulations.
Step2
Acquire sufficient capital to open your shop. Since a pawnshop lends money to people, it abides by strict laws like financial institutions. A beginning pawnbroker needs to show the state and customers who offer their collateral for loans that they have sufficient capital.
Step3
Open your pawn shop on friendly terms with the other stores and businesses on the street. Pawnshops have gotten a bad reputation over the years, but that's changing, as many pawnbrokers now open up shop in better neighborhoods and attract middle-class clientèle. Keep your storefront clean and clear of derelicts and loiterers.
Step4
Verify the identity of people pawning goods to guard against stolen items being passed off to your shop. In California, all pawned item have to be checked with the National Crime Information Computer (NCIC).
Step5
Utilize the Blue Book and other price guides to set rates for pawned items. Keep in mind that you'll receive a multitude of different items, so study up on the market value of musical instruments, coins, jewelry and electronic items like DVD players and iPods.
If you can answer this question you should own a pawn shop.
I wlalk into your shop with the following items:
1. 2005 Craftsmen 1.5 hp weedeater
2. Saxiphone/ case
3. milk crate full of old record albums
4. car stereo
5. set of 1 ct diamond earings
how much will you give me for the lot and how much you willing to loan me and on what terms?
bonus question:
How much are you paying for car alternators?
I wlalk into your shop with the following items:
1. 2005 Craftsmen 1.5 hp weedeater
2. Saxiphone/ case
3. milk crate full of old record albums
4. car stereo
5. set of 1 ct diamond earings
how much will you give me for the lot and how much you willing to loan me and on what terms?
bonus question:
How much are you paying for car alternators?
