Opening An Antiques Shop

For many people opening an antiques shop is a dream come true often developed from a life-long hobby of collecting antiques. It can be a source of great pride and pleasure to own your own antiques store but it is also a great undertaking and it can be a very time consuming, challenging job to keep it going. With that in mind here are some helpful tips and suggestions to make your experience with opening your antiques shop as fun and successful as possible.

What To Sell And Where

The first thing you want to do is to be aware of what kind of antiques you want to sell and what are of the market you want to specialize in. It’s best to specialize at first simply because it allows you to focus on a specific niche and not get overwhelmed by all the possible options you have when it comes to building an inventory of antiques. It can also help you build a name for yourself in the antique community as you’ll be know within your field for specializing in a specific area and that can help you get referrals as well. Specializing can also limit the amount of searching you have to do if you can find a few reputable sources that have a stock of the specific types of pieces you want to sell. This can also make it easier for you to maintain your inventory, market your antiques, and limit the amount of research you have to do. Specializing can save you a lot in the way of time and money in the long run.

The next thing that you want to do is test the market of wherever you’re looking to sell and make sure that there is a need for your specific business or branch of antiques. You may absolutely adore what you’re selling but if your customers don’t really see a need for it then they won’t seek you out and you wont be making any money. If you’re selling in a local area then look at local auctions and want adds as well as asking other antique dealers in your area if they get any request for your specific niche of products. By testing your market this way you can make sure that there is a room for you to add your business to the antiques market in your area and be more certain of making a profit. You don’t want to invest a great amount of money into your business prior to knowing, at least generally, whether or not it will be a success.

Online vs. Brick And Mortar Stores

On that note it’s also very important that you try to start your business with as little of your own money as possible. This may sound like an impossible feat at first but it really isn’t and it can be done quite easily if you’re willing to put in the effort. The best way to begin your antiques business with less of your own money is be leveraging today’s modern technologies to support your business in it’s infancy. This means forgoing the store front to have an online business instead, holding back on purchasing huge lots of inventory or working on consignment until you’re bringing in revenue and doing a lot of free marketing online. By building your business up online first you save on overhead costs and can do a lot the leg work yourself without shelling out tons of money just to keep your business afloat each month. Remember that your business will take some time before it brings in any decent amount of revenue so by starting out online and keeping costs low you can avoid drowning yourself in the costs that are required to maintain a store and stock it full of inventory. This makes it a lot more likely that you’ll be  able to keep your business going while business is slow and you can even still keep your day job if you want some extra security as you’re building things up.

If you do end up deciding to start out with a physical store (brick-and-mortar is the most commonly used term) then remember to be aware of any upfront costs you may be stepping into. Be very careful when you choose your location and consider things like your demographics, where your competition is located, parking, appearances, cost, work that needs to be done, accessibility to the shop and so on. These are all important factors that can determine whether or not your business is successful. Be conscious of these same kinds of things when you choose a name for your business. You want your store’s name to be enticing and inviting but also clear and direct which may mean sacrificing cute, clever, titles in favor of a name that people can remember and immediately understand. You can always add personality to your store but branding it should be your foremost concern.

Numbers And A Business Plan

The next thing you’ll need to do is figure out the costs of running your business monthly. If your overhead costs are so extensive that there isn’t any conceivable way you can make a profit you’ll need to rethink your plan. Make sure that you have a plan for keeping your business up and running when it hasn’t begun to make much (if any) money at the beginning. Starting out online or by just renting a bit of space from another shop or a local antique mall can be much less expensive and can keep your costs low while you’re still drumming up business. You’ll also want to factor costs of marketing, purchasing new inventory, administrative work, and so on.

Once you have all these numbers it’s a good idea to run them together along with a few basic marketing strategies and an overall idea for your business and set them up as a nice business plan. Don’t spend a ridiculous amount of time on this because it can often become a delay tactic for actually getting a move on and starting your business but it is still important to have a nice one because this can help secure funding and may convince your spouse to be a little more supportive as well. A good business plan can keep you on track with your goals and can give you a clearer picture of where you’re headed as well. Don’t skip this step entirely but do remember that your business, not your business plan, is what brings in the money.

Inventory And Marketing

Purchasing your inventory is one of the biggest steps in owning your own antiques shop and it can be very scary for a first-timer so be sure that you’ve done your research and that you’re purchasing from a reputable dealer otherwise you may end up with a lot of junk you don’t want and can’t sell. Many antique dealers start by purchasing individual pieces often by scouring their community at estate sales, garage sales, and the like looking for treasures that others might not be able to recognize. Starting with this kind of work is often the best as it allows you to get pieces very inexpensively (often several hundred percent less than what they’re worth) and you can begin by just selling those pieces online or in a small rented space. Purchasing piece by piece also lets you scout out various dealers and find reliable sources that you can build relationships with. It also allows you to list pieces individually which means you can give more information on them often making them easier to sell.

When it comes to your marketing do as much as you can for as little as you can. It’s not wise to spend a huge amount on marketing when you’re just starting out and your budget can’t afford it. Instead make yourself known in your field by being a contribution. Let others remember you by providing excellent service each and every time and let your dedication and commitment to quality be your calling card. Have a good website put up and fill it with valuable information and resources along with your pieces that are available for purchase. Attend auctions, shows, flea market events, and the like to be sure that others in your field are aware of you and always be worthy of their recommendations. Make your clients experience shopping with you the easiest and most rewarding it can be in every aspect of your business and you’ll have no need for a marketing budget whatsoever. Your business will speak for itself.


Bringing It All Together

Finally you want to remember that your shop should first and foremost be something you’re passionate about - you don’t want to just turn it into another job. So make sure that whatever you do you do it in a way that is fun and exciting to you. That plus the combination of you being as kind and helpful to your customers as you can and always striving to give them the very best experience possible will easily help you stand out from above the competition. Don’t just settle for selling antiques - combine your passion with other interests as well. If you have another hobby or pursuit that could benefit the antiques industry then share it and let your reward be the success of your new business.

The most important thing is that you have fun and do the very best you can with each and every one of your customers. Focus on that and your business will take care of itself.