Expansion - Business Observer Volume 2

Posted on 06 Dec 2017

When you start with one store and you move to two, you can create more problems for yourself if you don’t have the processes and systems right. The second store is going to adopt the sames issues the first store faces and is definitely not going to be as profitable because more than likely, you took good staff from the first store to go into the second store and now the first one that was your moneymaker isn’t making the money that it used too. So, you’ve created two problems by just opening one location.

Now imagine what everyone did, they went from one-to-five stores in the heyday, seven or eight years ago. So, that’s created a lot of problems within the industry. They’ve diluted the talent pool and then they had to restock it with people that had no industry knowledge.

Stay tuned in the coming weeks for tips for your pawn shop. With these tips in mind, you’ll be well on your way to developing a business plan that’s a force to be reckoned with.

We evaluate and train on these things and many more with our Pawn Shop Health Check!

Vernon Stading

Written by Vernon Stading

Vernon has a passion for helping businesses be more successful and that is why he founded Devoted Business Development and the Small Business Advisory Board of MN. He has a strong leadership background and has been helping business owners succeed and make more money for more than 15 years. Vernon has extensive knowledge in the retail, pawn, jewelry, financial services and hotel industries and he worked for two international franchise companies before learning the pawn industry. He got to learn from the pawn business experts who are looked at as leaders and revolutionaries in the industry. Vernon also met many other folks that were nationwide and international consultants along the way who have a lot of great ideas and suggestions on how to improve businesses in this industry. Vernon learned the business so well, that after leaving that organization, he started his own consulting firm with most our first clients being pawn stores. He was approached by several nationwide chains and asked to do merger and acquisition for them. He got to experience firsthand the amazing and fast-paced growth of small, medium, and a large sized chain by buying other organizations, fixing them and putting their name and brand on them. He was able to work with every type of location, from the 38,000 square-foot Taj Mahal pawn shops to the 2,000 square-foot hole in wall, and everything in between. In addition, he is an expert at helping business owners create processes, systems, policies and procedures that streamline their business and ultimately help them make more money with less work. Regardless of what your business needs are, he is an ideal candidate to help take your company to the next level.

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