Looking to Grow Your Pawn Shop?

Posted on 17 Jan 2018

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If you’re looking to grow, I think the most important thing you need to do is have a plan. Why do you believe that second location you’re going to open or buy is going to be more successful, or as successful as the first one? You need to have a plan to do that. More importantly you need to have your processes and systems in place.

If you have five pawnbrokers in your one location, do all five of them qualify that same item the exact same way? Are they going to give out the same dollar amount to the same exact customer in the same manner? Are they going to sell the item at the same discount or the same price as everybody else? This is what I mean by, "Do you have to have those processes and systems in place?" How do you take the item into the back to be stored for a while and then how do you clean it up to put it out to merchandise? If that process isn’t uniform and systematic with every employee and you go to open another location or you go to add more staff, that problem actually gets bigger, it doesn’t get better. So, you have to make sure you have processes and systems in place within your first operation before you decide to grow.

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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