As year-end approaches, business owners often get pulled in many directions. In the retail sector, this is when sales typically peak. This finds many business owners working more hours in their shops while spending the little free time remaining readying for the holidays and gathering together with family and friends. What can be forgotten in the midst of the season’s hustle and bustle is the critical task of business planning for the upcoming year. Even a small amount of planning in the following areas can provide your business with a roadmap for success.
According to an analysis by the Economic Policy Institute, the median working-age couple has only saved $5,000 for retirement, and 70% of couples have less than $50,000 saved. Considering retirement can last 30 years or more, having a solid savings plan is crucial to everyone’s well-being and long-term happiness – both yours and your employees.
Growing up in the 80s and being around pawn shops my entire life, I was surrounded by the stigma that the pawn world was ruled by men, and women-owned shops were very rare. Also prevalent was the mentality that the shop will just run and grow by itself. Many of the stores I encountered in those days gave little to no effort in the way of growth strategizing, growth monitoring, or new idea implementation.
*This post is presented in partnership with SMART Financial Operations LLC
There are a number of reasons to sell a pawn business. Perhaps you're ready to retire and you don't have someone to pass it onto, or you're just ready to move on from the industry but don't want to see what you've built shuttered up and vacant. I’ve been in this business for over 30 years, and have been involved in several hundred purchases and sales of pawn stores, both as the purchaser and the seller. There's a lot that goes into the sale of a pawn business, and not all of it has to do with numbers. Preparing your shop for sale is a lot like getting a house ready for a showing. The numbers are just a part of the equation, because the details can really make or break a sale.
I've been in insurance for a long time, and have seen a good number of business owners and their employees sustain injuries—many very minor, some permanently life-altering, and a few unfortunately resulting in death. Most of these injuries could have been prevented, but there are circumstances that are 100% out of the control of any business owner. No matter the end result, the bottom line is that someone has suffered a work-related injury. So as a business owner and the person responsible for coverage in your shop, what's the first step?
The pawn industry is alive and well, full of bright and forward thinking professionals as well as seasoned veterans who have seen it all, or at least know someone who has. Even with that much collective experience, the unexpected can and does happen. For nearly three decades, UL&C (PawnInsurance.com) has been providing comprehensive insurance to pawnbrokers nationwide. Through the years, we have seen a trend of pawnbrokers and their agents attempting to reduce their cost of insurance by not securing enough coverage for their Business Personal Property (furniture, fixtures, and equipment) and Tenant Improvements and Betterments (covering alterations made to the the physical building).
- E-Commerce. My kids have coined the phrase, “If you’re not online, you’ve flatlined.” to describe how their lives are so interwoven with the Internet and social media. This also describes any pawn shop not utilizing various sales platforms (eBay, Amazon, Craigslist, GunBroker, etc.) or social media such as Facebook and Twitter for marketing. Remember that rising inventory levels are a negative to the bottom line – its cash you already spent that’s now sitting! The most active and successful pawnshops are constantly adding items to the Internet for sale. In the old days when business was slow, my boss would tell me, “Go clean something!” Now, the motto should be “Go post something!”