By a show of hands – how many of you got into the pawn business so you could help people? How many wanted to be the sole salvation for some families in a time of crisis? Instead of making money, who of you wanted to make a difference instead? I would suggest that very few (if any) of us got our start with such philanthropic motives in mind. Truthfully, we all had large profits and multiple locations in our dreams, but a funny thing happened during the journey - we learned that pawn shops make a difference in our customers' lives.
The first time someone asked me if there was any secret to my success, I thought the question sounded odd. I think that, in itself, is part of the secret to success; being humble. Don’t stay focused on what you’ve accomplished and always look towards achieving that next goal.
We don’t see too many new vendors throwing their hats in the ring to service the pawn broking industry. Why is that? It seems lucrative, right? Pretty straight forward? The loan payment calculations seem easy enough... It's quite the contrary. As far as software goes, this is a very niche or vertical market. That is to say that this market is very finite in the number of possible customers and very specialized in terms of operation and calculations. Not only that, there are also specific requirements state by state when it comes to regulatory mandates, controlling the rates that are charged and how they are calculated over a period of time. In the nearly 30 years that I have catered to this industry, I've seen over a dozen decent sized software vendors come in with high hopes only to fade away—some slowly, years later, and some abruptly. With every new vendor I met while attending any state, regional or national trade show, I always made sure that I sincerely extended my handshake and wished them good luck in their new endeavor. I always followed my well wishes with, “It’s not easy."
As we’re gearing up for one of our favorite trade shows – the Dixie Pawnbroker’s Conference, the buzz around the office has been high. We’ve got a lot going on here at Data Age / PawnMaster! The development of New products and services continues as they always have . Adding on to the industry’s largest sales, marketing, tech support and development teams… We’re really excited about all the happenings. We can’t wait to see our customers in New Orleans this weekend. Be sure to stop by booth 205 to say “hello” and learn about how we’re gearing up for the (very near) future.
Save more, make more.
What is inventory turnover?
Inventory turnover is a measurement of how many times the retail inventory is sold during a twelve-month period.
While total store turn rates are important to know, turn rates are much more meaningful when viewed at the classification level.
Each year pawn shops can expect a spike in sales from Thanksgiving Day and throughout the Christmas season. This is a special time of year indeed, as item and jewelry sales spike on any given day as bargain hunters are out to fulfill their holiday obligations. Are you okay with the status quo or are you looking at last years’ numbers and trying to blow the doors off of them? This is a unique time of year to pull out all the stops; the choice is yours. Shops can generally see upwards of 30% of their total annual sales revenue during the holiday season each year. Do you have the data points available to you to capitalize on this unique opportunity that you have in front of you? Here are a few things to think about as you ramp up for this holiday season.
With all the unfortunate school shootings and other events that have prompted congress to push stronger legislation on gun control, this article shows how that has created a huge spike in firearm sales in the last few months. For those of you who sell guns at your stores, have you seen a spike in sales as a result of articles like this and other things you have been hearing on the news? PawnMaster pawn software does a great job of helping you stay compliant with our gun log and police reporting functionality. If you would like to know more about how we can help your store call us now 888-949-7296 or leave us a comment below. We would love to hear your comments or concerns.
It's that time of year where things get bananas around the shop and the exchange of money really starts to flow. Will you, or are you ready as the influx of people start showing up ready to pawn, buy, or sell their items? PawnMaster can help you be that extra clerk, manager, or set of eyes you need when things get chaotic. Think of PawnMaster as your must trusted employee that always has your back! As we come into the heart of the holiday season, we are here to support you with any and all of your hardware and software needs. Feel free to contact one of our industry specialists for assistance 888-949-7296. Here is a great article we found about the upcoming holiday season.
We know every dollar saved when running a business is critical in any economy. Below is information on how your PawnMaster pawn management software and hardware purchases from PawnMaster can be used as tax credit for 2012. Please be sure to share this information with your Accountant.