PawnMaster Blog

Workers Compensation: What You Need to Know

I've been in insurance for a long time, and have seen a good number of business owners and their employees sustain injuriesmany 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?

When Dealing with Insurance, Don't Come Up Short

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).

The Manager's Circle

Does anyone out there know what the Manager’s Circle is?  If you’ve ever worked for me or know me professionally, then you absolutely know this concept.  It’s an imaginary circle, between the pawn counter and the front door where the manager resides while at work.  Why?  Because when a customer comes in to get a pawn, I want three things to happen:

5 Helpful Hints for Pawnbrokers - Volume 6

 


 

1. This is NOT your Grandpa's old pawn shop! We must have an outstanding customer experience!  Make it lively with upbeat music, smiling faces, etc.  Also, give away bottled water and/or popcorn.  Think about your shop from a "millenial's" perspective and make sure the experience is one that will bring them back because it is fun to be in your shop(s).

5 Helpful Hints for Pawnbrokers - Volume 5

 

 

1. Clean your customer’s jewelry…for free! Nothing gets a conversation started with a customer faster and smarter than, “Ma’am, would you like to me clean that ring for you?” – especially a jewelry customer.  It costs next to nothing, creates an avenue for discussion and virtually guarantees a satisfied customer – even if he/she doesn’t buy anything that trip.  Get the customer’s name/email/cell # and, for PM customers, use the want list feature available, and watch the sales roll in.  That’s a permanent customer.

5 Helpful Hints for Pawnbrokers - Volume 4

 

5 Helpful Hints for Pawnbrokers - Volume 3

 

5 Helpful Hints for Pawnbrokers - Volume 2

 

Don't Sweat Your Competition

Competition... What is it? Someone else that does what you do? Do they do it better? Or are they just another company in the same field or on the same street.

Don't sweat competition; I try to never sweat competition. There will always be competition and sometimes I admit I don't like it (I'm not perfect).

However, I worry more about what I'm doing for my clients and my company start to finish day in and day out. So many people get wrapped up in what everyone else is doing or saying that they forget about themselves and what they have on their own to-do lists.

5 Helpful Hints for Pawnbrokers - Volume 1

 

1. All TV’s on the sales floor are turned on. Two factors sell nearly all TV’s… Price and picture.  There is virtually no chance a TV that isn’t on will generate much interest from customers. Older TV’s may sometimes have a great picture and, hopefully, be affordable to someone with a small budget. Even poorer pictures can sometimes be enhanced by attaching a Blu-Ray player. Still, go back to rule one… Turn it on!

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