Webinar: 10 Things You Need to Know When Expanding Your Pawn Shop

Posted on 05 May 2018

  1. Location, location, location – Traffic, foot traffic, surrounding area are all things to consider.
  2. Know your competition – Shop your competition and know what they’re doing well and not so well.
  3. Signage – Anything you can do to catch a person’s eye…
  4. Security -- The more the better.
  5. Customer demographics – Know your customer; understand their needs.
  6. Stocking your location – Don’t look empty when you open. Try a variety of inventory and analyze what sells.
  7. Marketing – Get the word out!
  8. How much capital do you need to get started?
  9. Staffing your new location – Hire people who want to grow and promote them. What is the right mix for your new store without compromising any of your other high-performing shops?
  10. Compensating employees –Performance-based compensation plans can boost sales.

 

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Phil Iovino

Written by Phil Iovino

General Manager, Pawn Max, Florida

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