Antiques are investment for wealthy and middle class people. You can turn hobby of antique collection in to a successful business. This article will explain you various steps in making money from the antiques.
Tips for Making Money from Antiques
Following are some steps that will explain you in making money from antiques:
Step 1: Developing a niche market
To determine what makes your business differ from others, develop a niche market. For example, considering specializing in antiques from a particular style like American furnishings. It is better for you to ask yourself what kind of antiques you are willing to sell like high-end pieces or low quality pieces or something in between. Researching your market could be better for ensuring that the point of saturation has not reached and you can find the goods you are trying to sell.
Step 2: Writing your business plan
Many of the antique businesses tend to fail because they lack a well-designed plan. Determine you schedule to start your business, getting the start up cash and with whom your competition is? Create a strategy depending upon how you will reach your target customers. For example, plan for advertising in local publications that are inexpensive such as magazines, newspapers etc. which are read by audience at large scale.
Step 3: Deciding where to setup your shop
The next step is to decide where to setup your shop. If the space in your house allows you and if your house is easy accessible from main roads, consider to sell antiques from your home especially during beginning of the business to save money. The homely atmosphere can be actually a benefit with antiques and depends on how you decorate them in your house. If trying to rent a shop, search for a spot in high traffic area especially where people walk by and window shop. See to it that there are no shops of the competitors nearby. To rent a space in an antique mall or joining antique fairs are other options to start your business.
Step 4: Purchasing antiques to resell
It is better to purchase and choose antiques in which you have knowledge and research it thoroughly. It is a good idea to search for antique pieces at estate auctions, antique shops, flea markets or garage sales. Another option for purchasing antiques is to buy online from the reputable seller. One of the major benefits of selling online is that, it shows sellers approval ratings. Thus letting you in knowing customer’s satisfaction.
Step 5: Assessing which item sells the best
Assessing about the item that sells best, thus getting to know about your customers. Moreover, offering restoration service if demand is there is a good idea.