A back room storage system for pledged merchandise is something that is usually overlooked in a pawnshop business plan. If you are limited in the amount of pledged goods that you can store, you are also limited on what you and your employees can accomplish building your loan base. Jewelry storage is usually the easiest to accommodate and the majority of jewelry pledges can usually be filed in the safe using a No. 1 coin envelope.
Make an appointment with the chief law enforcement officer in your market area to discuss your pawnshop business plan with him or her. Ask them what reporting requirements are in place within their department for pawnshop businesses and encourage electronic reporting to the police department as an option if they currently do not have this available. Your state pawnbroker association and your software provider will be excellent sources for up-to-date information on electronic reporting.
Are you planning to open a Pawn Business and in need of a Pawn Shop Business Plan? A business plan is essential because it defines the short-term and long-term objectives of your organization and develops a plan of action to accomplish them. A business plan also conducts a competitive and needs analysis to ensure the need for Pawn Shop in your market. Doing your homework on your industry and market, will increase your potential for success and aid to mitigate any potential failures.