How To Open A Pawn Shop

If you're looking to make money off of used goods or merchandise, then learning how to open a pawn shop is might be up your alley. Learning how to open a pawn shop requires a lot of things to go right as the most important thing that most new pawn shop owners will need is a good space and the ability to bring in customers. 

  1. Get your pawn shop license. It's important to go through the Department of Financial Institutions.  
  2. There will be an application fee attached to the process. In some cases the fee will be 1500 dollars and up, depending on the circumstances. 
  3. On your application its best to get people that are actually in the field you are trying to get into write recommendation letters. 
  4. You will also need a letter from a Certified Public Accountant to show proof of your income and your assets that will help you to open your pawn shop. 
  5. Copies of your criminal record will need to be presented so that they can see what type of person they are going to be looking at.  Your record can be retrieved from the police station in your area. 
  6. You will also need proof of your credit report. You are entitled to one free credit report a year by the credit bureau. 
  7. All of the gathered documents will have to be sent in with the paperwork from your application. 
  8. Wait for an approval from the Department of Financial Institutions. 
  9. The next step is to pick out your spot and begin to stock the items. Now you can also stock pile on some of your inventory by visiting estate sales and garage sales. Don't forget to set up a website for further publicity. 
  10. Last but not least set up an opening date for your shop. Newspapers, print ads, radio and television will be your best bets for a good launch. 

Opening up a pawnshop can be really hard for someone with financial problems but with the luck of investors and someone that will believe in you then you can do just that. Hopefully these steps will ensure your success in this venture.  

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