Pawn Shops Pro’s and Con’s
If you have even driven down the street and looked in many area’s there are a lot of pawn shops still.
For me this business is a little bit hard to understand. I mean small credit lined are so easy to get these days it really doesn’t make sense.
I decided to go into a pawn shop in hollywood, FL one day as I was driving by just to see if I could talk to the owner about the business in general.
The place I went into was called Affordable Jewelry & Loan, the owner explained to me that he had been in business over 30 years! I was shocked. To be honest I am the type of person where I really think about different business models and how viable they could be.
I soon learned that pawn shops are still a thriving business. Now in this particular instance im sure his pawn shop being right across the street from a casino helps sometimes.
I walked around his store while talking with him, checking out the types of merchandise they had, there was a lot of jewelry but in my mind I was thinking “doesn’t that compete with the we buy gold guys” I mean I see those commercials all the time.
The True Value in the Pawn Shop Business
I asked the owner about this competition for jewelry and he explained that most of the revenue comes from larger items like boats and cars.
I was a little surprised by this as I had no idea you could pawn your car! even your boat! thats crazy to me
but I guess people from all over south florida do it.
Im sure there has to be an age limit or conditional limit so I don’t think they will take anything but I was shocked to learn this.
Selling Guns Knives and Other Weapons is Big Business at Pawn Shops
I thought most people purchased their guns at gun shows or gun shops. i was really surprised to see the amount of weapons and ammo they carried
I thought the collection they had was awesome. I mean I go to the gun ranges myself sometimes. I asked how they were able to sell guns legally
and the owner explained that there is normally a 3 day wait time, however if you have a gun permit then there is no waiting period.
If guns weren’t enough, I mean the amount of ammo was impressive
Guys I hope you found this article somewhat useful maybe for someone wanting to get into the pawn shop trade
As for myself I will continue to analyze business models and post them right here.
Thanks for reading