9 company Lessons from the Pawn Shop Pro

 

With nearly 30 %

With very nearly 30 % of Americans possessing no checking records or credit resources, pawn stores such as the Columbus, Ga. -based cash Mizer Pawn & Jewelry are becoming increasingly a main resource for little loans. That, combined with price that is rising of and silver, has made pawn stores as popular today while they’ve ever been.

Cash Mizer’s CEO Robbie Whitten has discovered thing or two about working with clients inside the three decades within the pawn company. He http://www.cash-advanceloan.net/payday-loans-ga/ stocks a few of these guidelines with BusinessNewsDaily visitors.

Lesson 1 – never ever assume because of the method an individual is dressed which he does not have cash. I experienced a man appear in dressed up in overalls, shot-out shoes, hair all messed up and smelling like he previouslyn’t possessed a bath in three times. He had been taking a look at precious precious jewelry with no one desired to wait so We approached the customer and addressed him respectfully, in which he bought a engagement ring for $8,500 and compensated in cash.br on him /
Lesson 2
– Never simply just simply take credit cards within the phone from some body you don’t understand. I offered a Rolex Submariner on e-bay straight straight back into the very early times of e-bay and before PayPal. A credit was taken by me card over the telephone. The card had perfectly therefore I shipped the Rolex. Several days later on we received a call through the charge card business ? started to find the card out ended up being stolen. We were left with no cash with no Rolex.

Lesson 3 – go stock around within the shop, similar to supermarkets do. It keeps repeat clients from seeing exactly the same stuff that is old in identical spot again and again. Additionally, when you have to take a loss occasionally if you have some inventory sitting for a while and not selling, mark it down and move it – even. Because they always state, time is cash.

Lesson 4 – Always treat clients kindly and greet them if they come right into your shop. Be mindful of their demands (communicate with them, for god’s benefit), be pleased and laugh. Why do you consider Walmart has greeters in front doorways?

Lesson 5
– Be really careful credit that is extending a buddy or relative without security. I discovered this course years back whenever I stretched credit for a purchase to a beneficial school that is high of mine. He never paid a dime and I also have actuallyn’t heard or seen from him in over three decades.

Lesson 6 – Your most readily useful marketing is recommendations. We invest roughly $100,000 an on advertising and it is very effective year. Nonetheless, your consumer’s person to person could be the advertising that is best in the entire world. Maintain your clients pleased and keep in mind the saying that is old a pleased consumer will tell a pal regarding the company; an unhappy consumer will inform 10 buddies regarding the company.

Lesson 7 – Even though we are in operation in order to make an income, be charitable on event to clients which can be really hopeless. Make use of your judgment, but once an individual wants a deal or requires a rest, reveal some compassion.

Lesson 8 – remain in front of the game in your industry and constantly ahead be one step of one’s competition. Be one that tries new methods, brand brand brand new marketing campaigns, keep pace with brand brand new technologies like social media marketing (Facebook, Twitter, LinkedIn, etc.). They are easy items that could develop into earnings and customers that are new.

Lesson 9
– discover one thing brand brand new each day. Never ever want to your self for just one minute you understand it all. Maybe perhaps Not just a goes by – even after 31 years in the pawn business – that i don’t look to others in the industry for new ideas, methods, and information to learn something new and make more profits day. I’m perhaps maybe not bragging, but you can bet your dollar that is bottom that pawn shops make 2-3 times more in earnings than competition during my areas.

Money Mizer currently has three corporate-owned places, in Columbus, Ga., and Phenix City and Dothan, Ala., in addition to one location that is franchised Auburn, Ala. After introducing its franchise system in 2008, the string expects to market ten to fifteen franchises last year, with 150 places available by the final end of 2015.

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