While I’m not suggesting you open a pawnshop with an empty showroom, what I am saying is there are many more important aspects to opening a pawnshop that should concern you first. Most wannabe pawnbrokers are overly concerned about filling up their showroom with used merchandise before opening their business. Simply stated if you do not want to be a moneylender, you should not choose to be a pawnbroker. The main business activity of any pawnshop is providing short-term credit to consumers who in turn pledge personal property as collateral for the pawn loan. I always suggest to them to consider opening a secondhand store as opposed to attempting to meet the requirements to become a licensed pawnbroker. They are shocked to discover this is not the main business activity of a legal licensed pawnshop. In talking to them I discover they are most interested in buying, selling, and trading secondhand goods. I’ve had many entrepreneurs contact me who state they are planning to open a pawnshop and are seeking my assistance. By Steve Krupnik Should I Be A Pawnbroker?
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