When do pawn shops open

By Anna Phillips. Updated: Apr. Share on Facebook. Email This Link. Share on Twitter. Share on Pinterest. Share on LinkedIn. Most Read. Members of white nationalist group show up at NHC school board meeting.

Brunswick Co. Read books on the industry in order to acquire additional knowledge of what takes place in the business. Subscribe to industry trade publications and inquire if any back issues might be available. Look up and study pawnshop industry news available on the Internet. Doing as much of this research as possible before opening your pawnshop will clear up many misconceptions and irrational expectations you may have.

While the pawnbroking industry has been around for over years there are many things they still do not do correctly. While you have the advantage of plugging in estimated percentages and margins in your business plan based on Annual Reports and SEC filings of the public companies in pawnbroking, this does not mean you should model your operation after them.

I have found that your best bet is to visualize your typical customer standing in front of you, the customer you wish to attract, and then create a unique, fun, and interesting experience for this customer.

Do not however make the grave error of totally outclassing your customer base. You do not want to put a high-class pawnshop in a low class neighborhood or vice versa. Again, just keep in mind the customers you wish to attract, hopefully within your radius, and make sure their experience when dealing with your company is not boring.

If you have yet to find a location for your pawnshop, one of the most important things to consider is the type of customers you wish to attract and the size of loans you wish to write. This of course varies depending on market place, with the circle growing wider in rural locations with lower population density, and the circle growing narrower in urban areas with high population density and increased competition.

If you have already chosen a location, draw a circle on a map representing this rule, and concentrate the majority of your marketing on those who live within the radius of your circle. Catering to the types of residents who live within the circle will show you the most bang for your buck in your marketing efforts.

When you are in the business of renting money, the last thing you want to do is run out of it. An aggressive lending practice in any pawnshop is an important key to the success of the location and is difficult to do on a limited budget. Some of the most successful pawnshop operations I have witnessed recently have had the front room laid out like your typical variety store with a homey and unique feel to it. Then, somewhere in the layout of the front room is the loan area which looks like your usual small bank branch in a grocery store.

Keeping traffic patterns and security in mind, this will give your pawnshop a warmer and friendlier feel than a big-box store, yet a much more secure feel than your typical garage sale looking pawnshop. It is important to choose colors, displays, flooring, lighting, signage, and finishes based on what will make your desired customer comfortable.

It is wise to have the classiest part of your front room be your retail jewelry area, followed by a private closing room which will allow you to successfully negotiate loans with higher end customers, if this type of customer is what you desire and market to. Just think clean and comfortable for your customers and you will do just fine. Look to provide a legitimate and profound reason why your customers should do business with you. All pawn shops, especially new startups, experience periods of negative cash flow.

January July and August are usually the most prevalent. November December and February usually see the most positive cash flow periods. You will also experience more dramatic ups and downs in your loan balance during these months. Other occurrences, usually less predictable, will also have dramatic effects on your cash flow. Some of these occurrences may include; local economic conditions, large layoffs or factory closings in your area, seasonal work in your market area, exceptionally cold winters or hot summers, and even the current price of a gallon of gasoline.

You should prepare for this in laying out your business plan, and you should also propose additional revenue streams to get through these negative cash flow times with supplementary desired goods and services offered to your typical customer. Previous retail experience is usually a plus as is previous military experience. Former jewelry store employees along with former rent-to-own store employees also seem to be a good fit. People with backgrounds in banking and finance will also work to your advantage.

The opportunity to hire a graduate gemologist is almost always a plus and may give you the opportunity for an additional revenue stream. I have also found that hiring retired police officers provides valuable previous experience for a new pawnshop employee. Make sure to include in your business plan a procedure for background checks, credit checks, and drug tests for new hires. Store security is of utmost importance to your pawnshop operation and should be included in your business plan.

This is no place to cut corners and proper security measures will provide confidence to your loan customers that their pledged items are being stored securely. If possible, it is wise to avoid cages, screens, bars, and bulletproof glass. This will of course need to be determined depending on your exact location. At all cost, avoid employees visibly carrying weapons. If you feel it is necessary in your location, you have chosen the wrong location. You should plan on a minimum of TL-TR30 safes for jewelry and cash storage, which should also help you with your insurance rates.

Full store parameter and interior state-of-the-art alarm systems are necessary and should be planned for. So is a full store state-of-the-art DVR surveillance system. Opening a pawnshop without these minimum security measures is foolish. In operating a pawnshop your overhead will contain expenses that far exceed that of an ordinary lender or retailer. Insuring your business, especially carrying insurance on all pledged items, is not only expensive but in most cases is required. Do not believe that it will be easy or economical for you to obtain an adequate business insurance policy on your pawnshop.

Most underwriters refuse to even cover the industry. There are several insurance companies who specialize in writing policies for the pawnshop industry. Financial and real estate services and institutions. Banks, consumer lenders, including but not limited, to pawnbrokers, accountants, consumer installment lenders and sales finance lenders, credit unions, appraisers, realtors or others providing real estate services, title companies, financial markets, trading and futures exchanges, affiliates of financial institutions, entities that issue bonds, related financial institutions, and institutions selling financial products; g.

Hardware and supply stores. Hardware stores and businesses that sell electrical, plumbing, and heating material; h. Critical trades.

Building and Construction Tradesmen and Tradeswomen , and other trades including but not limited to plumbers, electricians, exterminators, cleaning and janitorial staff for commercial and governmental properties, security staff, operating engineers, HVAC, painting, moving and relocation services, and other service providers who provide services that are necessary to maintaining the safety, sanitation, and essential operation of residences, Essential Activities, and Essential Businesses and Operations; i.

Mail, post, shipping, logistics, delivery, and pick-up services. Post offices and other businesses that provide shipping and delivery services, and businesses that ship or deliver groceries, food, alcoholic and non-alcoholic beverages, goods or services to end users or through commercial channels; j.

Educational institutions. Educational institutions—including public and private pre-K schools, colleges, and universities—for purposes of facilitating remote learning, performing critical research, or performing other essential functions consistent with prior Directives on school closures and the continued provision of certain services, provided that social distancing of six-feet per person is maintained to the greatest extent possible.

This Directive is consistent with and does not amend or supersede the March 24, Directive closing non-residential public schools through April 10, ; k. Laundry services. Laundromats, dry cleaners, industrial laundry services, and laundry service providers; l.

Restaurants for consumption off-premises. Restaurants and other facilities that prepare and serve food, but only for consumption off-premises, through such means as in-house delivery, third-party delivery, drive-through, curbside pick-up, and carry-out.

Schools and other entities that typically provide food services to students or members of the public may continue to do so under this Directive on the condition that the food is provided to students or members of the public on a pickup and takeaway basis only. This exception is to be interpreted consistent with the restrictions on on-premises dining and beverage businesses, as well as the expanded options for delivery and take out, provided in the March 24, Directive, Section 2. Open Now.

By using Google maps, It was so easy to find Pawn shops open near me. We at Jewels on Wilshire are determined to provide simple yet reliable pawn services. If the answer is yes, then you are here at the right spot.

Pawn Now has shops throughout Phoenix, and can handle loans of any size. Pawn, Loan or Sell Today. Moreover, if you fail to repay the amount, the item will be owned by the pawn shop, and you may buy it from them. Cash America International, Inc. Open 6 years in Overland Park and 9 years in Olathe. Use this map to find pawn shops around the globe and that are open now: However, there are fees and interest rates that will be included in the loan repayment amount, which is state-regulated.

If you are unable to pay off the loan by the time stated or pay for an extention, the pawn shop has the right to sell the item. We have three locations throughout the area so you can rest assured there is a location near you for your own convenience. Get a pawn loan or apply in minutes for a cash advance at CashAmerica.

In fact, Julia Roberts' character came and did her clothes shopping right here in Pretty Woman. Submit now.