It is an economic law that the scarce the quantity is of a product, the more will be its price. And as we know that the things which are very less in quantity nowadays are antiques. The things from the past, from the era of kings and their kingdoms, from the time of famous inventors. Choice of antiques collection business plan can be a profitable deal for new entrepreneurs. Whatever which is left from the past has now its price in billions of dollars.
Today’s generation also wanted to know more about their past, about their ancestors, and so they are getting interested in history and antique items. Think once that how much profit can you make by collecting antiques and showing and selling them to people in exchange of money. And what if the things you were holding in your antiques collection are worth millions overnight.
In this article we will discuss about all essential steps on how to open an antique shop. Starting an antiques collection business is a great idea, but before that you must have to know about that.
How to Start an Antique Store?
What are the skills and knowledge required to start an antique business ?
Skills are necessary in every business, without it no one can survive. Here you must have to develop skill related antique and collectibles. And whatever business you are doing, you must have an expert level knowledge in that field. You require antiques knowledge so that whenever you go for antiques shopping, you purchase the rare pieces at an affordable price.
You have to acquire that level of knowledge which can help you to determine the price of an antique only by seeing it. You can see international auctions or can learn from current valuation guides to learn about average price of an antique.
Or else, you can talk to other dealers, who deals with antique merchandises. Visiting other antiques collection dealers can help you in seeking their expert level advice in a particular field. You can read online blogs related to antiques, you can read books to boost your knowledge.
You can also take short courses on antiques, you can keep your eyes on news, news keeps you updated with your knowledge in antiques.
How much it costs to start antiques collection business ?
The cost involved depends upon several factors such as antique shop, types of antiques and collectibles and many others.
Renting an antique store at a good place also requires good investments. The most of the money you will spend was on the collectables, and their costs depends upon the age and rarity of those collectibles.
You have to do some research in the market that who can supply you old antiques at a reasonable cost. After acquiring the knowledge of antiques and their price, you can attend several auctions, so that you could find out some good stuff at a low price for your antique store.
How much can you earn from antique business
Antiques business has a huge potential in India, as there is no shortage of antiques in India.
In other countries people love keeping antique items and now this craze was increasing in India too.
As obvious, like other businesses, this business also cannot make you money from the first day. But if you stay consistent in your work, then your chances of achieving success will gradually starts increasing.
On an average a successful antiques business owner can make around 45,000 US dollars a year. There are many ways by which you can earn money in antiques business.
Either you can purchase a medium store and you can make your own small museum, or you can sell those antiques from your store to the potential buyers. Or you can promote other people’s antiques to help them meet their customers, and then you can charge your commission from that.
Now, here is the step by step process which can guide you to start your own antiques business:-
1) Planning your business
Planning may seems to be a very boring process but it is the one which can make the base of your business. You have to plan ever single step you will follow, to set up a great business.
You have to ask questions from yourself such as
Who will be your target market .?
How much can you charge from people?
How you will grow your antique store in future?
And not only questions, you have to find out the answers by yourself. Having a clear plan increases the chances of success of your business to a great extent. You have to decide that in which product line you want your business to go ahead.
You have to select a specific category, it can be antique furniture, antique coins, antique camera or anything it can be.
How to choose the category to built up the antiques shop
We live in the age of internet, so you have to use that for your benefit. You have to browse internet to know about different type of antique collectibles.
You have to select that one which can grab your attention and interest.
Apart from being interested, you also have to see that from where you can get those antique supplies.
2) Research in the market
Before starting the antique shop, you have to do some research in the market to find out the answers of questions such as:-
How much competition is there in the market in your field?
Who is your competitor in the market?
How you can beat the competition and set up your monopoly in the market?
What is the response of customers towards antique shops and antique items?
By doing so, it will be easy for you to set up your antique shop at a good location.
3) Choose a name for your antique store
Having a name is the first thing which businessmen must have to do for their businesses. A name is the one due to which your loyal and potential customers recognises you among various shops in the market.
A name of a business helps in branding and promotion of the business. Without a name, you cannot make your business a separate legal entity.
You have to select a name which is not too difficult to pronounce and it is advisable that it must not be too long to pronounce.
4) Form your business into a separate legal entity
Registering your business as a corporation or LLC defines that you and your business are two separate entity.
It means that if your business will go bankrupt in future, then you will not pay anything from your personal assets, the business will give its everything to pay its liabilities.
You can register your business in various business structure types. The most common of them are sole proprietorship, partnership, limited liability company (LLC), and corporation.
How to take the perfect registration for your business
To choose the best according to your requirements, you can consult from any consultant who was familiar with retail businesses.
You can ask your accountant which category to choose to start antiques collection business. You have to obtain necessary permits and business licences for registration.
5) Registration for GST
You have to register your business for GST too.
If you want to expand your antiques collection business outside the boundaries of your state, then taking GST registration will be a smart move for you.
6) Take insurance for your business.
This question must have come in your mind at some time or the other that, why insurance is needed in starting of any business?
Insurance plays a very crucial role in starting of any business.
It is important because if something unexpected happens to your antiques collection business, fire broke out, your antiques got stolen or anything, natural or man-made, then at least you have something as a back-up for your business.
7) Open your shop
Now after knowing all the necessary information, it is the time to open your antique shop.
It is not necessary that you will buy a new shop, you can lease it from someone who is willing to do so.
Now here comes the question that
How to choose a right location to open your antique shop
Location plays a very important role in growth of your business. If your antique shop is very big but it is in a corner of the street, then very few people will come to your shop.
Similarly, if your small antiques collection shop is at such a place from where a lot of people pass by, then there is a lot of chance that they will come to your shop and buy something. The location you select must be visible to crowd, so that there a much better chance to attract potential customers from the crowd.
It should be perfect if your shop was at a bypass, in the market area or at highway roadside.
8) Build a business website
A website is a great way of doing marketing for your antiques collection and advertisement of your antique store. A website can be a selling platform for your antique shop
You can reach to your customers with the help of your website. By optimizing SEO you can rank your website to Google Search results. So that from Google you can attract a lots of customers for your antique store.
You can provide information related to the antiques shop on your website.