The pawn industry has been around for thousands of years. Many shops are passed down from generation to generation, as we have seen more commonly with the recent exposure of the industry through reality television. Although statistics show that ninety-five percent of small businesses fail within two years of opening, mostly due to a number of things such as poor planning, poor money/time management, wrong location, and competition among other things, pawnshops remain a stronghold in the small business sector. Why? Because a pawnshop has a proven business model which allows itself to flourish in the best and even in the worst of economic times.
Pawnshops offer multiple streams of revenue for a business owner. It begins with building a strong loan customer base, because let’s face it, everyone needs a helping hand in a time of need. And you can be assured that your bank will not loan you one-hundred dollars in your time of need, but a pawnshop will.
But what about when the economy is good? Well, the truth is consumers are becoming more and more frugal with their spending. Pawnshops offer retail products at a fraction of the cost compared to what retail giants price their merchandise at. And with the constant growth of online sales, pawnshops are able to reach a customer base across the country, and even the world!
So if you are searching for a fun, profitable, and sustainable family business, the pawn industry is the right choice for you. Contact Money Mizer Pawns & Jewelers Franchises Today!