Starting your own business is one of the best ways to grow your wealth and achieve your dreams. The fact that the vast majority of millionaires in this country are also entrepreneurs is testament to the potential even the smallest business holds. Opening a consignment store can be an excellent business move for the right individual, but before you open your doors you need to have a solid business plan in place. The business plan defines the scope of your business, lays out how you are prepared to succeed and details the relevant experience you bring to the new venture.
Based in Pennsylvania, Bonnie Conrad has been working as a professional freelance writer since 2003. Her work can be seen on Credit Factor, Constant Content and a number of other websites. Conrad also works full-time as a computer technician and loves to write about a number of technician topics. She studied computer technology and business administration at Harrisburg Area Community College.
Consignment stores are a different type of retail operation in that the owner does not pay upfront for inventory, but pays when it sells. Typically, such stores sell good-quality used merchandise, ranging from electronics to jewelry and apparel. Because consignment stores cost less to start than traditional retail venues, they are quite attractive to new entrepreneurs. Though they can be profitable, you will need to do several things to ensure your consignment store is a success.
Melinda Gaines has been a freelance writer since 2006, with work appearing online for YellowPages and other websites. Her areas of expertise include business, beauty, fashion and sports. Gaines attended the University of Houston where she earned a Bachelor of Science in sport administration.
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ABC Analysis: A classification of items in an inventory according to importance defined in terms of criteria such as sales volume and purchase volume.