What You Should Know About Running an Antique Store

Antique stores are considered a rescission-proof industry simply because there will always be people looking to own unique items with interesting history behind them. As certain vintage and antique items grow older, they also become more rare. This of course only adds to their value by making them worth a greater amount of money. However, running a successful antique store isn't as easy as some people seem to think. If you want to remain profitable, there are a few things you should know.

Not Every Transaction Is Profitable

Unfortunately, not every transaction you make in the antique industry is going to be a profitable one. You'll likely find yourself purchasing rare vintage items from people only to discover that no one else wants them. Allowing them to sit in your store results in a loss of space that could be used for other products. The bottom line is that you need to keep your antiques moving to remain profitable.

So, how do you know what price to purchase vintage items and antiques at? This is the age-old question that troubles many store owners. A good way to measure prices, however, is to check on some of the online auction websites like eBay. See what others are paying for similar items and use your best judgement to come up with a price that will allow you to turn a decent profit.

Original Condition is Better Than Restored

Nine out of ten times, leaving an antique in its original condition will hold more value than having it restored. Even if it looks cleaner and nicer when restored, the fact is that it's no longer an "authentic" antique. Instead, it's been tampered with to improve its appearance. You should always hold off on restoring antique items and seek to own and sell products in their original condition instead. With that said, there are certain instances where restoring an item may be preferred, but these are typically few and far between.

Network With Customers

You can't expect to run a successful antique store without networking and interacting with your customers. The same can be said for most retail store establishments, but it's especially true for the antique industry. Maintaining a positive attitude and talking with your customers will create a bond that brings them back. After a while, you'll notice the same customers coming back to your store over and over. It's repeat customers such as these that prove to be a valuable asset in running an antique store.