Baby items are always in demand.
Because babies grow out of clothing and lose interest in toys so quickly, many parents prefer to buy baby supplies secondhand. For this reason, thrift stores that supply baby items are likely to be successful almost anywhere. If you're interested in starting a retail business, a baby thrift store is one that has a good chance of doing well.
Instructions
1. Write a business plan. A business plan describes your mission and goals and what strategies you will use to implement them. If you want to make your thrift store a nonprofit (which many thrift stores are), then your mission will include what charities your proceeds will help. If you plan to be a for-profit business, then your mission will include the market need you will meet in your area, which is the need for parents to obtain secondhand baby supplies.
2. Create the legal entity for your business. Choose whether you want to be a nonprofit or a for-profit, and then determine what forms and applications your state requires. There are different types of legal entities for nonprofit and for-profit corporations. If you wish to be a nonprofit, use proceeds to benefit a charity that helps babies and children.
3. Rent a space. In "Too Good to Be Threw," Kate Holmes recommends at least 1,200 feet of space for a small thrift store. Look for a location that is easily accessible to both pedestrians and cars, in an area that shoppers frequent. If possible, find a location where parents are likely to shop, such as a space near a child-friendly restaurant or attraction.
4. Obtain merchandise. You can buy used baby items at garage and clearance sales and online auction sites. If you want to include new items, contact manufacturers to find out about overstock sales and bulk discounts. You can also offer items on consignment, which means that individuals bring their used items and sell them at your store for a percentage of the profits. Selling on consignment offers you the opportunity to obtain merchandise for your store with no upfront cost to you.
5. Market your store. Put up signs, put ads in local baby magazines and send emails to parent networks and forums.
6. Hire and train employees if necessary. Even for a small store, you will need at least two or three people to staff the floor at first so one person is available to help customers while the other person is ringing up purchases. Educate employees about specialty baby items and baby clothing sizes.
7. Open your store. Most businesses take at least five years to be profitable, but thrift stores can become profitable much more quickly due to the low start-up costs. Continue to market your store, obtain new merchandise, hire new employees and expand your physical space as necessary.
Tags: your store, baby items, thrift store, thrift stores, your mission