Opening a pawnshop

[Bry]

I'm planning to open a pawnshop along Nicanor Garcia st. (formerly Reposo) Makati. The small building is owned by my family so rent won't be a problem. I'm thinking of 'borrowing' around 35+ sqm. at the ground floor para gawing pawnshop.


Questions:

Magkano kaya magagastos in total (fortified walls? vaults/built in safes? etc. etc.)

Ano mga suggestions nyo para maka-attract ng customers in the first few months? Baka kasi some people won't want to pawn their stuff sa amin agad agad kasi hindi naman kilala yung pawnshop.


Thanks in advance sa mga suggestions. I hope meron dito may experience sa pag-manage ng pawnshop. Mahirap na kasi mapahiya sa magulang, hehehe.

[nicolodeon]

Bro, punta ka sa site BSP. May mga regulations and info dun na you can download AFAIR.

Good luck.

[van_wilder]

ot: bro may gagawa na ba or magrenovate nun place mo? baka kailangan mo ng tulong just PM me...

[FrankDrebin]

Best position ng pawnshop is near the marketplace.

[oldblue]

my family owned a pawnshop some 5 years ago. and it's directly beside the palengke.

we got crushed by the pawnshop giants like Tambunting and Cebuana Lhuiler.

you know what, these giants are not really pawnshops lang, jewelry shops din ito

kaya may trust tao sa kanila mag-pawn ng alahas. and I believe they're lending

companies too. hirap maki-complete talaga.

[the_wildthing]

Kung maraming tao sa lugar at malayo ang ibang pawnshop, you might have an edge already. "If you build it, they will come" siguro.

Competitive rates na lang. Kaparehas lang dapat ng pinaka-malapit na pawnshop.

Di mo naman sila matatakbuhan kasi may puwesto ka, kaya they will probably trust you easily.

[markvincent]

My family has been in the pawnshop business for 25 years. It takes time to build up a reputation. You have to be prepared to start slow. But it is a safe and profitable business. Just avoid being near Cebuana or Villarica. Because they appraise at near buying levels.

Reposo is a good location because a lot of traffic passes through there.

You also have to establish your target market. Reposo is for the B and C market. If that is your targeted customers, geta Western Union sub-franchise as well. 35 square meters is more than enough room. bast good visibility from the street plus convenient parking.

[j_avonni]

Meron na rin palang pawnshop ng cellphone. You might want to consider this.

[Bogeyman]

Meron na rin palang pawnshop ng cellphone. You might want to consider this.

Meron na din for laptops/desktop PCs.