Pawn Shop Business Plan Research
Industry for Business Plan Research: Pawn Shop
A pawn shop is a place where individuals or business owners can bring valuable items, such as coins, mowing equipment, or antiques, and leave them with the pawn store owner. Our business plan writers have found that in return, the customer receives cash on the spot and the ability to reclaim their possession at a later point in time. Our business plan consultant has found that this type of business is beneficial because some companies or individuals often fall short on funds for business or personal needs. Through the short-term loan system, people can obtain cash needed quickly and efficiently.
Industry Statistics for Pawn Shop:
In the last five years, on store revenues have been declining at a steady pace. Annual growth reduction is estimated at -2.4%. This is resulted in revenues for 2017 to be approximately $6 billion. Still, there are over 11,000 different pawn stores that employ about 26,800 people. A driving reason for the decline in the pawnshop industry is falling prices of gold and a continually improving economy. However, if the economy does enter a contractionary cycle, industry experts expect this industry to rebound exponentially.
Threats and Opportunities for a Pawn Shop Business:
There are specific threats and challenges for pawn store owners. First, starting a pawn shop requires significant upfront capital, based on our research from our business plan writers. Upfront capital may be needed for issuing loans to customers, purchasing items of value to sell at a retail basis, and buildout for the facility. Further, pawn shops are often targeted by thieves. This results in frequent break-ins at facilities. To mitigate this issue, pawn store owners need to invest in state-of-the-art security equipment. Finally, opportunities to prevail in the industry. For example, studies have shown that millennials are continually seeking out services from pawnshops. This indicates that younger generations still embrace this industry.
Important Sections of a Pawn Shop Business Plan:
As with most industries, our business plan writer and business plan consultant strongly recommends that potential or current pawnshop owners have an existing business plan written by a professional business plan writer. However, if business owners wish to write their business plan, specific attention should be paid to the product offering section. Most people believe that pawn stores purchase items and sell the items if people cannot reclaim them. However, this is not the case. Pawn stores often offer other services such as jewelry repair, retail sales, and check-cashing. From this, when writing your business plan, make sure to highlight and discuss each service offered.
Who We Are...
For Quality Business Plan, Our owner, Paul Borosky, MBA., ABD., has over ten years’ experience as a business owner, business plan consultant, business plan writer, financial projection consultant, and adjunct finance professor and adjunct entrepreneurship professor.
From these experiences, our firm will be able to assist startup companies as well as established firms looking for growth.
Local Areas We Offer Our Pawn Shop Business Plan Writing Services:
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Our business plan writers are located in Orlando, Fl. We have researched and written business plans for numerous businesses in the US.