If you’ve ever been in an antique mall, you know it is a place where you could easily get lost for hours soaking up all the history associated with the items on display. But it is also a place where you can make a great deal of money as well. Setting up a booth is both simple and affordable, and can generate a great deal of supplemental income on a regular basis. Here are some tips to help you get the most out of your experience.
Do Some Homework
Before you set up a booth in an antique mall, do a little research on different ones located in your area. If one has a better reputation than others, it may be worth it to drive a little farther. However, it’s important to note that you may find it hard to find available space if the mall is particularly popular.
You’d be surprised at how many people go into this without much of a plan regarding what items they want to sell. Many experts recommend that if you’re just starting out, you should try to sell a little bit of everything. For example, don’t just focus on collectibles; add in some jewelry, vintage clothes, furniture, etc. The more diverse your inventory, the better your chances of success.
Look around at some garage sales in your neighborhood and look at what people are buying and selling. Closely observe the kinds of items that tend to draw the most attention, and don’t be afraid to take notes. Since negotiation is a huge component of these types of sales, pay special attention to what people actually pay for items versus how they are marked.
Putting the Plan in Action
Once you’ve decided the types of items you’ll place in your antique mall booth, you need to find out how to purchase those items at low enough prices that you can make a good profit when you resell them. That sounds obvious, of course, but many novices purchase things just because they like them – they don’t even think about whether or not they would be able to make a solid profit off of them.
Many experts agree that you make your money when you buy an item, not when you sell it. The better the price when you pay for it, the better the profit will be when you sell it. In addition, your customers will keep coming back because they know the prices you charge are fair.
This just scratches the surface regarding the strategies you need to have in place before you rent a booth at an antique mall. There are other considerations, such as the size and location of your booth, that are just as important. Don’t be afraid to speak with professionals to get their opinions of how you can maximize profits.