A rural consignment store could also be a combined variety store, which gives you the option of selling more useful items to receive more cash and profits.
There are many eBay sellers with items waiting to be sold who may welcome another way to sell their bulky items that they keep listing and losing money.
As eBay is a direct-sell method, it will get cash in your hands quicker.
However, don’t expect to receive the item’s full resale value.
If you have a consignment store, then you can display customers items on your sales floor at a price the customer is willing to sell for.
Mind you, you must do research to determine a fair, marketable price.
Don’t allow customers to set the price!
If the item didn’t sell on eBay for an enormous price, then it won’t sell in a rural consignment store sky high.
Make your consignment store known for great finds at affordable prices.
Along with great finds, you also need security of customer and your variety stock, which I won’t cover in this post.
But, it is something you must think about.
I love the idea of a consignment store, but there are risks and thieves.
Case in point: A nice consignment store opened in my neighborhood many years ago and I was excited!
Being the usual Queen of My Homestead, I had collected many things.
I consigned a very elegant alligator purse that won it’s place in the glass showcase.
That’s where all of the expensive items were.
Well, low and behold, thieves that broke in the consignment store through the roof must have cased the glass showcase.
Because my fine alligator purse was among the many choice pieces they stole.
I mention this because most consignment stores assume no financial burden or responsibility for your loss in or on their property.
Well, in a consignment deal, the percentage varies.
It is mainly up to you what percentage you want to earn because it’s your store and you must promote the store/items to generate sales.
Nevertheless, sometimes it’s a fifty-fifty split (50 dollars to you and fifty dollars to the consignor).
If you are new to consigning, then take 25 percent.
You can also charge an additional administration fee, but this us usually small.
I recommend that your rural consignment store be reputable from day one with everything laid out in a contract.
A consignment contract specifies a term of consignment, which could be 30, 60 or 90 days.
There shouldn’t be a lot of wiggle room in your consignment agreement, because it has to show that you are a professional and you mean business.
In fact, it is in the best interest of you and your consignors to solve a problem and make a profit, which is a win-win to help you both thrive.
Here is a short list of things to consign:
I hope this post peaks your curiosity about starting a rural consignment store.
Many people in your rural area have things they no longer need or want; so get the word out that you have a way to help them generate some extra rural money.
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About: I’m the author in residence of RuralMoney.com bringing you the best of my knowledge, skills, abilities, tips and resources. Unfortunately, I am also a person with disabilities. I have severe Rheumatoid Arthritis. I love to share what I know and practice to help others survive and thrive in rural areas.
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