What You Need to Be Prepared for Before Opening a Consignment Shop

by everlin on April 12, 2013

Graphic from Consignment Mommies

To be able to open a consignment shop, you need to look for your “sellers” and for instance, I refer them as consigners – who will provide you with items to retail.  Unlike the boutique business, the primary supply is from their reputable suppliers list.

As you are dealing with consigners, a portion of each item’s price goes to them when it is sold. In a way, they are also part owners of the business. Before accepting items and selling them, you need to discuss with your consigners the percentage of the consignment sale that will go to them. Perhaps, you can agree on a 50/50 or 60/40 split.

As boutique owner, you should not take this lightly because this is an integral part for opening a consignment shop.  Keep in mind that proper documentation is needed when opening a consignment shop. Everything that you and your consigners have agreed upon must be made legal. Put into writing your store’s policy including the items that are eligible for sale and those that are not. For your business and your protection, your policies must be enumerated in details, printed and signed by you and your consigners. Having a legal contract reflects your work ethics.

You also need to clarify firsthand the method of payment to be used. You can offer cash, check or any other method that all parties find convenient and accessible. Refer to some references of consignment shop as shared in my previous post; these consignment shops do great job in the area.

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