If you love beautiful things from the past, an antique dealership business may be a good business for you. As an antique dealer, you will find, appraise, purchase and sell antiques either from your home, through a warehouse, a catalog, or a small shop, and now even through the Internet.
It is estimated that there are more than 36,000 antique dealers in the U.S. alone, with many of them operating from home. A low risk and high return business, you can even do the bulk of the work on weekends and build up your capital while still working at your main job. An antiques business allows you to have fun while learning how to run the business
Getting Started
Shows like PBS' Antiques Roadshow clearly demonstrate that there is big money on antiques. However, the antiques business is an expensive business, particularly if you are still in the process of building up your inventory. Your start-up costs will depend on the amount of inventory you need to build up. If you have been actively collecting antiques before, then you may already have some of the inventory you need to open an antiques business and this could drive down your start-up requirements.If lack of inventory is a concern, you can build up your collection in two ways:1. Find the source that works best for you at the lowest cost. Check out flea markets, estate sales and garage sales for interesting items you think might be saleable. You can also browse online and see what you can find, and what appeals to you. You can also check out auction houses, if the prices are not steep for you. These venues often yield treasures for a collector.2. Sell antique items on consignment agreement with other collectors, where you do the selling for antiques from their collections. Contact known collectors in your area, or ordinary folks with heirlooms and ask them if they could use your help in selling their antiques. You then get a percentage of the sale as your commission.
Whichever way you decide to start your own antiques business, you need to study as much as you could. There are hundreds of books on antiques and collectibles available, ranging from introductory surveys of the field, to very specialized examinations of a narrow area. Some offer information about specific antiques and their identification. Other books are price and appraisal guides, giving you an idea of what you can expect to pay, on average, for specific antiques.
If you will rent a booth or space in the mall, remember that most malls charge a percentage for each sale. A half booth is a good way to begin your business or share a space with a friend. Do some investigating and ask the antique dealers if they are satisfied with their sales. Many dealers sell at more than one mall and enjoy being able to rotate their merchandise frequently.
Who are your customers?
Your customers include the millions of collectors around the world that have collections in thousands of categories - from the multimillionaires that collect impressionist paintings to the average person, who might collect anything you can imagine. Many average folks will buy antiques or collectibles simply because they liked the item, or have started collecting that particular item. Collectors have been known to fill their residence to overflowing with thousands of related items, sometimes even to the point of financial ruin.
Buying and Pricing Your Antiques and Collectibles
Begin with a small amount of capital, very little equipment, and reinvest your profits to grow your business. Initially, avoid slow moving and big-ticket items, particularly if you cannot afford to tie up your assets.Your purchasing skills and ability to spot a good find are crucial in this business. Buy at bargain prices: items in auctions are supposed to be about half the actual value. You can also find hundreds of items selling at a quick pace at estate auctions, although many of these items may require cleaning or repair. You can also check out merchandizes online, and in paper-based antiques publications. A savvy buyer will see a valuable hand embroidered Chinese silk in an old table runner. While an ordinary person will see an old lamp, you will see twenties retro!
You need to develop a system for recording and keeping track of your inventory. Enter in a logbook each item you buy, complete with a catalog number, description, cost and sale price. Your logbook is invaluable for tracking your costs and seeing how long you've had an item. If you know any history about an item, be sure to jot that down.
Recommended Books:
How to Start a Home-Based Antiques Business (Home-Based Business Series) by Jacquelyn Peake
Buying and Selling Antiques : A Dealer Shows How to Get into the Business by Sara Pitzer (Contributor), Don Cline
Web Resources:
Antiques and Collectibles Guide ( http://www.acguide.com)
Antiques Roadshow Online (http://www.pbs.org/wgbh/pages/roadshow)
