Money Making Techniques by Ed Welch of the Journal of Antiques and Collectibles
inJanuary 15, 2008 - 12:02pm
Developing a business plan is the best method of creating a profitable antique business. Many practices and procedures go into making a business plan. Items to be considered include: what kind of antiques will I carry, where will I buy these items, where will I sell these items, how much can I pay for a given item and how much will my business cost me to operate?
No two antique businesses are created equal. Each antique business must have its own business plan. A dealer's age, gender, enthusiasm, energy level, education, income, work ethics, commitment and other such things will play a part in developing a business plan.
Most new dealers have a mind's eye concept of the antique business they would like to create. However, a mental conception of an ideal business is not a business plan. Most antique businesses turn out to be something other than what the creating dealer envisioned.
A business plan is a living thing. A formal business plan must be in writing so that it can be altered, added to and amended as often as necessary. It can and must be updated as market conditions change. Antiques come into fashion and fall out of favor constantly. The cost of doing business changes and personal assumptions change. If your business plan does not make allowances for change in market conditions, adding new items to your inventory, deleting unprofitable items, purchase price reviews, selling location changes and the many other things that a antique dealer must constantly watch, chances are that your labors will not generate sufficient income to keep your antique business exciting and rewarding. View the entire article at http://www.journalofantiques.com/Jan07/business.html