My Business offers these practical and useful tips for business owners to make sure that the newly purchased or set-up antique and collectibles business not only stays afloat but also thrives.
What are the things to consider, focus on, and study to successfully start and manage an antique and collectibles business?
The following tips can help business owners build the antiques and collectibles business that they envision:
- Define the business structure and format
- Prepare and complete the requirements for starting a business
- Find the best location and space for the business
- Study the market and target customers
- Learn about competitors
- Enrich antiques and collectibles expertise and knowledge reservoir
- Do marketing
- Grow the market base and aim for customer satisfaction
Define your business structure and format
Define the business’s structure and format by deciding on whether the start-up antique and collectibles business will take the form of a sole proprietorship, a corporation, or a limited liability company.
Ask a lawyer and accountant about the benefits and possible drawbacks of each business structure and consult which structure is the most appropriate for the planned antique and collectibles business.
Prepare and complete the requirements for starting a business
After deciding on the best structure for the business, prepare the necessary legal requirements for starting the business venture.
Register the antique and collectibles business to be able to get an Australian Business Number (ABN). Other requirements and licences may be required to be completed before the business begins dealing with clients and customers.
Consult with an accountant and lawyer to assist in preparing for and completing all necessary legal requirements and responsibilities. Thoroughly understand one’s responsibility as a business taxpayer and all other related obligations as promulgated by law.
Find the best location and space for your business
Looking for that perfect commercial spot for the start-up antique and collectibles business can be daunting.
Identify what kind of space does the business need and how this space would be conducive to the daily operations of the business. Location is one of the most important factors that will either make or break a business venture.
Learn more about finding that perfect location by reading these useful tips on renting a commercial property or space.
Before settling on a location, however, review various renting considerations, study and thoroughly understand the terms of the lease agreement on the chosen rental space, estimate outgoings and operating expenses, and set a realistic time frame.
Study your market and target customers
Study the business’ target market and comprehensively understand their motivation to purchase a particular antique item or collectible
Have a deep and thorough understanding of the customers’ needs, wants, preferences, and purchasing motivations by conducting a comprehensive needs analysis and market study. Y Expert professionals can help formulate these reports. Their business experience can help in creating strategies to further grow the customer base and furthering market reach.
Learn about your competitors
Study the competition by understanding their strengths and weaknesses. What do they offer that customers want and what antiques and collectibles do these competitors don’t have that customers are looking for
Creating a list of competitors, taking note of competitor’s specialisation(s), shop design and location, and owner's/ staff’s attitude towards antique enthusiasts, collectors, and customers.
Enrich your antiques and collectibles expertise and knowledge reservoir
Develop an ever-growing knowledge base on the various and specific types of antique items and collectibles. This can be done by browsing and looking into current antique and collectibles valuation guidebooks and checking online auctions to learn the current buying and selling prices of merchandise.
Developing sound marketing strategies for your antique and collectibles business.
Consider online marketing, particularly mobile marketing. Have a website and establish social media platform presence to target one’s desired customers.. Grow market reach and maintain customer share dominance by creating a website and social media content that is engaging and effective as well as being mobile-user friendly.
Grow your market base and make them happy all the time
Use the data and information from expert-made market study and needs analysis to ascertain what to offer customers: what antique items and collectibles do they need and want. Try offering deals, treats, and discount coupons. Prioritise loyal customers and look into young and emerging markets that may make the customer base stronger and diverse.
Keep customers happy: remember that the antique and collectibles market is passionate about collecting merchandise and not.
Armed with an informed market study, customer needs analysis, sound marketing strategies, and a profound understanding of the antique and collectibles buy-and-sell industry, make the new start-up business venture soar by following the tips above.