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How to Start an Antique Business

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The first thing you need to do after you decide to start an antique business is to begin collecting inventory. If you have already been collecting antiques, your start-up costs will be lower than if you are starting from scratch. There are two ways to build your inventory. First, you can check garage sales, estate sales, and flea markets for interesting items. You can also browse online for possible treasures. Second, you can sell antique items on consignment agreement with other collectors, where you do the selling in exchange for antiques in their collection. Once you have built up your inventory, the next step is to start studying. There are hundred of books on antiques and collectibles. You can find broad surveys of the entire field, as well as specialized examinations of certain categories. Some dealers focus on certain items, such as antique dolls, or Victorian furniture. Whatever you specialize in, know it well. Strive to continually improve your knowledge and skills in appraising value and quality of pieces. You can learn a lot by visiting antique malls and talking to dealers. There are also several guidebooks, such as "Antiques Price Guide" and "Garage Sale and Flea Market Annual". Your local library is also an excellent place to do research.

Once you have collected some inventory and learned all you can about the items your selling, its time to start setting up your business. First, you need to make use you have everything licensed properly. You'll need to go through all of the typical steps for starting a business: getting a tax id number, checking licensing and zoning requirements, opening a business bank account, and getting business insurance. Once you've figured all that out, you need to specify a location. If you are opening an online business, you'll need to take the necessary steps to start up a web page or to list your items on existing pages. If you are starting a storefront, you need to decide on a location, whether it is in your home, in a mall, or in a kiosk. Finally, you'll need to learn to tailor your prices to the market your in. Buy your merchandise at bargain prices, about half the actual value, so that you can mark it up enough to make a profit. Estate auctions are a great place to pick up hundred of items selling at a quick pace. You'll also need to develop a system of recoding and keeping track of your inventory. Enter each item you buy into a logbook. If you know any history about the item, jot that down as well.

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